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On December 30, CSRC began to solicit public opinions on the Measures for the Administration of Stock Options Trading (Exposure Draft), to revise and improve the existing Measures for the Administration of Pilot Projects of Stock Options Trading.
To thoroughly implement the guiding principles of the Futures and Derivative Law and be institutionally aligned with the Measures for the Administration of Stock Options Trading, SZSE, under the overall guidance of CSRC, focuses on improving the functions of the capital market to better serve the real economy and the investors. To be specific, we will actively support the formulation and revision of stock options related regulations and regulatory documents, systematically define the rule system for stock options trading, refine the “road map” and “construction schedule” by carrying out adaptive revisions in an orderly manner, and improve stock options listing, trading, risk management and investor protection rules.
After launching the pilot project of stock options in 2019, SZSE has gradually put in place a three-leveled rule system that takes the basic trading rules about trading and risk control at the core, the trading guidelines as the backbone and the trading guide as the supplement, and has created a market ecosystem that includes four ETF option varieties and covers 60% of the market capitalization of SZSE-listed stocks and 120 options operators. Starting from scratch, SZSE has seen a further leap from a single variety to the initial formation of a complete system. The market size has expanded by nearly five times, becoming one of the biggest in the world, and the market functions have been better played, meeting diversified investor demands for trading and risk management. After the listing of the three ETF options of the ChiNext , CSI 500 and Shenzhen 100, the combined underlying ETF units have grown by 50% and attracted CNY 11.6-billion new funds, with the daily trading volume surging by nearly 100% and the number of institutional investors increasing by 80% on a combined basis.
Next, SZSE will dive deeper into the guiding principles of the 20th CPC National Congress and the Central Economic Conference, completely, accurately and comprehensively implement the new development philosophy, and act according to the unified deployment of CSRC to speed up the revision to and opinion solicitation for the rules about stock options trading. In doing so, SZSE expects to ensure the consistency of the Measures for the Administration of Stock Options Trading, provide strong institutional support for building itself as a world-class exchange featuring a quality innovation capital center, endeavor to drive the formation of a new development paradigm, and strive for high-quality development.
