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Regulator to tighten grip on derivatives trading

(chinadaily.com.cn)
Updated: 2009-08-06 00:10

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The China Banking Regulatory Commission (CBRC) is planning to issue stricter regulations on financial derivatives trading as many big companies have suffered great losses in the area since last year, the China Business News reported Tuesday, citing a source familiar with the matter.

The source said mainland banks and enterprises which carry out financial derivatives trading will be more strictly regulated in the entire trading process. Banks will not be encouraged to be involved in overseas derivatives speculation, and intermediary business of derivatives trading between foreign institutions and domestic enterprises will also be banned, the source said.

Banks should know more about enterprise clients' needs before introducing derivatives trading to them, and derivative products should only be used in a bid to avoid risks rather than for speculation, according to the source.

"It is not accepted that foreign institutions and mainland enterprises reach an agreement...

The full text is available in the August Issue of China Banking. Please visit E-Shop for more subscription details.