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CSRC: Organizational Form of Futures Exchanges to be Reformed

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2014-10-29 16:38:37 来源:大连商品交易所网站 

  At the On the 2014 Fourth China Derivatives Summit held recently, Huang Yuncheng, former deputy director of the Futures Department of the China Securities Regulatory Commission (CSRC) and director-level researcher of the research center of the CSRC, revealed that the domestic exchanges are in the face of the reform of the organizational form and the exchanges worldwide feature the company-oriented development, which is irreversible.

  Huang believes that the development model of the exchanges is a national strategy, which we must attach great importance to, and it is urgent for the domestic exchanges to address the problem of the organizational form to be adopted in the international competition. In the practice, China Financial Futures Exchange (CFFEx) has put the corporate system into trial but failed to achieve the desired results because the laws are yet to be improved. Among the two major securities exchanges and the four major futures exchanges in China, only CFFEx adopts the organizational structure corporate system.

  In the list of the board of directors of CFFEx, all the 8 members are the executives of the 6 major exchanges, with 3 from CFFEx. The 8 members include Zhang Shenfeng, board chairman of CFFEx, Yang Maijun, chairman of Shanghai Futures Exchange, Liu Xingqiang, chairman of Dalian Commodity Exchange, Song Liping, President & CEO of Shenzhen Stock Exchange, Huang Hongyuan, President & CEO of Shanghai Stock Exchange, Zhang Fanchang, director of Zhengzhou Commodity Exchange, Hu Zheng, CEO of CFFEx, and Hui Mei, Secretary to The Board of CFFEx.

  Huang believes that CFFEx adopts the corporate system in name but cannot live up to the name in terms of the nature of its shareholders. Therefore, the reform of the exchanges is urgent.

  

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