<p>摩根士丹利发布了一份报告，指出中国证券监督管理委员会上周五（15 日）发布了备受期待的《衍生品交易监督管理办法（试行）》，该办法经过 2023 年至 2026 年的三轮咨询。最终版本在很大程度上与之前的咨询草案一致，且相比早期版本显示出更大的灵活性。该银行认为，新规将成为主要券商的积极催化剂，盈利能力预计将根据其利用资产负债表的能力而变得更加差异化。它将此举视为一个里程碑，为中国券商在有效的监管框架下开发衍生品产品并增强国际竞争力铺平道路。</p>
<p>最终版本删除了具体产品描述，简化了衍生品合同的要求，为市场留出了更多灵活性。它还简化了券商必须向交易对手提供的披露内容，重点关注合同估值，有效降低了合规成本。</p>
<p>此外，新规不再要求券商向交易所提交与衍生品合同相关的交易目标和策略，使框架更加市场导向。</p>

摩根士丹利

<p>摩根士丹利报告称，中国证券监督管理委员会的新衍生品交易规则更加市场导向，将对主要经纪商产生积极影响。这些规则增强了灵活性，降低了合规成本，并允许经纪商更有效地开发衍生品。此里程碑预计将根据经纪商的资产负债表利用情况区分盈利能力，并提高国际竞争力</p>

<p>M Stanley issued a report noting that the China Securities Regulatory Commission released last Friday (15th) the long-awaited &#34;Administrative Measures for the Supervision and Administration of Derivatives Trading (Trial)&#34;, following three rounds of consultation from 2023 to 2026. The final version is largely in line with the previous consultation draft, which had already shown greater flexibility compared with earlier versions. The bank believes the new rules will serve as a positive catalyst for major brokers, with profitability expected to become more differentiated depending on their ability to utilize balance sheets. It views the move as a milestone that paves the way for Chinese brokers to develop derivatives products under an effective regulatory framework and enhance international competitiveness.</p>
<div class="lb-trans"><p>摩根士丹利发布了一份报告，指出中国证券监督管理委员会上周五（15 日）发布了备受期待的《衍生品交易监督管理办法（试行）》，该办法经过 2023 年至 2026 年的三轮咨询。最终版本在很大程度上与之前的咨询草案一致，且相比早期版本显示出更大的灵活性。该银行认为，新规将成为主要券商的积极催化剂，盈利能力预计将根据其利用资产负债表的能力而变得更加差异化。它将此举视为一个里程碑，为中国券商在有效的监管框架下开发衍生品产品并增强国际竞争力铺平道路。</p>
</div><p>The final version removes specific product descriptions and simplifies requirements for derivatives contracts, leaving more flexibility for the market. It also streamlines the disclosures that brokers must provide to counterparties, focusing on contract valuation and effectively reducing compliance costs.</p>
<div class="lb-trans"><p>最终版本删除了具体产品描述，简化了衍生品合同的要求，为市场留出了更多灵活性。它还简化了券商必须向交易对手提供的披露内容，重点关注合同估值，有效降低了合规成本。</p>
</div><p>In addition, the new rules no longer require brokers to submit trading objectives and strategies related to derivatives contracts to exchanges, making the framework more market-oriented. (da/a)</p>
<div class="lb-trans"><p>此外，新规不再要求券商向交易所提交与衍生品合同相关的交易目标和策略，使框架更加市场导向。</p>
</div>

M Stanley: New Mainland Derivatives Trading Rules More Market-oriented, Positive Catalyst for Major Brokers

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MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

摩根士丹利表示，新的大陆衍生品交易规则更加市场化，是对主要券商的积极催化剂