<p>摩根士丹利發佈了一份報告，指出中國證券監督管理委員會上週五（15 日）發佈了備受期待的《衍生品交易監督管理辦法（試行）》，該辦法經過 2023 年至 2026 年的三輪諮詢。最終版本在很大程度上與之前的諮詢草案一致，且相比早期版本顯示出更大的靈活性。該銀行認為，新規將成為主要券商的積極催化劑，盈利能力預計將根據其利用資產負債表的能力而變得更加差異化。它將此舉視為一個里程碑，為中國券商在有效的監管框架下開發衍生品產品並增強國際競爭力鋪平道路。</p>
<p>最終版本刪除了具體產品描述，簡化了衍生品合同的要求，為市場留出了更多靈活性。它還簡化了券商必須向交易對手提供的披露內容，重點關注合同估值，有效降低了合規成本。</p>
<p>此外，新規不再要求券商向交易所提交與衍生品合同相關的交易目標和策略，使框架更加市場導向。</p>

摩根士丹利

<p>摩根士丹利報告稱，中國證券監督管理委員會的新衍生品交易規則更加市場導向，將對主要經紀商產生積極影響。這些規則增強了靈活性，降低了合規成本，並允許經紀商更有效地開發衍生品。此里程碑預計將根據經紀商的資產負債表利用情況區分盈利能力，並提高國際競爭力</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>摩根士丹利發佈了一份報告，指出中國證券監督管理委員會上週五（15 日）發佈了備受期待的《衍生品交易監督管理辦法（試行）》，該辦法經過 2023 年至 2026 年的三輪諮詢。最終版本在很大程度上與之前的諮詢草案一致，且相比早期版本顯示出更大的靈活性。該銀行認為，新規將成為主要券商的積極催化劑，盈利能力預計將根據其利用資產負債表的能力而變得更加差異化。它將此舉視為一個里程碑，為中國券商在有效的監管框架下開發衍生品產品並增強國際競爭力鋪平道路。</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>最終版本刪除了具體產品描述，簡化了衍生品合同的要求，為市場留出了更多靈活性。它還簡化了券商必須向交易對手提供的披露內容，重點關注合同估值，有效降低了合規成本。</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，新規不再要求券商向交易所提交與衍生品合同相關的交易目標和策略，使框架更加市場導向。</p>
</div>

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

AASTOCKS News

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

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

摩根士丹利表示，新的大陸衍生品交易規則更加市場化，是對主要券商的積極催化劑