The China Securities Regulatory Commission has issued the Interim Measures for the Supervision and Administration of Derivatives Trading, creating its first departmental rulebook for derivatives trading under its remit outside futures markets. The framework applies to swaps, forwards, non-standardized options and their combinations, and sets the main rules for trading and settlement, market participants, market infrastructure, supervision and legal liability. The measures define the scope of covered derivatives activity, set basic principles for all parties involved, and ban the use of derivatives trading for illegal or non-compliant conduct. They also strengthen trader protection through suitability standards and real-name account requirements, and impose internal control and risk management requirements on derivatives business institutions. Securities companies and futures companies applying to conduct derivatives trading business must have maintained net capital of at least CNY 500 million for the previous six months, although the China Securities Regulatory Commission may adjust that minimum under prudential supervision. The measures will take effect on 16 November 2026. From that date, entities carrying out derivatives trading and related activities must comply with the new rules. Non-compliant business cannot be expanded, and existing business must be wound down at maturity. The China Securities Regulatory Commission will separately clarify the detailed arrangements for administrative licensing of derivatives trading business.
China Securities Regulatory Commission 2026-05-15
China Securities Regulatory Commission issues first rules for non futures derivatives trading with CNY 500 million net capital entry threshold
The China Securities Regulatory Commission has issued Interim Measures for the Supervision and Administration of Derivatives Trading, its first rulebook for derivatives trading outside futures markets, covering swaps, forwards, non-standardized options and combinations. The measures define covered activities, ban use of derivatives for illegal conduct, strengthen trader protection and impose internal control and risk management requirements, including a minimum net capital of CNY 500 million for securities and futures companies. They take effect on 16 November 2026, after which non-compliant business cannot be expanded and must be wound down at maturity.