The Commission Releases QFII To Participate In Stock Index Futures &Nbsp, Only Hedging.
The guidelines for qualified foreign institutional investors to participate in stock index futures trading have been issued recently. QFII has participated in the formal opening of stock index futures.
China
SFC
The responsible person of the Department said yesterday (May 6th) that after the promulgation of the guidelines, it was planned to participate.
Stock market index
QFII of futures trading should be made to the SFC and the state.
foreign exchange
The Bureau will submit an updated investment plan, increase the content of the stock index futures, and handle stock index futures accounts and apply for hedging limits in accordance with the relevant provisions of CICC.
CICC is responsible for approving the hedging and management of QFII, and regularly reports to the SFC and the State Administration of foreign exchange on the approval of QFII hedging.
The person in charge stressed that the value of stock index futures contracts held by QFII should not exceed its investment quota at any end of any trading day. In any trading day, QFII's stock index futures should not exceed its investment quota.
At the same time, in order to simplify QFII's participation in the management of stock index futures, the investment quota of QFII should be converted into RMB in accordance with the RMB exchange rate between the RMB and the central bank announced by the central bank on the day of applying for hedging, and it will be effective within 6 months from the date of the approval of QFII hedging by the CIC.
It is reported that during the stage of soliciting comments, the SFC received 22 comments.
Generally speaking, the parties basically agree with the main contents of the guidelines, which mainly involve QFII's participation in stock index futures trading types and participation scale, opening of stock index futures accounts, entrustment of Futures Company pactions, and responsibility for investment monitoring.
It has been suggested that QFII's participation in stock index futures should be relaxed, allowing QFII to carry out arbitrage and speculative trading of stock index futures, and relax or further restrict QFII's participation in stock index futures.
In response, the official said that according to QFII's participation in the principle of "gradual opening, limited participation and controllable risk" of stock index futures, the SFC did not adopt the above recommendations.
"In addition, many opinions ask how to understand the meaning of hedging, clarify the monitoring responsibility and information disclosure requirements of QFII investment index futures, and the above problems are the details of QFII's participation in stock index futures. We plan to explain the QFII and related mechanisms in the future through window guidance."
The person in charge said.
In addition, in order to ensure that the QFII trustee performs asset custody duties, QFII can only choose a Futures Guarantee depository bank.
When QFII pfers funds from the futures margin account to the Futures Company account, it shall be operated by the QFII authorized trustee.
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