In recent years, the futures market has shown a good situation of rapid and healthy development. The regulatory system of the futures market is increasingly perfect, the variety of futures products is constantly enriched, the integrity and compliance awareness of futures companies is significantly improved, and the capital strength and profitability are continuously enhanced. However, compared with mature international markets, the investor structure of China's futures market is unreasonable, with fewer institutional investors, insufficient market depth, and unstable liquidity.
Carrying out pilot projects for asset management business is beneficial for cultivating and developing institutional investors, improving the investor structure of the futures market, enhancing the pricing efficiency of the futures market, and promoting the continuous functioning of the futures market; Secondly, it is conducive to leveraging the professional expertise and advantages of futures companies in the derivatives market, providing asset management services mainly focused on futures hedging and arbitrage, and meeting the diversified investment needs of investors; Finally, it is beneficial to further enhance the intermediary service capabilities of futures companies, draw on the general experience of mature international markets, and guide futures companies to provide high-quality services for the real economy and various investors.
Asset management business is a business activity in which futures companies accept customer commissions, use customer commissioned assets for investment, and the investment returns are enjoyed by the customers, while the losses are borne by the customers. Futures companies collect fees or remuneration according to contract agreements.
In the initial stage of business pilot, futures asset management business is similar to securities companies' targeted asset management business, and futures companies can only accept single customer commissions for asset management. The newly released "Measures for the Supervision and Administration of Futures Companies" have expanded the scope of service targets, including: handling asset management business for a single customer; Handle asset management services for specific multiple clients.
In terms of service recipients, "clients of asset management business should have strong financial strength and risk tolerance. The initial entrusted assets of a single client shall not be less than RMB 1 million. Futures companies may increase the initial entrusted asset requirements
In terms of investment scope, the asset management business of futures companies can invest in: 1. Futures, options, and other financial derivatives; 2. Stocks, bonds, securities investment funds, collective asset management plans, central bank bills, short-term financing bonds, asset-backed securities, etc; 3. Other investment products recognized by the China Securities Regulatory Commission.
The asset management business of futures companies is another new business launched after the futures investment consulting business of futures companies. In this business, the systems and measures related to investor protection are reflected in the following aspects: qualification management of futures companies and practitioners, business standardization management and risk control, investor suitability system, risk warning of contracts, and arrangement of rights and obligations.
Like the futures investment consulting business of futures companies, the asset management business of futures companies also implements qualification management. At present, futures companies engaged in this business should register and file in accordance with the "Measures for the Supervision and Administration of Futures Companies". Personnel engaged in asset management work in futures companies should obtain corresponding qualifications, otherwise they cannot engage in this business or related work.
In order to regulate the business behavior of futures companies and protect the legitimate rights and interests of investors, futures companies and their employees shall not engage in the following behaviors when engaging in asset management business: 1. Misleading or inducing customers through fraudulent or other improper means; 2. Make a commitment to the customer to ensure that their asset principal is not lost or to achieve the minimum return; 3. The initial assets entrusted by the client are below the minimum limit set by the China Securities Regulatory Commission; 4. Occupy or misappropriate client entrusted assets; 5. Trading between different accounts for the purpose of transferring profits or losses from asset management accounts, which harms the interests of customers; 6. Engaging in unnecessary transactions using customer assets for the purpose of obtaining commissions or other benefits; 7. Using managed customer assets to seek illegitimate benefits for third parties and engage in profit transfer; 8. Other behaviors prohibited by laws, administrative regulations, and regulations of the China Securities Regulatory Commission.
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