China Securities Regulatory Commission issues six financial industry standards to improve market operation efficiency

 China Securities Regulatory Commission issues six financial industry standards to improve market operation efficiency

Industry insiders pointed out that Chinas capital market has adopted electronic trading from the very beginning. Equity data such as customer capital data, securities and futures fund account data are stored in paperless electronic way. Relevant laws and regulations require that all operating institutions should properly keep information about investors equity. At present, the data of investors rights and interests defined and saved by various institutions are quite different, which is not conducive to the protection of investors rights and interests. The implementation of the series of standards of the content and format of investors rights and interests related data in the securities and futures industry standardizes the content and format of investors rights and interests related data in the securities, futures and fund markets, guides the industry institutions to carry out the relevant work of investors rights and interests data governance, improves the market operation efficiency, and is the basis for the industry to carry out the work of investors rights and interests protection.

With the development of domestic securities market business and the further opening of capital market to overseas investment institutions, the application scope of step standard in the industry is further expanded. Step standard is based on the international standard of financial information exchange agreement, which provides a more complex mechanism of message gap discovery and retransmission. It has a high technical threshold when it is used. It is necessary to tailor it in combination with industry technology practice and technology development trend. The implementation of the financial industry standard of lightweight real-time step message transmission protocol, on the one hand, simplifies the transmission mechanism of step protocol, which is conducive to reducing the R & D cost and operation and maintenance difficulty of the industry, improving the reliable transmission of data and the safe operation of the system. On the other hand, it keeps the interoperability with international standards, complies with the requirements of the international development of capital market, and effectively reduces the difficulty of participation of international market participants in the domestic market.

The current Regulations on the administration of futures trading and measures for the administration of futures exchanges have established the procedures and institutional arrangements for the design and organization of listed futures contracts by futures exchanges, and have not yet made clear provisions on the elements of futures contracts. Under the consideration of business practice and innovation demand, the standard summarizes the common characteristics and elements of the existing futures contracts, lists 17 common elements of the futures contracts, standardizes the meaning and expression of the elements, names the unified rules, and provides reference for the formulation of the futures contracts.

With the continuous development of multi-level capital market business in China, the securities market, futures market and fund market have gradually established their own investor account management system. The types, identification codes and naming rules of effective identity documents collected and used by investors in different market accounts are different due to different market regulations, which is not conducive to data exchange among all participants in the whole market Share information with investors. The implementation of the standard of investor identification code of securities and futures industry is conducive to strengthening the transparency and binding force of domestic capital market, supporting the requirements of cross market supervision, realizing the interconnection of investors information across the current market, providing investors with more targeted investment services, promoting information sharing among market participants, and further supporting the construction of an efficient whole market Regulatory mechanisms.

It is understood that in the next step, CSRC will continue to promote the construction of capital market informatization, focus on strengthening the construction of basic standardization, and constantly improve the level of industry standardization.

Source: responsible editor of Securities Daily: Zhong Qiming, nf5619