第三章中国期货公司发展新动态
2015年，期货公司经历了冰火两重天。尽管上半年期货公司总体利润同比大幅上升， 但在股市发生异常波动之后，相关政策的出台对期货公司经纪业务产生了较大的不利 影响。可喜的是，在传统经纪业务陷入瓶颈时，期货公司的创新业务取得了突破性的 进展：在松绑“一对多”业务后，期货公司资产管理业务规模大幅上升；期货与保险 相结合的模式也得到了进一步探索。同时，2015年还是期货公司的上市元年，7家期 货公司分别在新三板和港股市场挂牌上市。有关期货公司次级债的规定正式出台，期货公司的融资渠道进一步拓宽。此外，期货在线开户云平台正式上线试运行，期货互 联网业务也在原有的基础上有所突破。“走出去”战略同样取得进展，12家期货公司 在境外设立或收购了子公司。
2015 was a rollercoaster ride for futures firms in China。 While most futures firms achievedremarkable year-on-year growth in profit in the first half, their brokerage business was hamstrung to a significant degree by a number of policies designed to counter theabnormal stock market fluctuations in the second half。 Fortunately, whilefuture firms have hit a bottleneck with their traditional brokerage business, they have made major breakthroughs in innovative services。 For example, the asset management business of futures firms soared after restrictions on the current “one investment account, multiple investors” setup were relaxed; and explorations were also made in mating futures products with insurance products。
Moreover, 2015 also marks a new era for Chinese futures firms as seven of them became listed either on National Equities Exchange and Quotations (“NEEQ”, known domestically as the New Third Board) or in Hong Kong – a first for Chinese futures firms。 Furthermore, futures firms benefited from broadened investment channels following the official release of rules on subordinated bonds of futures firms; and their web-based business also made breakthroughs with the launch of pilot cloud platform for futures account opening。 Lastly, progress on the “going global” strategy starts to show as 12 futures firms established or acquired subsidiaries overseas。
3.1 期货公司创新业务迅速发展
资产管理业务方面，在 2014年12月中期协颁布并实施的《期货公司资产管理业 务管理规则（试行）》中，降低了期货公司开展资产管理业务的标准，同时松绑了期 货资管的“一对多”业务。4月16 日，中国期货业协会公告通知，明确期货公司及其 资产管理产品可以进入银行间债券市场。期货公司资产管理产品的投资渠道得到进一 步拓宽。
With respect to the asset management business, the Administrative Rules for the Asset Management Business of Futures Firms (Trial Implementation) released by China Futures Association in December 2014 has made two important changes. Firstly, it has lowered the requirementsfor engaging in asset management business by futures firms. Secondly, it has relaxed existing rules on the “one investment account, multiple investors” model in futures asset management. A public announcement issued by China Futures Association on April 16 confirms that futures firms and their asset management products are permitted to enter into interbank bonds market, further expanding investment options for the asset management products of futures firms.
在政策支持及行业前期积累的双重作用下，2015年期货公司的资产管理业务迎来 井喷式发展。根据中国证券投资基金业协会统计，截止至12月31日，期货公司资产管理业务规模总额为1045亿元，相比2014 年全年增长737.21%。已具备资产管理资格的期货公司共有122 家，另有83 家期货公司办理了业务登记备案。其中，资产管理规模排名前 20 名的期货公司管理规模共计869.05亿元，占比达 83.16%。深圳天风天成资产管理有限公司与南华期货股份有限公司的资产管理规模超过了100亿元。
With the support of these favorable policies and the groundworks laid by earlier efforts, the asset management business of futures firms has experienced a renaissance in 2015. According to the statistics of the Asset Management Association of China, the scale of asset management business of futures firms has grown to RMB 104.5 billion by December 31, an increase of 737.21% from 2014. A total of 122 futures firms have been licensed to conduct asset management business, and a further 83 havemade filings to register for such business. The aggregate assets under management (AUM) of the 20 largest futures firms is RMB 86.905 billion, a 83.16% share of the total AUM of all futures firms. In particular, both Shenzhen TFTC Asset Management Co., Ltd. and Nanhua Futures Co., Ltd.have achievedan AUM of over RMB 10 billion.
8月11日，中国证券业协会、中国期货业协会、中国证券投资基金业协会联合发布《中国证券期货市场场外衍生品交易商品衍生品定义文件（2015 年版）》及配套交易确认书，以正式文本形式对场外商品衍生品交易的相关定义进行规范，并对场外商 品衍生品交易双方的权利和义务进行明确解释和认定。该文件的出台将进一步促进和 规范场外商品衍生品市场发展。
On August 11, Securities Association of China, China Futures Association, and Asset Management Association of China jointly released the Definition Document for Commodity Derivatives in Over-the-Counter Derivatives Trading on the Chinese Securities and Futures Market (2015 Edition) and related trade confirmation forms, normalizingthe various definitions for OTC commodity derivatives trading in an official document, and providing clear interpretation and determinations of the responsibilities and obligations of the trading parties of OTC
commodity derivatives. This document serves to further promote and regulate the development of China’s OTC commodity derivatives market.
在服务实体企业进行大宗商品风险管理上，2015年期货公司与保险、银行等跨行 业金融机构展开了合作。2015年8 月14日，人保财险与新湖期货合作，开启了“保险+ 期货”服务“三农”的模式。在此次合作中，由人保财险为相关农业机构提供基于鸡 蛋期货合约与玉米期货合约的价格保险。为转移其承保商品价格风险，人保财险再与 新湖期货签署合作协议，约定双方在保险产品风险对冲、标准仓单保险等方面进行合作， 通过购买复制期权等衍生工具产品、利用期货市场规避由过大的价格波动导致的赔付 风险。
In 2015, futures firms have also worked with financial institutions in the insurance and banking industry to explore ways to support companies in the real economy in their management of commodity risks. On August 14, PICC Property & Casualty joined hands withXinhu Futures to launch the “insurance + futures” service in support of agriculture, rural areas and the rural population. Specifically, under this arrangement,PICC P&C would provide insurance to agricultural organizations on the price of eggs and corn backed by the related futures contracts; and to transfer the risks it has assumed with respect to these commodities, PICC P&C would enter into a separate agreement with Xinhu Futures on hedging against the risks of insurance products and the insurance of standard warehouse receipts and, by purchasing replicating options and other derivatives or taking advantage of the protections provided by the futures market, avoiding payout risks caused by significant price fluctuations.
3.2 期货公司融资渠道拓宽
期货公司上市步伐加快并取得实质性进展。2015年以前，国内资本市场上仅存在 期货概念股，还没有真正意义上的上市期货公司。2014年10月，证监会发布了《期货 公司监督管理办法》，取消了自然人不能成为期货公司股东的相关规定，扫清了期货公司上市的一大障碍。
The listing of futures firmsis gathering steam and making substantial progress. Prior to 2015, China had zero listed futures firm and the domestic capital market only had “futures concept stocks”. In October 2014, CSRC issued the Measures for the Supervision and Administration of Futures Firms,which overturns the rule that individuals are not permitted to be shareholders offutures firms,clearing a major obstacle for the public offering of futures firms.
表 6 2015 年期货公司上市情况
文章原创于外盘期货官网：http://www.haoyaya.com.cn/
