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Big news! The latest Development of Guangzhou Futures Exchange
Sep 3,2020 08:07CST
translation
Source:Futures daily
The content below was translated by Tencent automatically for reference.

SMM Network News: last night, there were new developments on the landing of the Guangzhou Futures Exchange. According to reports, the executive meeting of the Guangzhou municipal government examined and approved the Action Plan on implementing the opinions on Financial support for Guangdong-Hong Kong-Macau Greater Bay Area's Construction (hereinafter referred to as the "Plan") on September 2, proposing 66 specific measures, including promoting the landing of Guangzhou Futures Exchange and Guangdong-Hong Kong-Macau Greater Bay Area International Commercial Bank, and carrying out cross-border mortgage registration of real estate.

It is understood that the "plan" revolves around promoting the construction of major projects and platforms, promoting cross-border trade and investment and financing facilitation of Guangdong-Hong Kong-Macau Greater Bay Area, expanding the opening up of the financial industry to the outside world, promoting the diversification of financing channels in Guangzhou, Hong Kong and Macao, and further raising the innovation level of Guangdong-Hong Kong-Macau Greater Bay Area's financial services. 66 specific measures have been put forward to effectively prevent cross-border financial risks.

With regard to the Guangzhou Futures Exchange, the "plan" proposes to promote the landing of the Guangzhou Futures Exchange. at present, Guangzhou is cooperating with the relevant ministries and commissions of the state to do a good job in the research and reserve of exchange landing and trading varieties.

In fact, since the State Council issued the outline of the Guangdong-Hong Kong-Macau Greater Bay Area Development Plan last year, the Guangzhou Futures Exchange has become one of the key words for Guangdong-Hong Kong-Macau Greater Bay Area's construction and development. In May this year, the "opinions on Financial support for Guangdong-Hong Kong-Macau Greater Bay Area's Construction" (hereinafter referred to as "opinions") were released, which proposed to study and build the Guangzhou Futures Exchange, as well as to carry out pilot projects on carbon emissions and foreign exchange.

However, at present, the main difficulty restricting the establishment of Guangzhou Futures Exchange lies in the listed varieties. In March this year, the official website of the Guangzhou Municipal people's Government updated the latest progress on promoting the establishment of the Guangzhou innovative Futures Exchange. In accordance with the annual phased work target of 2019, the innovative Futures Exchange should be reported to the State Council in the fourth quarter of that year and approved by the State Council for establishment.

However, judging from the implementation of the progress, some of the work has not been completed as planned. The Guangzhou municipal government general office said that in early October 2019, the China Securities Regulatory Commission formally solicited the opinions of the Ministry of Ecology and Environment and the Guangdong Provincial Government on the request submitted to the State Council for approval of the establishment of the Guangzhou Futures Exchange, and the Guangdong Provincial Government had no feedback. The Ministry of Ecology and Environment has not formally replied. It is understood that the Ministry of Ecology and Environment has no objection to the establishment of the Guangzhou Futures Exchange. Do not agree with the Guangzhou Futures Exchange to carbon emission rights as the first listed species.

Further, the Ministry of Ecology and Environment has no objection to the establishment of Guangzhou Futures Exchange, but said that as the current carbon emissions spot market has not yet started operation, the conditions for the introduction of carbon emissions futures are not mature at this stage. It is suggested that the relevant expressions of carbon emissions futures should be deleted in the establishment plan of Guangzhou Futures Exchange. Therefore, due to the development and changes of the current carbon emissions spot market, it is too narrow to limit the listed varieties to the first listed variety of carbon emission rights, which is not conducive to promoting the establishment of Guangzhou Futures Exchange. it has become the main difficulty restricting the establishment of Guangzhou Futures Exchange.

The general office of the Guangzhou municipal government said that in the next step, it is recommended to apply to the provincial government for instructions from the State Council, asking the State Council to approve and agree not to restrict the Guangzhou Futures Exchange to use carbon emission rights as the first listed variety, expand the listed variety adjustment to "futures varieties serving the green development, Guangdong-Hong Kong-Macau Greater Bay Area and 'Belt and Road Initiative' construction," and strengthen communication and coordination with the CSRC and the Ministry of Ecology and Environment. We will actively do a good job in the research and demonstration of futures varieties and speed up the establishment of the Guangzhou Futures Exchange.

Previously, some market participants have revealed that from the fourth quarter of last year to the Spring Festival this year, the Guangzhou Futures Exchange has been conducting research on the listed varieties to the industry and the market, but from the opinions sought by the market, there is still no fixed number of listed varieties.

However, in July this year, the Guangdong Provincial Local Financial Regulatory Bureau agreed to adjust the expenditure content of the "Research on Futures varieties listed on the Guangzhou Futures Exchange".

From the content of the reply, the establishment of the Guangzhou Futures Exchange is expected to overcome the difficulties of listed varieties in time. The Guangdong Provincial Local Financial Regulatory Bureau said that the Guangzhou Local Financial Regulatory Bureau is requested to guide the project implementation units to use the funds reasonably and in accordance with the plan in accordance with the relevant regulations on the management of special funds. to ensure that the original performance targets and adjusted performance targets of the project are completed on schedule.

A senior executive of a futures company in South China told Futures Daily that from the current understanding of the situation, the Guangzhou Futures Exchange is still working towards the listing of carbon emission futures.

Some people in the industry said that the existing domestic commodity exchanges and the construction of financial varieties have become increasingly perfect, so the Guangzhou Futures Exchange may focus on the development of characteristics, such as trying to launch new varieties of cross-border trading. Or make a breakthrough in foreign exchange settlement.

The "plan" announced yesterday also mentioned supporting Hong Kong and Macao financial institutions to participate in the construction of Guangdong-Hong Kong-Macau Greater Bay Area's unified green financial standards, and gradually in line with international standards. We will give full play to the function of the Guangzhou carbon Emission Exchange, build a platform for Guangdong-Hong Kong-Macau Greater Bay Area's environmental rights and interests and financial services, and promote carbon financial business such as carbon emission rights against pledge loans. We will carry out a trial of carbon emissions trading in foreign exchange to support qualified foreign investors to participate in carbon emissions trading in the mainland of the Greater Bay area in foreign exchange or RMB.

In addition, the "plan" proposes to expand the scale and scope of cross-border use of RMB in Guangdong-Hong Kong-Macau Greater Bay Area, so as to facilitate the cross-border circulation and exchange of RMB in Guangdong-Hong Kong-Macau Greater Bay Area.

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Guangzhou Futures Exchange
Guangdong-Hong Kong-Macau Greater Bay Area

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