China looks to relax derivatives rules

20 Oct 2003

Chinese financial institutions would be allowed to trade financial derivatives if draft rules issued by China Banking Regulatory Commission (CBRC) are eventually enacted.

In a consultation paper, CBRC is proposing that Chinese banks be allowed to act as brokers or market makers in derivatives including interest rate futures, forward contracts, commodity futures, and option contracts. Proprietary trading will also be allowed.

The CBRC...

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“At our current funding level, the Commission is under serious strain. We lack the staff and resources necessary to both implement Dodd-Frank and continue to fulfil our pre-Dodd-Frank duties under the Commodity Exchange Act. Without additional funding, the strain will only become worse in July, when much of Dodd-Frank goes into effect.”

The CFTC's Michael Dunn pleads for Congressional support over the regulator's budget.