Financial Regulatory Forum

China tightens rules for futures trading

September 1, 2009

MARKETS-CHINA-STOCKS-CLOSE    SHANGHAI, Sept 1 (Reuters) – China will implement rules that require individuals starting futures trading accounts to provide their names and details, as it moves to regulate the country’s futures market.
   Futures companies have to give information from identification cards carried by Chinese citizens to the China Futures Margin Monitoring Center Co for checks with the data base of the Ministry of Public Security, the country’s securities watchdog said on Monday.
   The regulation, which takes effect on Tuesday, helps the China Securities Regulatory Commission (CSRC) monitor real time futures trading, the official Shanghai Securities News said on Tuesday, citing a CSRC executive.
   It will also benefit the launch of the country’s long-awaited stock index futures. 
   Currently, any number of futures trading accounts can be started using aliases or nicknames without a need for an individual to give their actual name or details.
   Existing accounts and accounts of futures companies that have not upgraded their systems would be checked later in batches, the CSRC said. (Reporting by Alfred Cang; Editing by Valerie Lee) ((alfred.cang@thomsonreuters.com; +86 21 6104-1763; Reuters Messaging: alfred.cang.reuters.com@reuters.net)) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com))
Keywords: CHINA/FUTURES
  
Tuesday, 01 September 2009 02:09:07RTRS [nSHA60674 ] {C}ENDS

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