Recently, Dalian Commodity Exchange (DCE) held the 2015 annual work summing-up meeting. The meeting suggested that in 2016 the DCE will develop by closely centering on serving the real economy, vigorously advance the integrated development of all businesses on the basis of maintaining the safe and sound operation of the market, and accelerate the transformation toward a diversified and open comprehensive derivatives exchange.
According to the meeting, over the past year, under the correct leadership of the China Securities Regulatory Commission (CSRC), DCE has taken serving the development of the real economy as the fundamental purpose, adhered to the regulatory transformation, effectively guarded against and defused the market risks, steadily implemented all initiatives in reform, innovation and opening up and advanced the development of DCE into a diversified and open comprehensive derivatives exchange, with significant progress made in all tasks.
DCE has intensified the frontline supervision and risk prevention, properly responded to the impacts by market-oriented means, ensured the safe and sound operation of the market and effectively supported the capital market in stabilizing the general situation; substantial progress has been made in advancing listing of options, internationalizing the iron ore futures, developing the OTC market and other major tasks, and the overall strategic arrangements have been made for the transformation into a diversified, open and comprehensive derivatives market; DCE has energetically promoted all efforts in reform and innovation and improved the contract rules and systems on the basis of the actual requirements of the real economy and industrial development, so as to cement the market foundation; DCE has significantly reduced the costs for market participation, stepped up the market cultivation and improved the structure of the investors. With the efforts in the past year, the market liquidity has been further enhanced; the quality of market operation has been improved substantially, the trading structure has been relatively reasonable and the structure of investors has been further rationalized; the functioning has been deepened in an all-round manner, the enterprises have been active in hedging, and the futures prices of iron ore and other products have had positive impact on the pattern of spot pricing and the transformation of the traditional modes of trade between enterprises.
According to the meeting, China will enter the decisive stage for developing a moderately prosperous society in an all-round way and start the implementation of the “13th Five-year Plan” in 2016, which is also a crucial year for DCE to achieve the transformation and development. China is comprehensively deepening the market-oriented reform, which creates conditions for the futures and derivatives market to accelerate development, the structural reform on the supply side has provided new space for the functioning of the futures and derivatives market; the support and expectation of all related parties for the futures market in Dalian has provided a favorable external environment for the market development. At the same time, with the market development facing new challenges, we should make further efforts in preventing market risks and constantly improve the capability of preventing, controlling and dealing with risks; we should accelerate the establishment and improvement of a whole set of modern business management systems, so as to meet the internal and external requirements for market development.
The meeting suggested that in the new year, DCE should, in accordance with the requirements of the CSRC Party Committee and the deployment of the regulatory work conference, take “ensuring stability, strengthening management and promoting transformation” as the principle, center on the fundamental purpose of serving the development of the real economy, vigorously advance the integrated development of all businesses on the basis of ensuring the safe and sound operation of the market, and accelerate the transformation of DCE into a diversified and open comprehensive derivatives market. The meeting put emphasis on the work in the following six aspects: first, study the new measures for risk control and effectively carry out frontline supervision and risk prevention in an all-round manner; second, earnestly implement the requirements of the No. 1 Document of the CPC Central Committee, energetically promote the “insurance + futures” pilots, and comprehensively advance the key tasks such as the listing of the soybean meal option, the internationalization of the iron ore futures and the development of the OTC market; third, take serving the real economy as the basic starting point, improve the contract rules and systems and effectively develop new products and maintain existing products; fourth, deepen the market services, and create a new eco-system for the futures market featuring virtuous, healthy and all-win development; fifth, strengthen systematic planning and the construction of the information system, closely follow the cutting-edge information technology and improve the core competitiveness in technology; sixth, improve the internal management and enhance the clean and honest construction in the Party and administration as well as the development of the cadres team.
The meeting stressed that in the new year, DCE will establish and improve the four mechanisms including responsibility mechanism, communication mechanism, incentive mechanism and supervision mechanism, so as to create the work environment for competing for and being active in making achievements and ensure the work results; all employees should jointly promote the steady and healthy development of the market, and constantly improve the capacity of the market for serving the real economy.