State Administration of Foreign Exchange of all provinces, autonomous regions and municipalities, and branch administrations of Shenzhen, Dalian, Qingdao, Xiamen and Ningbo; the policy banks, state-owned commercial banks, joint-stock commercial banks; China Foreign Exchange Trade Center:
for the further development of the foreign exchange market, as companies and banks to provide more tools for hedging the exchange rate, the State Administration of Foreign Exchange decided to launch the RMB against the foreign exchange options trading. Hereby notified as follows:
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A The notice referred to the RMB in the foreign exchange option is a vanilla European option.
Second, the banks offer the customer options business shall meet the following conditions:
acquire foreign currency forward exchange settlement and sales for the record business approved qualification 3 years, banks perform foreign exchange regulations situation assessment category B for two consecutive years or more;
has carried out foreign currency in the foreign exchange options trading experience;
a sound system for options trading and risk management and proper internal control system risk measurement, management and trading system;
other requirements prescribed by the SAFE.
Third, foreign exchange options business of banks offer customers the implementation of file management.
options business banks and their branches for the record business in the light of the implementation of forward foreign exchange market access management program.
Fourth, the bank filed an application run on the customer options business shall submit the following documents and information:
offer the customer options business application report, feasibility report and business plan;
option in the internal management rules and regulations;
option pricing model and position management system;
options trading executives and key staff list, curriculum vitae and relevant qualifications obtained Certificate;
market place, equipment and system security test report and not less than one month in-house business simulation test report;
other documents required by SAFE and information.
five options for the business bank customers should adhere to the principles of real need, and to comply with the following provisions:
banks can only apply for customers to buy foreign exchange business call or put option, in addition to already reverse option open to buy, shall sell the option for business customers.
option contract, the bank should be required to provide the necessary basis of commercial contracts and audits to ensure that customers do options business qualify for hedge classification principles.
option expires, when customers place the basis of commercial contracts due to changes in foreign exchange income and expenditure of the cash flow changes, changes in the provision of evidence and the undertaking and, after examination and verification by the bank, the customer before any has bought back the amount of options for the corresponding positions. Gains and losses due to reverse positions, according to commercial principles.
Banks to reverse positions of the customers place a registration system for case by case basis, regularly carry out customer assessment, strengthening risk management.
option expires, the customer if exercised, bank customers must balance the authenticity of foreign exchange settlement and compliance audits. Customers of foreign exchange options trading range and forward foreign exchange income and expenditure the same may be limited in accordance with the provisions of foreign exchange spot foreign exchange settlement for foreign exchange payments.
customers should exercise the implementation of the agreed price of the principal amount of the full delivery option, in principle, the difference between the settlement. Customers with its current foreign exchange account deposits at the bank to buy foreign currency put option and Syria to do, can be full or the difference between the settlement, but the option expires, the customer if the withdrawal of the deposit, the amount shall correspond to reverse positions of options contracts .
customer base of commercial contracts as a result of a change in foreign exchange receipts and payments resulting cash flow part of the disappearance of changes in the provision of evidence and the undertaking and the examination and verification by the bank, the bank customer's option contracts for the principal for some exercise.
options trading business scope and duration of customer cf forward foreign exchange business.
options transactions in RMB currency as premium.
options to customers for banking services, customers should fully reveal the risks of options trading and obtain confirmation of the customer to confirm that it has understood and able to bear the risks of options trading.
six banks in the interbank foreign exchange market to carry out option transactions, foreign exchange for the record should be made eligible for options trading.
banks for carrying out foreign exchange market options trading, in addition to the provisions of Article II of this notice with the first condition to the item, we must also meet the following conditions: access to the SAFE for archival approved by RMB and foreign exchange interbank foreign exchange market eligible for more than 3 years forward transactions; has found the China Foreign Exchange Trading Center options trading system hardware and software specifications.
interbank foreign exchange market, banks can offer options trading separately or simultaneously with the application of customer options business. Such as a separate application for options trading foreign exchange market opened, with reference to the implementation of the RMB interbank foreign exchange market foreign exchange forward trading market access for management procedures; if both apply to run two businesses from the Bank to the SAFE for filing.
Bank filed an application to carry out the interbank foreign exchange market, options trading, in addition to Article IV of this notice should be submitted first to the items specified documents and information should submit the following documents and information: to carry out the interbank foreign exchange market, options trading application report, feasibility report and business plan; issued by the Foreign Exchange Centre technical specifications meet the options trading system software and hardware proof.
seven bank options business, the option should be integrated position Delta positions into the unified management of foreign exchange settlement. Banks should be selected and recognized measurement methods, based on reasonable assumptions in line with market standards and parameters, accurate measurement of Delta positions.
Bank Delta position measurement method and parameters with reference to foreign exchange trading center in principle, published guidelines of the business. Choose other methods for measuring bank Delta position measured with the guidelines in accordance with the value of the business significantly different, and should be promptly reported to the description of the foreign exchange bureau.
eight, currency options broker to carry out brokerage services, should be in accordance with the eligible to obtain and close regulatory options brokerage services business.
September, the bank should be in accordance with the requirements of this notice, submit to the foreign exchange options business-related statistics.
bank customers should exercise the option as a forward exchange settlement and sales performance, in accordance with the provisions into the
Bank shall before the 10 working days each month, report to the SAFE options last month, the Bank's business conditions.
ten, the foreign exchange bureau on the bank customers and interbank foreign exchange market supervision and management of options trading. Bank violates the provisions of this notice for options business, foreign exchange will based on the
XI relevant terms of this notice as follows:
options.
right to the due date to the option exercise price the seller agreed to sell the number of foreign exchange.
delivery of an option contract expires line right, the implementation of the agreed parties to the transaction price and expiration date currency central parity rate of RMB against the corresponding difference between the principal amount of the contract settlement netting.
second, the notice from April 1, 2011 onwards.
XIII, this notice shall be interpreted by the SAFE.
the various branches of foreign exchange, foreign exchange management department receives the notice, shall immediately forward the jurisdiction of city commercial banks, rural commercial banks, rural cooperative banks and foreign banks. In case of implementation questions, please contact the Secretary for foreign exchange payments. Tel :010-68402304, 68402313.
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