| Notice of the China Futures Association on Issuing and Implementing the Guidelines for the Stress Testing of Futures Companies (for Trial Implementation) | | 中国期货业协会关于发布实施《期货公司压力测试指引（试行）》的通知 |
| Members of all futures companies: | | 各期货公司会员： |
| The Guidelines for the Stress Testing of Futures Companies (for Trial Implementation) (hereinafter referred to as the “Guidelines”), which have been deliberated and adopted in principle at the 15th Session of the 4th Council of the China Futures Association, are hereby issued and the relevant matters are hereby announced as follows: | | 《期货公司压力测试指引（试行）》（以下简称《指引》）已经中国期货业协会第四届理事会第十五次会议原则审议通过，现予以发布，并就有关事项通知如下： |
| I. All companies shall, in accordance with the requirements of the Guidelines, establish a normal stress testing mechanism, and establish and improve the stress testing system and organization system, among others, so as to ensure the effective implementation of stress testing. | | 一、请各公司遵照《指引》要求，建立常态化的压力测试机制，建立健全压力测试制度体系和组织体系等，以保障压力测试工作的有效展开。 |
| II. All companies shall, according to the requirements of these Guidelines and according to market changes, business scale, risk status and regulatory requirements, conduct stress testing on a regular basis or from time to time. An annual comprehensive stress testing shall be conducted at least once a year, stress testing reports shall be submitted as required, and a separate notice will be issued on the specific testing requirements. | | 二、请各公司按照《指引》要求，根据市场变化、业务规模、风险状况和监管要求，定期或不定期开展压力测试。每年至少应开展一次年度综合压力测试，并按要求报送压力测试报告，具体测试要求将另行通知。 |
| Contact person: Fu Wenxiang. Tel.: 010-88086242 | | 联系人：符文翔 电话：010－88086242 |
| E-mail: member@cfachina.org | | 邮箱：member@cfachina.org |
| | 特此通知。 |
| November 13, 2017 | | 二〇一七年十一月十三日 |
| Annex: | | 附件： |
| Guidelines for the Stress Testing of Futures Companies (for Trial Implementation) | | 期货公司压力测试指引（试行） |
| Chapter I General Provisions | | 第一章 总 则 |
| Article 1 For the purposes of directing futures companies to establish and improve the stress testing mechanism, improving risk management and strengthening the prevention of systemic risks, these Guidelines are developed in accordance with the Regulation on the Administration of Futures Trading, the Measures for the Supervision and Administration of Futures Companies, the Measures for the Administration of Risk Regulatory Indicators, and other laws, administrative regulations, rules, and relevant self-disciplinary rules. | | 第一条 为指导期货公司建立健全压力测试机制，提高风险管理水平，加强系统性风险防范，依据《期货交易管理条例》、《期货公司监督管理办法》、《期货公司风险监管指标管理办法》等法律、行政法规、规章和相关自律规则，制定本指引。 |
| Article 2 For the purpose of these Guidelines, “stress testing” means the process of adopting the method of focusing on quantitative analysis to analyze and measure the changes of futures companies' net capital, liquidity and other risk regulatory indicators, financial indicators, and business indicators under the assumed, extreme but possible stress scenarios, assess the risk tolerance of futures companies, and take effective countermeasures. | | 第二条 本指引所指的压力测试是期货公司采用定量分析为主的方法，分析测算假定的、极端但可能发生的压力情景下期货公司净资本和流动性等风险监管指标、财务指标、业务指标等的变化情况，评估期货公司风险承受能力，并采取有效应对措施的过程。 |
| Article 3 A futures company shall establish a normal stress testing mechanism, and on a regular basis or from time to time, conduct stress testing according to market changes, business scale, risk status and regulatory requirements. The stress testing shall comprehensively cover the risks of the company and its subsidiaries in all business fields, and fully consider the correlation between various types of risks. | | 第三条 期货公司应当建立常态化的压力测试机制，根据市场变化、业务规模、风险状况和监管要求，定期或不定期开展压力测试。压力测试应当全面覆盖公司及子公司各个业务领域的风险，并充分考虑各类风险间的相关性。 |
| Article 4 A futures company shall establish and improve a system of stress testing covering such content as decision-making mechanisms, procedures and methods, reporting procedures, application of results, and inspection and assessment. | | 第四条 期货公司应当建立和完善包括决策机制、流程和方法、报告程序、结果应用、检查评估等内容在内的压力测试相关制度体系。 |
| Article 5 A futures company shall establish an effective stress testing organization system, designate senior executives of the company to be responsible for the organization of stress testing, and designate a special department or personnel to be responsible for the implementation of stress testing. All relevant departments and subsidiaries shall actively cooperate with and participate in stress testing, and provide conveniences for stress testing. | | 第五条 期货公司应当建立有效的压力测试组织体系，应指派公司高级管理人员负责压力测试的组织工作，指定专门部门或人员负责压力测试的实施工作。各相关部门和子公司应积极配合和参与压力测试工作，为开展压力测试提供便利。 |
Article 6 A futures company shall conduct inspection and assessment of the stress testing work mechanism on a periodical basis, including whether the stress testing guarantee measures are sound, whether the procedures and methods are complete, whether the scenario assumptions are reasonable, whether the data quality and quantity models are reliable and effective, whether the testing results are applied in an effective manner and whether the countermeasures are effective and feasible, among others.
．．．．．． | | 第六条 期货公司应当定期对压力测试工作机制进行检查和评估，包括压力测试保障措施是否健全、流程和方法是否完备、情景假设是否合理、数据质量及数量模型是否可靠有效、测试结果是否得到有效应用和应对措施是否有效可行等。
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