证券时报记者 刘璐

When the securities times reporter

　　在日前召开的全国证券期货监管工作会议上，中国证监会主席郭树清提到今年一些具体的工作安排，包括扩大“新三板”试点范围、鼓励证券公司探索建立柜台交易市场、实现退市的常态化、丰富并购重组方式方法、探索发展利率汇率类金融衍生品、继续支持境内企业境外上市，以及协助和配合全国基本养老保险基金、住房公积金委托专业机构进行投资管理，实现保值增值。

Held a few days ago the national securities and futures supervision work meeting,The China securities regulatory commission chairman GuoShuQing mentioned this year some specific work schedule,Including widening"The new SanBan"The scope/Encourage a securities company to explore establish counter trade market/To realize the normalization to withdraw from the market/Rich m&a methods/Explore development interest rate class financial derivatives/Continue to support domestic enterprises listed overseas,And to assist and cooperate with the national fund of primary endowment insurance/Housing accumulation fund to entrust a professional organization to investment management,Realize the value of.

　　扩大“新三板”试点范围 expand"The new SanBan"The scope

　　上周，全国中小企业股份转让系统揭牌运营。

Last week,The small and medium-sized enterprise share transfer system official operation.

　　随着这一市场平台正式“出水”，下一步“新三板”试点范围如何、业务规则如何调整、不同市场不同层次之间的转板机制能否打通，成为各方关注焦点。

As the market platform officially"water",The next step"The new SanBan"Pilot limits how to/Business rules how to adjust/Different market between different levels of the rotating plate mechanism can get through,Become a focus of the parties.

　　中国证监会副主席姚刚上周表示，非上市公司股份转让的小范围、区域性试点将渐次走向面向全国的正式运行，要建立和完善各层次市场之间的有机联系，妥善把握交易所市场与场外市场稳定发展的平衡。

Vice chairman of the China securities regulatory commission YaoGang said last week,Private companies share transfer of small range/Regional pilot will gradually to facing the whole country formal operation,To establish and perfect the market level between the organic connection,Properly grasp the exchange market and otc market steady development of balance.

　　鼓励券商探索建立 Encourage brokers probe and build

　　柜台交易市场 Counter market

　　上月中国证券业协会宣布首批7家企业开始柜台交易市场试点。在上周举行的经济学人峰会上，中国证监会主席郭树清还表示，要探索一些交易商之间的场外交易市场。

Last month China securities industry association announced the first batch of seven companies began to counter market pilot.The economist intelligence unit last week at the summit,The China securities regulatory commission chairman GuoShuQing also said,To seek some traders between the over-the-counter market.

　　据中证协有关部门负责人介绍，柜台交易业务在证券公司柜台市场开展，该市场明确定位于私募市场，是证券公司发行、转让、交易私募产品的平台，客户以机构客户为主。柜台交易业务将以协议交易为主，同时尝试开展报价交易或做市商交易机制。柜台交易产品定位为私募产品，市场建设初期配合资产管理业务创新，以销售和转让证券公司理财产品、代销金融产品为主。交易产品种类遵循先易后难的原则，且多为券商自己创设、开发、管理的金融产品。

According to the background of the concerned departments to introduce,The counter transactions in securities companies in the market,The market orientation in private equity market,A securities company is issued/transfer/Trading private product platform,Customers to give priority to institutional clients.Counter trade business will be mainly trade agreement,At the same time try to offer to carry out transactions or marketmaker trading mechanism.Counter trade product positioning for private products,The early market construction with the asset management business innovation,With sales and transfer securities company financial products/Financial products mainly sell goods on a commission basis.Trade products are easy to follow the principle of first after,And more for brokers themselves to create/development/Management of financial products.

　　实现退市常态化 Realize delisted normalization

　　去年退市制度改革启动，*ST炎黄、*ST创智两家公司延续原有退市制度正常退市，成为A股五年来的首批退市案例。据了解，为保证新旧制度的平稳衔接和过渡，退市制度改革根据“法不溯及既往”的基本原则，执行“新老划断”的原则。新规则（即《股票上市规则（2012年修订）》）发布前已暂停上市的公司适用原规则（即《股票上市规则（2008年修订）》）。随着时间的推移，退市制度的常态化可期。

Last year delisted system reform start,* ST Chinese/* ST powerise two companies continue the original delisted system normal delisted,Become A share for five years the first batch of delisted case.It is understood,In order to ensure the smooth new old system to join and transfer,According to withdraw from the market system reform"Method not be retroactive"The basic principles of the,implementation"New and old cross off"principle.The new rules(namely[Stock listing rules(Amended in 2012)])Before the release of listed companies has been suspended for the original rules(namely[Stock listing rules(Amended in 2008)]).With the passage of time,Delisted system normalization can period.

　　丰富并购重组方式方法 Rich m&a methods

　　近年来，国内市场的并购重组日渐活跃，但市场主体也面临缺乏资金和并购工具的问题。

In recent years,Merger and reorganization of the domestic market is active,But the market main body is facing a lack of fund and the problem of merger and acquisition of tools.

　　证监会有关部门负责人曾表示，我国对并购的金融支持一直较为薄弱，支付手段仍较为单一，并购基金、并购贷款、闪电配售等机制亟待探索完善。

Securities regulatory commission in charge of relevant departments of the said,Our country to mergers and acquisitions of financial support has been relatively weak,The means of payment is still relatively single,M&a fund/M&a loan/Lightning placement, etc to explore perfect mechanism.

　　据介绍，2011年，我国包括非上市公司在内的并购金额仅占国内生产总值（GDP）的1.9%，而同为“金砖国家”的俄罗斯是6.9%，巴西和印度的比例也都超过3%。1.9%这一数据更是大大低于发达国家在经济转型期的比例。

According to introducing,In 2011,,Our country including private company merger and acquisition, the amount of gross domestic product (GDP) only(GDP)1.9% of the,And as"Nuggets countries"Russia is 6.9%,The proportion of Brazil and India are more than 3%.1.9% of the data is much lower than the developed countries in the economic transition of proportion.

　　探索发展利率汇率类 Explore development interest rate class

　　金融衍生品 Financial derivatives

　　本月，中国证券业协会公布了关于金融衍生品交易主协议征求意见稿。

This month,China securities industry association announced about financial derivatives trading master agreement draft.

　　据北京高华证券副总经理姚嘉仁介绍，在境外场外衍生品市场已成为成熟的国际市场，交易品种包含了远期、期权和互换等一对一的交易。

According to Beijing gao hua securities deputy general manager YaoJiaRen is introduced,Outside the otc derivatives market has become a mature international market,Trading products contains forward/Option and swap one-on-one trade, etc.

　　目前，全球的衍生品总名义本金高达1200万亿美元，此数字是全球GDP的20倍。目前全球90%以上的衍生品都是通过场外交易进行的，是资本市场非常重要的组成部分。

At present,The global derivatives total nominal capital as much as $1.2 quadrillion,This figure is global GDP twenty times.At present more than 90% of the world's derivatives are through the over-the-counter trading of,Capital market is a very important part.

　　继续支持境内企业 Continue to support domestic enterprise

　　境外上市 Listed abroad

　　根据中国证监会的新规，从今年1月1日开始，境内股份有限公司（以下简称“境内公司”）境外上市的要求“焕然一新”，高企的财务门槛和前置程序均被取消。

According to the China securities regulatory commission of the new gauge,From January 1st,Domestic co., LTD(Hereinafter referred to as"Domestic companies")The requirements of the listed abroad"Look brand-new",High financial threshold and the prepositional procedure were cancelled.

　　证券时报记者获悉，H股公司全流通问题将随之得到解决，H股再融资效率将大大提高；境外间接上市公司（也称“小红筹公司”）拟纳入中国证监会监管视野，并不增设新的行政许可项目。

The securities times reporter learns,H shares of the company full circulation problems will then be solved,H shares refinancing will greatly improve the efficiency;Foreign indirect listed companies(Also called"Small the red-chip company")Fitting into the China securities regulatory commission regulatory vision,Don't add new administrative licensing items.

　　本周一，证监会公布了《股份有限公司境外公开募集股份及上市（包括增发）审批申请材料目录和申请书示范文本》，披露了简化后的境外首次公开发行股份、境外增发股份所需要的申请材料。

On Monday,Securities regulatory commission announced the[A joint stock limited company shares to the public overseas and listed(Including shares)The examination and approval application materials list and application demonstration text],Disclosure of the simplified overseas initial public offerings of shares/Additional shares issued overseas need the application materials.

　　协助养老金住房公积金 Assist pension housing accumulation fund

　　投资管理 Investment management

　　去年，全国社保基金理事会宣布，经国务院批准，受广东省政府委托，投资运营广东省城镇职工基本养老保险结存资金1000亿元。

Last year,The national social security fund council announced,With the approval of the state council,By guangdong government entrust,Investment operation guangdong town worker is basic endowment insurance balance capital of 100 billion yuan.

　　回顾过往投资业绩，全国社保基金理事会投资运营取得了较好的业绩。在2001年～2011年的11年里，全国社保基金共实现投资收益2847亿元，年均收益率为8.41%，比同期通胀率高出6个百分点。

Review past investment performance,The national council of social security fund investment operation have achieved good performance.In 2001 ~ 2011 11 years,The national social security fund were realized investment income 284.7 billion yuan,With an average annual return of 8.41%,More than 6% higher than the inflation rate.

　　可见，如全国基本养老保险基金、住房公积金委托专业机构进行投资管理，将有助于实现保值增值的目标。

visible,Such as the national fund of primary endowment insurance/Housing accumulation fund to entrust a professional organization to investment management,Will help to realize the value of the goal.