Recently, the China Securities Regulatory Commission (CSRC) publicly solicited opinions on the "Measures for the Supervision and Administration of Derivatives Trading (Draft for Comments)" (hereinafter referred to as the "Measures"), further clarifying the regulatory framework and ideas for the derivatives market regulated by the CSRC, which means that China's derivatives trading market has entered a new stage of supervision. The trading scale is expanding day by day. Currently, China's derivatives market, which is supervised by the Securities Regulatory Commission, has gradually formed three lines: the OTC derivatives market of securities companies, the OTC derivatives market of risk management subsidiaries of futures companies, and the derivatives market of securities and futures trading venues. The derivatives market has made significant progress in meeting the personalized risk management needs of market entities and supporting the development of the real economy. The development prospect of China's derivatives market is broad, and it is in a critical period from quantitative expansion to qualitative improvement. According to data from the China Futures Industry Association, the cumulative notional principal size of OTC derivatives transactions increased from 333.163 billion yuan in 2017 to 2047.037 billion yuan in 2022. According to data from the China Securities Association, in 2021, the securities industry added a total of 8403801 million yuan in nominal principal for OTC derivatives transactions, a year-on-year increase of 76.56%. However, it goes without saying that with the expansion of the market size, many problems have gradually emerged in the regulation of the derivatives market. For example, regulatory standards are not uniform, functional supervision is absent, regulatory rules have a low level of effectiveness, monitoring and monitoring systems lack coordination, and administrative supervision is weak. The industry calls for the healthy development of China's derivatives market to build a solid legal foundation. On August 1, 2022, the "Futures and Derivatives Law of the People's Republic of China" was officially implemented. The futures and derivatives law has incorporated derivatives trading into the scope of legal regulation. Hu Yuyue, director of the Securities and Futures Research Institute of Beijing Business and Technology University, told reporters that on the basis of fully absorbing the consensus reached by the Group of Twenty (G20) to strengthen derivatives regulation after the 2008 international financial crisis, China's futures and derivatives law drew on the experience of mature international markets and established basic systems for derivatives trading, such as single agreement, termination netting, and transaction reporting base, "And authorize the CSRC to act as the regulatory authority for the derivatives market to make specific regulations on derivatives trading venues, access to derivatives operating institutions, traders' appropriateness management, centralized settlement, and other content.". Under the guidance of the Futures and Derivatives Law, in order to strengthen the supervision of the derivatives market, promote the healthy development of the derivatives market, and prevent and resolve financial risks, it is necessary to introduce a unified regulation of the derivatives market at the departmental regulatory level. Therefore, the "Measures" came into being. During the interview, relevant experts stated that the drafting of the Measures is problem oriented, flexible and forward-looking. First, highlight functional supervision. This measure is guided by functional regulation, and integrates various derivatives operating institutions, derivatives trading venues, derivatives settlement institutions, derivatives trading report banks, and traders under the supervision of the CSRC into unified supervision. It formulates unified codes of conduct and legal responsibilities, eliminates regulatory differences and regulatory arbitrage, and promotes the healthy development of the market. Secondly, it reflects overall supervision. The various sub markets of the capital market are highly correlated in terms of trading entities, capital flows, business operations, risk contagion, etc