China's capital markets will soon see more derivatives products. Yang Maijun, director of futures regulation at the China Securities Regulatory Commission (CSRC), said oil futures could start trading in Shanghai as early as August. He said new securities-related products and financial derivatives were in the cards, and a unified settlement system. Yang also said regulators were exploring ways to allow foreign institutions to participate. Futures trading was reorganized after it became mired in fraud in the mid 1990s, and gradually rebounded. China's three futures exchanges showed record first-half turnover of US$1.02 trillion, a 115.7% year-on-year increase.