Market Bridge Consulting

  Interpretation of Relevant Rules Concerning Opening DCE’s RBD Palm Olein Futures to Overseas Investors   Since identified as a specified domestic futures product in China, the RBD palm olein futures of DCE has attracted close attention from domestic and overseas markets. Such issues have been heatedly discussed in the market as what kind of clients can participate in the trading and delivery of RBD palm olein futures of DCE, and whether overseas brokers can provide overseas investors with the brokerage business for trading the RBD palm olein futures of DCE. To clearly explain the issues, the responsible person from DCE offers an interpretation of the relevant rules concerning opening RBD palm olein futures to overseas investors. It is learned that the trading, settlement, and risk control of RBD palm olein futures after opening to overseas investors will be performed in the way iron ore and other specified futures products are done currently. In terms of delivery, the current provisi

  With the approval of the China Securities Regulatory Commission (CSRC), RBD palm olein futures is determined to be a specific domestic product. Dalian Commodity Exchange (DCE) will introduce foreign traders to participate in RBD palm olein futures trading. The relevant matters are notified as follows: 1. Implementation Time From 09:00 on December 22, 2020 Beijing time. 2. Contracts for Trading P2101 and subsequent contracts. 3. Matters Concerning Foreign Exchange Funds as Margin Foreign traders can use RMB, standard warehouse warrants, treasury bonds and foreign exchange funds as margin. Currently, the currency of foreign exchange that can be used as margin is US dollars, with a haircut of 5%. Before market close of the day, the market value of foreign exchange should be calculated based on the China Foreign Exchange Trade System (CFETS) CNY Central Parity Rate published on the previous trading day. At daily settlement, the current-day CNY Central Parity Rate published by the CFETS s

  On November 20 the RBD palm olein futures on the Dalian Commodity Exchange (DCE) was approved by the China Securities Regulatory Commission (CSRC) to open to overseas traders from December 22. RBD palm olein futures therefore has become the seventh domestic futures product and also the first listed agricultural futures product that is approved as specified product. Industry professionals believe it to be another important move to open up China’s futures market to the outside world and serve global industrial enterprises, a move to consolidate the fruits of opening up and effectively enhance the global pricing power of China's futures market. According to industry information, among all the vegetable oils, palm oil is the one with the largest global output and international trading volume. The main production areas are Southeast Asia and Africa. Global palm oil production exceeded 70 million tons in 2019, accounting for about a third of global vegetable oil production. Global palm

  According to the China Securities Regulatory Commission (CSRC) spokesperson Gao Li, she said that the CSRC has determined that RBD Palm Olein futures will be a specific domestic product, and will introduce overseas traders to participate in the RBD palm oilen futures trading from  December 22, 2020 . For China derivatives market access and more market information please contact sherry_ustc@163.com

  According to INE, the price limit for crude oil SC2012 contract will be adjusted from ±8% to ±10% since November 26, 2020. For China derivatives market access and more market information please contact sherry_ustc@163.com

  The China Securities Regulatory Commission has approved the Shanghai International Energy Exchange (“INE”) to list bonded copper futures contracts. The relevant issues on the listing and trading of INE bonded copper futures contracts are as follows: 1. Listing Date Bonded copper futures contracts will be listed and traded on November 19, 2020. The market will open at 09:00 a.m. after a central auction session from 08:55 a.m. to 09:00 a.m. 2. Trading Hours 09:00 a.m. to 10:15 a.m., 10:30 a.m. to 11:30 a.m., and 01:30 p.m. to 03:00 p.m., Monday to Friday. Continuous trading hours: 09:00 p.m. to 01:00 a.m., Monday to Friday. There is no continuous trading session on the business day (excluding weekends) preceding a national holiday. 3. Listing Contracts and Listing Price The listing contracts are BC2103, BC2104, BC2105, BC2106, BC2107, BC2108, BC2109, BC2110, and BC2111, and the listing benchmark price is RMB 47680 yuan/metric ton. 4. Margin Requirement and Price Limit The trading margi

  In accordance with the General Exchange Rules of the Shanghai International Energy Exchange and other applicable rules, the INE exchange hereby release the listing price of the following bonded copper futures contracts: The listing price of BC2103, BC2104, BC2105, BC2106, BC2107, BC2108, BC2109, BC2110, and BC2111 is RMB 47680 yuan/metric ton. For China derivatives market access and more market information please contact sherry_ustc@163.com

  Product Copper Cathode Contract Size 5 metric tons (MT)/lot Price Quotation Yuan (RMB) /MT (exclusive of tax and customs duty) Minimum Price Fluctuation 10 Yuan/metric ton Daily Price Limit Within ± 3% of the settlement price of the preceding trading day Listed Contracts January, February, March, April, May, June, July, August, September, October, November, and December Trading Hours 9:00–11:30 a.m., 1:30–3:00 p.m., and other trading hours prescribed by Shanghai International Energy Exchange (INE) Last Trading Day The fifteenth day of the delivery month (postponed accordingly if it is a national holiday or weekend. INE reserves the right to adjust the last trading day based on national holidays and weekends.) Delivery Period Five consecutive trading days after the last trading day Grades and Quality Specifications Copper cathodes meeting the standards for Grade A copper (Cu-CATH-1) under GB/T 467-2010 or Cu-CATH-1 under BS EN 1978:1998. Delivery Venue Delivery venue designated by INE

  In accordance with the   Regulations on the Administration of Futures Trading , the   Measures on the Administration of Futures Exchange   and other relevant laws and regulations, Shanghai International Energy Exchange (hereinafter referred to as “INE”) is planning to revise its   Delivery Rules , and has drafted   Group Delivery Management Rules ,   Guidelines Take-Delivery of Low Sulfur Fuel Oil Futures overseas   and requests public comments on these rules. Please send opinions and advice on the rules mentioned above to INE in written or email forms before November 23, 2020. Your feedback also indicates that you agree to use your contact information and materials for use by the INE and only for the amendments to the rules described in this Notice. Contact: Email: ine.advice@ine.cn Fax: +86 (21) 2076-7686 Tel.: +86 (21) 6840-0000 Postal address: Legal and Compliance Department, 23rd Floor, No.288 Xiangcheng Road, Pudong New District, Shanghai, China 200122 Appendix: 1. Revision Exp

In accordance with the  Circular of the State Administration of Foreign Exchange on Foreign Exchange Administration for Overseas Traders and Brokers Engaging in Futures Trading under Specific Domestic Categories （Huifa No. 35 [2015]）and other relevant provisions，the physical delivery settlement of Bonded Copper futures shall be conducted via the Shanghai International Energy Exchange.  The settlement of Exchange for Physical (EFP) using bonded standard warrants and bonded standard warrants transfer shall not be conducted directly between the buyer and the seller. For China derivatives market access and more market information please contact sherry_ustc@163.com

  In accordance with the applicable provisions of the   Delivery Rules of the Shanghai International Energy Exchange , the   Cathode Copper Futures Contract of the Shanghai International Energy Exchange , and the   Registration Rules for Deliverable Commodities of Bonded Copper Futures , INE has approved 53 copper brands, that have been registered with the Shanghai Futures Exchange as the first deliverable brands of bonded copper futures. All these brands will be delivered at flat price. See attachments for the list and detailed information form of these brands. INE may adjust the list of the deliverable brands as appropriate at its sole discretion and separately announce the adjustment. Attachments: 1. List of Deliverable Brands of Bonded Copper Futures of the Shanghai International Energy Exchange 2. Detailed information form of Deliverable Brands of Bonded Copper Futures of the Shanghai International Energy Exchange For China derivatives market access and more market information ple

  To enhance management over the deliverable commodities of futures, we have formulated the   Registration Rules for Deliverable products of Bonded Copper Futures   in accordance with the   General Exchange Rules of the Shanghai International Energy Center . The   Rules   are hereby released and should be implemented as of the date of release. Attachment: Registration Rules for Deliverable Products of Bonded Copper Futures For China derivatives market access and more market information please contact sherry_ustc@163.com

  To ensure the smooth listing and operation of bonded copper futures contract, this notice is issued on the following matters concerning the physical delivery of bonded copper futures in accordance with the   Delivery Rules of the Shanghai International Energy Exchange : I. Delivery-Related Fee Items and Rates 1. The delivery fee for bonded copper futures is 2 yuan/metric ton. This fee is tentatively waived from the listing day to January 8, 2021. 2. Charge standard (domestic warehouse)： Storage fee:0.5 yuan/metric ton per day for indoor storage and 0.4 yuan/metric ton per day for outdoor storage; a normal load-in fee of 18 yuan/metric ton or, for containers, 30 yuan/metric ton; and a normal load-out fee of 15 yuan/metric ton or, for containers, 25 yuan/metric ton. 3. Inspection fees will be collected by Designated Inspection Agencies from owners of copper cathode or their authorized representatives. 4. The ownership transfer fee is 1 yuan/metric ton. It refers to the fee collected fr

  In accordance with the applicable provisions of the   Delivery Rules of the Shanghai International Energy Exchange   and relevant INE rules, INE hereby approves the Shanghai Customs Industrial Products and Raw Material Testing Technology Center, Shanghai CMST Material Inspection Co., Ltd., and Inspectorate (Shanghai) Ltd. as Designated Inspection Agencies for bonded copper futures. Each Designated Inspection Agency should conduct inspections and strengthen management according to relevant rules on the inspection of bonded copper futures from the day of this announcement, to ensure the normal and orderly operation of its inspection business. Attachment: Business Contact List of Designated Inspection Agencies for Bonded Copper Futures For China derivatives market access and more market information please contact sherry_ustc@163.com

In order to improve the effectiveness and continuously promote the development of market making business, promote the effective function of futures market, as well as better serve the real economy, Shanghai International Energy Exchange (INE) hereby notifies the revised version of   Market-Making Management Rules , after being approved by the board of directors of INE and reported to China Securities Regulatory Commission. The Chinese versions of the above rules can be found on the Chinese Website. In the event of any inconsistency between the Chinese version and English translation, the Chinese version shall prevail. INE hereby notifies as the above. Appendix: 1. Comparative Table 2. Market-Making Management Rules of Shanghai International Energy Exchange (revised and restated) For China derivatives market access and more market information please contact sherry_ustc@163.com

  The last trading day for the crude oil futures contract SC2012 is November 30, 2020, and the delivery dates are from December 1 to December 4 and December 7, 2020. Accordingly, Shanghai International Energy Exchange (hereinafter referred to as “the Exchange”) hereby notifies issues concerning delivery as follows: 1. In accordance with the Article 142 of the Delivery Rules of Shanghai International Energy Exchange, a natural person as a client shall close out all the positions of SC2012 before the market close on November 18, 2020. In accordance with the Article 63 of the Risk Management Rules of the Shanghai International Energy Exchange, the number of selling positions of SC2012 held by Clients, Non-FF Members, or OSNBPs shall not exceed that of the standard warrants they hold after the market close on November 25, 2020. Members shall remind the Clients to manage their positions properly and timely close out the positions as required. 2. In accordance with the Article 8 of the Deliv