"International platform" means the internationalization of trading, settlement and delivery, so as to facilitate the free, efficient and convenient participation of domestic and foreign traders. Relying on the international crude oil spot market, domestic and foreign traders, including multinational oil companies, crude oil traders, investment banks, etc. In order to promote the formation of benchmark price and reflect the supply and demand relationship of crude oil market in China and Asia-Pacific time zone. "Net price transaction" is a net price excluding customs duties and value-added tax, which is different from the current situation that the futures transaction price in China all includes tax. It is convenient for direct comparison with the tax-free price in the international market and avoids the influence of tax policy changes on the transaction price. "Bonded delivery" means physical delivery by relying on bonded oil depots, mainly considering that bonded spot trade is priced at a net price excluding tax, and bonded trade has fewer restrictions on participants. Bonded oil depots can also serve as a link between domestic and foreign crude oil markets, which is conducive to the participation and delivery of international crude oil spot and futures traders. "RMB pricing" refers to the use of RMB pricing and settlement, accepting foreign exchange funds such as US dollars as a deposit.
The trading unit of crude oil futures is 1 1,000 barrels per hand. In order to be in line with international practice, "barrel" is chosen instead of "ton". China's crude oil futures are geared to global investors, so it does not use the "ton" unit commonly used in China. 1000 barrels/hand is the same as the international mainstream crude oil futures contract, which is convenient for domestic and foreign investors to participate.
The minimum price limit for crude oil futures is 4%. In the last phase, energy will adjust the price limit according to market fluctuations. When the market price fluctuates greatly, the price limit will be increased accordingly and the margin ratio will be increased. The setting of price limit is mainly based on the safety of the whole market, which is consistent with the existing futures market system in China.
The trading hours of crude oil futures are from 9:00 a.m. to 1 1:30 a.m. and from 1:30 to 3:00 p.m. in the afternoon, which is the daily trading time stipulated in the contract. At the same time, considering the integration with overseas markets, crude oil futures will also be traded continuously from 9 pm to 2: 30 the next day.
The contract delivery month of crude oil futures is 36 months, the latest 12 months is a continuous contract, and after 12 months, there are eight consecutive quarterly contracts, which are March, June, September and 12 months respectively, with a span of 3 years. When the previous contract expires, the corresponding new contract will be automatically generated.
The last trading day of crude oil futures is the last trading day one month before the delivery month. Goods to be delivered are put into storage before the delivery month, and warehouse receipts are generated. The exchange of warehouse receipts and invoices is generally completed in the month when the contract is signed. After obtaining the warehouse receipt, the buyer can pick up the goods at any time and cancel the warehouse receipt. It should be noted that in case of special months such as Spring Festival and National Day holiday, the last trading day may be adjusted in the last energy period to ensure the close connection between the last trading day and delivery.