A: TAS refers to the settlement price trading mechanism (TAS). Traders can declare buying and selling futures contracts through specific trading orders (TAS orders), according to the settlement price of futures contracts on the same day or by increasing or decreasing several minimum price changes in a specific trading period.

(2) Who can trade with TAS instruction of crude oil futures?

A: All traders who are qualified for crude oil futures trading can use TAS instruction to conduct crude oil futures trading.

(3) Which crude oil futures contracts can be traded through TAS instruction?

A: Take September 1 as an example. The crude oil futures contracts that can be traded by TAS instruction are SC22 10 and SC22 1 1. As the saying goes, it is the contract for the last two months (hereinafter referred to as the applicable contract).

After the applicable contract closes 8 trading days before the last trading day, the TAS instruction will no longer be used in this contract.

(4) What is the declared price of crude oil futures TAS instruction?

A: At present, the declared price of crude oil futures TAS orders can only be the settlement price on the day of the applicable contract, and it is not acceptable to declare by adding or subtracting several minimum change prices from the settlement price on that day.

Example 1: The customer has no position in the SC22 10 contract. Today, he placed an order for 15 TAS in the SC22 10 contract (the declared price is 0) to buy and open a position, and the transaction was declared with the existing order for 15 TAS in the contract. At this time, 15 lots will be sold, and the contract position of the customer in SC22 10 is 15 lots. After the market closed that day, the settlement price of SC2008 contract was 285 yuan, and the transaction price of TAS single 15 position was determined to be 285 yuan.

(5) What is the trading period of crude oil futures TAS instruction?

A: Every trading day is from 20:55 to 02:30 and from 9:00 to 10: 15. After 10: 15, all unfinished TAS instructions will be automatically revoked by the system.

(6) What is the trading principle of crude oil futures TAS instruction?

Answer: TAS instruction can only match TAS instruction. In call auction, the principle of maximum transaction volume is adopted for matchmaking transactions, and only the principle of time priority is adopted for matchmaking transactions in the continuous bidding stage.

(7) What are the declaration types of crude oil futures TAS orders?

Answer: TAS orders, like other orders, distinguish open positions, open positions today, open positions yesterday, speculation and hedging attributes, but FAK and FOK attributes cannot be attached.

(8) How to collect margin for TAS instruction trading of crude oil futures?

Answer: In intraday trading, for trading under TAS instruction, the margin should be frozen or released according to the settlement price of the previous day of the contract, and included in the calculation of one-way large margin; At the end of the day, for the position formed by TAS instruction trading, the margin receivable shall be calculated according to the contract settlement price of the day, and included in the one-way large margin calculation.

(9) How to collect the handling fee of crude oil futures TAS instruction?

Answer: It is consistent with the crude oil futures contract fee applicable to TAS instruction.

(10) How to count the trading volume of crude oil futures TAS instruction trading?

Answer: During intraday trading, the volume of TAS orders is not included in the volume of applicable contracts, and there is no transaction statistics (because the declared price in TAS orders is 0); At the end of the day, the turnover (quantity) of TAS instruction is included in the turnover (quantity) of the applicable contract.