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According to the official Weibo news in the last issue of May 16, the Shanghai International Energy Exchange Center answered a reporter's question on the crude oil futures contract, and the Energy Center said that the threshold for traders' appropriateness is 500,000 yuan for individual customers and 6,543,800 yuan for unit customers.
What changes have been made to the exposure draft of the trading rules of the Energy Center?
According to the Energy Center, after consulting the trading rules and detailed rules of the Energy Center, considering the feedback from all parties in the market, and fully communicating with the regulatory authorities, the standard contract, the threshold setting for traders' appropriateness, and the handling methods for delivery default were revised:
In terms of standard contracts, 1000 barrels per hand is consistent with the international mainstream crude oil futures contracts.
As for the threshold of traders' appropriateness, the threshold of 500,000 yuan is set for individual customers and 654.38+00,000 yuan for corporate customers. At the same time, it requires relevant trading experience and certain anti-risk ability.
In dealing with delivery breach, the original delayed delivery system was changed to liquidated damages system.
How do domestic and foreign traders participate in crude oil futures trading?
According to the Energy Center, the trading mode of domestic traders and domestic futures companies is exactly the same as that of the previous period.
As the first variety of China futures market to open to the outside world, there are four modes for overseas traders to participate in crude oil futures trading: one is to directly participate in the trading of energy centers as special non-broker participants abroad; Second, customers who are participants of foreign special brokers participate in the transaction; Third, customers who are members of domestic futures companies participate in the transaction; Fourth, overseas intermediaries participate in transactions, and overseas intermediaries entrust customers to members of domestic futures companies or participants of overseas special brokers.
The above-mentioned overseas special non-broker participants and overseas special broker participants must handle settlement business through members of domestic futures companies and energy centers. In addition, in the market operation, overseas intermediaries are not restricted from introducing overseas traders to members of futures companies, while customers who are members of futures companies participate in transactions.
How much margin does it take to buy and sell a crude oil futures contract?
As for how much margin is needed to buy and sell primary crude oil futures contracts, the Energy Center said that according to the current international crude oil price, the value of each primary crude oil futures contract in China is about 350,000 RMB. If the exchange charges 5% margin and the members charge 7% margin, then investors who meet the requirements for opening an account and successfully open an account will have to pay a margin of about 24,000 yuan when they open a position 1 in crude oil futures trading.
In addition, the energy center also requires members' minimum clearing reserve. The minimum balance of clearing reserve for members of the futures company is 2 million yuan; The minimum balance of settlement reserve for members of non-futures companies is RMB 500,000.