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During the training activities in Shanghai, Shanghai Energy Center (600508, Share Bar) gave a detailed introduction on the preparation of crude oil futures, the participation mode of domestic and foreign investors, trading, settlement, delivery and risk management.
China crude oil futures have been prepared for listing for five years.
20 12 in April, Guo Shuqing, former chairman of the China Securities Regulatory Commission, said that the third global oil futures market after the United States and Britain would be launched this year to compete for oil pricing power. After five years, China crude oil futures finally ushered in the first batch of account holders, and the listing is just around the corner.
During the training activities, the relevant person in charge of the Industry and Marketing Department of the Energy Center combed the preparation process of crude oil futures in detail. According to the person in charge, in 20 15, the share of oil consumption in the Asia-Pacific region surpassed that in the United States and Europe, accounting for 34%, making it the largest consumption region. On the other hand, the Asia-Pacific region lacks an authoritative crude oil trade pricing benchmark. In this context, China version of crude oil futures came into being.
The smooth listing of crude oil futures needs the support of mature spot market. To this end, the state fully supports the construction of crude oil futures market, and has promulgated a number of policies related to energy reform, such as liberalizing the right to import crude oil, to promote the "revolution" of energy consumption, energy supply, energy technology and energy system.
The spot crude oil market is characterized by "relatively few internal entities in a country and relatively free international trade". The construction of crude oil futures market must be based on international spot crude oil trade, follow the basic idea of "international platform, RMB pricing, net price trading and bonded delivery", and improve relevant supporting policies in four aspects: supervision, foreign exchange, customs, finance and taxation around how to attract foreign investors. Therefore, since the listing of crude oil futures was put forward, relevant supporting measures have been followed up.
What is the significance of listing crude oil futures? The purpose of promoting the construction of China's crude oil futures market is to provide effective price risk management tools for enterprises and provide risk barriers for enterprises to continue to operate. In addition, although there are mature crude oil futures markets in Europe and America, its price is difficult to objectively and comprehensively reflect the relationship between supply and demand in the Asia-Pacific region. The introduction of China crude oil futures will help to form a benchmark price system that reflects the relationship between supply and demand in China and Asia-Pacific oil markets, optimize the allocation of oil resources through the market, and serve the real economy. The construction of crude oil futures market is one of the important practices of the opening and internationalization of China futures market.
Four points should be paid attention to when participating in the crude oil futures market.
The listing of crude oil futures has entered the countdown. What problems should investors pay attention to when they want to participate in crude oil futures trading? Shanghai Energy Center interprets trading, delivery, settlement and risk control. There are four points worth noting:
1. Crude oil futures contracts are denominated in RMB.
Crude oil futures are denominated in RMB, and the trading unit is each lot 1 1,000 barrels. The contract amount is about 345,000 yuan, each lot 1 1,000 barrels * USD 50/barrel *6.9 (exchange rate). Based on the minimum deposit of 5%, the amount of deposit collected by 1 Contract Energy Center is about 1.728.
The assets used by investors as margin include RMB, standard warehouse receipts and foreign exchange funds. However, for domestic customers, the deposit account can only use RMB.
2. Special overseas participants need to make settlement and delivery through futures company members.
Since the business rules of 1 1 crude oil futures were officially released in May, preparations for the listing of crude oil futures have become more and more intensive. On June 13, the opening of accounts for crude oil futures investors has also started. Crude oil futures is the first futures product open to foreign investors in China, and how foreign investors participate in account opening transactions has attracted much attention.
It is understood that the crude oil futures account needs to meet the following requirements:
A. Available capital requirements: 500,000 natural person customers, 1 10,000 corporate customers;
B, crude oil knowledge examination requirements;
C. There are more than 65,438+00 actual transactions or 65,438+00 simulated transactions;
D, compliance and integrity requirements for institutions;
E, each lot 1 1,000 barrels, the minimum price change is 0. 1 yuan (RMB)/barrel, and the minimum trading margin is 5%;
F. Dollar funds can be pledged and take effect immediately;
Although futures company members, non-futures company members, overseas special brokerage participants and overseas special non-brokerage participants can enter the market directly, overseas special participants need to make settlement and delivery through domestic futures company members.
Who are the potential participants in future crude oil futures? According to He Xun Futures, there are five participants: intermediaries, banks, energy industry institutions, self-operated institutions and fund companies. This may bring new business growth points for futures companies, serving not only oil companies.
3. Delivery should be "five customs and six generals"
Crude oil futures contracts are delivered in kind. When the contract expires, according to the rules and procedures of the futures exchange, both parties will settle the open futures contract through the transfer of ownership of the subject matter contained in the futures contract. Physical delivery is the link and bridge between futures market and spot market; It can ensure the futures market to play the role of price discovery and risk avoidance.
In order to successfully complete the delivery, it is necessary to "go through five customs" to generate standard warehouse receipts: warehousing declaration, mainly to apply to the energy center 30 days before the crude oil plans to enter the designated delivery warehouse; Warehousing approval; Physical storage; Incoming inspection; Review evidence; Issue/acceptance; Secondary settlement.
The delivery process adopts the "five-day delivery method". Delivery fee includes delivery fee, storage fee, inspection fee and storage fee.
4. Six wind control systems
There are risk management systems for crude oil futures, including price limit board system, position limit system, large position reporting system, forced liquidation system, risk warning system and margin system. In addition, there are real account management and abnormal transaction monitoring.
As for margin, crude oil futures contracts adjust the minimum collection standard of trading margin according to different stages of listing operation. Compared with petroleum asphalt varieties, the gradient adjustment of margin level according to the change of contract position scale is cancelled, and the gradient setting of 15% from the first trading day of delivery month is cancelled. In terms of the daily limit system, it does not exceed 4% of the settlement price of the previous trading day.