1. Account opening requirements
All domestic institutions and personnel who are keen or in need of physical and investment speculation in gold, platinum and silver can be assisted by members according to the account opening requirements of the Shanghai Gold Exchange Go through the account opening procedures.
2. Trading method
In the early days of the exchange's opening, spot gold transactions will be conducted. Before the transaction, the buyer member must deposit the corresponding amount of RMB funds in the account designated by the exchange in full. Seller members must store all gold to be sold in the gold delivery warehouse designated by the exchange. In accordance with the principle of "price priority, time priority", the trading method adopts free quotation, deal matching, centralized clearing, and unified delivery. Members can choose to conduct transactions on-site or remotely.
3. Trading varieties
The exchange implements standardized transactions, and trading gold must comply with the standards stipulated by the exchange; the quotation unit for gold trading is RMB/gram (retaining two decimal places) , the minimum trading unit for gold ingots is the kilogram. The minimum pickup quantity for gold ingots is 6 kilograms. The commodities traded are gold, silver and platinum.
4. Trading hours
Monday to Friday: 08:50-11:30 in the morning, 13:30-15:30 in the afternoon, 20:50-02:30 in the evening, Monday Bidding begins at 08:50 in the morning, Monday night transactions will be counted as the next day, and so on Thursday night will be counted as Friday transactions, and the market is closed on holidays.
5. Fund clearing
The exchange has designated 16 banks including Industrial and Commercial Bank of China, Bank of China, China Construction Bank, and Agricultural Bank of China as clearing banks to implement centralized, direct, and net fund clearing. in principle.
6. Warehousing and delivery
The exchange implements the delivery principle of "selecting warehouses to deposit" and "selecting warehouses to take goods", and has established 41 designated delivery warehouses in 34 cities across the country. You can freely choose the delivery warehouse to deposit or withdraw gold. The gold is allocated and transported by the exchange, and the exchange is responsible for distribution, ensuring that the gold is obtained within 3 days after the transaction.
7. Quality Inspection
The exchange designates a quality inspection agency that is responsible for the quality standards of gold ingots and gold bars, the certification of qualified smelters and grades, and the arbitration and testing of product quality disputes. , the gold ingots traded on the exchange are gold produced by companies certified by the exchange to provide standard gold ingots and gold bars that meet the quality standards of the exchange's gold ingots and gold bars. Qualified smelters are responsible for the quality of their products for life.
8. Transaction fees
The exchange charges a certain percentage of handling fees based on the transaction amount. The new handling fee standard will be implemented from March 1, 2012: Gold type: Au(T D ) The handling fee rate was reduced from 0.03 to 0.025; the gold spot product handling rate was reduced from 0.045 to 0.04. Silver varieties: The handling fee is reduced from 0.03 to 0.025. Platinum varieties: The handling fee is reduced from 0.05 to 0.045. The handling rate for other varieties (contracts) remains unchanged
9. Taxation principles
With the approval of the Ministry of Finance and the State Administration of Taxation, standard gold transactions through exchanges are exempt from value-added tax and VAT refund policy upon collection.
10. The role of banks
According to international practices and market principles, make adjustments when supply and demand change, participate in market transactions, provide gold mortgage, leasing, agency and personal gold trading business and other financial services, thereby further activating transactions and promoting circulation.