Shanghai International Energy Exchange has released its Circular on Trading Adjustments for Spring Festival 2022 as follows:

In accordance with Trading Schedule during National Holidays for Year 2022 and Risk Management Rules of the Shanghai International Energy Exchange, Shanghai International Energy Exchange (hereinafter referred to as “INE”) hereby notifies the trading adjustments for Spring Festival 2022 as follows:

1. The market will be closed from 3:00 p.m. of January 28, 2022 to February 6, 2022.

The market will resume trading on February 7, 2022 with the central auction session from 8:55 a.m. to 9:00 a.m. and the continuous trading on the night of that day.

2. As from the first trading day without the Limit-locked market from January 27, 2022, INE will adjust the trading margin rates and the price limits for the contracts listed below since the daily clearing process begins:

The trading margin rate of Bonded Copper, Crude Oil, Low Sulfur Fuel Oil, TSR 20 futures contracts will be 12% of the contract value and the price limit will be ±10% from the settlement price of that day.

In the case that the above adjusted trading margin rate and price limit vary from the current ones, the higher ones will prevail.

3. The market will resume trading on February 7, 2022. As from the first trading day without the Limit-locked market, INE will adjust the trading margin rates and the price limits for the contracts listed below since the daily clearing process begins:

The trading margin rate of Bonded Copper, Crude Oil, Low Sulfur Fuel Oil, TSR 20 futures contracts will return to 10% of the contract value and the price limit will be ±8% from the settlement price of that day.

Please refer to Risk Management Rules of the Shanghai International Energy Exchange for implementing other provisions concerning the trading margin and the price limit.

All Members and Overseas Special Participants shall manage risks in a sound manner to ensure the smooth functioning of the market.

In the event of any inconsistency between the Chinese version and English translation, the Chinese version shall prevail.

Appendix: The Adjustment of Trading Margin Rates and the Price Limits of Futures Contracts for Spring Festival 2022

Shanghai International Energy Exchange
January 25, 2022