Shanghai International Energy Exchange (hereinafter referred to as “INE”), the subsidiary of Shanghai Futures Exchange has released its Circular on Trading Adjustments for The Spring Festival 2020 on January 16, 2020 as follows:
1. The market will be closed from 3:00 p.m. of January 23, 2020 to January 30, 2020. It also closes on January 19, 2020 (Sunday) and February 1,2020 (Saturday).
The market will resume trading on January 31, 2020 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 22, 2020, 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 Crude Oil Futures Contracts will be 9% of the contract value and the price limit will be ±8% from the settlement price of that day.
The trading margin rate of TSR 20 Futures Contracts will be 11% of the contract value and the price limit will be ±9% 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 January 31, 2020. 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 Crude Oil Futures Contracts will return to 7% of the contract value and the price limit will be ±6% from the settlement price of that day.
The trading margin rate of TSR 20 Futures Contracts will return to 9% of the contract value and the price limit will be ±7% 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 The Spring Festival 2020

Shanghai Futures Exchange
January 16, 2020