To all parties concerned,
Shanghai International Energy Exchange (hereinafter referred to as “the Exchange”), the subsidiary of Shanghai Futures Exchange, has released its Circular on the Physical Delivery Settlement issues of TSR 20 futures on August 9, 2019.
In accordance with the Circular of the State Administration of Foreign Exchange on Foreign Exchange Administration for Overseas Traders and Brokers Engaging in Futures Trading under Specific Domestic Categories（Huifa No. 35 [2015]）and other relevant provisions，the physical delivery settlement for TSR 20 futures must be conducted via the Exchange. The settlement for the TSR 20 futures standard warrants which are used for the Exchange of Futures for Physicals (EFPs) and for the standard warrants which are transferred off the Exchange can not be conducted directly between the buyer and the seller for the time being.

Shanghai Futures Exchange
August 9, 2019