Shanghai International Energy Exchange (hereinafter referred to as “INE”), the subsidiary of Shanghai Futures Exchange has released its circular on the trading adjustments of crude oil futures contracts for New Year’s Day 2019 on December 25, 2018 as follows:
       1. The market will be closed from 3:00 p.m. of December 28, 2018 to January 1, 2019.
The market will resume trading on January 2, 2019 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. If the Limit-locked market does not occur on December 27, 2018, INE will adjust the trading margin rate to 11% of the contract value and the price limit to ±9% from the settlement price of that day since the daily clearing process begins.
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 2, 2019. As from the first trading day without the Limit-locked market, the trading margin rate and the price limit will return to the original levels since the daily clearing process begins.
    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.

Shanghai Futures Exchange
December 25, 2018