Notice on Matters Related to the Listing of Nickel and Tin Futures

Updated on Mar 20,2015

Notice on Matters Related to the Listing of Nickel and Tin Futures

From: Shanghai Futures Exchange

To: All Members

Subject: Notice on Matters Related to the Listing of Nickel and Tin Futures

Filing Serial: SQBF [2015] No. 20

March 20, 2015

According to the Notification on Trading and Listing of Nickel and Tin Futures Contract on the Shanghai Futures Exchange (ZJH[2015]No.87) issued by the China Securities Regulatory Commission, it has already approved the listing of nickel and tin futures contract on the Shanghai Futures Exchange. In order to ensure the smooth operation of nickel and tin contract following its listing, it is notified as follows:

I. Listing date

Nickel and tin futures contract starts trading on March 27, 2015.

II. Contract Months

The contract months are from July 2015 through March 2016, i.e., the nine contract months of NI1507, NI1508, NI1509, NI1510, NI1511, NI1512, NI1601, NI1602 and NI1603, and the nine contract months of SN1507, SN1508, SN1509, SN1510, SN1511, SN1512, SN1601, SN1602 and SN1603

III. Trading Hours

Monday to Friday: 9:00 a.m.—11:30 a.m. and 1:30 p.m.—3:00 p.m. and continuous trading hours prescribed by the Exchange.

Continuous trading hours are the same as those of listed non-ferrous metals products. There is no continuous trading from 9:00 p.m. to 1:00 a.m. (the next day) or on the last trading day prior to national holidays (not including weekends).

IV. Reference price

The reference price of the new contract on nickel and tin futures is announced by the Exchange on the day prior to the contract listing.

V. Margin requirement and price limit

The margin requirement for the trading of nickel futures contract is tentatively set at 7% of the contract value, and the price limit tentatively at 5%; the margin requirement for the trading of tin futures contract is tentatively set at 5% of the contract value, and the price limit tentatively at 4%. On the contract listing day, the price limit is tentatively set at two times of the price limit (within 10% above or below the reference price for nickel futures and 8% above or below the reference price for tin futures).

VI. Disclosure of open interests

When the open interests in one nickel contract reach 30,000 lots (two-sided), or the open interests in one tin contract reach 20,000 lots (two-sided), the Exchange will disclose the total trading volume and total long/short open interests in that contract held by brokerage members and proprietary members respectively, as well as top 20 futures-firm members ranked by trading volume and long/short open interests in that contract.

VII. Transaction fee

The transaction fee for trading of nickel contract is tentatively set at RMB 6 yuan/lot.

The transaction fee for trading of tin contract is tentatively set at RMB 3 yuan/lot.

The Exchange waivies the transaction fee for close-out of positions in nickel and tin contract opened on the same day.

VIII. Delivery fee

Both sides of physical delivery shall pay the delivery fee to the Exchange at RMB 2 yuan/ton for nickel futures and RMB 2 yuan/ton for tin futures.

All members shall make sufficient preparations for the listing of nickel and tin contract and do well in risk prevention to ensure smooth market operation.