From: The Shanghai Futures Exchange
To: All Members
Subject: Notification on Launch of Mock Trading of SHFE Non-ferrous Metals Index Futures
Filing Serial: SQPF [2014] No. 73
May 16, 2014
We will start the mock trading of SHFE No-ferrous metals index futures in an attempt to smoothly push ahead with the Exchange’s jobs to list the non-ferrous metals index futures and reinforce investor education. We’re looking forward to the active participation from our members and clients, and hope that through such mock trading activity, participants may have a correct understanding of the index futures and enhance their risk prevention awareness in index futures investment.
Now you’re notified of the following:
Ⅰ. The mock trading of SHFE non-ferrous metals futures will start on May 19, 2014, with its opening and closing time respectively from 9:00 a.m. -11:30 a.m. and 1:30 p.m.-3:15p.m.
Ⅱ. The reference price for mock trading of SHFE non-ferrous metals futures will be announced on the website for mock trading activities after its closing on May 16, 2014, which is used for determining the price limit on its debut.
Ⅲ. We have launched the website for mock trading activities, and enabled the account-opening function for our clients to start mock trading. Information on mock trading and the Appendix to this document can be downloaded from this website（Telecom via：http://124.74.244.154 ; Unicom via: http://220.248.39.154）.
Ⅳ. In the event a client participates in mock trading via the Internet, he may refer to the Appendix for mocking trading rules and log into the said website for user’s manual for mock trading.
Ⅴ. Client is required to open an account for mock trading via the Internet, and is allowed to log into the mock trading system for participation in mock trading after obtaining the password and downloading the client trading software. See the website for details.
Ⅵ. The Exchange’s consulting service line is available during the mock trading.
Honghai, Zhu, Derivatives Innovation Promotion Office at: 021-20616086, or
Appendix: The Detailed Activity Rules for Mock Trading of SHFE Non-ferrous Metals Futures
Appendix
The Detailed Activity Rules for Mock Trading of SHFE Non-ferrous Metals Index Futures
Ⅰ. General
Article 1 The detailed activity rules are developed to normalize the trading activities during mock trading of SHFE non-ferrous metals index futures, safeguard the smooth running of mock activities and provide a variety of investors with a fair and impartial platform for learning, communication, and competing against each other.
Article 2 Subject to the principle of openness, fairness and justice, this mock trading activity focuses mainly on mock investment drill and market training, without involving any transaction and investment in real money.
Article 3 The detailed activity rules are only applicable to this mock trading , which shall be binding upon all the participants.
Ⅱ. Application and Account-opening
Article 4 Participants of this mock trading activity need to open an account via the Internet, and upon the successful account-opening operation, may have access to a mock trading account and the password as well.
Article 5 The initial fund required for mock trading account is RMB 10 million yuan. The registered mock trading account is used for recording the information on balance of participant’s funds, futures product type, number of open contracts, amount of trade margin, account opening and close-out of a position.
Article 6 In mock trading system, the information on balance of funds in the “trading account”, futures product type, number of open contracts, account opening and close-out of a position shall be made available to all participants from time to time for their inquiry.
Ⅲ. Trading Products and Contract Specifications
Article 7 Trading products: the futures on SHFE non-ferrous metals index and 4 component futures on copper, aluminum, lead and zinc.
Article 8 Contract specifications ( Parameters of mock contract have nothing to do with those of contracts listed on the Exchange. Contract series refer to June 2014 and the succeeding months.)
（Ⅰ）Mock Contract Specifications for SHFE Non-ferrous Metals Index Futures are as below:
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Underlying Product
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SHFE Non-ferrous Metals Futures Price Index
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Contract Multiplier
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10 yuan/point
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Price Quotation
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Index point
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Minimum Price Fluctuation
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0.2点
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Contract Series
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Current month, next month, 3rd month and the succeeding 2 quarterly months
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Trading Hours
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9:00 a.m. -11:30 a.m.，13:30 p.m. -15:15 p.m. and other trading hours as prescribed by SHFE
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Trading Hours of Last Trading Day
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9:00 a.m. -11:30 a.m. , 13:30 p.m. -15:00 p.m. and other trading hours as prescribed by SHFE
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Daily Price limit
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Within 3% above and below the settlement price of the previous trading day
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Minimum Trade Margin
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4% of contract value
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Last Trading Day
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The bottom-5th trading day during contract expiration month (For month in which the Spring Festal falls, the adjustment can be made according to holiday schedule as prescribed by the country.)
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Delivery Period
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The same as the last trading day
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Settlement Type
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Cash Delivery
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Contract Symbol
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IM
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Exchange
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SHFE
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（Ⅱ）Margin Requirements for Mock Trading of SHFE Non-ferrous Metals Index Futures are as below:
Trade margin is set at 6%. During mock trading, margin requirements can be adjusted according to actual conditions.
If atoo big basis between SHFE non-ferrous metals index futures contract and the underlying index lasts for several consecutive trading days, then relevant risk control measures can be taken according to the market conditions.
（Ⅲ）Position Limit for SHFE Non-ferrous Metals Index Futures Contract are as below:
The open interests held by a Non Futures-firm member and client in a futures contract shall not surpass 40,000. If the open interests in a futures contract exceed or equal to 2 million lots (two-sided), the percentage of open interests by a Non Futures-firm member in such contract shall not exceed 25% (one-sided)
（Ⅳ）Price limit for SHFE Non-ferrous Metals Index Futures is set at 5%. Price limit for mock trading is set 10% on the date of its start.
（Ⅴ）Transaction fee for SHFE Non-ferrous Metals Index Futures is set at 0.003%.
Article 9 At the expiration of a mock contract, the cash settlement is adopted for calculating the settlement price of such contract on its last trading day.
Article 10 The initial fund required for trading account of each mock trading client is RMB 10 million yuan, without any further increase in the middle of mock trading. No new position shall be opened if the balance of fund in the account is less than 0.
Article 11 The Exchange monitors the mock trading and is entitled to take relevant regulatory and risk control measures when spotting any abnormal transaction.
Article 12 The Shanghai Futures Exchange reserves the right to interpret the detailed activity rules.
Article 13 The detailed activity rules herein come into effect on May 19, 2014.
Products Specs
Trading Calender
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