Shanghai International Energy Exchange has released its Circular on the Listing and Trading of INE Containerized Freight Index (Europe Service) Futures Contracts as follows:

China Securities Regulatory Commission has approved Shanghai International Energy Exchange (hereinafter referred to as INE) to list INE Containerized Freight Index (Europe Service) Futures. In accordance with applicable rules of INE, INE hereby notifies the relevant matters:

1.Listing time
The INE containerized freight index (Europe service) futures contracts (hereinafter referred to as EC futures contracts) will be listed for trading on August 18, 2023. The market will open at 09:00 a.m. after a central auction session from 08:55 a.m. to 09:00 a.m.

2.Trading hours
09:00 a.m. to 10:15 a.m., 10:30 a.m. to 11:30 a.m., and 01:30 p.m. to 03:00 p.m., Monday to Friday.

3.Listed contracts
EC2404, EC2406, EC2408, EC2410 and EC2412.

4.Listing price
The listing price will be released by INE on the trading day preceding the listing day.

5. Margin Requirement and Price Limit
The trading margin for each contract is 12% of the contract value, and the price limit is ±10% or, on the first trading day, twice of that.

6.Release of open interest
When the open interests of an EC futures contract after market close reach 30,000 lots (single-counted), INE will publish the trading volumes, long and short positions of each of the top 20 Futures Firm Members (FF Members) and Overseas Special Brokerage Participants (OSBPs) in that contract.

7.Transaction fee
0.001% of the turnover, which is waived for closing out the position opened on the same day.

8.Collection of order fee
Below are the order fee rates for the EC futures contract:

　　　

9.Trading limit
The maximum intraday position opening volume of a Non-Futures Firm Members (Non-FF Members), Overseas Special Non-Brokerage Participant (OSNBPs), or client in any single EC futures contract is 1,000 lots.

Accounts linked by actual control relationship are treated as a single account during the enforcement of this trading limit. Position opening volume for hedging or market-making purposes is not subject to this restriction.

10.Trading access
Clients intending to trade EC futures contracts should meet the eligibility requirements under the INE Futures Trading Participant Eligibility Management Rules. Notably, clients are required to maintain an available balance of no less than RMB 100,000 or its equivalent in foreign currency in their margin accounts for five consecutive trading days before applying for trading code or trading access.

Eligible clients can apply for trading code or trading access for EC futures contracts to FF Members, OSBPs, or overseas intermediaries from now on. These institutions should manage eligibility of futures trading participants according to relevant rules.

All parties concerned should get prepared for the listing of EC futures contracts and improve risk management to ensure the smooth functioning of the market.

Shanghai International Energy Exchange
August 11, 2023