Shanghai International Energy Exchange has released its Circular on the Implementation of Differentiated Margin Rates at Shanghai International Energy Exchange as follows:

All related parties,

Starting from the daily clearing after the market closes on September 4, 2023 (Monday), Shanghai International Energy Exchange (INE) will set differentiated margin rates for the trading of relevant INE products. The specific arrangements are as follows:

For bonded copper, TSR 20, crude oil, and low sulfur fuel oil futures contracts, the trading margin rates for hedging will be adjusted to increasing one percentage point beyond the daily price limit, with a discount of one percentage point compared to the previous trading margin rates for hedging.

For containerized freight index (Europe service) futures contracts, the trading margin rates will remain unchanged.

In the case that the above adjusted trading margin rates differ from the current ones, the higher ones will prevail.

Please refer to the Risk Management Rules of the Shanghai International Energy Exchange for other provisions concerning the trading margin rates.

The Exchange may, based on market risks and the operation of relevant products, adjust corresponding margin rates for speculative and hedging trading.

In the event of any inconsistency between the Chinese version and English translation, the Chinese version shall prevail.

Appendix: The Adjustment of Trading Margin Rates of Futures Contracts

Shanghai International Energy Exchange
August 25, 2023