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Updated on Jun 15,2017
Reported by Guan Ping, Journalist from China Securities Journal
On June 12th, 2017, Shanghai International Energy Exchange (hereinafter referred to as “the INE”), a subsidiary of Shanghai Futures Exchange, released an announcement on receiving applications from clients for trading code since June,13th, 2017. As of June 14th, 2017, 175 clients from 68 Members in total have completed their applications to the INE for trading code, including 130 individuals, 23 general institutional clients, 13 special institutional clients and 9 futures firm assets management clients.
Sources say, the INE has approved the membership of 147 futures firms, completed the enrollment of 138 Members, examined and approved 669 trading seats, and granted 276 hedging users and 276 arbitraging users, paving the way to the account opening application from clients. Judging from the current situation, the futures firms prepare well and the clients participate in the account opening enthusiastically.
As the first product open to the outside in China’s futures market, the crude oil futures contract is also the first commodities futures product under the regulation of the investor suitability management system. In view of this, relevant parties have made considerable preparations. China Futures Market Monitoring Center promulgated the Operation Rules on Unified Account Opening for Overseas Traders in accordance with the CSRC’s Interim Administrative Measures on the Trading of Domestic Specific Futures Products by Overseas Traders and Overseas Intermediaries, developed and launched the overseas trader account opening function for the unified account opening system. China Futures Association promulgated three contract guidelines on June 13th, 2017, including the Guidelines for Supplementary Agreement of Futures Brokerage Contract for the Trading of Domestic Specific Futures Products by Overseas Traders, the Guidelines for Authorized Clearing Agreement between Futures Firms and Overseas Special Participants and the Guidelines for Futures Brokerage Contract (Applicable to Overseas Intermediaries Who Authorize Local Futures Firms to Conduct the Trading of Domestic Futures Products), and modified former Guidelines for Futures Brokerage Contract in a bid to support the listing of crude oil futures, standardize and guide the futures brokerage and clearing services provided by futures firms to overseas traders and overseas intermediaries.
According to Haitong Futures, the company that first completed the account opening for domestic individuals, it has now successfully completed the trading codes application for both individuals and special institutional investors. During the account opening for crude oil futures, it has strictly implemented the investor suitability management system, and done well in the account opening archiving. According to CEFC Futures, the company that first completed the account opening for institutional clients, it has continuously optimized the account opening procedures for crude oil futures in a bid to complete the trading code application for its clients rapidly while strictly adhering to the bottom line of compliance and investor suitability. From Hongyuan Futures, the company ranking the first place in account opening, our journalist also learned that it has attached great importance to the crude oil futures by establishing a dedicated preparatory work group, and carried out comprehensive mobilization and deployment in the preparatory work, research and promotion. As a result, it successfully completed the trading codes application for more than 10 clients on the first day when the INE formally received the account opening applications. The above-mentioned futures companies all said that they will constantly training all staff to conduct relevant procedures such as account opening, risk control and contract signing, and make sure that all persons on post will do well in client cultivation and investor education, and strictly abide by the requirements of investor suitability management system.
In this regard, a relevant official from the INE said that the Exchange has already initiated and will accelerate the enrollment of members and OSPs, the establishment of designated depository banks, delivery warehouses and assayers, and the signing of information distributor agreements. Meanwhile, the INE will soon launch the crude oil futures training and promotion for multiple categories of audience, including the government and regulatory organs, futures firm analysts, oil companies, settlement banks, delivery warehouses and media, and conduct its testing in production environment between June 17th and June 18th, June 24th and June 25th, July 1st and July 2nd, and July 8th and July 9th, respectively. The INE is planning to roll out the crude oil futures within this year after proactively and prudently completing all listing related preparatory works.
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