DCE Solicits Public Opinions on Amendments to the Rules on Introducing Overseas Traders into RBD Palm Olein Futures
On October 22, DCE issued an announcement, soliciting opinions from the market on amendments and amended rules on introducing overseas traders into the RBD palm olein futures. The amendments, made to meet the business needs of the endeavor, aim to provide clear rules for overseas traders to participate in RBD palm olein futures trading and delivery, and further offer institutional guarantee for overseas traders engaging in RBD palm olein futures market. The move means a new international product will be added to China’s futures market.
According to the announcement, amendments are made only to the delivery-related rules, including the Measures for Delivery Management of Dalian Commodity Exchange and Detailed Rules of RBD Palm Olein Futures of Dalian Commodity Exchange, while the existing contract and basic rules will remain unchanged, so will the core technology system, core clearing and risk control mode. Specifically, amendments are made in the following aspects:
Provisions to be added to the Measures for Delivery Management of Dalian Commodity Exchange include: first, entity clients that cannot receive or issue VAT invoices shall not engage in the delivery; second, if the entity clients of the RBD palm olein futures contracts that cannot receive or issue VAT invoices are matched during One-off Delivery, the Exchange shall impose a fine of twenty percent (20%) of the contract value calculated at the delivery settlement price against such entity client after the market close on the handover day and such fine shall be paid to the counterparty. If both of the matched parties are clients prohibited from delivery, the Exchange shall impose a fine of twenty percent (20%) of the contract value calculated at the delivery settlement price against both parties and such fine will not be paid to each other.
Verification of clients’ delivery qualification is to be added to the Detailed Rules of RBD Palm Olein Futures of Dalian Commodity Exchange. Specifically, where the parties to the trading apply for EFP, they shall submit legal and valid qualification certificates for receiving or issuing VAT invoices in addition to the relevant EFP application materials under the rules; where a client engages in the One-off Delivery, it shall submit the legal and valid qualification certificate for receiving or issuing VAT invoices to the Exchange before 14:30 of the handover day through the Member. If it fails to submit within the specified time limit, it shall be deemed as not qualified for receiving or issuing VAT invoices and the relevant provisions of the Measures for Delivery Management of Dalian Commodity Exchange shall apply.
Requirement for overseas brokers to comply with the detailed rules of RBD palm olein will be added, and such overseas brokers will be required to comply with the Detailed Rules of RBD Palm Olein Futures of Dalian Commodity Exchange as market participants.
According to information, during the modification of the relevant rules, DCE discussed and demonstrated issues thoroughly with relevant government departments, futures companies, entity enterprises and industry experts, constantly improved the rules and systems, and ensured the applicability and feasibility of the systems. DCE, after soliciting public opinions from the market, will continue to improve relevant rules and systems based on feedback from all parties, and lay a solid foundation for the smooth implementation and steady operation of introducing overseas traders into RBD palm olein futures.
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发表于 2020-10-23 08:34
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