Trading
Overview
Process
Products
| No. | Product | Trading Hours | Specified Domestic Product | Open to QFI | Exercise Style | |
|---|---|---|---|---|---|---|
| Day | Night | |||||
|
1 |
Copper futures |
Call auction order submission 8:55-8:59 AM Call auction matching 8:59-9:00 AM Auction trading 9:00-10:15 AM Auction trading 10:30-11:30 AM Auction trading 1:30-3:00 PM |
Call auction order submission 8:55-8:59 PM Call auction matching 8:59-9:00 PM Auction trading 9:00 PM - 1:00 AM |
|
Yes |
|
|
2 |
Copper options |
|
Yes |
American |
||
|
3 |
Aluminum futures |
|
Yes |
|
||
|
4 |
Aluminum options |
|
Yes |
American |
||
|
5 |
Zinc futures |
|
Yes |
|
||
|
6 |
Zinc options |
|
Yes |
American |
||
|
7 |
Lead futures |
|
Yes |
|
||
|
8 |
Lead options |
|
Yes |
American |
||
|
9 |
Nickel futures |
|
|
|
||
|
10 |
Nickel options |
|
|
American |
||
|
11 |
Tin futures |
|
Yes |
|
||
|
12 |
Tin options |
|
Yes |
American |
||
|
13 |
Aluminum oxide futures |
|
|
|
||
|
14 |
Aluminum oxide options |
|
|
American |
||
|
15 |
Cast aluminum alloy futures |
|
|
|
||
|
16 |
Cast aluminum alloy options |
|
|
American |
||
|
17 |
Stainless steel futures |
|
Yes |
|
||
|
18 |
Gold futures |
Call auction order submission 8:55-8:59 PM Call auction matching 8:59-9:00 PM Auction trading 9:00 PM - 2:30 AM |
|
Yes |
|
|
|
19 |
Gold options |
|
Yes |
American |
||
|
20 |
Silver futures |
|
Yes |
|
||
|
21 |
Silver options |
|
Yes |
American |
||
|
22 |
Steel rebar futures |
Call auction order submission 8:55-8:59 PM
Call auction matching 8:59-9:00 PM
Auction trading 9:00-11:00 PM |
|
Yes |
|
|
|
23 |
Steel rebar options |
|
Yes |
American |
||
|
24 |
Hot-rolled coil futures |
|
Yes |
|
||
|
25 |
Fuel oil futures |
|
Yes |
|
||
|
26 |
Fuel oil options |
|
Yes |
American |
||
|
27 |
Bitumen futures |
|
Yes |
|
||
|
28 |
Bitumen options |
|
Yes |
American |
||
|
29 |
Natural rubber futures |
|
Yes |
|
||
|
30 |
Natural rubber options |
|
Yes |
American |
||
|
31 |
Synthetic rubber futures |
|
|
|
||
|
32 |
Synthetic rubber options |
|
|
American |
||
|
33 |
Woodpulp futures |
|
Yes |
|
||
|
34 |
Woodpulp options |
|
Yes |
American |
||
|
35 |
Offset paper futures |
|
|
|
||
|
36 |
Offset paper options |
|
|
American |
||
|
37 |
Wire rod futures |
N/A |
|
|
|
|
Market Access
Domestic traders can trade at SHFE through a domestic Futures Firm Member ("FF Member") or, for those that are eligible for SHFE membership, directly as a Non-Futures Firm Member ("Non-FF Member").
Overseas traders (including those from Hong Kong, Macao, and Taiwan) can trade the Specified Domestic Products at SHFE through one of four pathways:
1. Through an FF Member;
2. Through an Overseas Intermediary that has partnered with an FF Member or Overseas Special Brokerage Participant (OSBP);
3. Through an OSBP;
4. Directly as an Overseas Special Non-Brokerage Participant (OSNBP).
A Qualified Foreign Institutional Investor (QFII) or RMB Qualified Foreign Institutional Investor (RQFII) (hereinafter collectively referred to as "Qualified Foreign Investor" , or QFI) is a type of special overseas institutional investor. According to the Measures for the Administration of Domestic Securities and Futures Investment by QFIIs and RQFIIs (CSRC Decree No. 176), QFIs that intend to engage in futures trading in the Chinese Mainland should do so through a domestic futures firm, with the relevant assets placed under the custody of a qualified domestic custodian in Chinese Mainland.
Overseas individuals with permanent resident status in China and overseas individuals working in free trade zones are treated as domestic Clients. According to the Rules on the Opening of Account by Futures Market Clients and related guidance documents, such individuals need to trade through an FF Member.
"Overseas trader" as mentioned above means any legal entity or unincorporated organization duly established outside the Chinese Mainland, or any natural person who has overseas citizenship, that engages in futures trading and assumes the outcomes of such trades.
"Overseas broker" refers to any financial institution that is duly established outside the Chinese Mainland and is recognized by the futures regulator of its home jurisdiction to receive Client funds and trading instructions and engage in futures trading for those Clients in in its own name.
Opening of Account
China's futures market implements a centralized account opening process. Specifically, the opening and closure of account, acquisition and cancellation of trading code, and update of Client information in relation to the maintenance of trading code, are all ultimately completed through or at the China Futures Market Monitoring Center (CFMMC, http://www.cfmmc.com). Clients (traders) do not need to contact CFMMC directly, but will rather complete these procedures through SHFE's FF Members, OSBPs, or Overseas Intermediaries ("Account-Opening Institutions").
Account-Opening Institutions are required to verify the real name of Clients and ensure they meet the trader eligibility requirements. In addition to making sure Clients'account-opening materials are compliant, truthful, accurate, and complete, Account-Opening Institutions need to know about Clients'basic information, financial conditions (such as financial assets held), trading knowledge and experience, and expertise; adequately inform them about the key aspects of the relevant products and services and as well as the associated risks; and offer only suitable products and services to the appropriate Clients.
After SHFE receives a Client's account-opening materials from CFMMC and reviews them, it will issue a unique trading code to the Client.
See here for a list of SHFE Members and OSBPs.
Trading Orders
Hedging
Overview
Hedging refers to the futures and derivatives trades entered into by a trader to manage (and are substantially in line with) the upside or downside risk of his assets and liabilities. A trader may apply to SHFE for exemption from the position limit if he meets the hedging criteria.
Explanatory notes
Application Process
Hedging position quota is obtained through an application process. Any Client that intends to engage in hedging should submit the required materials to his Account-Opening Institution, who will review the materials and complete the subsequent procedures at SHFE. Non-FF Members and OSNBPs should submit the required materials directly to SHFE.
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