The China Securities Regulatory Commission (CSRC) has officially approved the registration of Log futures on Dalian Commodity Exchange (DCE) . The relevant matters on listing and trading are hereby released:
I. Listing and Trading Time
The Log futures contracts will be listed and traded on November 18 (Monday), 2024.
The trading sessions are 9:00-11:30 a.m., 1:30-3:00 p.m., Beijing Time, and other trading hours announced by DCE. There will be no night trading session for Log futures.
II. Listed and Traded Contracts
The first batch of listed and traded contracts includes LG2507,LG2509 and LG2511.
III. Trading Margin and Price Limit
The price limits of Log futures shall be 6% of the settlement price of the last trading day. On the first trading day, the price limits of Log futures shall be 12% of the listing benchmark prices.
The trading margins of Log futures shall be 8% of the contract value.
Other provisions shall be subject to the Measures for Risk Management of Dalian Commodity Exchange.
IV.Trading Commission
The trading commission is 0.01% of the amount of the concluded contracts. The hedging trading commission is 0.005% of the amount of the concluded contracts.
V. Order Fees
The order fees shall be collected on daily basis. The standards are as follows:
Table: The order fees standards of Log futures
|
Futures |
Charging rate: CNY/count |
||||
|
Message amount≤4000 count |
4000 count＜Message amount≤8000 count; OTR≤2 |
4000 count＜Message amount≤8000 count; OTR＞2 |
Message amount＞8000 count; OTR≤2 |
Message amount＞8000 count; OTR＞2 |
|
|
Log futures |
0 |
0 |
1 |
2 |
5 |
The order fees are calculated on the basis of Log futures contracts.
Contract order fee = ∑(each message amount of contract by clients or Non-Futures Company Members on the then-current day × each charging rate)
Message amount = number of order placements + number of order cancellations
OTR= message amount / number of executed orders-1
As for the same client who has several trading codes with different Futures Company Members, or clients and Non-Futures Company Members involving actual control relationship, DCE will calculate their number of order placements, number of order cancellations and number of executed orders on a consolidated basis.
VI. Portfolio Margin
There will be trading margin discount for the portfolio positions on Log futures.
VII. Position Information Disclosure
DCE will release the trading volumes and open interests of Log futures contracts after the settlement on each trading day.
The listing benchmark prices of the new contracts, the delivery areas, premiums / discounts of different regions, designated quality inspection agencies, designated delivery warehouses and designated FOT delivery sites will be notified before the listing of Log futures by DCE.
All entities are required to make all preparations for the listing of Log futures and pay attention to risk prevention to ensure the smooth operation of the market.
