To better meet the needs of enterprises for refined short-term risk management, Dalian Commodity Exchange (hereinafter referred to as “DCE”) will list No. 1 Soybean and Soybean Oil Serial Options contracts starting from the trading session on June 1, 2026 (i.e., the night trading session on May 29, 2026). The relevant matters are hereby notified as follows:
I. Contract Months
The contract months of No. 1 Soybean Serial Options are January, March, May, July, September and November. The contract months of Soybean Oil Serial Options are March, May, July and November.
II. Contracts to Be Listed
The first batch of serial options to be listed includes options with the A2611 and Y2611 futures contracts as their underlying contracts. Subsequent serial options contracts will be listed on the first trading day of five months prior to the delivery month of the underlying futures contract. If there is no trade of the underlying futures contract before that trading day, the serial options contracts will be listed on the next trading day following the first trade of the underlying futures contract.
III. Trading Hours
Trading hours are from 9:00 to 11:30 and from 13:30 to 15:00. The night trading session will also be available.
IV. Trading Orders
Limit order and stop limit order will be offered. The maximum quantity of orders placed each time of the options contract is the same as that of the underlying futures contract.
V. Listing Price
The listing prices of options contracts are calculated based on the BAW American futures options pricing model. The interest rate in the model is the latest benchmark one-year deposit rate, and the volatility is based on the historical volatility of the underlying futures contracts prices.
After settlement on the trading day preceding the listing date, the listing reference prices will be available on the the Member Service System and DCE's website (www.dce.com.cn).
VI. Exercise and Fulfillment
During the trading hours of any trading day and from 15:00 to 15:30 on the expiration day, clients may submit application for exercise, hedging liquidation of the two-way options positions, hedging liquidation of the two-way futures positions following exercise or fulfillment. During the trading hours and from 15:00 to 15:30 on the expiration day, clients may submit application for abandonment of exercise.
VII. Position Limits
The position limit for No. 1 Soybean options is 15,000 lots. Position limits for No. 1 Soybean options contracts and No. 1 Soybean serial options contracts of the same contract month shall be calculated on a combined basis.
The position limit for Soybean Oil options is 20,000 lots. Position limits for Soybean Oil options contracts and Soybean Oil serial options contracts of the same contract month shall be calculated on a combined basis.
With respect to the options contracts of a particular month held by the Non-Futures Company Member, overseas special non-brokerage participant and the client, neither the sum of the buying open interest of all call options and the selling open interest of all put options, nor the sum of buying open interest of all put options and the selling open interest of all call options may exceed the position limit of the corresponding options contracts. The accounts involving actual control relationship shall be managed as one account.
VIII. Portfolio Margin
No. 1 Soybean and Soybean Oil Serial Options contracts are eligible for portfolio margining benefits. For details, please visit the DCE website (www.dce.com.cn) via the following path: Data Center – Business Data – Business Parameters – Trading Parameters – Portfolio Concessions.
IX. Relevant Fees
The trading commissions and exercise (performance) commissions for No. 1 Soybean and Soybean Oil Serial Options shall be the same as those for No. 1 Soybean and Soybean Oil options.
The order fee standards for No. 1 Soybean and Soybean Oil Serial Options shall be the same as those for No. 1 Soybean and Soybean Oil options. Order fees for options contracts and serial options contracts of the same contract month shall be calculated on a combined basis.
X. Quotation Inquiry
The market maker mechanism is implemented in the trading of No. 1 Soybean and Soybean Oil Serial Options. Non-Futures Company Members or clients may submit a quotation inquiry to the market makers on non-continuous-quotation contracts. The continuous-quotation contracts will be released on DCE's website. The quotation inquiry shall specify the contract symbol of the options. The interval between two quotation inquiries on the same options contract should not be less than 60 seconds. The maximum number of quotation inquiries on each options product under the same trading code is 200 per day.
All entities concerned are required to effectively make preparations for the listing and trading of No. 1 Soybean and Soybean Oil Serial Options, and improve risk management measures to ensure the smooth operation of the market.
