In order to better meet the needs of enterprises for refined short-term risk management, Dalian Commodity Exchange (hereinafter referred to as “DCE”) will list Soybean Meal and Corn Serial Options contracts starting from the trading session on February 2, 2026 (i.e., the night trading session on January 30, 2026). The relevant matters are hereby notified as follows:
I. Contracts to Be Listed
The first batch of serial options to be listed includes options with the M2607 and C2607 futures contracts as their underlying contracts. Subsequent serial options contracts will be listed on the first trading day 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.
II. 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.
III. 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.
IV. 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).
V. 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.
VI. Position Limits
The position limit for Soybean Meal options is 40,000 lots. Position limits for Soybean Meal options contracts and Soybean Meal serial options contracts of the same contract month shall be calculated on a combined basis.
The position limit for Corn options is 40,000 lots. Position limits for Corn options contracts and Corn 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.
VII. Portfolio Margin
Soybean Meal and Corn 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.
VIII. Relevant Fees
The trading commissions and exercise (performance) commissions for Soybean Meal and Corn Serial Options shall be the same as those for Soybean Meal and Corn options.
The order fee standards for Soybean Meal and Corn Serial Options shall be the same as those for Soybean Meal and Corn options. Order fees for options contracts and serial options contracts of the same contract month shall be calculated on a combined basis.
IX. Quotation Inquiry
The market maker mechanism is implemented in the trading of Soybean Meal and Corn 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 Soybean Meal and Corn Serial Options, and improve risk management measures to ensure the smooth operation of the market.
Disclaimer: This English translation may be used for reference only. In cases there is any discrepancy between the English version and the original Chinese version, the original Chinese version shall prevail. Dalian Commodity Exchange may change or update this English translation without any prior notice and shall accept no responsibility or liability for damage or loss caused by any error, inaccuracy, misunderstanding, or change with regard to this English translation.
