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To promote the effective functioning of the soybean meal futures market, encourage the feed enterprises to make use of the soybean meal futures market in hedging, provide the buying clients with convenient delivery services and further reduce delivery costs, Dalian Commodity Exchange (DCE) has introduced the program of the intra-group factory warehouse receipts swap for the soybean meal after in-depth survey and research and drawing on the experience in the practices of warehouse receipts swap both at home and abroad. The related issues are hereby informed as follows:
First, the first batch of pilot enterprises are China Agri-Industries Holdings Limited and Cargill Investment (China) Co., Ltd. (hereinafter referred to as the "pilot groups"), and the pilot groups are committed to providing the service of the intra-group factory warehouse receipts swap in accordance with the provisions of the Notice during the pilot period.
Second, the clients buying in the soybean meal standard warehouse receipts of the factory warehouses affiliated to the pilot groups on the final delivery day may apply for taking the spot goods at the groups’ other factory warehouses (referred to as "warehouse receipts for spot goods") or swapping for the standard warehouse receipts of the groups’ other factory warehouses (referred to as "warehouse receipts for warehouse receipts").
Third, the qualifications of the warehouse receipts swap, the swap limits and fees, the swap processes and other matters shall be handled in accordance with the provisions of the attachments to the Notice.
DCE encourages other soybean squeezing groups to participate in the pilots of warehouse receipts swap, and the enterprises intending to participate in the pilots are requested to contact the agricultural products business division of DCE.
The validity period of the warehouse receipts swap pilot is from the date of the issuance of the Notice to May 30, 2014. For other enterprises joining in the swap pilots during the pilot period, their participating pilot factory warehouses and swap limits will be announced separately, and other matters such as qualifications for warehouse receipts swap, the swap limits and fees, the swap spreads formula and the swap process shall be handled in accordance with the provisions of the attachments to the Notice. If the pilot groups add new factory warehouses or have the existing factory warehouses canceled during the pilot period, whether the adjusted
