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To further optimize the system of rules, on August 10, Dalian Commodity Exchange (DCE) issued a notice on combining the two sets of measures for management of warehouse receipts, and revising the detailed rules for delivery, the rules for futures margin depository banks and other relevant rules.
The revision mainly involves the six sets of rules, including the “Measures of DCE for Management of the Standard Warehouse Receipts of No. 1 Soybeans, No. 2 Soybeans, Corn, LLDPE, PVC, Fiberboard and PP”, the “Measures of DCE for Management of the Standard Warehouse Receipts of Soybean Meal, Soybean Oil, RBD Palm Olein, Coke, Coking Coal, Iron Ore, Egg, Blockboard and Corn Starch”, the “Detailed Rules of DCE for Delivery”, the “Detailed Rules of DCE for Settlement”, the “Detailed Rules of DCE for Implementation of Bonded Delivery (for Trial Implementation)” and the “Measures of DCE for Management of Designated Depository Banks”. The main contents of the revision to the relevant detailed rules for trading, delivery and settlement include: the original measures for management of standard warehouse receipts are combined and unified into the “Measures of DCE for Management of Standard Warehouse Receipts”; the operational processes of electronic warehouse receipts have been established; the entrusting parties for incoming tests of all products have all been adjusted to the designated delivery warehouses. In the revision to the “Measures of DCE for Management of Designated Depository Banks”, the qualifications required for the futures margin depository banks to conduct futures margin depository business have been improved; the materials that the futures margin depository banks have to submit during annual inspection have been further clarified; added rules specifying that the depository banks should support DCE’s need for financial liquidity.
The adjustments and revisions to the six sets of rules are mainly based on the needs in technology and practice, the statements in relevant texts have been simplified and clarified, and the relevant rules have been further optimized. The adjustments will further standardize the relevant business processes, provide more convenience for the market in the relevant business operations, and help ensure the orderly futures trading and the smooth market operation.
Among the contents of the revision, the amendments to the rule of adjusting the entrusting parties of incoming tests shall come into effect on September 22, 2015 and the other amendments to the rules shall come into force on the date of publication.
