□ Our reporter Wang Zhuying

Recently, China Securities Regulatory Commission approved Dalian Commodity Exchange [Weibo] (hereinafter referred to as DCE) conducts iron ore futures trading. In accordance with the relevant provisions of the Regulations on the Administration of Futures Trading and the Measures for the Administration of Futures Exchanges, the CSRC will approve the listing of iron ore futures contracts by DCE after all preparations are completed and the relevant procedures are fulfilled.

In order to fully listen to the opinions of all parties in the market, further improve the iron ore contract and relevant rules, ensure the successful listing and trading of iron ore contracts in the future, and ensure their functions, Dalian Commodity Exchange issued a notice on September 13, soliciting suggestions from all parties in the market on the contents of iron ore contracts and relevant rules.

According to the notice of Dalian Commodity Exchange, the contents of this public solicitation of market opinions and suggestions include the Iron Ore Futures Contract of Dalian Commodity Exchange, the Amendment to the Settlement Rules of Dalian Commodity Exchange, the Amendment to the Trading Rules of Dalian Commodity Exchange, the Amendment to the Delivery Rules of Dalian Commodity Exchange, the Amendment to the Risk Management Measures of Dalian Commodity Exchange Dalian Commodity Exchange Soybean meal 、 Soybean oil 、 palm oil 、 coke The deadline for comments on the draft of the Amendment to the Management Measures for Standard Warehouse Receipts of Coking Coal and Iron Ore is September 24, 2013.

According to the content of futures contracts announced by the Exchange, the trading unit of iron ore contracts is 100 tons per hand, the minimum price change is 1 yuan per ton, the limit range of contract price rise and fall is 4% of the settlement price of the previous trading day, the minimum trading margin is 5% of the contract value, and the contract trading month is January December, The last trading day and the delivery day are the 10th trading day of the contract month and the third trading day after the last trading day respectively, and the delivery method is physical delivery.

According to the draft of quality standard for iron ore delivery, the benchmark delivery product of iron ore is fine ore with an iron grade of 62%, and fine ore and concentrate with an iron grade of more than 60% can replace delivery. The standard is designed according to the largest mainstream iron ore, and incorporated into the limits of trace element indicators.

According to the draft for comments on the amendments to the trading rules and delivery rules, the maximum number of orders placed each time for iron ore contract trading orders is 1000, and the delivery unit is 10000 tons. Individual customers' iron ore positions and integral multiple positions of non delivery units are not allowed to be delivered. The contract can be delivered once. If the position that is not allowed to be delivered still fails to be closed after the market closes on the last trading day of the contract, the exchange will select the counterparty position to hedge the closing position according to the principle of "the position that is not allowed to be delivered has priority, and the position of the delivery unit with the shortest time position has priority". The closing price is calculated according to the settlement price of the delivery.

According to the draft of the Detailed Rules for Settlement and the Amendment to the Detailed Rules for Settlement, the biggest difference from the previous varieties is that iron ore can be delivered not only by standard warehouse receipts, but also by bills of lading. It is understood that the unit value of iron ore is low, and the same delivery cost has a greater impact on iron ore futures. In order to reduce the cost of futures delivery and improve market efficiency, DAMEX designed the delivery system of bills of lading in addition to the delivery of warehouse receipts according to the actual trade process. Compared with the traditional warehouse receipt delivery, it saves the costs of inbound and outbound, short term and reverse logistics, totaling about 20 yuan/ton - 40 yuan/ton. The two delivery systems provide more choices for the market, which is conducive to ensuring that iron ore futures can better play the market function.

According to the draft for comments on the amendment to the risk management measures, in terms of the design of the margin system, DAMEX will gradually collect the margin of the iron ore futures contract that is close to delivery, that is, from the tenth trading day of the month before the iron ore futures contract enters the delivery month, the margin of the contract transaction will be increased to 10% of the contract value; After the iron ore futures contract entered the delivery month, the contract trading margin was increased to 20% of the contract value.

In terms of position management, when the total bilateral positions in the contract month are less than or equal to 800000, the margin for each trade of iron ore contracts is 5% of the contract value, and 7% when the total bilateral positions are more than 800000; In terms of position limit, when the unilateral position of the iron ore contract is less than or equal to 200000 hands, the futures company members have no position limit, and when the unilateral position is more than 200000 hands, the position limit according to the contract shall not be more than 25% of the unilateral position; The general monthly position limit of iron ore contracts of non futures company members and customers is 40000 and 20000, the position limit of non futures company members and customers from the tenth trading day of the month before the delivery month is 12000 and 6000 respectively, and the position limit of non futures company members and customers in the delivery month is 4000 and 2000 respectively.