On the basis of extensive research Corn Based on the characteristics of starch spot market and the experience of listed varieties, the trading unit, quotation unit, minimum variable price and service charge of corn starch futures contracts were designed.
1、 The trading unit is set as 10 tons/hand
The trading unit of corn starch futures is set at 10 tons/hand by DCE. First, it is consistent with corn futures, which is conducive to investors' arbitrage operation between the two varieties; Second, the average scale of consumer enterprises in the corn starch industry is small, which is suitable for the characteristics of the spot market and convenient for the participation of customers in small and medium-sized industries; Third, considering the contract size, the average ex factory price of corn starch in the first half of 2014 is 2800 yuan/ton, and the margin ratio is 10%. The margin for each hand of corn starch futures trading is about 2800 yuan, which is moderate.
2、 Quotation unit and minimum price change level
With reference to the trading habit of RMB/ton for the quotation of corn starch spot market, the quotation unit of corn starch futures is RMB/ton. According to the average ex factory price of 2800 yuan/ton of corn starch in the first half of 2014, the minimum price change of 1 yuan/ton fluctuates 112 times within a limit, which is moderate. At the same time, the minimum variable price setting is the same as that of corn futures, which is convenient for investors to arbitrage between the two varieties at the same time.
3、 The price limit before the delivery month is set to 4% of the settlement price of the previous trading day, and the minimum margin of the contract is set to 5%
The price limit of corn starch futures is set at 4%, which can cover most of the daily fluctuation range of corn starch. The minimum margin of the contract is set at 5%, which can cover the first limit risk. In addition, the price limit for delivery month is set at 6%.
4、 The contract months are set to January, March, May, July, September and November
Corn starch is an important corn processing product, and its output and supply are mainly affected by production capacity and raw material corn supply. In order to facilitate arbitrage transactions with corn futures, the contract months are determined as odd months.
5、 The transaction handling fee is charged at a fixed amount per hand, initially set at 1.5 yuan per hand at the initial stage of listing, and the opening and closing positions on the same day will be halved
The commission for corn starch trading shall be charged in a fixed amount per hand, consistent with that of corn futures, so as to facilitate investors to calculate transaction costs. The commission for corn starch is set at 1.5 yuan/hand at the initial stage of listing, and it will be charged at 0.75 yuan/hand for opening and closing positions on the same day.
6、 Other terms of the contract
1. Trading time: 9:00~11:30 a.m. and 13:30~15:00 p.m. from Monday to Friday, and other times announced by the Exchange
2. Last trading day: the 10th trading day of the contract month
3. Final delivery date: the third trading day after the last trading day
4. Delivery grade: Dalian Commodity Exchange [Weibo] Quality standard for delivery of corn starch
5. Delivery place: Dalian Commodity Exchange designated delivery warehouse for corn starch
6. Minimum transaction margin: 5% of the contract value
7. Delivery method: physical delivery
8. Transaction code: CS
9. Listed Exchange: Dalian Commodity Exchange