DCE

中文
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DCE History
  • In1993,
  • The Dalian Commodity Exchange (DCE) was established on February 28, 1993. It was set up as a non-profit, self-regulating legal entity.
  • The first standardized contracts traded at the exchange on November 18; the contracts were for soybeans, corn, soybean meal, green beans, red beans and rice.
  • In1994,
  • In October 1994, China's State Council consolidated nearly 50 local futures exchanges to create 15 larger regional exchanges.  The DCE was included in those 15 exchanges.  At the same time, dry kelp was added as a pilot product.
  • By the end of the year, the DCE was ranked No. 9 in China by market share.
  • In1995,
  • In October, the first long-distance trading system was established in multiple cities throughout China.
  • In1996,
  • On July 15, trading margins became managed in stages, according to the expiration date of contracts; margins were increased step-by-step starting in the month prior to the delivery month.
  • In September, trading margins became managed by classification and, according to the change of one-side open interest, increased step-by-step.
  • In1997,
  • On December 12, cumulative annual turnover at the DCE exceeded RMB 1 trillion for the first time.
  • In1998,
  • On July 23, the DCE's website (http://www.dce.com.cn) was formally launched.
  • On August 1, the State Council further consolidated the 15 regional exchanges down to three major national exchanges.  The DCE and ZCE (Zhengzhou Commodity Exchange) were maintained, while the Shanghai Metal Exchange, Shanghai Commodity Exchange and Shanghai Grain and Oil Exchange were merged to create the Shanghai Futures Exchange.  Soybeans, soybean meal and beer barley were formally approved for trading at the DCE.
  • On December 7, new trading software was released, which adopted Market Price Orders, Stop Orders, Multi-matching Principal sand Centralized Pricing Systems.
  • In2000,
  • On May 8, margins became collected by a percentage; delivery and storage fees were charged by the exchange; and T+0 settlements were applied.
  • On July 17, the DCE started formally trading soybean meal, the first new product listed after the final merger of China's futures exchanges.  For the next four years, soybean meal futures were one of the most rapidly developing futures contracts in China's futures market.
  • On August 4, daily turnover exceeded RMB 10 billion for the first time.
  • In 2000, the DCE became the No. 1 futures exchange in China by trading volume.
  • In2001,
  • On January 1, electronic financing was applied and electronic receipts were issued to members for the first time.
  • On June 11, daily soybean futures trading volume exceeded 1 million contracts for the first time; total daily turnover also exceeded RMB 20 billion for the first time.
  • On July 5, the first delivery warehouses outside Dalian were approved; seven warehouses outside Dalian were approved as DCE soybean meal delivery warehouses.
  • In2002,
  • On March 15, 2002, the DCE started trading No.1 soybeans futures (non-genetically-modified soybeans). It quickly became the largest agricultural futures contract in China and the largest Non-GMO soybeans futures contract in the world half a year later.
  • In2003,
  • Starting on April 16, electronic transfers for margins were allowed.
  • On August 1, the payment method for delivery funds was adjusted; members were allowed to use settlement guarantee funds to pay delivery funds for the first time.
  • No. 1 Soybeans ranked 18th among all futures contracts in the world in 2003. No.1 soybeans futures were the only commodity futures contract among the top 20 futures contracts in 2003.
  • In 2003, the DCE's total trading volume reached more than 149 million contracts, accounting for 53% of China's total futures market.
  • The DCE joined the Futures Industry Association in 2003, ranking in the top ten among all international exchange members.
  • In2004,
  • On September 22, the DCE started trading corn futures again for the second time.
  • On December 22, the DCE started trading No.2 (genetically-modified) soybean futures.
  • According to FIA statistics regarding trading volume in 2004, the DCE ranked No.8 among international futures exchanges.
  • In2006,
  • On January 9, the DCE started trading soybean oil futures.
  • On October 20, the DCE, together with Bursa Malaysia, held the first International Oils and Oilseeds Conference in Beijing.  The conference was a great success and has been held in each subsequent year in Guangzhou.
  • In2007,
  • On June 18, the DCE allowed trading in arbitrage orders for the first time.  Over 30,000 arbitrage orders were placed on the first day of trading.
  • On July 31, the DCE started trading LLDPE futures, the first non-agricultural commodity traded at the exchange.
  • On September 11, the DCE held the first International Corn Conference in Dalian.  The conference was co-sponsored by the Dalian Municipal Government and the State Grain Administration.  Since its inception, the annual conference has attracted top international talent to come to Dalian to speak and offer insights into the industry. 
  • On October 29, the DCE started trading RBD Palm Olein futures.
  • In2008,
  • On October 20, the DCE and the China Petroleum and Chemical Industry Association held the first International Synthetics Resin Conference in Hangzhou.  The conference was highly successful and was expanded in 2009 to include the entire plastics industry.
  • In2009,
  • On May 25, the DCE started trading PVC futures, the second plastics futures product at the exchange.
  • On December 7, daily trading volume at the DCE surpassed 7 million contracts for the first time.
  • In2010,
  • On November 5, DCE and Bursa Malaysia signed an agreement to continue jointly hosting the annual China International Oils and Oilseeds Conference for a further three years. Over 800 people participated in the 5th Conference, a new record.
  • On November 15, daily trading volume at the DCE surpassed 10 million contracts for the first time.  This was the first time any Chinese futures exchange had over 10 million contracts traded in a single day.
  • On November 29, the DCE launched its new international English language website.  The websites features a completely redesigned look from its Chinese language counterpart and was designed to be a window into China's futures market for DCE's overseas friends and partners.
  • In2011,
  • On April 15, approved by the China Securities Regulatory Commission (CSRC), coke futures contracts were launched on the DCE.
  • On July 6, the "China and the Global Derivatives Market Development Forum" (CGDDF), jointly sponsored by the DCE and the Futures and Options World (FOW), was successfully held in Dalian. Attending the forum were more than 300 people including senior executives from 17 global derivatives exchanges as well as representatives from international financial institutions and domestic futures companies, who compared notes on the issues related to Chinese and international derivatives market development in the post financial crisis era.
  • In2012,
  • On May 7, the DCE started mock trading of commodity futures option.
  • On September 13, the DCE and the Dubai Gold and Commodities Exchange (DGCX) signed in Dubai a memorandum of understanding, which is the 1st time for a futures exchange in China's mainland to carry out strategic cooperation with an exchange in the Middle East.
  • On October 15, the DCE and the NASDAQ OMX Group signed in Taipei a memorandum of understanding, under which the two sides will carry out extensive and in-depth exchanges and cooperation in terms of personnel exchange, information sharing, trading technology, consulting services, etc. It is the 1st strategic agreement signed by a futures exchange in China's mainland with the NASDAQ OMX Group.
  • On October 15, the DCE joined the World Federation of Exchanges (WFE), the 3rd international industry organization following the Futures Industry Association (FIA) and the Futures and Options Association (FOA).
  • On November 22, the DCE and Korea Exchange (KRX) signed in Dalian a memorandum of understanding (MOU), which is the 20th MOU signed by the DCE with overseas exchanges.
  • In2013,
  • On March 22, the DCE launched the coking coal futures contract.
  • On May 15, the DCE established its 1st supervisory board by holding the 1st session of the 1st board of supervisors meeting in the Futures Tower.
  • On August 29, Chinese President Xi Jinping paid a visit to the DCE. Xi fully affirmed the functions played by China's futures market in serving national economy, and encouraged the DCE to boldly explore, in a down-to-earth manner, a way out for China's successful development of futures market.
  • On October 18, the iron ore futures contract was launched on the DCE, which is the world’s first iron ore futures contract for physical delivery.
  • On November 8, the egg futures contract, China's 1st livestock futures, was launched on the DCE.
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