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China’s 1st Gas Energy Derivatives “Cloud” Listed Today

Date:30 March 2020
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At 9 o’clock on the morning of March 30, Standing Member of the CPC Liaoning Committee and Party Chief of Dalian Tan Zuojun together with Party Chief and Chairman of Dalian Commodity Exchange (DCE) Li Zhengqiang jointly struck the gong for the official listing of liquefied petroleum gas (LPG) futures and options in the trading hall of DCE, marking the official listing of China’s first gas energy derivatives on DCE and a significant progress in the energy futures market system construction in China. The LPG futures contracts are listed for trading on that day, and the LPG options contracts will be listed and traded on the next trading day after the transaction of underlying futures contracts happened.

Fang Xinghai, Vice Chairman of the China Securities Regulatory Commission (CSRC), says in his speech that LPG is a clean energy which is important to the national economy and the people’s livelihood. LPG futures and options are the first gas energy products of China’s futures market, and LPG is the first product with futures and options products listed at the same time. The listing of LPG futures and options is the key measure for the futures market to practice the green development idea and facilitate the energy price forming mechanism, and it represents a remarkable progress in the construction of the domestic energy futures market system represented by coal, oil and gas, and marks a new attempt in the futures products listing mechanism.

Chen Shaowang, Deputy Party Chief and Acting Mayor of Dalian, points out in his speech that accelerating the construction of a regional financial center is the important mission endowed by the country to Dalian and also the major carrier for building Dalian into a pioneering area of industry structure’s optimization and a leading area of eco-social development. Over the years, the securities and futures industry in Dalian has presented rapid and sound development under the support of the CSRC. In particular, DCE, as a pioneer for the regional financial center construction, has targeted to the first-class derivatives trading center in the world and carried out brave exploration and innovation to make great contributions to expanding the openness and accelerating the economic development of Dalian. The CPC Dalian Committee and the Dalian People’s Government will support DCE to consolidate its leading position and driving role as always and fully advance the construction of a world’s first-class exchange by focusing on serving the national strategies and the real economy.

Vice President of the China Petroleum and Chemical Industry Federation Fu Xiangsheng and President of the China Gas Association Liu Heming send their video messages. Fu says that listing LPG futures and options is a key measure of diversifying the financial derivatives instrument of the energy industry, managing the abnormal price fluctuation risks in the upstream and downstream of the petrochemical industry chain, and intensifying the industry-finance integration. The simultaneous listing of LPG futures and options also marks a firm step further to better serve the development of the petrochemical industry and build China into a big trading nation in bulk energy products and a petrochemical power.

Li says that China has achieved phased objectives in the fight against the COVID-19 outbreak, and the listing of LPG futures and options at this critical moment is a key measure of the Chinese capital market to fight against the epidemic, maintain stability, promote development, firmly support the real economy and boost the market confidence. The CSRC’s approval of the simultaneous listing of LPG futures and options is of great importance, which shows that DCE has realized the “expansion in product varieties and diversity in instrument” and represents a significant exploration in the futures market.

LPG is the 20th futures product, the 4th options product and the 1st energy product of DCE. Since its establishment in 1993, DCE’s listed products have covered three sections -- the agricultural products, the chemical products and the ferrous products. The listing of LPG futures and options and the lately-approved container freights futures symbolize that DCE’s listed products will expand to five sections, including the energy products and the shipping products. The “Section Expansion Plan” will expand DCE’s scope of serving the real economy and guide DCE to step further in building a first-class derivatives exchange in the world. The LPG has blazed a trail in listing futures and options products at the same time, which is the concrete action of the Chinese futures market to advance the reform and opening-up, respond to market appeal and offer great services and will greatly stimulate the market vitality.

At the special time of preventing and controlling the COVID-19 outbreak, the launching activity is held “online and offline”. Guests from relevant state departments, local governments, industry associations, the industry circle, the financial circle and the media circle, as well as the audience witness the listing ceremony on “cloud”. Luo Hongsheng, Director of the Futures Regulation Department of the CSRC, reads out the approval document; Xi Zhiyong, Deputy Party Chief and CEO of DCE, presides over the launching activity.

Disclaimer: This English translation may be used for reference only. In cases there is any discrepancy between the English version and the original Chinese version, the original Chinese version shall prevail. Dalian Commodity Exchange may change or update this English translation without any prior notice and shall accept no responsibility or liability for damage or loss caused by any error, inaccuracy, misunderstanding, or change with regard to this English translation.

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