Product |
No.1 Soybean |
No.2 Soybean |
Soybean Meal |
Soybean Oil |
RBD Palm Olein |
Corn |
LLDPE |
PVC |
Coke |
Coking Coal |
Iron Ore |
Egg |
Fiberboard |
Blockboard |
PP |
Corn Starch |
Ethylene Glycol |
Polished Round-grained Rice | Ethenylbenzene | Liquefied Petroleum Gas | Live Hog | ||
Trading Margin (% of Contract Value,Speculation) |
12% |
9% |
8% |
8% |
10% |
11% |
8% |
8% |
11% |
11% |
12% |
9% |
10% |
40% |
18% |
7% |
11% |
6% |
12% |
11% | 15% | ||
Trading Margin (% of Contract Value,Hedging) |
8% | 8% | 7% | 7% | 8% | 7% | 7% | 7% | 8% | 8% | 10% | 8% | 10% | 40% | 7% | 6% | 8% | 5% | 10% | 8% | 8% | ||
Price Limit (% of Last Settlement Price) |
Existing Contract |
8% |
8% |
7% |
7% |
8% |
7% |
7% |
7% |
8% |
8% |
10% |
8% |
5% |
5% |
7% |
6% |
8% |
5% |
10% |
8% | 8% | |
New Contract |
16% |
16% |
14% |
14% |
16% |
14% |
14% |
14% |
16% |
16% |
20% |
16% |
10% |
10% |
14% |
12% |
16% |
10% |
20% |
16% | 16% | ||
Delivery Month Contract |
8% |
8% |
7% |
7% |
8% |
7% |
7% |
7% |
8% |
8% |
10% |
8% |
6% |
6% |
7% |
6% |
8% |
6% |
10% |
8% | 8% | ||
Trading margin and price limit (in non-delivery months) in case of continuously one-sided |
N Day |
Trading Margin（Speculation） |
12% |
9% |
8% |
8% |
10% |
11% |
8% |
8% |
11% |
11% |
12% |
9% |
10% |
40% |
8% |
7% |
11% |
6% |
12% |
11% | 15% |
Trading Margin（Hedging） |
8% | 8% | 7% | 7% | 8% | 7% | 7% | 7% | 8% | 8% | 10% | 8% | 10% | 40% | 7% | 6% | 8% | 5% | 10% | 8% | 8% | ||
Settlement Margin（Speculation/Hedging） |
13% |
13% |
12% |
12% |
13% |
12% |
12% |
12% |
13% |
13% |
15% |
13% |
10% |
40% |
12% |
11% |
13% |
10% |
15% |
13% | 15% | ||
Price Limit |
8% |
8% |
7% |
7% |
8% |
7% |
7% |
7% |
8% |
8% |
10% |
8% |
5% |
5% |
7% |
6% |
8% |
5% |
10% |
8% | 8% | ||
N+1Day |
Trading Margin（Speculation/Hedging） |
13% |
13% |
12% |
12% |
13% |
12% |
12% |
12% |
13% |
13% |
15% |
13% |
10% |
40% |
12% |
11% |
13% |
10% |
15% |
13% | 15% | |
Settlement Margin（Speculation/Hedging） |
15% |
15% |
14% |
14% |
15% |
14% |
14% |
14% |
15% |
15% |
17% |
15% |
12% |
40% |
14% |
13% |
15% |
12% |
17% |
15% | 15% | ||
Price Limit |
11% |
11% |
10% |
10% |
11% |
10% |
10% |
10% |
11% |
11% |
13% |
11% |
8% |
8% |
10% |
9% |
11% |
8% |
13% |
11% | 11% | ||
N+2Day |
Trading Margin（Speculation/Hedging） |
15% |
15% |
14% |
14% |
15% |
14% |
14% |
14% |
15% |
15% |
17% |
15% |
12% |
40% |
14% |
13% |
15% |
12% |
17% |
15% | 15% | |
Price Limit |
13% |
13% |
12% |
12% |
13% |
12% |
12% |
12% |
13% |
13% |
15% |
13% |
10% |
10% |
12% |
11% |
13% |
10% | 15% | 13% | 13% | ||
Trading Limit |
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Trading Fee (CNY/Lot) |
Contract Provisions |
2 |
1 |
1, 5, 9 contract: 1.5; other contracts: 0.2 |
1, 5, 9 contract: 2.5; other contracts: 0.2 |
1, 5, 9 contract: 2.5; other contracts: 0.2 |
1, 5, 9 contract: 1.2; other contracts: 0.2 |
1, 5, 9 contract: 1; other contracts: 0.1 |
1, 5, 9 contract: 1; other contracts: 0.1
|
1, 5, 9 contract: 0.06‰ of trading turnover;other contracts: 0.006‰ of trading turnover |
1, 5, 9 contract: 0.06‰ of trading turnover;other contracts: 0.006‰ of trading turnover
|
0.1‰ of trading turnover |
0.15‰ of trading turnover |
0.1‰ of trading turnover |
0.1‰ of trading turnover |
1, 5, 9 contract: 1; other contracts: 0.1 |
1, 5, 9 contract: 1.5; other contracts: 0.2 |
3 |
1, 5, 9 contract: 1; other contracts: 0.2 | 3 | 6 | 0.2‰ of trading turnover | |
Day Trading(Same Day Opening Positions First and Then Closing Positions) |
2 |
1 |
1, 5, 9 contract: 0.75; other contracts: 0.1 |
1, 5, 9 contract: 1.25; other contracts: 0.1
|
1, 5, 9 contract: 1.25; other contracts: 0.1; 2105 contract: 2.5 |
1, 5, 9 contract: 0.6; other contracts: 0.1 |
1 |
1 |
1, 5, 9 contract: 0.12‰ of trading turnover;other contracts: 0.006‰ of trading turnover |
1, 5, 9 contract: 0.12‰ of trading turnover;other contracts: 0.006‰ of trading turnover |
0.01‰ of trading turnover; 2105, 2109 contracts: 0.4‰ of trading turnover |
0.15‰ of trading turnover |
0.1‰ of trading turnover |
0.05‰ of trading turnover |
1 |
1, 5, 9 contract: 0.75; other contracts: 0.1 |
1.5 |
1, 5, 9 contract: 0.5; other contracts: 0.1 | 3 | 6 | 0.4‰ of trading turnover | ||
Delivery Fee (CNY/Ton,CNY/Cubic Meter for Fiberboard and CNY/Sheet for Blockboard） |
4 |
1 |
1 |
1 |
1 |
1 |
2 |
2 |
1 |
1 |
0.5 |
1 |
0.2 |
0.01 |
2 |
1 |
1 |
1 | 1 | 1 | 1 | ||
Maximum Number of Lots to Place an Order |
1000 |
1000 |
1000 |
1000 |
1000 |
2000 |
1000 |
1000 |
500 |
1000 |
1000 |
300 |
1000 |
1000 |
1000 |
1000 |
1000 |
1000 | 1000 | 1000 | 50 | ||
| Futures & Options Portfolio Margin Discounts | ||||
| There are two ways for clients to obtain portfolio margin discounts during trading session and settlement | ||||
| During trading session | 1、Arbitrage order | |||
| 2、Portfolio application | ||||
| During settlement | 1、During settlement, the exchange will establish new portfolios of the client’s positions according to the designated priority to grant margin discounts. | |||
| 2、The client can apply for qualification to retain the portfolio (Client should apply through member entities). When the application is approved, the exchange will retain its portfolio positions and will not establish new portfolios with the remaining outright positions. | ||||
| DCE Portfolio Strategies | ||||
| Portfolio Strategies | Explanation | Portfolio Margin Rates | ||
| Futures Locked Strategy | Holding equal long and short positions simultaneously on the same futures contract. | Max (long position margin, short position margin) | ||
| Futures Spread Strategy | Holding the positions of the same amount and different directions on contracts in different months under the same futures product | |||
| Futures Inter-product Strategy |
Holding the positions of the same amount and different directions on different futures products | |||
| Selling Options & Futures Strategy | Selling call options while buying corresponding futures contract. | Futures Margin + Settlement Price of Options Premium | ||
| Selling put options while selling corresponding futures contract. | ||||
| Straddle Strategy | Selling the call options and put options with the same exercise price in the same series; | Max (call options margin, put options margin) + premium of the other side | ||
| Strangle Strategy | Selling the put options with lower exercise price and the call options with higher exercise price in the same series. | |||
| Remark：As to Straddle and Strangle Strategy,If call options margin=put options margin | ||||
| futures & options portfolio margin = max (call options margin, put options margin) + max(premium of call options，premium of put options) | ||||
| DCE Locked Portfolio Parameter Consession | ||||
| NO. | Portfolio Category | Portfolio Product | ||
| 1 | Locked | No. 1 Soybean | ||
| 2 | Locked | No. 2 Soybean | ||
| 3 | Locked | Blockboard | ||
| 4 | Locked | Corn | ||
| 5 | Locked | Fiberboard | ||
| 6 | Locked | Iron Ore | ||
| 7 | Locked | Coke | ||
| 8 | Locked | Egg | ||
| 9 | Locked | Coking Coal | ||
| 10 | Locked | LLDPE | ||
| 11 | Locked | Soybean Meal | ||
| 12 | Locked | RBD Palm Olein | ||
| 13 | Locked | PP | ||
| 14 | Locked | PVC | ||
| 15 | Locked | Soybean Oil | ||
| 16 | Locked | Corn Starch | ||
| 17 | Locked | EG | ||
| 18 | Locked | Polished Round-grained Rice | ||
| 19 | Locked | EB | ||
| DCE Spread Strategy Parameter Concessions | ||||
| NO. | Portfolio Category | Portfolio Product | ||
| 1 | Spread | No. 1 Soybean | ||
| 2 | Spread | No. 2 Soybean | ||
| 3 | Spread | Blockboard | ||
| 4 | Spread | Corn | ||
| 5 | Spread | Fiberboard | ||
| 6 | Spread | Iron Ore | ||
| 7 | Spread | Coke | ||
| 8 | Spread | Egg | ||
| 9 | Spread | Coking Coal | ||
| 10 | Spread | LLDPE | ||
| 11 | Spread | Soybean Meal | ||
| 12 | Spread | RBD Palm Olein | ||
| 13 | Spread | PP | ||
| 14 | Spread | PVC | ||
| 15 | Spread | Soybean Oil | ||
| 16 | Spread | Corn Starch | ||
| 17 | Spread | EG | ||
| 18 | Spread | Polished Round-grained Rice | ||
| 19 | Spread | EB | ||
| DCE inter-commodity Parameter Concessions | ||||
| NO. | Portfolio Category | Portfolio Product | ||
| 1 | inter-commodity | No. 1 Soybean, Soybean Meal | ||
| 2 | inter-commodity | Soybean Oil, RBD Palm Olein | ||
| 3 | inter-commodity | LLDPE, PVC | ||
| 4 | inter-commodity | Coke, Coking Coal | ||
| 5 | inter-commodity | Blockboard, Fiberboard | ||
| 6 | inter-commodity | LLDPE, PP | ||
| 7 | inter-commodity | PVC, PP | ||
| 8 | inter-commodity | Iron Ore, Coking Coal | ||
| 9 | inter-commodity | Iron Ore, Coke | ||
| 10 | inter-commodity | Corn, Corn Starch | ||
| 11 | inter-commodity | No. 2 Soybean, Soybean Meal | ||
| 12 | inter-commodity | EB,EG | ||
| 13 | inter-commodity | EB,LLDPE | ||
| DCE Selling Options & Futures Strategy Parameter Concessions | ||||
| NO. | Portfolio Category | Portfolio Product | ||
| 1 | Selling Options & Futures Strategy | Soybean Meal | ||
| 2 | Selling Options & Futures Strategy | Corn | ||
| 3 | Selling Options & Futures Strategy | Iron Ore | ||
| DCE Straddle Strategy Parameter Concessions | ||||
| NO. | Portfolio Category | Portfolio Product | ||
| 1 | Straddle Strategy | Soybean Meal | ||
| 2 | Straddle Strategy | Corn | ||
| 3 | Straddle Strategy | Iron Ore | ||
| DCE Strangle Strategy Parameter Concessions | ||||
| NO. | Portfolio Category | Portfolio Product | ||
| 1 | Strangle Strategy | Soybean Meal | ||
| 1 | Strangle Strategy | Corn | ||
| 2 | Strangle Strategy | Iron Ore | ||
