Overseas customers: milestone event! Overseas delivery attracts more foreign institutions to participate in China's futures market

Trafigura Group

Trafigura Singapore is honored to participate in the first batch of transactions for the overseas delivery of low-sulfur fuel oil futures at the Shanghai International Energy Exchange. As far as we know, this is also the first time that the Chinese futures market has launched an overseas delivery model. Low-sulfur fuel oil, as the first overseas delivery product to land, undoubtedly provides valuable experience and reference for the overseas practice of other Chinese futures contracts (including but not limited to oil contracts).

We feel that as warehouse receipts can be transferred to overseas for delivery under certain conditions, foreign institutions will have stronger incentives to participate in the Chinese futures market. For example, this time, Trafigura used the low-sulfur fuel oil warehouse receipts it held to successfully extract 1,500 tons of low-sulfur fuel oil spot in Singapore through the exchange group factory warehouse. By picking up the cargo in Singapore, the warehouse receipt can match the spot demand of our joint venture company TFG Marine in time. We have arranged to rent a ship from TFG to pick up the spot and fill it directly on the international tanker.

In addition, we believe that while overseas delivery provides convenience for international investors, it also helps domestic futures participants have a clear understanding of international market dynamics. In fact, the domestic investors can also intuitively understand the domestic and foreign price differences of related products through the daily release of premiums and discounts for off-site delivery on the exchange’s website. This information can help investors better participate in the related contract transactions.

FREEPOINT COMMODITIES SINGAPORE PTE.LTD.，

The successful launch of the "Domestic Delivery + Overseas Delivery" business of low-sulfur fuel oil futures at Shanghai International Energy Exchange is a milestone event in the internationalization of China's futures market delivery. It increases the opening degree and international pricing influence in China's futures products. This is an important measure which shows a demonstration of China's futures products directly serve the interconnection of the "Belt and Road" and it is also a concrete practice of China's futures products in response to the new pattern of mutual promotion of domestic and international markets.

FREEPOINT COMMODITIES SINGAPORE PTE.LTD. and its strategic partner, the international marketing and trading department of (PERTAMINA, took delivery of 1,000 tons of low-sulfur fuel oil at the UT storage terminal in Singapore on January 20, 2021. The 1,000 tons of low-sulfur fuel oil comes from the overseas delivery warehouse of the low-sulfur fuel oil futures contract of the Shanghai International Energy Exchange and will be supplied to the marine fuel oil market after the completion of the cargo consolidation on the Indonesian island of Sambu and the south of the Singapore Strait. Looking to the future, FREEPOINT plans to continuously optimize its own logistics costs and inventory allocation through the channel of overseas delivery of low-sulfur fuel oil futures.

CBNB Singapore

CBNB successfully participated in the first batch of “domestic delivery and overseas delivery” of low-sulfur fuel oil futures at the Shanghai International Energy Exchange and delivered 1,000 tons of low-sulfur fuel oil at the UT storage terminal in Singapore.

CBNB believes that the development of the "domestic delivery + overseas delivery" business of low-sulfur fuel oil futures is a strong proof of the higher level of open development of China's derivatives market. This business model can expand the trade channels for the real economy, improve the efficiency of resource allocation and realize multi-level risk management of domestic and international, futures and spot, online and offline linkages, this is conducive to the formation of a more scientific and reasonable pricing mechanism for the industry and boosts China’s pricing influence on the important commodities.

After CBNB joined the international oil product trading industry, it quickly deployed an international trading and trading team in Singapore to carry out low-sulfur fuel oil related businesses. The launch of the cross-border delivery business of low-sulfur fuel oil has also helped CBNB open up new business development ideas and transformation directions, which is conducive to promote the integration and co-construction of the group's domestic and foreign teams. In 2021, CBNB plans to continue to participate in the international oil product trade through new cross-border settlement channels and further coordinate domestic and international market resources.

境外客户：里程碑事件！境外提货吸引更多境外机构参与中国期货市场

托克新加坡

托克新加坡很荣幸能够参与上海国际能源交易中心低硫燃料油期货境外提货的首批交易。据我们了解，这也是中国期货市场首次推出境外提货的模式。低硫燃料油做为第一个落地的境外提货品种，无疑给其他中国期货合约(包括但不限于油品合约)的境外实务，提供了宝贵的经验和借鉴。

我们觉得随着仓单在特定条件下流转到境外提货成为可能，境外机构参与中国期货市场的动力会更强。比如此次境外提货，托克用持有的低硫燃料油仓单通过交易所集团厂库在新加坡顺利提取1500吨的低硫燃料油现货。通过在新加坡的提货，使得仓单可以及时匹配我们合资公司 TFG Marine的现货需求，我们已安排用TFG的一艘期租驳船来提取该笔现货，并将它直接加注到国际油轮上。

另外，我们认为，境外提货在为国际投资者提供便利的同时，也有利于国内的期货参与者更清晰的了解国际市场动态。事实上，通过交易所集团厂库每日在交易所网站公布的异地提货升贴水，境内投资者也能够直观的了解相关产品的境内外价差等信息，这些信息可以帮助投资者更好的参与相关合约的交易。

复瑞渤商贸新加坡有限公司

此次顺利开展上海国际能源交易中心低硫燃料油期货“境内交割+境外提货”业务，是中国期货市场交割国际化路程中的一次里程碑事件，是中国期货品种提升对外开放程度和国际定价影响力的重要举措，是中国期货品种直接服务“一带一路”互联互通的成果展示，也是中国期货品种响应国内国际双循环相互促进新格局的具体实践。

复瑞渤商贸新加坡有限公司与其战略合作伙伴印尼国家石油公司国际营销和贸易部门于2021年1月20日在新加坡UT仓储码头提货1000吨低硫燃料油。此次1000吨低硫燃料油源自上海国际能源交易中心低硫燃料油期货合约境外交收库，将在新加坡海峡南岸的印尼桑布岛完成拼货之后供应船用燃料油市场。展望未来，复瑞渤计划通过低硫燃料油期货境外提货这一通道，不断优化自身的物流成本和库存配置，并考虑择机作为上期能源的集团交割中心，进一步参与低硫燃料油期货跨境交收业务。

中基资源新加坡有限公司

中基集团新加坡子公司顺利参与了上海国际能源交易中心低硫燃料油期货首批“境内交割、境外提货”业务，于新加坡UT仓储码头提货1000吨低硫燃料油。

中基资源新加坡有限公司认为，低硫燃料油期货“境内交割+境外提货”业务的开展是中国衍生品市场更高水平开放发展的一个有力证明。该业务模式能够为实体经济拓宽贸易渠道、提升资源配置效率赋能，实现国内国际、期货现货、线上线下联动的多层次风险管理，有利于行业形成更科学合理的定价机制，助推提升中国重要大宗商品定价影响力。

中基集团加入国际油品贸易行业后，迅速在新加坡配置了国际化交易、贸易团队，开展低硫燃料油相关业务。低硫燃料油跨境交收业务的推出，也帮助中基集团打开新的业务发展思路和转型方向，有利于促进集团境内外团队的融合共建。2021年，中基集团计划继续通过跨境交收新渠道，更多地参与国际油品贸易，进一步统筹国内国际两个市场资源。