上期所业务规则国际化改造总体思路及主要内容

The Overall Approach and Main Content of the internationalization transformation of the business rules of the Shanghai Futures Exchange.

5月27日，上期所公告，为服务国家高水平对外开放战略，助力上海国际金融中心建设，提升重要大宗商品价格影响力，上海期货交易所围绕加强监管、防范风险、促进期货市场高质量发展这一主线，立足中国特色期货监管制度，拟对现行业务规则进行系统性国际化改造，全面引入境外参与者全流程参与境内期货市场，着力构建一套与上海期货交易所平台国际化相适应的安全、规范、透明、开放、可预期的制度体系，推动上海期货交易所高水平制度型开放。根据《中华人民共和国期货和衍生品法》《期货交易管理条例》《期货交易所管理办法》等有关法律、法规和规章，现就业务规则国际化草案向社会公开征求意见。

On May 27, the Shanghai Futures Exchange (SHFE) announced that, in order to serve the national strategy of high-level opening up to the outside world, support the construction of Shanghai as an international financial center, and enhance the influence of important bulk commodity prices, the SHFE, focusing on strengthening regulation, preventing risks, and promoting high-quality development of the futures market, and based on the Chinese characteristic futures regulatory system, plans to conduct a systematic internationalization transformation of its existing business rules. This initiative aims to fully introduce overseas participants to participate in the domestic futures market, and to build a comprehensive system of rules that are secure, standardized, transparent, open, and predictable, in line with the internationalization of the SHFE platform, thereby driving high-level institutional opening up of the SHFE. In accordance with relevant laws, regulations, and rules, including the "Futures and Derivatives Law of the People's Republic of China," the "Regulation on the Administration of Futures Trading," and the "Measures for the Administration of Futures Exchanges," the SHFE is now publicly soliciting opinions from society on the draft of the internationalization of business rules.

业务规则国际化改造总体思路为：一是实现上期所平台国际化，全面引入境外参与者，打通境外参与者参与期货交易全流程。二是助力提升人民币国际化程度，实行人民币计价，外汇作为保证金等制度。三是探索中国特色期货监管制度和业务模式，完善交割制度，为未来上期所品种国际化提供可借鉴可复制经验。

The overall approach to the internationalization transformation of the business rules is as follows:
1. To achieve the internationalization of the SHFE platform by fully introducing overseas participants and facilitating their full participation in futures trading.
2. To support the internationalization of the RMB by implementing RMB pricing and allowing foreign exchange as margin.
3. To explore a Chinese-characteristic futures regulatory system and business model, and to improve the delivery system, thereby providing replicable and reference-worthy experiences for the future internationalization of SHFE products.

国际化改造的主要内容涉及市场准入制度、交易制度、风险控制制度、结算制度以及交割制度等五个方面。

The main content of the internationalization transformation covers five areas: market access system, trading system, risk control system, settlement system, and delivery system.

以下是《关于上海期货交易所业务规则国际化改造的情况说明》全文：

The following is the full text of the "Explanation on the Internationalization Transformation of the Business Rules of the Shanghai Futures Exchange" :

为服务国家高水平对外开放战略，助力上海国际金融中心建设，提升重要大宗商品价格的国际影响力，上海期货交易所（以下简称上期所）围绕加强监管、防范风险、促进期货市场高
质量发展这一主线，立足中国特色期货监管制度，拟对现行 34 项第二层级业务规则进行系统性国际化改造，全面引入境外特殊参与者、境外中介机构和境外客户（以下统称境外参与
者）全流程参与境内期货市场，着力构建一套与上期所平台国际化相适应的安全、规范、透明、开放、可预期的制度体系。具体改造情况说明如下：

In order to serve the national strategy of high-level opening up to the outside world, support the construction of Shanghai as an international financial center, and enhance the international influence of important bulk commodity prices, the Shanghai Futures Exchange (hereinafter referred to as SHFE) has planned a systematic internationalization transformation of its current 34 second-tier business rules. This initiative is centered around strengthening regulation, preventing risks, and promoting high-quality development of the futures market, and is based on the Chinese-characteristic futures regulatory system. The goal is to fully introduce overseas special participants, overseas intermediaries, and overseas clients (hereinafter collectively referred to as overseas participants) to participate in the domestic futures market throughout the entire process, and to build a comprehensive system of rules that are secure, standardized, transparent, open, and predictable, in line with the internationalization of the SHFE platform. The detailed explanation of the transformation is as follows:

一、规则国际化改造的总体思路

I. General Approach to the Internationalization of Business Rules

上期所业务规则国际化改造旨在打通境外参与者参与期货交易全流程，修订完善市场准入、交易、结算、风险控制、交割五大板块内容，明确境外参与者准入规范，优化期货期权交易
流程，构建委托结算分级结算制度，强化风险控制体系，健全交割机制。业务规则国际化改造总体思路为：一是实现上期所平台国际化，全面引入境外参与者，打通境外参与者参与期
货交易全流程。二是助力提升人民币国际化程度，实行人民币计价，外汇作为保证金等制度。三是探索中国特色期货监管制度和业务模式，完善交割制度，为未来上期所品种国际化提供可借鉴可复制经验。

The internationalization of the SHFE business rules aims to facilitate the full participation of overseas participants in futures trading, revise and improve the content of five major areas—market access, trading, settlement, risk control, and delivery—and clarify the entry standards for overseas participants. It also seeks to optimize the trading process for futures and options, establish a tiered settlement system, enhance the risk control framework, and improve the delivery mechanism.
The overall approach to the internationalization of business rules is as follows:
1. To achieve the internationalization of the SHFE platform by fully introducing overseas participants and facilitating their full participation in futures trading.
2. To support the internationalization of the RMB by implementing RMB pricing and allowing foreign exchange as margin.
3. To explore a Chinese-characteristic futures regulatory system and business model, and to improve the delivery system, thereby providing replicable and reference￾worthy experiences for the future internationalization of SHFE products.

上期所规则国际化改造主要涉及制定、修订34项第二层级业务规则，具体包括：制定1项业务管理办法即《上海期货交易所境外特殊参与者管理办法》。修订15项业务管理办法包
括《上海期货交易所会员管理办法》《上海期货交易所交易管理办法》《上海期货交易所结算管理办法》等。修订18项已上市品种期货业务细则包括《上海期货交易所阴极铜期货业务细则》《上海期货交易所铝期货业务细则》《上海期货交易所锌期货业务细则》等。

The internationalization transformation of the SHFE rules mainly involves the formulation and revision of 34 second-tier business rules, which are specifically as follows:

1. Formulating 1 Business Management Method, namely the "Overseas Special Participants Management Rules of the Shanghai Futures Exchange."
2. Revising 15 Business Management Methods, including the "Membership
Management Rules of the Shanghai Futures Exchange," "Trading Rules of the Shanghai Futures Exchange," "Clearing Rules of the Shanghai Futures Exchange," and others.
3. Revising 18 Futures Business Details for Listed Products, including the "Copper Cathode Futures of the Shanghai Futures Exchange," "Aluminum Futures Rules of the Shanghai Futures Exchange," "Zinc Futures Rules of the Shanghai Futures Exchange," and others.

二、规则国际化改造的主要内容

II. Main Content of the Internationalization Transformation of the Rules

（一）市场准入制度方面，全面规定境外参与者参与境内期货交易的准入条件、权利义务和有关要求

(1) In terms of market access system, the transformation comprehensively stipulates the entry conditions, rights and obligations, and relevant requirements for overseas participants to engage in domestic futures trading.

规则国际化改造明确境外特殊参与者、境外中介机构的资格条件、权利义务和业务规范，建立境外客户适当性标准，规范开户机构（即期货公司会员、境外特殊经纪参与者、境外中介机构，下同）适当性评估和管理义务，制定期货公司会员、境外特殊经纪参与者代理境外中介机构业务的管理规定。

The internationalization of the rules clarifies the qualification requirements, rights and obligations, and business norms for overseas special participants and overseas intermediary institutions. It establishes suitability standards for overseas clients and regulates the suitability assessment and management responsibilities of account -
opening institutions (i.e., futures company members, overseas special brokerage participants, and overseas intermediary institutions, hereinafter the same). It also formulates regulations for futures company members and overseas special brokerage participants to act as agents for the business of overseas intermediary institutions.

相应制定《上海期货交易所境外特殊参与者管理办法》，修订《上海期货交易所会员管理办法》《上海期货交易所期货交易者适当性管理办法》。

Accordingly, the "Overseas Special Participants Management Rules of the Shanghai Futures Exchange" will be formulated, and the "Membership
Management Rules of the Shanghai Futures Exchange" and the "Futures Trading Participant Eligibility Management Rules of the Shanghai Futures Exchange" will be revised.

（二）交易制度方面，系统增加境外参与者全流程参与境内期货交易的业务规范

(2) In terms of the trading system, the transformation systematically adds business norms for overseas participants to engage in domestic futures trading throughout the entire process.

规则国际化改造强化境外参与者席位、交易编码管理及境外开户机构开户管理要求，增加境外客户、境外特殊非经纪参与者申请套期保值、套利交易额度管理要求，规范境外参与者期权交易、行权与履约管理要求，健全信息披露制度。

The internationalization of the rules strengthens the management requirements for the trading seats and trading codes of overseas participants, as well as the account -
opening management requirements for overseas account-opening institutions. It also adds requirements for overseas clients and overseas special non-brokerage participants to apply for hedging and spread trading quotas, standardizes the management requirements for options trading, exercise, and fulfillment by overseas participants, and improves the information disclosure system.

相应修订《上海期货交易所交易管理办法》《上海期货交易所期权交易管理办法》《上海期货交易所套期保值交易管理办法》《上海期货交易所套利交易管理办法》《上海期货交易所做市商管理办法》《上海期货交易所信息管理办法》。

The following regulations will be revised accordingly: "Trading Rules of the Shanghai Futures Exchange"、"Options Trading Rules of the Shanghai Futures Exchange",
"Hedging Trading Rules of the Shanghai Futures Exchange", " Arbitrage Trading Rules of the Shanghai Futures Exchange", "Market-Making Management Rules of the Shanghai Futures Exchange" and "Information Management Rules of the Shanghai Futures Exchange".

（三）风险控制制度方面，细化完善境外参与者参与境内期货交易的风险管理规范

(3) In terms of the risk control system, the transformation refines and improves the risk management regulations for overseas participants engaging in domestic futures trading.

规则国际化改造增加境外参与者持仓限额标准，明确境外参与者大户持仓报告阈值，细化强行平仓情形，完善境外参与者实际控制关系报备流程，明晰对境外参与者异常交易行为处理，界定境外参与者违规情形与处理措施，优化持仓属性及其应用场景。

The internationalization of the rules adds position limit standards for overseas participants, specifies the reporting thresholds for large positions held by overseas participants, details scenarios for forced liquidation, improves the reporting process for actual control relationships involving overseas participants, clarifies measures for addressing abnormal trading behaviors by overseas participants, defines violations and corresponding measures for overseas participants, and optimizes position attributes and their application scenarios.

相应修订《上海期货交易所套期保值交易管理办法》《上海期货交易所套利交易管理办法》《上海期货交易所期权交易管理办法》《上海期货交易所实际控制关系账户管理办法》《上海期货交易所风险控制管理办法》《上海期货交易所异常交易行为管理办法》《上海期货交易所违规处理办法》和 18 个品种期货业务细则。

The following regulations will be revised accordingly: the " Hedging Trading Rules of the Shanghai Futures Exchange", " Arbitrage Trading Rules of the Shanghai Futures Exchange", " Options Trading Rules of the Shanghai Futures Exchange", "Administration of Accounts Involving Actual Control Relationship Rules of the Shanghai Futures Exchange ", "Risk Management Rules of the Shanghai Futures Exchange", the " Administration of Abnormal Trading Behaviors Rules of the Shanghai Futures Exchange", the "Enforcement Rules of the Shanghai Futures Exchange," and the business details for 18 varieties of futures.

（四）结算制度方面，健全人民币计价、外汇作为保证金制度，增加分级结算、委托结算制度，完善结算账户和资金往来管理制度

(4) In terms of the settlement system, the transformation improves the RMB - denominated settlement and foreign exchange - as - margin systems, adds tiered and commissioned settlement systems, and refines the management of settlement accounts and fund flows.

规则国际化改造确立人民币作为上期所结算币种，增加外汇作为保证金的资产类型，明确强制换汇规定；完善分级结算内容，增加委托结算制度；明确上期所、会员、境外特殊参与者、境外中介机构、客户期货结算账户类型及其账户资金往来相关管理规定。

The internationalization of the rules establishes the RMB as the SHFE settlement currency, expands margin asset types to include foreign exchange, and specifies mandatory exchange requirements. It enriches tiered settlement content, incorporates a commissioned settlement system, and clarifies management regulations related to the types of futures settlement accounts and fund flows for the SHFE, members, overseas special participants, overseas intermediary institutions, and clients.

相应修订《上海期货交易所结算管理办法》《上海期货交易所指定存管银行管理办法》。

The "Clearing Rules of the Shanghai Futures Exchange" and the "Designated Depository Banks Rules of the Shanghai Futures Exchange" will be revised accordingly.

（五）交割制度方面，梳理完善不可交割持仓情形和相应处理流程，加强期货交易全流程闭环管理

(5) In terms of the delivery system, the transformation clarifies and improves scenarios of non - deliverable positions and corresponding handling processes, strengthening the closed - loop management of the entire futures trading process.

一是完善不可交割持仓情形，包括自然人客户持仓、非交割单位整倍数持仓、不能交付或接受上期所规定发票的单位客户持仓、最后交易日前未开立标准仓单管理系统账户持仓及上期所认定的其他持仓。

First, the scenarios of non - deliverable positions are improved. These include positions held by individual clients, non - delivery - unit - multiple positions, positions held by institutional clients who cannot provide or accept invoices specified by the SHFE, positions not registered in the standard warehouse receipt system before the last trading day, and other positions identified by the SHFE.

二是明确不可交割持仓的处理，即最后交易日结算完成后，上期所对不可交割持仓所属的买卖双方分别处以按交割结算价计算的合约价值 20%的违规惩罚金。上期所根据买卖双方持有的不可交割持仓数量差额，按最大持仓原则，向持仓方向相反的可交割方支付按交割结算价计算的合约价值 20%的金额，了结上述持仓并不进入交割流程。

Second, the process for handling non - deliverable positions is clarified. After the final settlement on the last trading day, the SHFE imposes a penalty of 20% of the contract value, calculated based on the delivery settlement price, on both parties holding non - deliverable positions. According to the difference in the number of non - deliverable positions held by the two parties, the SHFE pays an amount equal to 20% of the contract value, calculated at the final settlement price, to the deliverable party with the opposite position direction, following the principle of maximum position. This serves to close out the relevant positions without entering the delivery process.

相应修订《上海期货交易所交割管理办法》。

The "Delivery Rules of the Shanghai Futures Exchange" will be revised accordingly.