On September 13, 2017, DCE issued the new rules for iron ore delivery and decided to start from the I1809 contract. Now, the iron ore 09 contract is about to enter the delivery month, the industrial customers participate in the delivery, we need to pay attention to the following aspects:

Need to know the modification of quality standards for iron ore deliveries by DCE. After modifying the delivery quality standard of iron ore futures, the mainstream ore with medium high iron content and low impurity content will meet the new delivery standard requirements, which has greatly improved the delivery quality of iron ore. In addition, the representativeness of futures prices will also be improved. The new standard limits the convenience of non-mainstream mining, and the probability of futures price pegging to the benchmark will be increased, so as to improve the representativeness of futures prices.

Need to be familiar with iron ore futures delivery related rules. As an important part of the introduction of iron ore futures to foreign traders, iron ore futures bonded delivery business rules have been officially announced recently. The person in charge of the DCE said that after the introduction of foreign traders, iron ore futures contracts remain unchanged, valuation currencies remain unchanged, foreign traders can participate in the delivery of iron ore futures through the bonded delivery system. Compared with the bonded delivery system issued in February 2016, the bonded delivery system has been adjusted and supplemented in the aspects of invoice issuing, bonded delivery payment settlement, bonded warehouse receipt transfer rules, bonded delivery pairing logic and so on. According to reports, in order to facilitate foreign traders to participate in bonded delivery, the design of the iron ore bonded delivery system by DCE mainly consider three factors. First, the unification of the open delivery mode for specific varieties. The revised bonded delivery of iron ore is similar to the delivery process of crude oil futures in respects of discount settlement, invoice issuing method, payment process and so on. It is convenient for foreign traders to participate in the delivery of domestic specific varieties to understand the rules and be familiar with business. Second, business innovation, in view of iron ore spot trade, bonded delivery and tax payment delivery coexistence characteristics of innovative design, provide warehouse receipt replacement, offshore traders as buyers to participate in the delivery of warehouse receipts may receive doubts. Third, clear tax operations and cross-border payment management, iron ore futures bonded delivery business in 2016, the actual amount of bonded delivery is less, in addition to the domestic customer demand for bonded delivery is not large, it is important that domestic enterprises participate in bonded delivery in the issue of tax tickets and the lack of clear financial declaration. As a rule, DCE take advantage of the opportunity of internationalization of iron ore futures to coordinate the relevant ministries and commissions of finance, taxation, foreign management and other relevant provisions, and to clarify the relevant operation of the market.

To this end, DCE in the bonded delivery business launched a series of institutional innovation measures. The person in charge introduced that in the new system, foreign traders and foreign brokers can use receipt certificates as bills issued to the members of the seller to improve the convenience of bill processing, while domestic entities use VAT invoices to facilitate the unified management of tax departments. At the same time, the introduction of warehouse receipt replacement business to ensure that foreign buyers receive bonded warehouse receipts, domestic customers to participate in the delivery of tax business process basically unchanged. In order to adapt to the new changes in the participation of foreign traders in bonded delivery of iron ore, DCE revised the rules concerning invoice issuance and payment of goods for bonded delivery of iron ore. For invoice issuing, bonded delivery of iron ore adopts the mode of five-party opposite, that is, the exchange issues invoices to the buyer's members and receives invoices from the seller's members; the buyer's members issue invoices to the buyer's customers and the seller's customers issue invoices to the seller's members. The system avoids the exposure of buyers and sellers' customers, and dispel the concerns of overseas traders. Except that foreign traders or foreign brokers as sellers can use receipt certificates to issue invoices to their members, ordinary VAT invoices are used in all other links.

At present, bonded delivery business is only carried out in Dalian Port, and will be gradually expanded to other ports in the future to facilitate customer participation. In addition, in recent years, Dalian Port has become an important bonded mineral center of Vale in China, and the scale of mineral blending has gradually increased. This part of the goods is also included in the bonded delivery scope, to ensure that the bonded warehouse receipts available for registration of the spot quantity to meet customer bonded delivery needs.

Appendix:

Overseas customers can only deliver bonded warehouse receipts, how to ensure that foreign buyers receive bonded warehouse receipts?

1. Pairing Principle: Bonded warehouse receipts are given priority to overseas customers, and the insufficient parts of the bonded warehouse receipts are provided by warehouse receipts replacement business.

2. Warehouse receipt replacement: the warehouse receipt service provider registered bonded warehouse receipt, and domestic delivery of the seller's tax payment warehouse receipt replacement, delivery of the seller's replacement bonded warehouse receipt, paired delivery to the overseas buyer, is actually two warehouse receipts transfer.

铁矿石 1809 合约交割的注意事项

2017 年 9 月 13 日大商所发布铁矿石交割新规，并确定从I1809合约开始执行。如今，铁矿石 09 合约即将进入交割月，产业客户参与交割，需要注意以下几个方面：

需要熟悉大商所对铁矿石交割质量标准的修改。

铁矿石期货修改交割质量标准后，符合交割标准要求的将是中高铁含量、低杂质含量的主流矿种，这对于铁矿石的交割品质有了较大的提升。另外，期货价格的代表性也将有所提高，新的标准限制了非主流矿的交割便利性，期货价格盯住基准品的概率提高，从而提高期货价格代表性。

需要熟悉铁矿石期货保税交割业务相关规则.

作为铁矿石期货引入境外交易者的重要组成部分，近日铁矿石期货保税交割业务相关规则已正式对外公布。大商所相关负责人表示，引入境外交易者后铁矿石期货合约不变、计价币种保持人民币不变，境外交易者可以通过保税交割制度参与铁矿石期货交割。与2016年2月发布的保税交割制度相比，本次保税交割制度在发票开具、保税交割货款结算、保税仓单转让规则、保税交割配对逻辑等方面进行了调整和补充。

据介绍，为便利境外交易者参与保税交割，大商所在设计铁矿石保税交割制度时主要考虑三方面因素。一是特定品种对外开放交割方式的统一性，修改后的铁矿石保税交割在升贴水结算、发票开具方式、货款缴纳流程等方面与原油期货交割流程类似，便于境外交易者参与境内特定品种交割理解规则，熟悉业务。二是业务创新性，针对铁矿石现货贸易、保税交割与完税交割共存的特点进行创新设计，提供仓单置换，打消境外交易者作为买方参与交割时可能接到完税仓单的疑虑。三是明确税务操作和跨境货款的管理，2016 年铁矿石期货保税交割业务推出后，实际保税交割量较少，除了国内客户对保税交割需求不大外，很重要的一点就是国内企业在参与保税交割时在税票开具和资金申报方面缺乏明确的操作规程，大商所借助铁矿石期货国际化的契机，协调财税、外管等相关部委出台相关规定，对市场明确了有关操作。

为此，大商所在保税交割业务推出了一系列制度创新举措。这位负责人介绍，新制度中，境外交易者、境外经纪机构可使用收款凭证作为开给卖方会员的票据，提高票据处理的便利性；而境内主体统一使用增值税普通发票，便于税务部门统一管理。同时，推出仓单置换业务，确保境外买方客户接到保税仓单，境内客户参与完税交割业务流程基本不变。 为适应境外交易者参与铁矿石保税交割的新变化，大商所对铁矿石保税交割的发票开具和货款收付相关规则进行修改。发票开具方面，铁矿石保税交割采取五方对开的模式，即交易所向买方会员开具发票，向卖方会员收取发票；买方会员向买方客户开具发票，卖方客户向卖方会员开具发票。该制度避免了买卖双方客户信息暴露，打消境外交易者的顾虑。除境外交易者或者境外经纪机构作为卖方向会员开具发票可以用收款凭证外，其余环节均使用增值税普通发票。

目前，保税交割业务只在大连港开展，未来会逐步扩大到其他港口，便利客户参与。此外，大连港近年来成为淡水河谷在中国重要的保税混矿中心，混矿规模逐步提升。这部分货物也被纳入到保税交割范围内，保证了可供注册保税仓单的现货量，满足客户保税交割需求。

附：

境外客户仅能进行保税仓单的交割，如何确保境外买方接到保税仓单？

1、配对原则：保税仓单优先配对给境外客户，保税仓单不足部分由仓单置换业务提供；

2、仓单置换：仓单服务商注册保税仓单，与境内交割卖方的完税仓单置换，交割卖方持置换后的保税仓单，配对交割给境外买方，实质是两笔仓单转让。

copyright by fangquant.com