(1)The existing platform trading, settlement, delivery, risk control and other basic systems will remain unchanged.

At the PTA sub-forum of the 3rd China (Zhengzhou) International Futures Forum held today, the person in charge of ZCE said that the basic system of trading, settlement, delivery, risk control and so on will remain unchanged in the introduction of PTA futures to foreign investors.

From the overall plan announced, the existing platform trading, settlement, delivery, risk control and other basic systems will remain unchanged. Among them, both domestic and overseas customers need to meet the standards of adequacy. In terms of settlement, foreign currencies can be used as margin in RMB. Bonded delivery and tax payment delivery coexist in delivery. Futures margin system, rise and fall stop board system and one yard system are implemented in risk control.

(2) PTA international participants: both domestic and overseas customers need to meet the standards of appropriateness.

"PTA futures are introduced to overseas investors, and both domestic and overseas customers need to meet the standards of adequacy." The person in charge of ZCE said that we must meet the standard. Among them, we should have the basic knowledge of futures, understand the relevant business rules of the specific varieties of the exchange and pass relevant tests; the available capital balance is not less than RMB 100,000 or equivalent foreign currency, and have the domestic or foreign futures trading record in the last three years. Compliance Integrity: The opening institution should conduct a comprehensive assessment of the integrity of the trader, and may require the trader to issue a written commitment. "Unit traders should have relevant systems such as internal control and risk management involved in futures trading, and have sound information notification system. Clients from overseas natural persons and units can participate." Exchange related personnel said.

(3)Internationalization of PTA is denominated in RMB, and foreign currency is a margin deposit.

From the perspective of the announced scheme, the introduction of PTA futures into the settlement management of foreign investors is not to change the existing settlement system, the secondary settlement system remains unchanged, only to increase the type of offset: USD offset.

The relevant person in charge of ZCE said that in order to guarantee the capital landing, the exchange and the futures company opened the foreign exchange special settlement account and the foreign exchange margin special account respectively in the depository bank; the overseas trader and the overseas brokerage institution opened the NRA account. Initially, only US dollars are allowed to offset the margin, with a discount rate of 0.95; the settlement currency is RMB. Members are required to settle and sell foreign exchange for the handling fees, profits and losses, fees, delivery payments, taxes and other related funds of their overseas customers, and the handling methods and time of foreign currency import and export payments are the same as RMB. Foreign traders can choose currency.

(4) PTA international bonded delivery and dutiable delivery coexist.

"PTA internationalization carries out bonded delivery and guarantees bonded storage capacity." The person in charge of ZCE introduced that the bonded delivery warehouse guarantees the bonded storage capacity, but does not guarantee that there are enough bonded warehouse receipts. From the specific delivery process, foreign natural persons are not allowed to enter the delivery month, follow the three-day delivery method, when the last trading day of centralized pairing, increase the PTA bonded warehouse receipts priority allocation to foreign buyers link, foreign buyers in accordance with the "long-term priority" pairing principle priority allocation bonded warehouse receipts.

The solution to the problem of insufficient bonded warehouse receipts is corresponding to the export service provider before the delivery of the warehouse receipts: foreign traders can complete the delivery through the export service agent recommended by the exchange, and then export the goods to the designated destination, the cost is determined by the two parties through consultation, after the delivery of the warehouse receipts, the need for auction: foreign traders paired to: When the warehouse receipt is completed, the exchange may choose to auction the warehouse receipt, and the profit or loss of the auction (the price difference between the auction price and the settlement price) shall be borne by the overseas trader.

(5)The risk control system is mature and efficient, and the futures margin system is strictly enforced.

In the aspect of PTA's introduction of overseas traders' risk control management, ZCE said that the current risk control system is mature and efficient, strictly implementing the futures margin system, the trading board system, the one-account-one-code system, the holding quota system, large household reporting system and so on. ZCE will actively implement the appropriateness review of overseas traders, real-name account opening, the relationship between actual controlling of the account and its declaration; strengthen the management of funds and accounts and margin closed operation.

"The objective of PTA futures to be introduced into overseas traders is to create a risk management platform for leading industries and a world-renowned commodity pricing center, to provide pricing benchmarks and hedging tools for domestic and foreign enterprises, to promote the effective allocation of resources worldwide, and to maintain the stable and healthy development of related industries." The person in charge of ZCE said that next, ZCE will further improve the relevant rules of PTA introduction to foreign traders, carry out joint market testing, promote foreign traders to be familiar with trading rules and systems, strengthen the study of oversea supervision system and traders' behavior, and ensure smooth operation of the market after opening up, relying on direct or inter-market testing.

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