On November 9, Zhengzhou Commodity Exchange (CZCE)issued relevant rules and amendments for PTA futures to introduce foreign traders. PTA futures formally entered the substantive operation stage. Foreign traders can participate in PTA futures trading from November 30.

Introducing foreign traders, PTA futures have made great changes and innovations in trader suitability, participation model, settlement and delivery.

Unlike in the past, due to the addition of specific trader suitability requirement, traders in new PAT accounts need to pass the suitability knowledge test; have futures trading records in the last three years; available funds (RMB or foreign currency equivalent) under the trader’s margin account for the 5 consecutive trading days before application for trading code were RMB 100,000

In the participation model, the foreign trader can open an account directly through the domestic Futures Company, or by overseas brokers entrust the domestic Futures Company. These two ways enable foreign traders to participate in futures more flexibly.

According to the settlement rules, RMB is still the exchange settlement currency after the introduction of foreign traders, but foreign exchange funds can be used to pledged the margin, which greatly increases the convenience of foreign traders to participate in PTA futures. For depository banks, the Bank of China has become the first bank to be allowed to deposit futures margins for foreign traders.

In addition, PTA futures allowed the registration of bonded receipts and increased the mode of bonded delivery. At the same time, through system innovation, CZCE has solved the problems that foreign traders may face under the circumstances of insufficient export and bonded receipts not enough. According to the delivery rules, if the overseas buyer allocates the PTA bonded receipt, the exchange organizes the receipt auction, and the profits and expenses arising from the auction shall be borne by the overseas buyer. At the same time, according to the "Notice on Collecting PTA Export Service Providers", export service providers can provide PTA futures agent delivery, receipt cancellation and goods export services for overseas buyers. Overseas buyers can choose to negotiate and sign agency agreements with export service providers, so as to effectively solve the problem of PTA export.
The responsible person of CZCE said that Exchange will strive to do a good job in the follow-up work of introducing foreign traders, constantly improve the futures contracts and related rules, ensure the smooth operation of the futures market, and better realize the function of price discovery and risk aversion.

PTA期货引入境外交易者相关规则出炉

11月9日，郑州商品交易所（简称“郑商所”）向市场发布了PTA期货引入境外交易者相关规则及修正案，PTA期货正式进入引入境外交易者的实质性操作阶段，境外交易者可于11月30日起参与PTA期货交易。
记者发现，PTA期货在引入境外交易者后，在投资者适当性、参与模式、结算和交割等方面有了较大的变化和创新。
与以往不同，由于新增了特定品种的交易者适当性管理办法，新开户的PTA交易者需要通过中期协的适当性知识测试、最近三年内具备期货交易记录、申请交易编码或开通交易权限前5个交易日每日结算后保证金账户可用资金余额均不低于人民币10万元或者等值外币等条件。
在参与模式方面，境外交易者既可以通过境内期货公司直接开户，也可以通过境外的经纪机构转委托境内期货公司开户。两种途径的设定，使得境外交易者参与期货的方式更加灵活。
根据结算细则，引入境外交易者后人民币仍然是交易所结算币种，但外汇资金可以充抵保证金，大大增加了境外交易者参与PTA期货的便利度。存管银行方面，中国银行成为首批获准从事境外客户期货保证金存管业务的银行。
此外，PTA期货允许注册保税仓单，并增加了保税交割方式。同时郑商所通过制度创新，解决了境外交易者在出口和保税仓单不足等情况下可能面临的问题。根据交割细则，境外买方分配到PTA完税标准仓单的，交易所组织仓单竞卖，竞卖产生的损益和费用由境外买方承担。同时，根据此次发布的《关于征集PTA出口服务商的通知》，出口服务商可以为境外买方提供PTA期货代理交割、仓单注销和货物出口等服务。境外买方可以选择与出口服务商协商签订代理协议，从而有效地解决需要自己面对PTA出口的难题。
郑商所相关负责人表示，郑商所将努力做好引入境外交易者的后续工作，不断完善期货合约和相关规则，保障期货市场平稳运行，更好的实现价格发现和规避风险的功能。