Zhu Fang, director of the Information and Marketing Department of the China Petroleum and Chemical Industry Federation, said that the internationalization of PTA futures is expected to make it a benchmark for Asia-Pacific and even global prices.

“After the internationalization of PTA futures, we discovered in the recent inspection process in Singapore that many PTA companies regard Singapore as a settlement place, and the internationalization of PTA can play a big role in the ‘going out’ of our products and the ‘introduction’ of our customers.” One Futures company general manager said.

Mercuria is a global commodity trader with a focus on commodities trading and related strategic asset investments. The products involved are energy, chemical, non-ferrous, black and carbon-reducing products. In recent years, annual sales have remained above $100 billion. The current business covers more than 50 regions around the world, more than 1,000 employees, has acquired a spot department of JP Morgan Chase North America, and participated in domestic crude oil terminal and warehousing investment.

Wang Yang, a derivative trader of Swiss Mercuria Energy Trading Co., Ltd., said, “Mercuria attaches great importance to the Chinese market. And established a branch at the beginning of entering China, and also the first participant in the internationalization of crude oil futures and iron ore futures this year. We have also been paying attention to the internationalization process of PTA futures. It has the best liquidity in domestic chemicals, and the volume and open interest are very good, and it is very well combined with the spot. We hope to participate directly in the PTA futures trading through the overseas companies of Mercuria for hedging. We also expected that the Zhengzhou Commodity Exchange will promote the internationalization of more energy and chemical products.”

Xu Jien, deputy general manager of Yisheng Petrochemical Marketing Center, said, “The introduction of foreign traders will help to optimize the structure of domestic PTA futures market participants, thus forming a more extensive and representative pricing benchmark and price realization mechanism. Improve the responsibility of overseas related enterprises for PTA futures prices and enhance the pricing influence of PTA futures in the world. At the same time, it can further promote the growth of international trade in PTA products and polyester products.”

“This time, Yisheng Dahua Petrochemical Co., Ltd. is honored to be the first export service provider recommended by Zhengzhou Commodity Exchange. We will also actively cooperate with PTA futures to introduce overseas traders and play a good role as an export service provider. We are willing to provide a series of business supporting services such as agent delivery and export for overseas users who deliver and trade in China's PTA futures market.” Xu Jien said.

There are three reasons for choosing PTA futures for international varieties.

First of all, the international trade volume of PTA's upstream and downstream products is relatively large, and the major trading countries are all located along the “Belt and Road”, which is completely consistent with China's “Belt and Road” initiative. Although the import volume of PTA is not large, the international trade volume of upstream raw materials such as PX and downstream raw materials such as filament, staple fiber and bottle flakes closely related to PTA is very large. In 2017, China imported 14.43 million tons of PX, with an import dependence of 59%. China's exports of polyester products reached 5.47 million tons, accounting for 15% of domestic production, and the export of bottle flakes was close to 50%. Therefore, such an industrial status also determines that PTA should become an open variety, and hopes to provide a better risk management tool for countries along the “Belt and Road” to help related companies better use the futures market hedging.

Second, there are real needs in overseas companies. Overseas companies such as GSI of Italy have repeatedly submitted to Zhengzhou Commodity Exchange on different occasions, hoping that PTA futures will be open to the outside world so that they can participate. These companies have also visited the Zhengzhou Commodity Exchange many times to understand the progress of our opening up work and exchange relevant business details. Therefore, from this perspective, the demand of foreign companies is also the foothold of the ZCE to promote the internationalization of PTA futures.

Third, PTA futures have been on the market for 12 years, and the operation is very stable, especially in recent years, the function is also very good. In 2017, the average daily trading volume of PTA futures was 575,000 lots, and the average daily open interest was 1.08 million lots. In 2018, as of the end of November, the average daily trading volume of PTA futures was 665,000 lots, and the average daily open interest was 0.8 million lots. The market size and liquidity of PTA futures can fully meet the needs of various international investors for risk management. In addition, the correlation between PTA futures and spot prices has been around 0.99 for a long time. 90% of manufacturing companies, trading companies and 80% of polyester companies are using PTA futures for hedging. Moreover, in the functional evaluation organized by the China Securities Regulatory Commission Futures Department each year, PTA futures have been stable in the first echelon for many years, ranking the best in chemical products. For such a variety, Zhengzhou Commodity Exchange also wants to introduce it to investors in the international market, sharing hedging, risk management, and ssset allocation.

附：中英文对照

中国石油和化学工业联合会信息与市场部主任祝昉表示，PTA期货的国际化，有望使其成为亚太甚至全球的价格基准。

Zhu Fang, director of the Information and Marketing Department of the China Petroleum and Chemical Industry Federation, said that the internationalization of PTA futures is expected to make it a benchmark for Asia-Pacific and even global prices.

“PTA期货国际化落地之后，我们近期在新加坡考察过程中发现，很多PTA企业把新加坡当作结算地，PTA的国际化可以为我们商品‘走出去’和客户‘引进来’起到非常大的作用。”某期货公司总经理说。

“After the internationalization of PTA futures, we discovered in the recent inspection process in Singapore that many PTA companies regard Singapore as a settlement place, and the internationalization of PTA can play a big role in the ‘going out’ of our products and the ‘introduction’ of our customers.” One Futures company general manager said.

摩科瑞是一家全球性大宗商品贸易商，主要业务包括大宗商品贸易以及相关战略资产投资，涉及到的品种有能源、化工、有色、黑色以及碳减排产品，近年来,年销售额保持在一千亿美元以上，目前业务覆盖全球50多个地区，员工超过一千多人，先后收购了摩根大通北美的一个现货部门，以及参与了国内原油码头和仓储投资。

Mercuria is a global commodity trader with a focus on commodities trading and related strategic asset investments. The products involved are energy, chemical, non-ferrous, black and carbon-reducing products. In recent years, annual sales have remained above $100 billion. The current business covers more than 50 regions around the world, more than 1,000 employees, has acquired a spot department of JP Morgan Chase North America, and participated in domestic crude oil terminal and warehousing investment.

瑞士摩科瑞能源贸易有限公司衍生品交易员王阳表示：“摩科瑞高度重视中国市场，并在进入中国之初就建立了分公司，也是今年原油期货以及铁矿石期货国际化的首批参与者。我们也一直关注PTA期货国际化进程，它在国内化工品中流动性最好，成交、持仓数据都表现非常优秀，而且和现货结合得非常好，后续希望通过境外公司直接参与到PTA期货交易中来，进行套期保值，也期待郑州商品交易所能推动更多能源化工类品种的国际化进程。”

Wang Yang, a derivative trader of Swiss Mercuria Energy Trading Co., Ltd., said, “Mercuria attaches great importance to the Chinese market. And established a branch at the beginning of entering China, and also the first participant in the internationalization of crude oil futures and iron ore futures this year. We have also been paying attention to the internationalization process of PTA futures. It has the best liquidity in domestic chemicals, and the volume and open interest are very good, and it is very well combined with the spot. We hope to participate directly in the PTA futures trading through the overseas companies of Mercuria for hedging. We also expected that the Zhengzhou Commodity Exchange will promote the internationalization of more energy and chemical products.”

逸盛石化营销中心副总经理徐际恩表示，引入境外交易者有助于国内PTA期货市场参与者结构优化，从而形成更加具有广泛性和代表性的定价基准和价格实现机制，提高境外相关企业对PTA期货价格的责任度，提升PTA期货在全球的定价影响力，同时也可以进一步促进PTA产品和聚酯产品国际贸易量的增长。

Xu Jien, deputy general manager of Yisheng Petrochemical Marketing Center, said, “The introduction of foreign traders will help to optimize the structure of domestic PTA futures market participants, thus forming a more extensive and representative pricing benchmark and price realization mechanism. Improve the responsibility of overseas related enterprises for PTA futures prices and enhance the pricing influence of PTA futures in the world. At the same time, it can further promote the growth of international trade in PTA products and polyester products.”

“这次我们逸盛大化石化有限公司荣幸成为郑州商品交易所推荐的首批出口服务商，我们也将积极配合PTA期货引入境外交易者这项工作，扮演好出口服务商角色。愿意为在中国PTA期货市场进行交割、交易的境外用户提供代理交割和出口等一系列业务配套服务。”徐际恩说。

“This time, Yisheng Dahua Petrochemical Co., Ltd. is honored to be the first export service provider recommended by Zhengzhou Commodity Exchange. We will also actively cooperate with PTA futures to introduce overseas traders and play a good role as an export service provider. We are willing to provide a series of business supporting services such as agent delivery and export for overseas users who deliver and trade in China's PTA futures market.” Xu Jien said.

选择PTA期货为国际化品种有三个理由。

There are three reasons for choosing PTA futures for international varieties.

首先，PTA的上下游产品的国际贸易量比较大，而且主要贸易国家都分布在“一带一路”沿线上，跟中国的“一带一路”倡议完全吻合的。虽然PTA的进口量不大，但跟PTA密切相关的上游原料如PX、下游原料如长丝、短纤和瓶片这些品种的国际贸易量都非常大。2017年中国进口的PX达到1443万吨，进口依存度达59%，中国聚酯产品出口量达到547万吨，占国内产量的15%，而且瓶片出口接近50%。因此，这样一个产业地位也决定了PTA要作为一个对外开放的品种，也希望能够给“一带一路”沿线国家提供一个更好的风险管理工具，帮助相关企业更好利用期货市场套期保值。

First of all, the international trade volume of PTA's upstream and downstream products is relatively large, and the major trading countries are all located along the “Belt and Road”, which is completely consistent with China's “Belt and Road” initiative. Although the import volume of PTA is not large, the international trade volume of upstream raw materials such as PX and downstream raw materials such as filament, staple fiber and bottle flakes closely related to PTA is very large. In 2017, China imported 14.43 million tons of PX, with an import dependence of 59%. China's exports of polyester products reached 5.47 million tons, accounting for 15% of domestic production, and the export of bottle flakes was close to 50%. Therefore, such an industrial status also determines that PTA should become an open variety, and hopes to provide a better risk management tool for countries along the “Belt and Road” to help related companies better use the futures market hedging.

其次，境外企业确实存在需求。像意大利的GSI公司等境外企业都多次在不同场合向郑州商品交易所提出，希望PTA期货能够对外开放，让他们能够参与进来。这些企业也都多次到访郑州商品交易所，了解我们对外开放工作的进度，交流相关业务细节。因此，从这方面来看，国外企业的需求也是交易所推动PTA期货国际化的落脚点。

Second, there are real needs in overseas companies. Overseas companies such as GSI of Italy have repeatedly submitted to Zhengzhou Commodity Exchange on different occasions, hoping that PTA futures will be open to the outside world so that they can participate. These companies have also visited the Zhengzhou Commodity Exchange many times to understand the progress of our opening up work and exchange relevant business details. Therefore, from this perspective, the demand of foreign companies is also the foothold of the ZCE to promote the internationalization of PTA futures.

第三，PTA期货上市12年，运行非常平稳，尤其最近这些年，功能发挥也非常好。2017年PTA期货日均成交57.5万手，日均持仓量达108万手，2018年截至11月底日均成交量66.5万手，持仓是80万手，PTA期货的市场规模和流动性完全可以满足国际上各种投资者对风险管理的需求。另外，PTA期货与现货价格的相关性长期都在0.99左右。90%的生产企业、贸易企业和80%的聚酯企业都在利用PTA期货进行套期保值。而且在中国证监会期货部每年组织的功能评估中，PTA期货连续多年稳定在第一梯队，在化工品中名列前茅。对于这样一个品种，郑州商品交易所也希望把它介绍给国际市场的投资者，共享套期保值、风险管理、资产配置。

Third, PTA futures have been on the market for 12 years, and the operation is very stable, especially in recent years, the function is also very good. In 2017, the average daily trading volume of PTA futures was 575,000 lots, and the average daily open interest was 1.08 million lots. In 2018, as of the end of November, the average daily trading volume of PTA futures was 665,000 lots, and the average daily open interest was 0.8 million lots. The market size and liquidity of PTA futures can fully meet the needs of various international investors for risk management. In addition, the correlation between PTA futures and spot prices has been around 0.99 for a long time. 90% of manufacturing companies, trading companies and 80% of polyester companies are using PTA futures for hedging. Moreover, in the functional evaluation organized by the China Securities Regulatory Commission Futures Department each year, PTA futures have been stable in the first echelon for many years, ranking the best in chemical products. For such a variety, Zhengzhou Commodity Exchange also wants to introduce it to investors in the international market, sharing hedging, risk management, and asset allocation.