8 into 2! Eight fund companies compete for the first batch of crude oil futures ETF authorization
The Shanghai Stock Exchange Product Innovation Center issued a Notice on ‘Holding a Crude Oil Futures ETF Review Meeting (hereinafter referred as the “Notice”) to some fund companies. Eight fund companies will be selected for the crude oil futures ETF review meeting which will be held on March 27. At that time, the top two fund companies will be awarded the first batch of authorization for the crude oil futures ETF.
The Shanghai Stock Exchange said, a number of fund management companies applied for developing crude oil futures ETF to Shanghai Stock Exchange (Abbr.SSE) and Shanghai Futures Exchange (Abbr.SHFE). In order to control risks and concentrate market liquidity, the two Exchange jointly selected 8 fund management companies to be included in the crude oil futures ETF review which will be held on March 27.
It is understood that the eight companies are basically large fund companies or the fund companies with relevant experience in commodity funds. Some fund companies said: ‘Our product department just notified to discuss how to perform in the review meeting.’
According to the ‘Notice’ issued this time, the review team will judge from the aspects of simulated transaction situation, submitted review materials and on-site defense. The review materials should focus on the following:
1. The completeness and feasibility of the product plan；
2. Adequacy of product risk assessment and effectiveness of response measures, including risk management experience and risk response cases of ETF products, potential risk assessment and response measures after the listing of future crude oil futures ETF；
3. ETF product development, operation experience of the Fund management company and operational management experience of the commodity futures market, including but not limited to: Fund management companies’ related process management system, risk control compliance arrangement and technical system preparation；
4. To achieve the strength of the crude oil futures ETF products in the future，how about relevant design pattern, specific planning, implementation steps, cooperation planning with the exchange, and how to improve the international influence of crude oil futures, including potential customer group analysis and assets scale outlook and commitment, determination and steps to achieve the expected scale, product planning, marketing methods, custodian strength, planned investment resources in crude oil futures ETF, team strength, etc；
5. Professional analysis of the crude oil futures market of SHFE., including but not limited to product characteristics, operation, industry conditions and market structure.


8进2！8家基金公司争夺首批原油期货ETF授权
上交所产品创新中心向部分基金公司下发《关于召开原油期货ETF评审会的通知》（以下简称《通知》），将于3月27日召开的原油期货ETF评审会，有8家基金公司入围，届时评审排前两名的基金公司将获得原油期货ETF首批授权。
上交所表示，近期，多家基金管理公司向上交所和上期所申请开发原油期货ETF，为控制风险、集中市场流动性，上交所和上期所联合筛选出8家基金管理公司入围原油期货ETF评审，评审会将于3月27日举行。
据了解，此次入围的8家基本都是大型基金公司或是在商品类基金有相关经验的基金公司，有基金公司人士表示:“我们产品部刚通知开会商量怎么答辩。”
而据此次下发的《通知》显示，评审小组将根据基金管理公司的模拟交易情况、提交的评审材料和现场答辩情况进行评审，其中评审材料应重点包括以下内容：
1、产品方案的完整性和可行性；
2、对产品风险评估的充分性和应对措施的有效性，包括现有ETF产品的风险管理经验和风险应对案例，以及未来原油期货ETF上市后的潜在风险评估及应对措施。
3、基金管理公司的ETF产品开发、运作经验和商品期货市场的运作管理经验，包括但不限于：基金管理公司相关的流程管理制度、风控合规安排和技术系统准备情况等。
4、基金管理公司未来在做大做强原油期货ETF产品上的设计模式、具体规划、实施步骤、与交易所的合作规划、如何提升原油期货的国际影响力等，包括潜在客户群体分析、资产规模展望与承诺、达到预期规模的决心和步骤、产品的规划、营销方式、托管行实力、计划在原油期货ETF的投入资源、团队实力等。
5、对上期所原油期货市场的专业分析，包括但不限于产品特点、运行情况、产业情况和市场结构等。