Since the listing of crude oil futures, Shanghai International Energy Trading Center (hereinafter referred to as ‘INE’) has actively adapted to the internationalization needs of the futures market. On the basis of summarizing the smooth operation experience of crude oil futures, it has actively listened to the opinions of domestic and overseas markets, it is also connecting to the international market and continuously optimizing appropriate management system. Recently, in accordance with the requirements of ‘Respecting the Market, Respecting the Rule of Law, Respecting the Profession and Respecting the Risk’, INE revised the“The detailed regulations on The Shanghai International Energy Exchange Center’s appropriateness management of Futures Trader“ (hereinafter referred to as the ‘Detailed rules’) and the operational guidelines for the appropriateness system. It further optimizes the appropriateness standards, increases the exemption and mutual recognition regulations, avoids repeated submission and review of customer data, and improve the efficiency of the whole market.

The appropriateness criteria of ‘Detailed rules’ can be summarized as ‘three haves, one does not and others’ which means each client cannot be exempted from ‘three haves’: knowledge test, trading experiences, and enough funds. Besides, you shall not violate any major regulations or laws before. During the revision process, the differences between the basic knowledge of the futures trading and the actual futures’ trading ability were fully considered, promoted to the revision of knowledge test question bank, highlighted the basic knowledge and basic system requirements. The updated knowledge test question bank will be launched on the Futures Investor Appropriate Knowledge Test Platform of the China Futures Association. Foreign clients can issue a letter of commitment indicating that they have the basic knowledge of futures trading, and undertake the consequences of providing false promises; Accredited trading experience has increased other derivative transactions such as swaps and other centralized liquidation; the number of simulated trading experiences is adjusted to ‘accumulate no less than 10 trading days and 20 transactions and above’.

The exemption and mutual recognition requirements are another highlight of this revision, which facilitates the eligible investors who open multiple trading rights. Professional investors, secondary account customers, customers with long-term trading experience, market makers, special unit customers, etc. can exempt the ‘three haves’requirements. In principle, the customer only needs to submit the same project data for the appropriateness criteria once; If the customer applies for the different listed products of INE in the same account opening place and has obtained the trading authority of the listed products with higher available fund balance, it can automatically obtain the trading rights of the listed products with the same or lower available fund balance requirements; If the client has opened the trading authority for the listed products under the appropriateness system of other exchanges, he may exempt all or part of the ‘three haves’ when applying for the opening of the INE transaction code or trading authority.

The rule system is a process of continuous improvement. INE will be based on the market, further improve the internationalization of rules, promote the more efficient operation of the market and higher quality of openness, and strive to create a standardized, transparent, open, dynamic, and resilience market.

接轨国际市场 上期能源修订优化期货交易者适当性制度
原油期货上市以来，上海国际能源交易中心（下称上期能源）积极适应期货市场国际化需求，在总结原油期货平稳运行经验的基础上，主动听取境内外市场意见建议，与国际市场接轨，不断优化适当性管理制度。近日，按照“敬畏市场、敬畏法治、敬畏专业、敬畏风险”的要求，上期能源修订了《上海国际能源交易中心期货交易者适当性管理细则》（以下简称《细则》）和适当性制度操作指引，进一步优化适当性标准，增加豁免和互认规定，避免客户资料重复提交、重复审查，提高全市场运行效率。
《细则》规定的适当性标准可以概括为“三有一无和其他”（单位客户增加“一制度”），即有基础知识、交易经历、资金门槛，无重大违法违规情形（单位客户还应当有相关管理制度）。在修订过程中，充分考虑了各类参与主体理解期货交易基础知识和期货交易能力的差别，推动修订了知识测试题库，突出基础知识和基本制度要求。更新后的知识测试题库近期将在中国期货业协会的期货投资者适当性知识测试平台上线。境外客户可以出具承诺函，表明其具备期货交易基础知识，同时承担提供不实承诺的后果；认可的交易经历增加了掉期、互换等集中清算的其他衍生品交易；仿真交易经历的笔数调整为“累计不少于10个交易日且20笔及以上”。
豁免和互认规定是本次修订的另一亮点，为符合条件的交易者开通多品种交易权限提供便利。专业投资者、二次开户的客户、具有长期交易经验的客户、做市商、特殊单位客户等可以豁免“三有”要求。原则上，客户就适当性标准的同一项目资料只需要提交一次；客户在同一开户机构申请交易能源中心不同上市品种，已获得可用资金余额较高的上市品种交易权限的，可以自动获得可用资金余额要求相同或者较低的上市品种交易权限；客户已经开通其他交易所实行适当性制度的上市品种交易权限的，申请开立能源中心交易编码或者开通交易权限时，可以豁免全部或部分“三有”。
规则制度是一个不断完善的过程，上期能源将立足市场，进一步提升规则国际化水平，促进市场更高效率的运行和更高质量的对外开放，努力打造一个规范、透明、开放、有活力、有韧性的市场。