On July 15, 21st Century Economic Reporters learned from the Shanghai International Energy Exchange Center (INE) that since the Amendment of Futures Trading Participant Eligibility Management Rules at the end of May this year, the number of INE crude oil futures accounts opened in June has increased significantly.
Up to now, the number of overseas customers has exceeded 100, including 9 countries such as the United Kingdom, Australia, Singapore, as well as Hong Kong, Taiwan and Macao in China.
According to the latest data, INE has completed the filing of 53 overseas intermediaries from Hong Kong, China, Singapore, the United Kingdom, South Korea, Japan and the Netherlands.
Achieving these achievements is not easy, and we need to face a series of technical problems such as cross-border supervision, delivery and inspection. This is only from a domestic perspective. Overseas institutions and investors participating in INE crude oil futures also need to meet the regulatory requirements of host countries and regions.

Take Germany as example, the regulator is the German Federal Financial Regulatory Authority (BaFin), If the target market for the investment service provider is Germany, then the BaFin license is required.

Again, if Japanese institutions want to operate commodity futures business in Japan, they need to obtain a CDBO license issued jointly by the Ministry of Economy, Industry, Agriculture, Forestry and Fisheries. If China Futures Company directly takes over the participation of Japanese investors in INE crude oil futures trading, China Futures Company also needs to obtain CDBO license.
Before applying for a German license, brokers need to communicate with BaFin and submit a series of materials, such as business plans, internal control measures, home country regulators and financial product descriptions to be traded.
It should be pointed out that in order to apply for a local license, it is necessary for China Futures Company to set up branches or subsidiaries in the local area, communicate with the local regulatory authorities, submit a series of materials such as the regulatory authorities and the description of financial products to be traded. The process is very tedious and lengthy. For example, the statutory review time in France is as long as six months.
Unless an offshore customer can meet the requirement of "reverse solicitation", that is, it is initiated entirely by an offshore customer, China Futures Company may exempt or apply to the local regulatory body for exemption from license requirements.
The above is only the basic condition for the exchange of the two markets. "When developing overseas markets, Chinese futures companies are faced with many details that have to be solved, such as the provision of some original certification materials, the cumbersome signature process, etc." Wang Dongfan said.
In the future, with the gradual improvement of cross-border exchange system and the listing of petrochemical industry chain futures, INE crude oil futures overseas customers will continue to increase.
Regionally, European and American countries may become new growth points after Singapore. From the point of view of customer type, industry customers who have been waiting for a long time are expected to speed up the pace of entry.


7月15日，21世纪经济报道记者从上海国际能源交易中心（INE）了解到，自今年5月底期货交易者适当性管理细则修改以来，6月INE原油期货开户数增长显著。
截至目前，境外客户开户数已经超过100家，包括英国、澳大利亚、新加坡等9个国家，以及我国香港、台湾和澳门地区。
另据最新数据，INE已经完成了来自中国香港以及新加坡、英国、韩国、日本、荷兰53家境外中介机构的备案。
取得上述成绩，不容易，需要面临跨境监管、交割和检验等一系列技术性问题，这还只是从国内的角度出发。境外机构和投资者参与INE原油期货，也需要满足所在国和地区监管要求。
以德国为例，监管机构为德国联盟金融监管局（BaFin），如果投资服务提供方是以德国为目标市场，则会触发BaFin的牌照要求。
再如日本机构如需在日本从商品期货业务，需要取得由经济产业省、农林水产省共同颁发的商品期货经营者（CDBO）牌照。
若中国期货公司直接接手日本投资者参与INE原油期货交易时，中国期货公司也需要取得CDBO牌照。
而在申请德国牌照前，则需要经纪机构与BaFin沟通，并提交商业计划书、内控措施，以及母国监管机构和拟交易的金融产品说明等一系列材料。
需要指出的是，申请当地牌照，多需要中国期货公司在当地设立分支机构或子公司，并与当地监管机构沟通，提交监管机构和拟交易的金融产品说明等一系列材料。其过程，十分繁琐和漫长，如法国的法定审阅时限便长达6个月。
除非，某境外客户可以达到“反向招揽”的条件，即完全由境外客户发起，中国期货公司豁免或者可以向当地监管机构申请豁免牌照要求。
上述还只是两个市场互通的基础条件，“中国期货公司在开发海外市场时，还面临着诸多不得不解决的细节，如一些证明材料原件的提供、繁琐的签字流程等。”西部期货副总经理王冬凡介绍称。
未来，随着跨国互通体系的逐步完善，以及石化产业链期货品种的上市，INE原油期货境外客户也将持续增加。
从地区来看，欧美国家或继新加坡成为新的增长点。从客户类型来看，已经观望许久的产业客户则有望加快进场步伐。