2020 is a key year for financial opening. According to the schedule given by the former CSRC, the restrictions on foreign shareholding ratio of futures companies will be opened first from January 2020.Moreover, since 2020, the data caliber of China’s futures industry will achieve significant changes, consistent with international practices.

According to the unified deployment of China Securities Regulatory Commission, since January 1, 2020, the data statistical caliber of three commodity futures exchanges in China -- Shanghai Futures Exchange and its subsidiaries Shanghai International Energy Exchange, Dalian Commodity Exchange and Zhengzhou Commodity Exchange will be adjusted from bilateral calculation to unilateral calculation.

Time finance and economics learned on December 31 that in order to ensure the smooth operation of the adjusted system, the previous Institute and the previous energy center carried out two full market production system drills on December 7 and 28, and the drills have been successfully completed.

On December 31, the relevant principals and other institutions told time finance and economics that this adjustment is only statistical caliber and will not affect the actual operation of futures companies.

Two market wide production system drills organized by the SHFE

For the adjustment of the statistical caliber of industry data, a person from an exchange told time financial analysis on December 31 that due to the mixed use of single and bilateral statistical caliber in China’s futures market for a long time, it is not convenient for the statistical analysis inside and outside the industry." Domestic commodity futures market usually adopts the calculation method of bilateral statistical caliber, while financial futures such as stock index futures adopt the calculation method of unilateral caliber. But internationally, it is usually calculated using unilateral statistical caliber. "

For this reason, China Securities Regulatory Commission started the relevant work of adjusting the statistical caliber of futures market data to unilateral in 2019.

On October 29 this year, the SHFE issue of the announcement said that the adjustment of statistical caliber mainly involves the revision of business rules and the adjustment of data fields of technical system.

In terms of business rules, it mainly involves the modification of trading volume and position. Two rules, transaction rules and risk control management measures, were revised in the SHFE, and transaction rules and risk control management rules were revised in the INE.

On the technical level, the systems involved include trading system (first generation market system, second generation multicast market system), Internet market system, website and member service system, and the key data fields involved include trading volume, position volume, trading volume, exercise volume, etc.

On December 31, time finance and economics learned from the SHFE that in order to ensure the smooth operation of the adjusted system, the SHFE and the INE conducted two full market production system drills on December 7 and 28. The content of the drill is the business scenarios such as trading, settlement, market forwarding and data submission after the adjustment of data statistical caliber from bilateral calculation to unilateral calculation. The overall drilling process was smooth and in line with expectations.

According to the statistics of the SHFE, 149 members participated in the two drills with 372 seats in total and 1132 customers participated in the test. On December 7, there were 41667 entries and 56846 transactions. According to unilateral statistics, the volume of transactions was 197798, with a transaction amount of 10.78 billion yuan and a total position of 6164133. On December 28, there were 86012 entries and 74708 transactions. According to unilateral statistics, the volume of transactions was 218387, with a transaction amount of 23.75 billion yuan and a total position of 5942181.

In the INE held 302 seats with 149 members and 476 customers. On December 7, there were 16898 entries and 20920 transactions. According to unilateral statistics, the volume of transactions was 11568, with a transaction amount of 2.78 billion yuan and a total position of 86359. On December 28, there were 14447 entries and 17052 transactions. According to unilateral statistics, the volume of transactions was 9223, with a transaction amount of 2.48 billion yuan and a total position of 78437.

The person in charge of the SHFE said that after two consecutive full market exercises, the key functions of the relevant systems were verified, laying the foundation for the smooth operation of the SHFE and INE

No impact on existing business and futures price

In order to coordinate with the adjustment, ZCE also revised the trading rules, as well as the statistical caliber of the volume of transactions and positions in sugar option contracts and cotton option contracts. Meanwhile, it combed and improved the website, market data release and corresponding technical systems of ZCE, and other contents related to the statistical caliber change.

DCE revised the definition of trading volume and position in the thirty-fifth article of trading management measures of Dalian commodity exchange, and changed the former definition of "trading volume refers to the bilateral quantity of all trading contracts of a certain contract on the day" and "position refers to the bilateral quantity of open position contracts held by futures traders" into "unilateral quantity".

As indicated in the SHFE, after the statistical caliber is adjusted to unilateral calculation, investors should pay attention to the description of the statistical caliber when viewing data from the website of the SHFE and the INE. For example, the data of the website before January 1, 2020 is still indicated to be calculated bilaterally. The data after January 1, 2020 will be indicated to be calculated unilaterally. Investors should pay attention to the consistency of statistical caliber when using data for comparison.

In addition, the SHFE also said that only the statistics at the exchange level will involve bilateral adjustment instead of unilateral adjustment (there is a one-to-one correspondence between each purchase and sale), and the statistics at the member or investor level (there is no correspondence between the purchase and sale) will not involve data adjustment. For example, the "trading volume" of members in the "daily trading ranking" published on the website of the SHFE issue is the result of adding the buying volume and selling volume of members.

On December 31, time finance and economics learned that this regulation adjustment only involves the change of data statistical caliber and does not affect the existing business and futures price.

According to the SHFE, the CSRC will adjust the statistical caliber to unilateral calculation, unify the statistical caliber calculation standards of domestic futures industry, further promote the statistical standards of futures market data to be in line with international standards, and improve the internationalization and specialization level of China’s futures market.

期货业开放第一步 数据统计口径双边改单边
2020年是金融开放的关键一年。据此前证监会给出的时间表，2020年1月起将首先开放期货公司的外资持股比例限制。不仅如此，自2020年起，中国期货行业的数据口径将实现重大变化，与国际惯例相一致。
根据中国证监会统一部署，2020年1月1日起，我国三家商品期货交易所——上海期货交易所(下称“上期所”)及其子公司上海国际能源交易中心(下称“上期能源中心”)、大连商品交易所(下称“大商所”)、郑州商品交易所(下称“郑商所”)的数据统计口径将由双边计算调整为单边计算。
时代财经12月31日向上期所了解到，为保证调整后系统的平稳运行，上期所和上期能源中心于12月7日和28日进行了两次全市场生产系统演练，演练已经圆满结束。
12月31日，一些机构的相关负责人均向时代财经表示，此次只是统计口径的调整，对期货公司的实际运营并不会产生影响。
上期所组织两次全市场生产系统演练
对于此次行业数据统计口径调整，某交易所人士12月31日向时代财经分析说，由于长期以来我国期货市场存在统计体系单、双边统计口径混用的状况，不便于行业内外统计分析。“国内商品期货市场通常采用双边统计口径的计算方式，而股指期货等金融期货品种采用了单边口径的计算方式。但在国际上，通常是使用单边统计口径计算方式。”
为此，中国证监会于2019年启动期货市场数据统计口径调整为单边的相关工作。
今年10月29日，上期所发布公告表示，此次调整统计口径主要涉及到业务规则的修订和技术系统数据字段的调整。
业务规则上，主要涉及成交量、持仓量的修改。上期所修订了《交易细则》和《风险控制管理办法》两个规则，上期能源中心修订了《交易细则》和《风险控制管理细则》。
在技术层面上，涉及的系统包括交易系统(一代行情系统、二代组播行情系统)、互联网行情系统、网站和会员服务系统，涉及的数据关键字段包括成交量、持仓量、成交额、行权量等。
12月31日，时代财经向上期所了解到，为保证调整后系统的平稳运行，上期所和上期能源中心于12月7日和28日进行了两次全市场生产系统演练。演练内容为数据统计口径由双边计算调整为单边计算后日盘的交易、结算、行情转发、数据报送等业务场景。总体演练过程顺利，符合预期。
据上期所的统计，这两次演练有149家会员共372个席位参加，参与测试客户数1132个。12月7日，报单41667笔，成交56846笔，按照单边统计，成交量197798手，成交金额107.8亿元，总持仓量6164133手；12月28日，报单86012笔，成交74708笔，按照单边统计，成交量218387手，成交金额237.5亿元，总持仓量5942181手。
上期能源中心两次演练有149家会员共302个席位参加，参与测试客户数476个。12月7日，报单16898笔，成交20920笔，按照单边统计，成交量11568手，成交金额27.8亿元，总持仓量86359手；12月28日，报单14447笔，成交17052笔，按照单边统计，成交量9223手，成交金额24.8亿元，总持仓量78437手。
上期所相关负责人表示，经过连续两次全市场演练，相关系统的关键功能得到验证，为上期所和上期能源系统的平稳运行奠定了基础。
不影响现有业务和期货价格
为配合此次调整，郑商所也修订了《交易细则》，以及白糖期权合约和棉花期权合约中有关成交量、持仓量的统计口径，同时梳理、完善郑商所网站、行情数据发布及相应技术系统等涉及统计口径更改的内容。
大商所则修改了《大连商品交易所交易管理办法》第三十五条成交量和持仓量的定义，将原定义“成交量是指某一合约在当日所有成交合约的双边数量”和“持仓量是指期货交易者所持有的未平仓合约的双边数量”中的“双边数量”统一修改为“单边数量”。
上期所提示，统计口径调整为单边计算后，投资者从上期所、上期能源中心网站查看数据时，需注意数据统计口径的说明。例如网站2020年1月1日以前的数据仍标明以双边计算，2020年1月1日以后的数据会标明以单边计算，投资者在使用数据进行对比时应注意统计口径的一致。
此外，上期所还表示，只有从交易所层面的统计数据会涉及双边改为单边的调整(每一笔买量与卖量存在一一对应关系)，从会员或投资者层面的统计数据(买量与卖量无对应关系)将不涉及数据调整。例如上期所网站公布的“日交易排名”中会员的“成交量”是将会员的买成交量与卖成交量相加的结果。
时代财经12月31日向一些机构了解到，本次规则调整仅涉及数据统计口径的变更，不影响现有业务和期货价格。
上期所表示，本次中国证监会统一安排统计口径调整为单边计算，将统一国内期货行业统计口径计算标准，进一步推动期货市场数据统计标准与国际接轨，提升我国期货市场国际化、专业化水平。