In order to further enrich risk management tools and improve the ability to serve the real economy, Shanghai International Energy Exchange, a subsidiary of Shanghai Futures Exchange, will launch TAS (trade at settlement) in the near future.

The TAS allows traders to buy or sell a futures contracts at the settlement price of the day or the increase or decrease of the settlement price of the day during the trading session. Its essence is to provide a convenient and efficient risk management tool for the market, which has been widely used in mature international markets.

SHFE said that the crude oil futures TAS order is the first TAS order launched by China’s futures market. On the one hand, it is conducive to optimizing the trading mechanism, providing traders with effective risk management tools, reducing hedging costs, improving hedging efficiency, and promoting market participants to more easily and widely refer to the price of Shanghai crude oil futures; On the other hand, it will help to further improve the structure of traders, attract more domestic and foreign industrial customers and financial institutions to participate in the transaction, and enhance the price influence of Shanghai crude oil futures. In addition, it also plays a positive role in improving the liquidity of crude oil futures trading and promoting the coordinated development inside and outside the field.

As the first international futures in China, crude oil futures have been listed on March 26, 2018. After nearly two years of market cultivation, its function of serving the real economy has gradually emerged. Through the continuous system innovation and exploration practice on the important international futures of crude oil futures, it will help to improve the optimization system of China’s futures market and further enhance the level of internationalization.

According to the introduction, in terms of scheme design and institutional arrangement, the crude oil futures TAS order fully draws on the operation experience of the international market, combines with the actual situation of China’s futures market, focuses on serving the real economy, and carries out differentiated design and arrangement while meeting the basic trading needs of the market. At present, the declared price of TAS order of crude oil futures can only be the settlement price of the applicable contract on the same day, and it is not allowed to declare at the minimum price of increase or decrease of settlement price on the same day. The entry is matched according to the principle of time priority, which is applicable to the contract in the latest month of crude oil futures and the contract in the first month after the latest month. The trading time is the central auction session and the first trading section of the trading day (including the continuous trading period). The trading of TAS will be stopped after the closing of the eighth trading day before the last trading day of the contract,and all traders of crude oil futures can participate. From the perspective of risk management and control, the exchange calculates the margin that should be frozen or released according to the settlement price of the previous trading day of the TAS applicable contract, and the margin proportion and transaction fee and reduction are consistent with the current provisions of the applicable contract. As a trading order, TAS’s basic regulatory system, such as position limit, over position and forced position liquidation, is generally consistent with the applicable contract.

SHFE said that in the next step, it will do a good job in technical testing, investor education, risk prevention and other preparatory work, and timely launch the TAS order of crude oil futures to ensure the stable operation and healthy development of the market. In the future, it will also study and optimize the TAS order scheme according to the market operation and market demand, and timely study and promote it to other varieties.

新民晚报讯 为进一步丰富风险管理工具，提高服务实体经济能力，上海期货交易所子公司上海国际能源交易中心将于近期推出原油期货结算价交易（Trade at Settlement，简称TAS）指令。

TAS指令，允许交易者在规定交易时段内按照期货合约当日结算价或当日结算价增减若干个最小变动价位申报买卖期货合约。其本质是为市场提供一种便捷高效的风险管理工具，已在国际成熟市场得到广泛使用。

上期所表示，原油期货TAS指令为我国期货市场推出的首个TAS指令，一方面有利于优化交易机制，为交易者提供有效的风险管理工具，降低套保成本、提高套保效率，推动市场主体更为便利和广泛地参考上海原油期货价格；另一方面有利于进一步完善交易者结构，吸引更多境内外产业客户和金融机构参与交易，提升上海原油期货的价格影响力。此外，对于提高原油期货交易流动性，促进场内外协调发展也具有积极作用。

原油期货作为国内首个国际化期货品种，自2018年3月26日上市以来，经过近两年的市场培育，服务实体经济功能逐步显现。通过在原油期货这一重要的国际化期货品种上进行不断的制度创新和探索实践，有助于我国期货市场完善优化制度，进一步提升国际化水平。

据介绍，原油期货TAS指令在方案设计和制度安排上，充分借鉴了国际市场运行经验，结合我国期货市场实际，围绕服务实体经济，在满足市场基本交易需求的同时，进行差异化的设计和安排。目前，原油期货TAS指令的申报价格仅可为适用合约的当日结算价，暂不接受以当日结算价增减若干个最小变动价位进行申报。报单按时间优先原则进行撮合，适用于原油期货最近月份合约和最近月份后第一月合约。交易时间为开市集合竞价和交易日第一节交易时间（含连续交易时段），合约的最后交易日前第八个交易日闭市后停止TAS交易，所有原油期货的交易者均可参与。从风险管控角度出发，交易所按TAS适用合约前一交易日结算价计算应冻结或释放的保证金，保证金收取比例以及交易手续费收取、减免与适用合约现行规定保持一致。TAS作为交易指令，其基础监管制度如持仓限额、超仓处理、强平制度等与适用合约总体保持一致。

上期所表示，下一步，将切实做好技术测试、投资者教育、风险防范等各项准备工作，适时上线原油期货TAS指令，确保市场平稳运行和健康发展。未来，也将根据市场运行情况和市场需求，研究优化TAS指令方案，并适时研究推广至其他品种。