Chinese Market Access

Your Gateway to China's Futures Market

As the first overseas trading member of a Chinese exchange, BANDS offers seamless access to highly liquid commodity futures and options in China and beyond — all from a single account. As China's market continues to open and new products emerge, we expertly guide industrial and financial investors through this dynamic landscape.

SHFE Logo
Shanghai Futures Exchange (SHFE)

Founded in 1999, the SHFE is China's pricing centre for precious and base metals as well as steel, rubber, and oil.

With deep liquidity and industrial participation, it has developed into a major global pricing centre for metals. It ranks among the 10 largest futures exchanges globally by trading volume.

Major contracts:

Base Metals

Precious Metals

Steel

Energy

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International Energy Exchange (INE)

A subsidiary of the SHFE, the INE was established in 2013 as a bonded exchange in Shanghai and launched China's first internationally tradeable and deliverable futures contract in 2018. The INE is fully open to international investors.

Major contracts:

Crude Oil

Low Sulfur Fuel Oil

TSR 20 Rubber

Copper Cathode

Container Freight

SHFE Logo
China Financial Futures Exchange (CFFEX)

China's CFFEX was established in 2006 as a joint venture of the SHFE, ZCE, DCE, Shanghai Stock Exchange, and Shenzhen Stock Exchange. It hosts China's stock index and bond futures and options contracts.

Major contracts:

Bond Futures

Stock Index Futures

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Guangzhou Futures Exchange (GFEX)

Established in 2021, China's newest commodity exchange launched its first contract, lithium carbonate, in 2023. The contract quickly became a global benchmark for pricing physical lithium carbonate. The GFEX specialises in green and new energy-related futures contracts.

Major contracts:

Lithium Carbonate

Industrial Silicon

Polysilicon

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Dalian Commodity Exchange (DCE)

Based in north-east China's Dalian, the DCE was founded in 1993 and is one of China's most established futures exchanges, with a strong focus on agricultural and petrochemical contracts. It ranks among the 10 largest futures exchanges globally by trading volume.

Major contracts:

Soybeans, Oil & Meal

Palm Oil

Iron Ore

Plastics (PVC, PP, PE)

SHFE Logo
Zhengzhou Commodity Exchange

First established in 1990 and located in Zhengzhou in central China, the ZCE offers a wide range of industrial and agricultural futures and options. It ranks among the 10 largest futures exchanges globally by trading volume.

Major contracts:

Rapeseed, Oil & Meal

Peanuts

Purified Terephthalic Acid

Plastics (PET, PX, Staple Fiber)

A Dynamic Pricing Centre

China's futures market offers a unique dynamic compared to those in the US or Europe. As the world's leading manufacturer and largest consumer of commodities, what happens in China shapes global market trends.

Gaining access to China's futures market means tapping into one of the most liquid markets globally. In 2023, the Dalian, Shanghai, and Zhengzhou commodity exchanges all ranked among the top 10 worldwide. These exchanges are underpinned by China's robust industrial sector, which, together with domestic funds, trading houses, and retail speculators, provides a substantial user base of market participants.

While China has its own equivalents of the international crude oil, copper or iron ore contracts, it also has a range of futures and options contracts with few international counterparts, such as peanuts or PTA. As market internationalisation progresses, the range of products available to overseas investors continues to expand, making China's futures market increasingly attractive.

China's Internationalised Futures and Options

China began opening up its futures market in 2018, with onshore regulators and exchanges steadily expanding the range of contracts available to foreign hedgers and investors. These so-called specific products can be accessed through licenced Overseas Intermediaries like BANDS Financial, which offer direct access to exchange-traded futures and options in China.

INE SC
Medium Sour Crude Oil

INE | Futures & Options | 2024 ADV | 2024 OI

Product Medium Sour Crude Oil Futures
Contract Size 1000 barrels/lot
Price Quotation RMB/barrel (exclusive of tax and customs duty)
Minimum Price Fluctuation 0.1 RMB/barrel (Options: 0.05 RMB/barrel)
Daily Price Limit Within ± 8% of the settlement price of the preceding trading day
Listed Contracts Monthly contracts for the next 12 consecutive months followed by 8 quarterly contracts
Trading Hours (GMT+8)

T: 09:00-10:15; 10:30-11:30; 13:30-15:00

T+1: 21:00-02:30
Last Trading Day

The last trading day of the month prior to the delivery month (postponed in case of holiday)

Options: The 13th-to-last trading day of the month prior to the delivery month of the underlying SC contract (postponed in case of holiday)
Settlement Type Physical delivery
Product Symbol SC
Minimum Trading Margin 5%
INE LU
Low Sulfur Fuel Oil

INE | Futures | 2024 ADV | 2024 OI

Product Low Sulfur Fuel Oil
Contract Size 10 metric tons (MT)/lot
Price Quotation RMB/MT (exclusive of tax and customs duty)
Minimum Price Fluctuation 1 RMB/MT
Daily Price Limit Within ± 8% of the settlement price of the preceding trading day
Listed Contracts Monthly contracts for the next 12 consecutive months
Trading Hours (GMT+8)

T: 09:00-10:15; 10:30-11:30; 13:30-15:00

T+1: 21:00-23:00
Last Trading Day The last trading day of the month prior to the delivery month (postponed in case of holiday)
Settlement Type Physical delivery
Product Symbol LU
Minimum Trading Margin 8%
INE BC
Copper Cathode

INE | Futures | 2024 ADV | 2024 OI

Product Copper Cathode
Contract Size 5 metric tons (MT)/lot
Price Quotation RMB/MT (exclusive of tax and customs duty)
Minimum Price Fluctuation 10 RMB/MT
Daily Price Limit Within ± 6% of the settlement price of the preceding trading day
Listed Contracts Monthly contracts for the next 12 consecutive months
Trading Hours (GMT+8)

T: 09:00-10:15; 10:30-11:30; 13:30-15:00

T+1: 21:00-01:00
Last Trading Day The 15th day of the delivery month (postponed in case of holiday)
Settlement Type Physical delivery
Product Symbol BC
Minimum Trading Margin 5%
INE NR
TSR 20 Rubber

INE | Futures | 2024 ADV | 2024 OI

Product TSR 20
Contract Size 10 metric tons (MT)/lot
Price Quotation RMB/MT (exclusive of tax and customs duty)
Minimum Price Fluctuation 5 RMB/MT
Daily Price Limit Within ± 8% of the settlement price of the preceding trading day
Listed Contracts Monthly contracts for the next 12 consecutive months
Trading Hours (GMT+8)

T: 09:00-10:15; 10:30-11:30; 13:30-15:00

T+1: 21:00-23:00
Last Trading Day The 15th day of the delivery month (postponed in case of holiday)
Settlement Type Physical delivery
Product Symbol NR
Minimum Trading Margin 7%
INE EC
SCFIS Container Freight (Europe)

INE | Futures | 2024 ADV | 2024 OI

Product Shanghai Export Containerized Freight Index based on Settled Rates (Europe service)
Contract Multiplier 50 RMB per index point
Price Quotation Index points
Minimum Price Fluctuation 0.1 index points
Daily Price Limit Within ± 10% of the settlement price of the preceding trading day
Listed Contracts Feb, Apr, Jun, Aug, Oct, Dec
Trading Hours (GMT+8)

T: 09:00-10:15; 10:30-11:30; 13:30-15:00
Last Trading Day The last futures-trading Monday of the delivery month (postponed in case of holiday)
Underlying Index The underlying “Shanghai Export Containerized Freight Index based on Settled Rates (Europe service)” is issued by the Shanghai Shipping Exchange. For more information about how the index is calculated, please see the Rules for Compilation of SCFIS published by the Shanghai Shipping Exchange.
Settlement Type Cash settlement
Product Symbol EC
Minimum Trading Margin 12%
ZCE TA
Purified Terephthalic Acid

ZCE | Futures | 2024 ADV | 2024 OI

Product Purified Terephthalic Acid (PTA)
Contract Size 5 metric tons (MT)/lot
Price Quotation RMB/MT (exclusive of tax and customs duty)
Minimum Price Fluctuation 2 RMB/MT
Daily Price Limit Within ± 4% of the settlement price of the preceding trading day
Listed Contracts Monthly contracts for the next 12 consecutive months
Trading Hours (GMT+8)

T: 09:00-10:15; 10:30-11:30; 13:30-15:00

T+1: 21:00-23:00
Last Trading Day The 10th day of the contract month (postponed in case of holiday)
Settlement Type Physical delivery
Product Symbol TA
Minimum Trading Margin 5%
ZCE PK
Peanut Kernel

ZCE | Futures & Options | 2024 ADV | 2024 OI

Product Peanut Kernel
Contract Size 5 metric tons (MT)/lot
Price Quotation RMB/MT (exclusive of tax and customs duty)
Minimum Price Fluctuation 2 RMB/MT (Options: 0.5 RMB/MT)
Daily Price Limit Within ± 4% of the settlement price of the preceding trading day
Listed Contracts Jan, Mar, Apr, Oct, Nov, Dec
Trading Hours (GMT+8)

T: 09:00-10:15; 10:30-11:30; 13:30-15:00
Last Trading Day

The 10th day of the contract month (postponed in case of holiday)

The 3rd trading day of the month prior to the delivery month of the underlying PK contract (postponed in case of holiday)
Settlement Type Physical delivery
Product Symbol PK
Minimum Trading Margin 5%
ZCE OI
Rapeseed Oil

ZCE | Futures & Options | 2024 ADV | 2024 OI

Product Rapeseed Oil
Contract Size 10 metric tons (MT)/lot
Price Quotation RMB/MT (exclusive of tax and customs duty)
Minimum Price Fluctuation 1 RMB/MT (Options: 0.5 RMB/MT)
Daily Price Limit Within ± 4% of the settlement price of the preceding trading day
Listed Contracts Jan, Mar, May, Jul, Sep, Nov
Trading Hours (GMT+8)

T: 09:00-10:15; 10:30-11:30; 13:30-15:00

T+1: 21:00-23:00
Last Trading Day

The 10th day of the contract month (postponed in case of holiday)

The 3rd trading day of the month prior to the delivery month of the underlying OI contract (postponed in case of holiday)
Settlement Type Physical delivery
Product Symbol OI
Minimum Trading Margin 5%
ZCE RM
Rapeseed Meal

ZCE | Futures & Options | 2024 ADV | 2024 OI

Product Rapeseed Meal
Contract Size 10 metric tons (MT)/lot
Price Quotation RMB/MT (exclusive of tax and customs duty)
Minimum Price Fluctuation 1 RMB/MT (Options: 0.5 RMB/MT)
Daily Price Limit Within ± 4% of the settlement price of the preceding trading day
Listed Contracts Jan, Mar, May, Jul, Aug, Sep, Nov
Trading Hours (GMT+8)

T: 09:00-10:15; 10:30-11:30; 13:30-15:00

T+1: 21:00-23:00
Last Trading Day

The 10th day of the contract month (postponed in case of holiday)

The 3rd trading day of the month prior to the delivery month of the underlying RM contract (postponed in case of holiday)
Settlement Type Physical delivery
Product Symbol RM
Minimum Trading Margin 5%
DCE I
Iron Ore

DCE | Futures | 2024 ADV | 2024 OI

Product Iron Ore
Contract Size 100 metric tons (MT)/lot
Price Quotation RMB/MT (exclusive of tax and customs duty)
Minimum Price Fluctuation 0.5 RMB/MT
Daily Price Limit Within ± 10% of the settlement price of the preceding trading day
Listed Contracts Monthly contracts for the next 12 consecutive months
Trading Hours (GMT+8)

T: 09:00-10:15; 10:30-11:30; 13:30-15:00

T+1: 21:00-23:00
Last Trading Day The 10th day of the contract month (postponed in case of holiday)
Settlement Type Physical delivery
Product Symbol I
Minimum Trading Margin 5%
DCE P
RBD Palm Olein

DCE | Futures & Options | 2024 ADV | 2024 OI

Product RBD Palm Olein
Contract Size 10 metric tons (MT)/lot
Price Quotation RMB/MT (exclusive of tax and customs duty)
Minimum Price Fluctuation 2 RMB/MT (Options: 0.5 RMB/MT)
Daily Price Limit Within ± 8% of the settlement price of the preceding trading day
Listed Contracts Monthly contracts for the next 12 consecutive months
Trading Hours (GMT+8)

T: 09:00-10:15; 10:30-11:30; 13:30-15:00

T+1: 21:00-23:00
Last Trading Day

The 10th day of the contract month (postponed in case of holiday)

Options: The 5th trading day of the month prior to the delivery month of the underlying P contract (postponed in case of holiday)
Settlement Type Physical delivery
Product Symbol P
Minimum Trading Margin 5%
DCE A
Soybean One

DCE | Futures & Options | 2024 ADV | 2024 OI

Product No.1 Soybean
Contract Size 10 metric tons (MT)/lot
Price Quotation RMB/MT (exclusive of tax and customs duty)
Minimum Price Fluctuation 1 RMB/MT (Options: 0.5 RMB/MT)
Daily Price Limit Within ± 4% of the settlement price of the preceding trading day
Listed Contracts Jan, Mar, May, Jul, Sep, Nov
Trading Hours (GMT+8)

T: 09:00-10:15; 10:30-11:30; 13:30-15:00

T+1: 21:00-23:00
Last Trading Day

The 10th day of the contract month (postponed in case of holiday)

Options: The 5th trading day of the month prior to the delivery month of the underlying A contract (postponed in case of holiday)
Settlement Type Physical delivery
Product Symbol A
Minimum Trading Margin 5%
DCE B
Soybean Two

DCE | Futures & Options | 2024 ADV | 2024 OI

Product No.2 Soybean
Contract Size 10 metric tons (MT)/lot
Price Quotation RMB/MT (exclusive of tax and customs duty)
Minimum Price Fluctuation 1 RMB/MT (Options: 0.5 RMB/MT)
Daily Price Limit Within ± 4% of the settlement price of the preceding trading day
Listed Contracts Monthly contracts for the next 12 consecutive months
Trading Hours (GMT+8)

T: 09:00-10:15; 10:30-11:30; 13:30-15:00

T+1: 21:00-23:00
Last Trading Day

The 10th day of the contract month (postponed in case of holiday)

Options: The 5th trading day of the month prior to the delivery month of the underlying B contract (postponed in case of holiday)
Settlement Type Physical delivery
Product Symbol B
Minimum Trading Margin 5%
DCE M
Soybean Meal

DCE | Futures & Options | 2024 ADV | 2024 OI

Product Soybean Meal
Contract Size 10 metric tons (MT)/lot
Price Quotation RMB/MT (exclusive of tax and customs duty)
Minimum Price Fluctuation 1 RMB/MT (0.5 RMB/MT)
Daily Price Limit Within ± 4% of the settlement price of the preceding trading day
Listed Contracts Jan, Mar, May, Jul, Aug, Sep, Nov, Dec
Trading Hours (GMT+8)

T: 09:00-10:15; 10:30-11:30; 13:30-15:00

T+1: 21:00-23:00
Last Trading Day

The 10th day of the contract month (postponed in case of holiday)

The 5th trading day of the month prior to the delivery month of the underlying M contract (postponed in case of holiday)
Settlement Type Physical delivery
Product Symbol M
Minimum Trading Margin 5%
DCE Y
Soybean Oil

DCE | Futures & Options | 2024 ADV | 2024 OI

Product Crude Soybean Oil
Contract Size 10 metric tons (MT)/lot
Price Quotation RMB/MT (exclusive of tax and customs duty)
Minimum Price Fluctuation 2 RMB/MT (Options: 0.5 RMB/MT)
Daily Price Limit Within ± 4% of the settlement price of the preceding trading day
Listed Contracts Jan, Mar, May, Jul, Aug, Sep, Nov, Dec
Trading Hours (GMT+8)

T: 09:00-10:15; 10:30-11:30; 13:30-15:00

T+1: 21:00-23:00
Last Trading Day

The 10th day of the contract month (postponed in case of holiday)

The 5th trading day of the month prior to the delivery month of the underlying Y contract (postponed in case of holiday)
Settlement Type Physical delivery
Product Symbol Y
Minimum Trading Margin 5%

Chinese Market Access

There are multiple options for accessing the Chinese market, differing in terms of complexity, product variety and regulatory regime. Swaps and OTC contracts, while simple, leave investors exposed to counterparty risk and fall into a legal grey zone in China. Setting up and operating a domestic Chinese company provides the widest range of available contracts, but comes at the cost of complexity.

The Overseas Intermediary mechanism, introduced by China's regulators in 2018, was designed specifically to enable efficient overseas access to the Chinese market. It combines operational convenience with regulatory certainty and a growing range of available futures and options.

Qualified Foreign Institutional Investor (QFII)

Extensive application and regulatory approval process typically takes several months

Requires setting up a non-resident bank account (NRA) in China

Unresolved questions regarding onshore tax liabilities and profit repatriation remain

Access to major domestic exchanges & contracts

Access to overseas exchanges & contracts needs to be managed separately

Overseas Intermediary (OI)

Quick account opening process: no domestic Chinese bank or brokerage account required

Cross-border fund transfers in and out of China in less than 2 hours

No restrictions or limitations on fund or profit repatriation

No onshore tax liabilities in China

Initial margin payable in USD or RMB

Growing range of available Chinese futures and options contracts

Access both Chinese and international exchanges and contracts from the same account

Wholly Foreign-Owned Enterprise (WFOE)

Requires setting up a domestic Chinese company

Restrictions on fund & profit repatriation

Slow cross-border fund transfers & challenging variation margin management

Potential for double taxation

Access to all domestic exchanges & contracts

Access to overseas exchanges & contracts needs to be managed separately

Capable, Efficient, Fast

Introducing the Overseas Intermediary (OI) Mechanism

The Overseas Intermediary (OI) mechanism allows foreign investors to trade Chinese specific products from abroad through CSRC-approved overseas brokers, eliminating the need to establish an entity or bank account within China.

Why Choose BANDS as Your OI?

  • Multi-Currency Funding: Fund your account in USD, CNH, or other international currencies.
  • Swift Cross-Border Transfers: Move funds in and out of China in less than two hours.
  • FX Solutions: Hedge your FX risk & benefit from ompetitive FX conversions

Pioneering Chinese Market Access

When the INE opened in 2018 as China's first international futures exchange, BANDS was an active participant from day one. When the DCE internationalised its iron ore contract less than two months later, BANDS represented 15% of all overseas clients active that day.

In 2021, BANDS was approved as an Overseas Special Brokerage Participant by the INE, becoming the first overseas trading member of a Chinese exchange.

Seamless Trading Experience

Based in Hong Kong, BANDS offers clients the ability to trade simultaneously in both the Chinese and international markets from a single account.

BANDS Office Photo
Esunny Trading Screen

Connectivity & Trading Solutions

Connect via Esunny, CQG, TT or API

BANDS offers a wide range of platforms, including Esunny, CQG, and TT. For clients that require custom solutions we also provide API and FIX connectivity, while Esunny supports program trading through its Python integration.

China's markets are fully electronic, so clients can execute orders directly from their own system or call our trading desk to place them by phone.

Market Data

Esunny was purpose-built for trading in the Chinese market and comes with free live Chinese market data out of the box. CQG and TT also offer live market data, while historic market data is available on the exchange websites and via Bloomberg and Eikon.

Demo Environment

BANDS offers a fully functional UAT environment for clients to familiarise themselves with the Chinese market, test software features, or simply try out new strategies.

BANDS Staff

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