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