China has a fundamentally different dynamic than the West. Exploiting the changes in that dynamic provides excellent trading opportunities, both for directional and arbitrage strategies.
As an approved Overseas Intermediary, BANDS Financial serves as the client counterparty and is regulated by the SFC in Hong Kong.
China is the single largest market for commodities futures, with a combined trading volume of over 5 billion lots in 2020. This marks an increase of over 50% from 2019 and China thus represents half of the global commodities futures market.
While this market has been largely closed off to foreign investors, the Chinese exchanges have been engaged in a gradual opening-up process.
Currently, there are three futures exchanges, the Shanghai International Energy Exchange (INE), the Dalian Commodity Exchange (DCE), and the Zhengzhou Commodity Exchange (ZCE), that allow international investors to trade designated commodity futures contracts through the Overseas Intermediary (OI) route.
> 5 Billion
Annual trade volume on the Chinese commodity exchanges
50 %
Year-on-year growth in trade volume 2019 - 2020
No 1
China is the largest consumer of commodities globally
24
The number of internationally accessible commodity contracts
An Overseas Intermediary is an approved foreign futures broker, who, using a domestic futures broker, can facilitate foreign investors to trade through to the designated mainland futures contracts. Using the Overseas Intermediary route resolves the issues that have up to this point suppressed the development of trading Chinese futures internationally.
All internationally available contracts are listed below along with their contract specifications. To keep up-to-date with the development of the Chinese market, subscribe to John's daily Letter from Shanghai.
| Product | Copper Cathode |
|---|---|
| Contract Size | 5 metric tons (MT)/lot |
| Price Quotation | Yuan (RMB)/MT (exclusive of tax and customs duty) |
| Minimum Price Fluctuation | 10 Yuan/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 |
T: 09:00-10:15; 10:30-11:30; 13:30-15:00 T+1: 21:00-01:00 Beijing Time (GMT+8) |
| Last Trading Day | The 15th day of the delivery month (postponed accordingly if it is a national holiday or weekend) |
| Grades and Quality Specifications | Copper cathodes meeting the standards for Grade A copper (Cu-CATH-1) under GB/T 467-2010 or Cu-CATH-1 under BS EN 1978:1988 |
| Settlement Type | Physical delivery |
| Product Symbol | BC |
| Minimum Trading Margin | 5% |
| Product | Low Sulfur Fuel Oil |
|---|---|
| Contract Size | 10 metric tons (MT)/lot |
| Price Quotation | Yuan (RMB)/MT (exclusive of tax and customs duty) |
| Minimum Price Fluctuation | 1 Yuan/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 |
T: 09:00-10:15; 10:30-11:30; 13:30-15:00 T+1: 21:00-23:00 Beijing Time (GMT+8) |
| Last Trading Day | The last trading day of the month prior to the delivery month (postponed accordingly if it is a national holiday or weekend) |
| Grades and Quality Specifications | Refer to the Appendix of the Low Sulfur Fuel Oil Futures Handbook for detailed quality standards |
| Settlement Type | Physical delivery |
| Product Symbol | LU |
| Minimum Trading Margin | 8% |
| Product | Medium Sour Crude Oil |
|---|---|
| Contract Size | 1000 barrels/lot |
| Price Quotation | Yuan (RMB)/barrel (exclusive of tax and customs duty) |
| Minimum Price Fluctuation | 0.1 Yuan/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 |
T: 09:00-10:15; 10:30-11:30; 13:30-15:00 T+1: 21:00-02:30 Beijing Time (GMT+8) |
| Last Trading Day | The last trading day of the month prior to the delivery month (postponed accordingly if it is a national holiday or weekend) |
| Grades and Quality Specifications | Medium sour crude oil with the quality specifications of API 32.0 degrees and sulfur content 1.5% by weight. The deliverable grades and the price differentials will be stipulated separately by the INE. |
| Settlement Type | Physical delivery |
| Product Symbol | SC |
| Minimum Trading Margin | 5% |
| Product | Crude Oil Options |
|---|---|
| Underlying | INE Crude Oil Futures (SC) contract |
| Contract Types | Call and Put Options |
| Contract Size | 1 SC contract (1000 barrels) |
| Minimum Price Fluctuation | 0.05 Yuan/barrel |
| Price Quotation | Yuan (RMB)/barrel (exclusive of tax and customs duty) |
| Daily Price Limit | Same as that for the SC contract |
| Listed Contracts | Options contracts will be listed for the nearest two consecutive months and, when the open interest of the underlying futures contract after daily clearing reaches a specific threshold separately announced by the INE, for later months on the second trading day thereafter. |
| Trading Hours |
T: 09:00-10:15; 10:30-11:30; 13:30-15:00 T+1: 21:00-02:30 Beijing Time (GMT+8) |
| Last Trading Day | The 13th-to-last trading day of the month prior to the delivery month of the underlying SC contract (postponed accordingly if it is a national holiday or weekend) |
| Expiration Date | Same as the last trading day |
| Option Style | American. Buyers may submit an exercise request before the expiration date and an exercise or abandonement request before 15:30 on the expiration date. |
| Contract Symbol | Call option: SC-Contract Month-C-Strike Price Put option: SC-Contract Month-P-Strike Price |
| Product | TSR 20 |
|---|---|
| Contract Size | 10 metric tons (MT)/lot |
| Price Quotation | Yuan (RMB)/MT (exclusive of tax and customs duty) |
| Minimum Price Fluctuation | 5 Yuan/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 |
T: 09:00-10:15; 10:30-11:30; 13:30-15:00 T+1: 21:00-23:00 Beijing Time (GMT+8) |
| Last Trading Day | The 15th day of the delivery month (postponed accordingly if it is a national holiday or weekend) |
| Grades and Quality Specifications | Refer to Appendix 1 of the Manual for TSR 20 Futures Contract Trading for detailed quality standards. |
| Settlement Type | Physical delivery |
| Product Symbol | NR |
| Minimum Trading Margin | 7% |
| Product | Shanghai Export Containerized Freight Index based on Settled Rates (Europe service) |
|---|---|
| Contract Multiplier | 50 Yuan 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 |
T: 09:00-10:15; 10:30-11:30; 13:30-15:00 Beijing Time (GMT+8) |
| Last Trading Day | The last futures-trading Monday of the delivery month (postponed accordingly if it is a national holiday or weekend) |
| 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% |
| Product | Iron Ore |
|---|---|
| Contract Size | 100 metric tons (MT)/lot |
| Price Quotation | Yuan (RMB)/MT (exclusive of tax and customs duty) |
| Minimum Price Fluctuation | 0.5 Yuan/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 |
T: 09:00-10:15; 10:30-11:30; 13:30-15:00 T+1: 21:00-23:00 Beijing Time (GMT+8) |
| Last Trading Day | The 10th day of the contract month (postponed accordingly if it is a national holiday or weekend) |
| Grades and Quality Specifications | Iron Ore Delivery Quality Standard of the DCE (F/DCE P002-2011) |
| Settlement Type | Physical delivery |
| Product Symbol | I |
| Minimum Trading Margin | 5% |
| Product | RBD Palm Olein |
|---|---|
| Contract Size | 10 metric tons (MT)/lot |
| Price Quotation | Yuan (RMB)/MT (exclusive of tax and customs duty) |
| Minimum Price Fluctuation | 2 Yuan/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 |
T: 09:00-10:15; 10:30-11:30; 13:30-15:00 T+1: 21:00-23:00 Beijing Time (GMT+8) |
| Last Trading Day | The 10th day of the contract month (postponed accordingly if it is a national holiday or weekend) |
| Grades and Quality Specifications | RBD Palm Olein Delivery Quality Standard of the DCE (F/DCE P002-2011) |
| Settlement Type | Physical delivery |
| Product Symbol | P |
| Minimum Trading Margin | 5% |
| Product | RBD Palm Olein Options |
|---|---|
| Underlying | RBD Palm Olein Futures contract |
| Contract Types | Call and Put Options |
| Contract Size | 1 P contract (10 MT) |
| Minimum Price Fluctuation | 0.5 Yuan/MT |
| Price Quotation | Yuan (RMB)/MT (exclusive of tax and customs duty) |
| Daily Price Limit | Same as that for the P contract |
| Listed Contracts | Monthly contracts for the next 12 consecutive months |
| Trading Hours |
T: 09:00-10:15; 10:30-11:30; 13:30-15:00 T+1: 21:00-23:00 Beijing Time (GMT+8) |
| Last Trading Day | The 5th trading day of the month prior to the delivery month of the underlying P contract (postponed accordingly if it is a national holiday or weekend) |
| Expiration Date | Same as the last trading day |
| Option Style | American. Buyers may submit an exercise request before the expiration date and an exercise or abandonement request before 15:30 on the expiration date. |
| Contract Symbol | Call option: P-Contract Month-C-Strike Price Put option: P-Contract Month-P-Strike Price |
| Product | No.1 Soybean |
|---|---|
| Contract Size | 10 metric tons (MT)/lot |
| Price Quotation | Yuan (RMB)/MT (exclusive of tax and customs duty) |
| Minimum Price Fluctuation | 1 Yuan/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 |
T: 09:00-10:15; 10:30-11:30; 13:30-15:00 T+1: 21:00-23:00 Beijing Time (GMT+8) |
| Last Trading Day | The 10th day of the contract month (postponed accordingly if it is a national holiday or weekend) |
| Grades and Quality Specifications | No.1 Soybean Delivery Quality Standard of DCE (F/DCE A001-2018) |
| Settlement Type | Physical delivery |
| Product Symbol | A |
| Minimum Trading Margin | 5% |
| Product | No.1 Soybean Options |
|---|---|
| Underlying | No.1 Soybean Futures contract |
| Contract Types | Call and Put Options |
| Contract Size | 1 A contract (10 MT) |
| Minimum Price Fluctuation | 0.5 Yuan/MT |
| Price Quotation | Yuan (RMB)/MT (exclusive of tax and customs duty) |
| Daily Price Limit | Same as that for the A contract |
| Listed Contracts | Jan, Mar, May, Jul, Sep, Nov |
| Trading Hours |
T: 09:00-10:15; 10:30-11:30; 13:30-15:00 T+1: 21:00-23:00 Beijing Time (GMT+8) |
| Last Trading Day | The 5th trading day of the month prior to the delivery month of the underlying A contract (postponed accordingly if it is a national holiday or weekend) |
| Expiration Date | Same as the last trading day |
| Option Style | American. Buyers may submit an exercise request before the expiration date and an exercise or abandonement request before 15:30 on the expiration date. |
| Contract Symbol | Call option: A-Contract Month-C-Strike Price Put option: A-Contract Month-P-Strike Price |
| Product | No.2 Soybean |
|---|---|
| Contract Size | 10 metric tons (MT)/lot |
| Price Quotation | Yuan (RMB)/MT (exclusive of tax and customs duty) |
| Minimum Price Fluctuation | 1 Yuan/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 |
T: 09:00-10:15; 10:30-11:30; 13:30-15:00 T+1: 21:00-23:00 Beijing Time (GMT+8) |
| Last Trading Day | The 10th day of the contract month (postponed accordingly if it is a national holiday or weekend) |
| Grades and Quality Specifications | No.2 Soybean Delivery Quality Standard of DCE (F/DCE B003-2017) |
| Settlement Type | Physical delivery |
| Product Symbol | B |
| Minimum Trading Margin | 5% |
| Product | No.2 Soybean Options |
|---|---|
| Underlying | No.2 Soybean Futures contract |
| Contract Types | Call and Put Options |
| Contract Size | 1 B contract (10 MT) |
| Minimum Price Fluctuation | 0.5 Yuan/MT |
| Price Quotation | Yuan (RMB)/MT (exclusive of tax and customs duty) |
| Daily Price Limit | Same as that for the B contract |
| Listed Contracts | Monthly contracts for the next 12 consecutive months |
| Trading Hours |
T: 09:00-10:15; 10:30-11:30; 13:30-15:00 T+1: 21:00-23:00 Beijing Time (GMT+8) |
| Last Trading Day | The 5th trading day of the month prior to the delivery month of the underlying B contract (postponed accordingly if it is a national holiday or weekend) |
| Expiration Date | Same as the last trading day |
| Option Style | American. Buyers may submit an exercise request before the expiration date and an exercise or abandonement request before 15:30 on the expiration date. |
| Contract Symbol | Call option: B-Contract Month-C-Strike Price Put option: B-Contract Month-P-Strike Price |
| Product | Soybean Meal |
|---|---|
| Contract Size | 10 metric tons (MT)/lot |
| Price Quotation | Yuan (RMB)/MT (exclusive of tax and customs duty) |
| Minimum Price Fluctuation | 1 Yuan/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 |
T: 09:00-10:15; 10:30-11:30; 13:30-15:00 T+1: 21:00-23:00 Beijing Time (GMT+8) |
| Last Trading Day | The 10th day of the contract month (postponed accordingly if it is a national holiday or weekend) |
| Grades and Quality Specifications | Soybean Meal Delivery Quality Standard of DCE (F/DCE M004-2020) |
| Settlement Type | Physical delivery |
| Product Symbol | M |
| Minimum Trading Margin | 5% |
| Product | Soybean Meal Options |
|---|---|
| Underlying | Soybean Meal Futures contract |
| Contract Types | Call and Put Options |
| Contract Size | 1 M contract (10 MT) |
| Minimum Price Fluctuation | 0.5 Yuan/MT |
| Price Quotation | Yuan (RMB)/MT (exclusive of tax and customs duty) |
| Daily Price Limit | Same as that for the M contract |
| Listed Contracts | Jan, Mar, May, Jul, Aug, Sep, Nov, Dec |
| Trading Hours |
T: 09:00-10:15; 10:30-11:30; 13:30-15:00 T+1: 21:00-23:00 Beijing Time (GMT+8) |
| Last Trading Day | The 5th trading day of the month prior to the delivery month of the underlying M contract (postponed accordingly if it is a national holiday or weekend) |
| Expiration Date | Same as the last trading day |
| Option Style | American. Buyers may submit an exercise request before the expiration date and an exercise or abandonement request before 15:30 on the expiration date. |
| Contract Symbol | Call option: M-Contract Month-C-Strike Price Put option: M-Contract Month-P-Strike Price |
| Product | Crude Soybean Oil |
|---|---|
| Contract Size | 10 metric tons (MT)/lot |
| Price Quotation | Yuan (RMB)/MT (exclusive of tax and customs duty) |
| Minimum Price Fluctuation | 2 Yuan/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 |
T: 09:00-10:15; 10:30-11:30; 13:30-15:00 T+1: 21:00-23:00 Beijing Time (GMT+8) |
| Last Trading Day | The 10th day of the contract month (postponed accordingly if it is a national holiday or weekend) |
| Grades and Quality Specifications | Soybean Oil Delivery Quality Standard of DCE (F/DCE Y002-2020) |
| Settlement Type | Physical delivery |
| Product Symbol | Y |
| Minimum Trading Margin | 5% |
| Product | Crude Soybean Oil Options |
|---|---|
| Underlying | Crude Soybean Oil Futures contract |
| Contract Types | Call and Put Options |
| Contract Size | 1 Y contract (10 MT) |
| Minimum Price Fluctuation | 0.5 Yuan/MT |
| Price Quotation | Yuan (RMB)/MT (exclusive of tax and customs duty) |
| Daily Price Limit | Same as that for the Y contract |
| Listed Contracts | Jan, Mar, May, Jul, Aug, Sep, Nov, Dec |
| Trading Hours |
T: 09:00-10:15; 10:30-11:30; 13:30-15:00 T+1: 21:00-23:00 Beijing Time (GMT+8) |
| Last Trading Day | The 5th trading day of the month prior to the delivery month of the underlying Y contract (postponed accordingly if it is a national holiday or weekend) |
| Expiration Date | Same as the last trading day |
| Option Style | American. Buyers may submit an exercise request before the expiration date and an exercise or abandonement request before 15:30 on the expiration date. |
| Contract Symbol | Call option: Y-Contract Month-C-Strike Price Put option: Y-Contract Month-P-Strike Price |
| Product | Purified Terephthalic Acid (PTA) |
|---|---|
| Contract Size | 5 metric tons (MT)/lot |
| Price Quotation | Yuan (RMB)/MT (exclusive of tax and customs duty) |
| Minimum Price Fluctuation | 2 Yuan/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 |
T: 09:00-10:15; 10:30-11:30; 13:30-15:00 T+1: 21:00-23:00 Beijing Time (GMT+8) |
| Last Trading Day | The 10th day of the contract month (postponed accordingly if it is a national holiday or weekend) |
| Grades and Quality Specifications | Refer to the Detailed Rules for Futures Delivery of the Zhengzhou Commodity Exchange for details |
| Settlement Type | Physical delivery |
| Product Symbol | TA |
| Minimum Trading Margin | 5% |
| Product | Peanut Kernel |
|---|---|
| Contract Size | 5 metric tons (MT)/lot |
| Price Quotation | Yuan (RMB)/MT (exclusive of tax and customs duty) |
| Minimum Price Fluctuation | 2 Yuan/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 |
T: 09:00-10:15; 10:30-11:30; 13:30-15:00 Beijing Time (GMT+8) |
| Last Trading Day | The 10th day of the contract month (postponed accordingly if it is a national holiday or weekend) |
| Grades and Quality Specifications | Refer to the Detailed Business Rules for Peanut Kernel Futures of the Zhengzhou Commodity Exchange for details |
| Settlement Type | Physical delivery |
| Product Symbol | PK |
| Minimum Trading Margin | 5% |
| Product | Peanut Kernel Options |
|---|---|
| Underlying | Peanut Kernel Futures contract |
| Contract Types | Call and Put Options |
| Contract Size | 1 PK contract (10 MT) |
| Minimum Price Fluctuation | 0.5 Yuan/MT |
| Price Quotation | Yuan (RMB)/MT (exclusive of tax and customs duty) |
| Daily Price Limit | Same as that for the PK contract |
| Listed Contracts | Jan, Mar, Apr, Oct, Nov, Dec |
| Trading Hours |
T: 09:00-10:15; 10:30-11:30; 13:30-15:00 Beijing Time (GMT+8) |
| Last Trading Day | The 3rd trading day of the month prior to the delivery month of the underlying PK contract (postponed accordingly if it is a national holiday or weekend) |
| Expiration Date | Same as the last trading day |
| Option Style | American. Buyers may submit an exercise request before the expiration date and an exercise or abandonement request before 15:30 on the expiration date. |
| Contract Symbol | Call option: PK-Contract Month-C-Strike Price Put option: PK-Contract Month-P-Strike Price |
| Product | Rapeseed Oil |
|---|---|
| Contract Size | 10 metric tons (MT)/lot |
| Price Quotation | Yuan (RMB)/MT (exclusive of tax and customs duty) |
| Minimum Price Fluctuation | 1 Yuan/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 |
T: 09:00-10:15; 10:30-11:30; 13:30-15:00 T+1: 21:00-23:00 Beijing Time (GMT+8) |
| Last Trading Day | The 10th day of the contract month (postponed accordingly if it is a national holiday or weekend) |
| Grades and Quality Specifications | Refer to the Detailed Business Rules for Rapeseed Oil Futures of the Zhengzhou Commodity Exchange for details |
| Settlement Type | Physical delivery |
| Product Symbol | OI |
| Minimum Trading Margin | 5% |
| Product | Rapeseed Oil Options |
|---|---|
| Underlying | Rapeseed Oil Futures contract |
| Contract Types | Call and Put Options |
| Contract Size | 1 OI contract (10 MT) |
| Minimum Price Fluctuation | 0.5 Yuan/MT |
| Price Quotation | Yuan (RMB)/MT (exclusive of tax and customs duty) |
| Daily Price Limit | Same as that for the OI contract |
| Listed Contracts | Jan, Mar, May, Jul, Sep, Nov |
| Trading Hours |
T: 09:00-10:15; 10:30-11:30; 13:30-15:00 T+1: 21:00-23:00 Beijing Time (GMT+8) |
| Last Trading Day | The 3rd trading day of the month prior to the delivery month of the underlying OI contract (postponed accordingly if it is a national holiday or weekend) |
| Expiration Date | Same as the last trading day |
| Option Style | American. Buyers may submit an exercise request before the expiration date and an exercise or abandonement request before 15:30 on the expiration date. |
| Contract Symbol | Call option: OI-Contract Month-C-Strike Price Put option: OI-Contract Month-P-Strike Price |
| Product | Rapeseed Meal |
|---|---|
| Contract Size | 10 metric tons (MT)/lot |
| Price Quotation | Yuan (RMB)/MT (exclusive of tax and customs duty) |
| Minimum Price Fluctuation | 1 Yuan/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 |
T: 09:00-10:15; 10:30-11:30; 13:30-15:00 T+1: 21:00-23:00 Beijing Time (GMT+8) |
| Last Trading Day | The 10th day of the contract month (postponed accordingly if it is a national holiday or weekend) |
| Grades and Quality Specifications | Refer to the Detailed Business Rules for Rapeseed Meal Futures of the Zhengzhou Commodity Exchange for details |
| Settlement Type | Physical delivery |
| Product Symbol | RM |
| Minimum Trading Margin | 5% |
| Product | Rapeseed Meal Options |
|---|---|
| Underlying | Rapeseed Meal Futures contract |
| Contract Types | Call and Put Options |
| Contract Size | 1 RM contract (10 MT) |
| Minimum Price Fluctuation | 0.5 Yuan/MT |
| Price Quotation | Yuan (RMB)/MT (exclusive of tax and customs duty) |
| Daily Price Limit | Same as that for the RM contract |
| Listed Contracts | Jan, Mar, May, Jul, Aug, Sep, Nov |
| Trading Hours |
T: 09:00-10:15; 10:30-11:30; 13:30-15:00 T+1: 21:00-23:00 Beijing Time (GMT+8) |
| Last Trading Day | The 3rd trading day of the month prior to the delivery month of the underlying RM contract (postponed accordingly if it is a national holiday or weekend) |
| Expiration Date | Same as the last trading day |
| Option Style | American. Buyers may submit an exercise request before the expiration date and an exercise or abandonement request before 15:30 on the expiration date. |
| Contract Symbol | Call option: RM-Contract Month-C-Strike Price Put option: RM-Contract Month-P-Strike Price |
In February 2018, BANDS was approved as an inaugural Overseas Intermediary for the Shanghai International Energy Exchange (INE), the first-ever internationalised Chinese futures exchange - enabling BANDS to offer overseas clients trading access to the new Crude Oil contract. We proudly participated in its launch with our clients trading on the opening day.
In April 2018, BANDS was approved by the Dalian Commodity Exchange (DCE) as an OI and we were delighted to represent 15% of all overseas clients active on the opening day of the DCE's iron ore contract internationalisation on 4th May 2018.
The Zhengzhou Commodity Exchange (ZCE) then approved BANDS in November 2018, enabling BANDS clients to participate in the first internationalised futures contracts of the Zhengzhou exchange - PTA contracts.
We have since participated in the launch of further OI contracts, most notably the INE Bonded Copper contract in November 2020. BANDS was also recently approved as an Overseas Special Brokerage Participant by the INE. This allows us to provide direct trading access to the exchange in Shanghai. To learn more, visit our Solutions page or take a look at our Accessing the Chinese Market video series and FAQ.
Warehouse receipts or USD can be used as collateral, as alternatives to RMB, subject to:
