"Addition And Subtraction" Of Natural Rubber: Regulation And Control Policy

Recently, the revised natural rubber futures contract and rules were issued formally. futures Of transaction The unit doubled, and the single natural person was downgraded. account Position limit. Futures Daily reporter noted that the control combination of the previous period is not just "collecting", but also in terms of handling fees, natural rubber. Service Charge From the past 1/10000 points to five down to 1/10000, reflected. policy The side of "letting go".

Insiders said that the expansion of trading units and the reduction of single natural person account position limit reflected the further restriction of speculation by regulators. On the other hand, lowering the commission charges indicated that regulators did not expect rubber varieties to lose their activity. In addition to the natural rubber, this period also lowered the handling fee of copper and rebar, which means that the futures market regulation policy is expected to slow down.

"The trading unit of the rubber futures market has doubled, and the value of the contract is equivalent to that of the copper contract. It will not have a great impact on our trading, and the policy of reducing the fee will be very attractive to us." Mr. Tang, a personal investor, told reporters. But Lin, who has a margin of about 1 million 600 thousand, expressed concern about the market liquidity after expanding the trading unit. He thought it might reduce the liquidity of the rubber futures, and the decrease in liquidity would restrict the enthusiasm of investors and enterprises in maintaining value.

As for the measures to adjust the proportion of warehouses in the previous period, Mr. Lin said that according to the new rules, the maximum position of a single natural person account is only 5000 tons. Compared with the scale of the largest individual account with the highest 50 thousand tons before the modification, it has a greater impact on tens of millions of funds, but has little impact on small investors. The 500 hand position is enough for millions of investors.

It is understood that since the second half of last year, the performance of the natural rubber varieties have been more eye-catching, has been included in the regulation of the "blacklist", and has been repeatedly regulated by the policy.

In July last year, natural rubber became the first pilot item to be opened from the unilateral charge to the bilateral charge. At the end of last year, rubber futures were also raised by margin and commission. The standard of handling fees was adjusted from 1/10000 to 1/10000 points five, and the margin ratio increased from 13% to 11% before adjustment.

At the beginning of this year, the market rumours were proposed to expand the natural rubber trading unit on the previous stage. Recently, the revised natural rubber futures contract officially confirmed the previous market rumors.

With the regulation and control, the unilateral volume of natural rubber has dropped sharply. Statistics show that in the first half of 2010, the unilateral volume of natural rubber was 87 million 680 thousand hands. In the second half of 2010, the unilateral volume of natural rubber dropped to 79 million 730 thousand hands. In the first half of this year, the unilateral volume dropped by nearly 50%, to 47 million 730 thousand hands.

In this regard, Feng Li, an analyst at Minsheng futures, said that although the volume of rubber trading in the first half of this year was relatively large, the market liquidity could still meet the demand of hedging, and there would be no phenomenon of hedging.