PTA Futures Will Be Implemented Step By Step And Step By Step.

Zheng merchants held a consultation meeting on the rules governing the introduction of PTA futures to foreign traders in Hangzhou, and the draft rules on settlement and delivery opened by PTA futures were also unveiled for the first time.

According to the relevant draft rules, PTA's existing contracts and basic institutional framework remain unchanged, while Renminbi denominated and settled, foreign currency funds will be used to offset the margin, and PTA futures traders will also enjoy "national treatment" in terms of warehousing and hedging.

In the wind control system, the exchange will strictly monitor high-frequency trading and other acts, and curb "malicious short selling".

At the meeting, relevant directors of Zhengshang said that the purpose of PTA futures opening to the outside world was to meet the needs of the domestic real economy, and the relevant rules and regulations were followed by the SFC [micro-blog]2015 issued in June.

Interim Measures for the management of futures trading of specific varieties within the territory.

The most important problem in introducing foreign traders is how the foreign customers should participate and how to settle the funds.

As for the way of participation, foreign traders and brokers are still having institutional obstacles to the direct "Unicom market". The opening of foreign traders can be carried out through domestic Futures Company or foreign Futures Company which has signed two level agency agreements with domestic Futures Company.

In terms of access conditions, overseas customers must have basic knowledge of futures and understand the relevant business rules.

The fund threshold is a bank certificate of not less than RMB 50 thousand yuan or equivalent foreign currency, and in the past three years, there are more than 5 paction records of the real paction of Futures (to submit a letter of guarantee), of which the individual customers should have full civil capacity, and the institutional customers should have sound internal control system and information notification mechanism for futures trading, and there will be no prohibition or restriction on futures trading.

In terms of settlement,

The special settlement account for future foreign exchange (excluding short-term foreign debt index) uses the NRA account (allowing domestic banks to open domestic foreign exchange accounts for overseas institutions).

The reporter learned that, according to the existing rules, only the US dollar and foreign currency were accepted at the beginning, and the foreign currency offset margin was calculated according to the intermediate price announced by the foreign exchange trading center on the previous trading day, and multiplied by a certain discount rate.

For the delivery problem, the exchange has also revised the relevant rules, striving for PTA.

The delivery is exempt from VAT to achieve the real meaning of bonded delivery.

It is understood that at present, the duty paid PTA warehouse receipt is a general warehouse receipt. It follows the general warehouse receipt matching principle. The bonded PTA warehouse receipt is also a general warehouse receipt. However, because the settlement price is different, the duty paid warehouse receipt and the bonded warehouse receipt can not be used universally.

"In order to embody the principle of fairness, fairness and openness, we plan to make a pair of PTA delivery pairs with reference to the non general mode of single delivery pairing, that is, the last trading day also announces the seller's bonded warehouse receipt and duty paid warehouse receipt, which is chosen by the buyer, and then matching the unmatched positions according to the principle of quantity consolidation and least matching logarithm.

The person in charge said.

The official responsible for the introduction of PTA futures to foreign traders is still at the stage of demonstration. Zheng merchants also welcome domestic and foreign investors and related enterprises to put forward valuable opinions and suggestions on the relevant systems. The exchange will improve the existing system and further promote the internationalization process of PTA futures.

At the meeting, representatives of several PTA industry chain enterprises from the US, Italy, Korea and China participated in the import and export trade, and actively discussed the relevant hot topics of the draft rules.

"PTA futures has been running for so many years, and the market is very mature. When we hope to introduce foreign traders, we will further expand channels and increase settlement and settlement facilities on the premise of maintaining the healthy operation of the existing market and keeping the system stable."

Xie Haisu, deputy general manager of Trade Department of Xiamen China World Trade Center group, said.

"From the point of view of the actual operation of foreign traders, it is hoped that Zheng merchants will further improve the relevant system and help the foreign traders who hold the tax receipts to solve the problem of delivery."

Xu Zhiying, manager of Italy GSI China, said.