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Dalian Commodity Exchange Dalian Commodity Exchange International Cooperation June 2020 Building a Diversified, Open and World-class Derivatives Exchange 智舒 CONTENTS 01 China Futures Market 02 Introduction to DCE 03 International Business 2 A Glimpse of China’s Futures Exchanges 智舒 Dalian Commodity Exchange 20 Futures, 4 Options Agricultural, Petrochemical, Ferrous, etc. Corn, Corn Starch, Soybeans, Soybean Meal, Soybean Oil, RBD Palm Olein, Egg, Fiberboard, Blockboard, LLDPE, PVC, PP, EG, EB, Coke, Coking Coal, Iron Ore, RR, LPG; Soybean Meal Options, Corn Options, Iron Ore Options, LPG Options Shanghai Futures Exchange Shanghai International Energy Exchange 19 Futures, 3 Options Metal, Energy, etc. Copper, Aluminum, Zinc, Lead, Gold, Silver, Rebar, Wire Rod, Hot Rolled Coils, Nickel, Tin, Crude Oil, Fuel Oil, Bitumen, Natural Rubber, Woodpulp, TSR 20, Stainless Steel, Low- Sulfur Fuel Oil; Copper Options, Natural Rubber Options, Zhengzhou Commodity Exchange Gold Options 21 Futures, 5 Options Agricultural, Chemical, etc. China Financial Futures Exchange Common Wheat, Strong Gluten Wheat, Cotton, Early Rice, 3 Stock Index Futures, 3 Bond Futures White Sugar, Rapeseed Oil, PTA, Glass, Thermal Coal, 1 Stock Index Options Rapeseed, Japonica Rice, Methanol, Rapeseed Meal, Late Rice, Ferroalloy, Manganese Silicon, Cotton Yarn, Apple, CSI300 Index Futures, SSE50 Index Futures, CSI500 Index Chinese Jujube, Urea, Soda Ash; White Sugar Options, Futures, 2-year Treasury Bond Futures, 5-Year Treasury Cotton Options, PTA Options, Methanol Options, Rapeseed Bond Futures, 10-Year Treasury Bond Futures, CSI300 Index Meal Options Options 3 Key Market Stats 智舒 China’s Commodity Futures Exchanges FIA Global Ranking Trading Volume and Turnover Rank Exchange 1 Trading Volume Annual Turnover National Stock Exchange of India (million) (million CNY) 2 CME Group 3 B3 4,500 250,000,000 4 Intercontinental Exchange 4,000 5 Eurex 3,500 200,000,000 6 CBOE Holdings 7 Nasdaq 3,000 8 Korea Exchange 150,000,000 2,500 9 Moscow Exchange 10 2,000 Shanghai Futures Exchange 100,000,000 11 Dalian Commodity Exchange 1,500 12 Zhengzhou Commodity Exchange 13 1,000 50,000,000 BSE 14 Miami International Holdings 500 15 Hong Kong Exchanges and Clearing - - 16 Borsa Istanbul 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 17 Japan Exchange Group 18 Multi Commodity Exchange of India 19 Taiwan Futures Exchange Trading Volume Turnover 20 ASX *Source: China Futures Market Monthly Performance Report * Source: FIA 2019 volume report 4 Key Market Stats 智舒 Market Breakdown Top Traded Products in China Steel Trading Volume Average Daily Open Interest Rebar PTA Iron Ore Trading Volume, 465mn Average Daily OI, CZCE, 28.1%, CZCE, 26.0%, 26% Soybean 28% DCE, 34.5% Methanol Meal 312mn DCE, 40.7% 296mn 265mn 273mn Trading Volume, Average Daily OI, SHFE, 37.4%, SHFE, 33.3%, 33% 37% *Source: China Futures Market Monthly Performance Report * 2019 annual trading volume 5 智舒 CONTENTS 01 China Futures Market 02 Introduction to DCE 03 International Business 6 Diverse Product Suite 智舒 Futures + Options No.1 Soybean 20 4 Corn LLDPE PVC Soybean Meal FUTURES OPTIONS No.2 Soybean RBD Palm Coking Coke Soybean Oil Olein Coal Fiber Block Polypropy Egg Iron Ore 1 43 board board lene OTC MARKET INDICES Corn Ethylene Ethenyl Rice LPG Starch Glycol benzene 7 OTC Platform 智舒 Iron Ore Warehouse Agricultural Warehouse Receipt Service Receipt Switch Standard Warehouse DCE OTC Receipt Trading Platform Basis Trading Commodity Swap 8 Trading Facts 智舒 DCE's Trading Volume and Turnover by Year 1,800 80,000 s 1,600 t 70,000 c Trading Volume Turnover a B r t 1,400 M n 60,000 R o c n o n 1,200 i l o l i 50,000 i l l b i 1,000 , m e , 40,000 u l e 800 a m V u l l 30,000 a o 600 n V o i g t n 20,000 o i 400 d N a r T 200 10,000 - - 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 19 19 19 19 19 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 2019 ANNUAL TRADING VOLUME ANNUAL TURNOVER AVERAGE DAILY OPEN INTEREST AVERAGE DAILY TRADING VOLUME 1,355 69 6.72 5.56 million contracts trillion CNY million contracts million contracts • Source: Dalian Commodity Exchange 9 World Top Derivatives Exchanges 智舒 2019 Top 20 Derivatives Exchanges Worldwide World Derivatives Exchanges Ranking Rank Exchange Jan – Dec 2019 Vol Jan – Dec 2018 Vol 1 National Stock Exchange of India 5,960,653,879 3,790,090,142 th th th th 12 10 8 8 2 CME Group 4,830,045,369 4,844,857,131 3 B3 3,880,624,283 2,574,073,178 4 Intercontinental Exchange 2,256,762,531 2,474,223,217 5 Eurex 1,947,144,196 1,951,763,081 2018 2017 2016 2015 6 CBOE Holdings 1,912,075,382 2,050,884,142 7 Nasdaq 1,785,341,204 1,894,713,045 8 Korea Exchange 1,546,717,194 1,408,259,039 Largest futures market 9 Moscow Exchange 1,455,043,932 1,500,375,257 Coke 10 Shanghai Futures Exchange 1,447,597,054 1,201,969,095 11 Dalian Commodity Exchange 1,355,584,225 981,927,369 Largest Plastics futures market 12 Zhengzhou Commodity Exchange 1,092,703,580 817,969,982 13 BSE 1,026,425,811 1,032,693,325 14 Miami International Holdings 440,049,131 421,320,501 Largest Oils and Oilseeds futures market 15 Hong Kong Exchanges and Clearing 438,690,021 480,966,627 16 Borsa Istanbul 387,996,034 236,393,421 17 Japan Exchange Group 361,063,321 411,945,912 Largest Iron Ore futures market 18 Multi Commodity Exchange of India 306,592,744 230,339,630 19 Taiwan Futures Exchange 260,765,482 308,083,576 Largest Agricultural futures markets 20 ASX 260,478,736 248,003,922 * Data resource: FIA 2019 volume report 10 Client Structure 智舒 2019 Average Daily Open Position Held by Corporate Clients Agricultural Futures Proportion Industrial Futures Proportion Soybean No.2 Futures 78.70% PVC Futures 57.39% Corn Futures 61.33% LLDPE Futures 54.60% Soybean Oil Futures 58.65% EG Futures 49.40% Soybean Meal Futures 57.31% PP Futures 49.34% RBD Palm Olein Futures 54.21% Iron Ore Futures 45.97% *Source: China Futures Market Monthly Performance Report 11 Contract Specs 智舒 Current Current Max No. of Last Delivery Trading Vol Product Price Min Price Listed Contract Night Futures % Contract Unit Price Trading Termination of Trading Contracts Date 2019(mn) Code Quotation Fluctuation Months Trading Limit* Margin* per Order 0.5 Monthly 10th trading day of the 1 Iron Ore 297 22.3% I 100MT/Lot CNY/MT 7% 8% 1000 √ CNY/MT contract contract month 1,3,5,7,8,9,11, 10th trading day of the 2 Soybean Meal 273 20.5% M 10MT/Lot CNY/MT 1 CNY/MT 5% 6% 1000 √ 12 contract month Monthly 10th trading day of the 3 RBD Palm Olein 136 10.2% P 10MT/Lot CNY/MT 2 CNY/MT 6% 7% 1000 √ contract contract month 10th trading day of the 4 Corn 99 7.45% C 10MT/Lot CNY/MT 1 CNY/MT 4% 1,3,5,7,9,11 5% 2000 √ contract month 3rd trading Monthly 10th trading day of the 5 PP 94 7% PP 5MT/Lot CNY/MT 1 CNY/MT 6% 7% 1000 day after the √ contract contract month last trading 1,3,5,7,8,9,11, 10th trading day of the day 6 Soybean Oil 88 6.6% Y 10MT/Lot CNY/MT 2 CNY/MT 5% 6% 1000 √ 12 contract month Monthly 4th last trading day of the 7 EG 74 5.6% EG 10MT/Lot CNY/MT 1 CNY/MT 9% 11% 1000 √ contract contract month Monthly 10th trading day of the 8 LLDPE 63 4.8% L 5MT/Lot CNY/MT 5 CNY/MT 6% 7% 1000 √ contract contract month 0.5 Monthly 10th trading day of the 9 Coke 56 4.2% J 100MT/Lot CNY/MT 7% 8% 500 √ CNY/MT contract contract month 1CNY/500 Monthly 4th last trading day of the 10 Egg 37 2.8% JD 5MT/Lot CNY/500kg 6% 7% 300 X kg contract contract month •Remarks: ① price limit percentage is set against last settlement price * Data resource: DCE, parameters as of 07/04/2020 ② trading margin rates listed here are for general months 12 Structure and Technology 智舒 Dalian Commodity Exchange Members Designated Delivery Warehouses Designated Depository Banks Information Vendors 163 362 16 21 Investors Active Futures Investors 1.3million Options Investors 15,000 * Figures as of 31/12/2019 01 02 03 Technology Technology Futures IT Co., Planning Office Operations & Ltd Software Architecture Planning Maintenance Development 13 CONTENTS 01 China Futures Market 02 Introduction to DCE 03 International Business 14 Trajectory of Chinese Futures Market Opening-up 智舒 1 Equity Investment 2 QFII/RQFII Schemes 3 Commodity Futures • Allow HK & Macao registered •Amended Administration of Futures Trading, allowing • Introduce Qualified Foreign Institutional brokerage firms for shareholding of foreign institutions to trade specified products traded Investors scheme 2012 on futures exchanges 2005 domestic futures company 2002 •CSRC announced Provisional Measures on Management of Trading of Specified Domestic • Allow foreign capital for shareholding • QFIIs are allowed to invest in China 2015 Futures Products by Overseas Traders and Brokers of domestic futures company stock index futures for hedging purpose 2014 2011 • Crude oil (INE), Iron ore (DCE) and PTA (ZCE) 2018 opened up to overseas investors • Raise upper limit of foreign • Expand RQFII investment scope to shareholding to 51% include stock index futures 2018 2013 • INE listed TSR 20 futures and accessible by 2019 overseas investors • CSRC consultation on draft measures • Bring forward timeline of removing for merged QFII/RQFII regulation, which foreign shareholding upper limit to allows “QI” to invest in commodity 2020 • Low sulfur fuel oil futures listed on INE on 6/22 2019 2019 futures 2020 15 DCE Iron Ore Futures 智舒 2013 2018 16 Sufficient Market Liquidity 智舒 2019 ANNUAL TRADING VOLUME ANNUAL TURNOVER AVERAGE DAILY TRADING VOLUME AVERAGE DAILY OPEN INTEREST 296.5 19.9 1.2 0.96 million trillion CNY million million Iron
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