大商所就棕榈油期货引入境外交易者相关规则修正案公开征求意见

10月22日，大商所发布公告，就棕榈油期货引入境外交易者相关规则修正案及草案向市场公开征求意见。此次规则修改主要围绕棕榈油期货引入境外交易者的业务需求，旨在为境外交易者参与棕榈油期货交易、交割等提供明确的规则依据，进而为境外交易者参与棕榈油期货提供制度保障。这也意味着我国期货市场国际化品种将再添新兵。

据通知，此次规则修改仅针对交割制度，包括《大连商品交易所交割管理办法》和《大连商品交易所棕榈油期货业务细则》两部规则。棕榈油期货原有合约和基础制度、核心技术系统、核心清算和风控模式保持不变。具体来看，此次规则修改主要包括以下几个方面：

《大连商品交易所交割管理办法》拟增加的规定包括：一是不能接收或者开具增值税发票的单位客户不得交割；二是不具有交割资质的单位客户持仓，在一次性交割流程下被配对的，交易所将在交收日闭市后对其处以按交割结算价计算合约价值20%的罚款，并将该款项支付给对方的规定。若配对双方均为不得交割的客户，交易所对双方分别处以按交割结算价计算合约价值20％的罚款，不再支付给对方。

《大连商品交易所棕榈油期货业务细则》拟增加对客户交割资格的验证。具体要求是：申请期转现的客户，交易双方除了按规定提交期转现相关材料，还应当提交合法有效的能够接收或者开具增值税发票的资质证明；此外对于参与一次性交割的客户，其应当通过会员在交收日14:30前向交易所提交合法有效的能够接收或者开具增值税发票的资质证明。未在规定时间内提交的，视为不具备接收或者开具增值税发票的资质，并按照《大连商品交易所交割管理办法》相关规定处理。

此外，拟增加对境外经纪机构应当遵守棕榈油业务细则的要求，增加境外经纪机构作为应遵守《大连商品交易所棕榈油期货业务细则》的市场参与者。

据了解，在相关规则的修改过程中，大商所与相关政府部门、期货公司、实体企业及业内专家反复研讨论证，不断完善各项规则及制度，保证制度适用性和可行性。此次交易所向市场公开征求意见，将根据各方意见反馈进一步完善相关规则及制度，为棕榈油期货引入境外交易者顺利实施和平稳运行奠定坚实基础。

附征求意见稿英文版：

DCE Solicits Public Opinions on Amendments to the Rules on  Introducing Overseas Traders into RBD Palm Olein Futures

On October 22, DCE issued an announcement, soliciting opinions from the market on amendments and amended rules on introducing overseas traders into the RBD palm olein futures. The amendments, made to meet the business needs of the endeavor, aim to provide clear rules for overseas traders to participate in RBD palm olein futures trading and delivery, and further offer institutional guarantee for overseas traders engaging in RBD palm olein futures market. The move means a new international product will be added to China’s futures market.

According to the announcement, amendments are made only to the delivery-related rules, including the Measures for Delivery Management of Dalian Commodity Exchange and Detailed Rules of RBD Palm Olein Futures of Dalian Commodity Exchange, while the existing contract and basic rules will remain unchanged, so will the core technology system, core clearing and risk control mode. Specifically, amendments are made in the following aspects:

Provisions to be added to the Measures for Delivery Management of Dalian Commodity Exchange include: first, entity clients that cannot receive or issue VAT invoices shall not engage in the delivery; second, if the entity clients of the RBD palm olein futures contracts that cannot receive or issue VAT invoices are matched during One-off Delivery, the Exchange shall impose a fine of twenty percent (20%) of the contract value calculated at the delivery settlement price against such entity client after the market close on the handover day and such fine shall be paid to the counterparty. If both of the matched parties are clients prohibited from delivery, the Exchange shall impose a fine of twenty percent (20%) of the contract value calculated at the delivery settlement price against both parties and such fine will not be paid to each other.

Verification of clients’ delivery qualification is to be added to the Detailed Rules of RBD Palm Olein Futures of Dalian Commodity Exchange. Specifically, where the parties to the trading apply for EFP, they shall submit legal and valid qualification certificates for receiving or issuing VAT invoices in addition to the relevant EFP application materials under the rules; where a client engages in the One-off Delivery, it shall submit the legal and valid qualification certificate for receiving or issuing VAT invoices to the Exchange before 14:30 of the handover day through the Member. If it fails to submit within the specified time limit, it shall be deemed as not qualified for receiving or issuing VAT invoices and the relevant provisions of the Measures for Delivery Management of Dalian Commodity Exchange shall apply.

Requirement for overseas brokers to comply with the detailed rules of RBD palm olein will be added, and such overseas brokers will be required to comply with the Detailed Rules of RBD Palm Olein Futures of Dalian Commodity Exchange as market participants.

According to information, during the modification of the relevant rules, DCE  discussed and demonstrated issues thoroughly with relevant government departments, futures companies, entity enterprises and industry experts, constantly improved the rules and systems, and ensured the applicability and feasibility of the systems. DCE, after soliciting public opinions from the market, will continue to improve relevant rules and systems based on feedback from all parties, and lay a solid foundation for the smooth implementation and steady operation of introducing overseas traders into RBD palm olein futures.