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Lasted 5 years Crude oil futures landing the first international futures varieties What are the opportunities?

February 11, 2018
source: First Financial
edit:Oriental wealth network

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It lasted up to 5 years of preparation, crude oil futures has finally come.

February 9, the Commission said that after careful preparation, the listing of crude oil futures has basically been completed. Taking all factors into consideration, crude oil futures will be listed and traded on Shanghai International Energy Trading Center ("Shanghai Energy") on March 26, 2018 at the Shanghai Futures Exchange (hereinafter referred to as the "previous period").

On the same day, the previous issue of energy "on the Shanghai International Energy Exchange Center crude oil futures deliverable oil, quality and premiums and disclaimers announcement." According to the announcement, the subject of the contract for the crude oil futures contract was identified as the middle-grade sulfur-containing crude oil. Deliverable oil products include the UAE Dubai crude oil, the Upper Zakum crude oil, the Oman crude oil, the Qatar marine oil, the Yemeni Masila crude oil, the Iraqi Basra light oil, Victory crude oil.

According to CBI, China is the second largest consumer of crude oil in the world and the eighth largest producer of crude oil. Apparent crude oil consumption in 2016 was approximately 578 million tons, with an external dependence of over 65%. About 420 million tons of imported crude oil in 2017, has become the world's largest importer of crude oil. In this context, as China's first international futures varieties, the industry generally have high hopes for the launch of crude oil futures.

Crude oil futures business principle of "international platform, net trading, bonded delivery, RMB valuation," the industry generally predicted that the introduction of crude oil futures is conducive to the country to enhance global discourse of crude oil, to promote the opening up of the capital market, the internationalization of the RMB Positive meaning At the same time, crude oil futures can also provide price risk management tools for many domestic enterprises, and many futures private equity also said that including the industrial chain arbitrage, including a variety of CTA segmentation strategy will be very useful.

  The first international futures

Preparations for crude oil futures began in 2012, for the first time the Commission made it clear that it will promote the listing of crude oil futures. On December 12, 2014, the SFC approved the crude oil futures trading conducted by its International Energy Trading Center (INE) in the previous period. In 2015, the last issue of energy twice announced the launch of crude oil futures market. May 11, 2017, with the approval of the CSRC, the previous issue of energy "Shanghai International Energy Exchange Center crude oil futures standard contract."

Reporter learned from the previous period, after careful preparation, the listing of crude oil futures has basically completed the work. Specifically, the current period of energy has been approved by 149 futures companies to apply for membership, approval of 12bankIn order to engage in domestic customers' margin depository business, eight banks engaged in offshore margin depository business in succession and conducted five full-market production system exercises in succession.

From the design point of view, the operational principle of China's crude oil futures is "international platform, net trading, bonded delivery, RMB valuation."

Specifically, the "international platform", that is, internationalization of transactions, internationalization of deliveries and internationalization of settlement links, facilitates the free, efficient and convenient participation of domestic and foreign traders and promotes the formation of a benchmark price reflecting the supply and demand of crude oil market in China and Asia Pacific time zone .

"Net trading" is the net price excluding the customs duty and value-added tax, which is different from the current situation that the current futures price in the country is the tax-inclusive price. It is convenient to compare directly with the non-tax price in the international market and avoid the tax policy change Impact on the transaction price.

"Bonded delivery" is relying on bonded oil depots, physical delivery. "RMB denominated" is the use of RMB denominated and settled.

"Carrying out crude oil futures trading is an important manifestation of 'deepening the reform of the financial system and enhancing the financial services' ability of the real economy," and is an important arrangement for the futures market to serve the real economy. After the listing of China's crude oil futures, it will help shape the oil market in China and the Asia-Pacific region The price system of supply and demand, to play the basic role of price in the allocation of resources; able to provide effective hedging tools for entities to avoid the risk of price fluctuations. "Relevant person in charge said the previous period.

Relevant person in charge of the previous energy said that crude oil futures, as China's first international futures, will introduce overseas investors to explore the futures market international market operation and regulatory experience. "In the future, we will further strengthen the supervision of first-tier and self-regulatory responsibilities, continuously improve the risk prevention and control measures and measures to prevent market risks, ensure the stable operation of the market, hold the bottom line and better serve the real economy."

  Deliverable oil, quality and premiums and lacks specified

According to the "Shanghai International Energy Exchange Center crude oil futures standard contract" announced in May 2017, the standard contract for crude oil futures is Sulfur-containing crude of medium quality with transaction code SC, and the price limit is not more than ± 4% of the settlement price of the previous day , The trading unit is 1000 barrels / hand, the contract takes the quoted price of RMB.

For why the selection of sulfur content crude oil as the subject of the contract, the previous energy-related official said that one is relatively rich in sulfur-containing crude oil resources, its share of production accounts for about 44% of global production; second is the supply and demand of sulfur content crude oil The relationship is not exactly the same as that of light sweet crude oil. At present, the international market lacks the price benchmark of an authoritative medium sulfurous crude oil. Third, the crude oil with medium sulfur content is the main species imported into China and its neighboring countries. According to the Customs According to the statistics released by the General Administration of Statistics, China imported 381 million tons of crude oil in 2016, of which 183 million tons of crude oil came from the Middle East, accounting for 49% of the total. The formation of a benchmark price for crude sulfur content in the medium is conducive to promoting the development of international crude oil trade.

According to "Notice on Deliverable Oil, Quality and Amendment Provisions of Crude Oil Futures" issued by Shanghai International Energy Exchange Center on February 9, the deliverable oil products of China's crude oil futures include Dubai UAE Crude Oil, Upper Zakum Crude Oil, Oman Crude Oil, Qatar Marine Oil, Yemen Masila Crude, Iraqi Basra Light Oil, and China Victory Crude Oil.

This reporter has learned that the last issue of the upcoming energy futures oil futures deliverable oil premiums and discounts set in the relevant oil spot market price data for many years on the basis of an in-depth analysis, after repeated demonstration and comparison, and domestic and foreign oil-related Enterprises and pricing agencies conducted a full exchange of views and communications identified.

  CNOOCimport and exportShe Jian Yue, senior expert, said, "By comparing Platts and Argus on the relevant oil pricing information, we believe that Shanghai crude oil futures deliverable oil premiums and discounts set more in line with the spot market."

WTI deliverable oil includes six kinds of US crude oil and six kinds of imported crude oil, of which six kinds of US crude oil without premiums and disclaimers, six kinds of imported crude oil, including the British North Sea Brent crude oil (Brent), Nigerian Bonny light oil (bonny Light and Qua Iboe crude oil, Oseberg Blend crude oil from Norway, Cusiana crude oil from Colombia, etc. CMS has set a premium of 0.15-0.3 USD for imported crude oil, Years have not been revised, and the spot market conditions have been greatly out of line. "China Merchants Securities(Hong Kong) Company Universal Commodity Director Zhao Yuanyuan that the Shanghai crude oil futures deliverable oil premiums and discounts program has a better maneuverability and accuracy.

In the view of Zhang Tianyi, chief representative of Vito Group Beijing Representative Office, the benefits of such a fixed premium program are obvious. "This greatly simplifies the physical delivery of crude oil futures operations because the price information for each deliverable oil is clear, buyers and sellers involved in the delivery of the payment formula is simple and clear, easy to operate at the same time, by setting the oil The lower quality standard enhances the quality stability of deliverable oils. "

The energy source in charge of the previous period said it will closely follow the operation of the spot market. When there is a significant trend change in the price of deliverable oil products in the spot market, the plan will be adjusted to ensure the consistency and stability of the futures and spot markets Sex.

  Arbitrage opportunities appear

As the first international futures, there are four modes for foreign traders to participate in crude oil futures. One is to participate directly in the energy center as a special overseas non-brokered participant. Second, as overseas special brokerage clients participate in the transaction. Third, as a member of domestic futures companies, customers involved in the transaction. Fourth, through foreign intermediaries to participate in the transaction, foreign intermediaries need to be entrusted to the domestic futures company members or overseas special brokerage participants. For the above overseas special non-brokered participants, the overseas special brokerage participants must settle the settlement business through the members of the domestic futures company and the energy center.

For domestic investors, the way to participate in crude oil futures and existing futures similar. Individual investors can open an account in the futures company, apply for the corresponding transaction code transactions, large institutions, enterprises may apply for special membership.

On the threshold, individual investors will need to meet the relevant standards for the investor's due diligence regime for the previous phase in terms of available funding, knowledge testing and trading experience. Specifically, individual investors need to have 500,000 yuan or equivalent of foreign currency, institutional investors 1 million yuan or equivalent in foreign currency. Knowledge testing, the account I have to participate in the opening of institutional arrangements for the futures examination and pass. Trading experience, the account must have 10 trading days and participate in more than 10 domestic futures simulation transaction records, or nearly three years with more than 10 overseas futures transaction records.

"We expect the market participation will be higher after the introduction of crude oil futures, which can be seen from the activity and participation of various types of training in the past." Du Xiu, director of investment in Trend Asset Management Division of Taoli Asset, told the reporter that the transaction The amount of view, the initial listing volume will not be too large, because the new varieties need to have a gradual acceptance of the process of heavy volume.

Du Xu believes that as the king of commodities, the world volume of crude oil market turnover is an active guarantee for the crude oil futures market. There will be a large number of arbitrage opportunities early in the listing of crude oil futures, and it is expected that various types of statistical arbitrage models will be able to obtain good returns. "Participate in a variety of arbitrage and trend trading, arbitrage, such as cross-market arbitrage, cross-arbitrage transactions, or the use of premiums and discounts in different months of intertemporal arbitrage, and other upstream and downstream chemical arbitrage between countries." Xu said.

Another head of well-known futures in Shanghai private equity said crude oil futures volatile, the trend is obvious, "the trend of high volatility," the characteristics of CTA strategy is an important source of profit. "In addition, the introduction of crude oil futures, the chemical industry chain is expected to open up across the board, including crude oil, natural gas, coal, plastics, methanol, synthetic rubber, film, PVC and other product chain strategy will be of useless." The official said.

                (Editor: DF134)

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