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Notice on Optimizing Business Process for Accepting Standard Warehouse Receipts as Margins

Date:29 July 2020
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Our Ref: No.305 [2020] DCE

July 29, 2020

Dalian Commodity Exchange

To relevant entities:

Dalian Commodity Exchange will adjust the process to accept the standard warehouse receipts as margins on August 3rd, 2020. The relevant matters are notified as follows.

1. The market values of the standard warehouse receipts accepted as margins shall be adjusted on the basis of the benchmark prices upon daily settlement.

At the time of daily settlement, the Exchange shall calculate the market value of the standard warehouse receipts accepted as margins on the basis of the daily settlement price of the futures contract in the closest delivery month with the same underlying commodity as the standard warehouse receipts.

Before the market close, the settlement price on the previous trading day shall be used for the calculation.

2. The restriction on the maximum term (6 months) for using the standard warehouse receipts as margins is removed.

The maximum term for using the standard warehouse receipts as margins shall be extended through the trading day immediately before the maturity date and the Exchange will not include the standard warehouse receipts in the collateral value upon the daily settlement on that day.

3. The collateral fee for the standard warehouse receipts accepted as margins is collected on a monthly basis.

The collateral fee is calculated based on the post haircut market value of the standard warehouse receipts accepted as margins upon daily settlement and collected monthly on the first trading day of the next month. When the standard warehouse receipts accepted as margins are withdrawn within a calculation period, the collateral fee for the month arising therefrom shall be calculated for the post haircut market value of the withdrawn standard warehouse receipts and collected on the same date.

This notice is hereby released.

Disclaimer: This English translation may be used for reference only. In cases there is any discrepancy between the English version and the original Chinese version, the original Chinese version shall prevail. Dalian Commodity Exchange may change or update this English translation without any prior notice and shall accept no responsibility or liability for damage or loss caused by any error, inaccuracy, misunderstanding, or change with regard to this English translation.

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