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The 4th crude oil futures’ across-the-market testing in production environment between July 8th and July 9th was successfully completed. Market particpants said that this was another substantial step forward in preparations for the listing of crude oil futures, meaning the completion of all preparatory works on techincal system.      

 

According to the briefing, to lanch the crude oil futures smoothly, Shanghai Futures Exchange (“SHFE”) and Shanghai International Energy Exchange (“INE”), a subsidiary of Shanghai Futures Exchange, together with related parties including China Futures Market Monitoring Center (CFMMC), FF Members, oil companies and information distributors, have completed four (4) testings in production environment on crude oil futures between June 17th and June 18th, June 24th and June 25th, July 1st and July 2nd, and July 8th and July 9th respectively, which is an exercise that mainly simulates the trading, clearing and other business scenarios the day before the listing of crude oil futures and the day of the listing of crude oil futures, covering SHFE’s and INE’s main business procedures regarding trading, clearing, fund withdrawal and deposit (W/D), hedging/hedging application, data submission, market data distribution, etc. The testing went smoothly and achieved the desired results.  

 

As of the market close and settlement on July 9th, on the SHFE level, there were totally 380 trading seats of 144 members gaining access to the testing with concluded deals, and accumulatively 2,252 clients with concluded deals. On the INE level, there were totally 623 trading seats of 146 members gaining access to the testing with concluded deals, accumulatively 1,809 clients with concluded deals, and 23,4769 mock crude oil futures contract oders with 34, 7798 concluded deals equivalent to 3,307,478 lots, 1.1478 trillion yuan and a total open interests of 1,687,694 lots; in addition, there were 711 RMB denominated fund W/D businesses equivalent to 113.2 billian yuan; and 24 USD denomiated fund W/D businesses equivalent to USD 5.6 billion.         

 

According to Zhong Rong Hui Xin Futures, before this testing, SHFE’s technical team has already issued the upgraded crude oil client-end version, provided its full technical support and timely solved various problems encountered in the testing. As a result, the whole process was quite smooth and good.  

 

Relevant person from Dalu Futures said that the scenario design for the whole testing was reasonal with a clear focus and sufficient environmental preparations. The successful completion of this testing was guaranteed by the satisfying services provided by SHFE’s technical team in timely solving any questions from companies day and night whenever there is one.            

 
 

According to TF Futures, the firm has fully understood and mastered varisous business precedures and operations regarding trading, clearing and fud W/D through this testing, which lays a solid technical foundation for the listing of crude oil futures. Now the firm is very confident in the listing of crude oil futures.

 

According to the overall testing results, SHFE, INE and market participants all did well in such preparations and problems spotted during the testing were basically solved. In the next phase, the Exchange will carry on the preparatory works for the listing of crude oil futures, and try to launch it within this year. 

 

 

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