Table 1: Time and Channel for Exercise and Fulfillment

Ⅶ. Position Limit

For the purposes of position limit, the positions of TSR 20 and Bonded Copper options will not be aggregated with futures positions.

For any Non-FF Member, OSNBP, or Client, the total positions of long calls and short puts of any particular contract month, as well as the total positions of long puts and short calls of any particular contract month, should in each case not exceed the position limit listed below. Accounts linked by actual control relationship are treated as a single account for the purposes of position limit.

Table 2: Position Limit for TSR 20 Options

Table 3: Position Limit for Bonded Copper Options

Ⅷ. Hedging Position Quota

Any hedging position quota obtained may be used on futures contracts, option contracts, or a combination of both.

Ⅸ. Fees

Trading fees of TSR 20 options: RMB 1.5 yuan/lot, currently waived for closing intraday positions. From the date of listing to December 31, 2026, a 50% discount on transactions fees for hedge trading shall apply, except for high-frequency traders recognized by the Exchange. Exercise (fulfillment) fees are RMB 1.5 yuan/lot; pre-exercise (fulfillment) options netting fees are RMB 1.5 yuan/lot; post-exercise (fulfillment) futures netting fees are currently waived; fees for automatic netting for market makers are currently waived.

Trading fees of Bonded Copper options: RMB 2 yuan/lot, currently waived for closing intraday positions. From the date of listing to December 31, 2026, a 50% discount on transactions fees for hedge trading shall apply, except for high-frequency traders recognized by the Exchange. Exercise (fulfillment) fees are RMB 2 yuan/lot; pre-exercise (fulfillment) options netting fees are RMB 2 yuan/lot; post-exercise (fulfillment) futures netting fees are currently waived; fees for automatic netting for market makers are currently waived.

Order fees will be charged to clients for TSR 20 and Bonded Copper Options as shown in the table below.

Table 4 Order Fee Rates for TSR 20 and Copper (BC) Options

Notes: message amount = total number of trading orders such as order placement, order cancellation, and RFQ; OTR= (message amount / number of executed orders)- 1. If the actual number of executed orders is 0, it would be treated as 1 for calculating OTR. The message amount mentioned above includes order placement and cancellation resulting from fill-or-kill (FOK) orders and fill-and kill (FAK) orders.

X. Request for Quote

Non-FF Members, OSNBPs, and Clients may request for quote (“RFQ”) from market makers for all listed option contracts. An RFQ should specify the contract code, and there should be a minimum 60-second interval between two RFQs for the same option contract. No RFQ may be submitted for a particular option contract when its best bid-ask spread is less than or equal to the spread shown in the table below.

Table 5: Response Criteria for RFQs on TSR 20 Options

Table 6: Response Criteria for RFQs on Bonded Copper Options

XI. Options Trading Access

Account-opening institutions (i.e., Futures Firm Members, Overseas Special Brokerage Participants, and Overseas Intermediaries) must enforce trader eligibility requirements in strict accordance with the Futures Trading Participant Eligibility Management Rules of the Shanghai International Energy Exchange, the Operational Guidelines for the Futures Trading Participant Eligibility Management Rules of the Shanghai International Energy Exchange, and other applicable rules. Non-FF Members and OSNBPs should apply to the Shanghai International Energy Exchange for options trading access in accordance with the eligibility requirements for general institutional clients.

Market participants shall make necessary preparations and strengthen risk management for TSR 20 and Bonded Copper Options to ensure the smooth functioning of the market.

Shanghai International Energy Exchange