Introduction

The exchange of futures for physicals, or the EFP, is the process where the buyers and the sellers who hold opposite positions of a futures contract expiring in the same month reach an agreement through negotiation to, upon approval of the Exchange, tender a notice of EFP to have their respective positions in such contract closed out by the Exchange at the price prescribed by the Exchange, and exchange, at the price mutually agreed upon, the warrant of the underlying commodity which has a quantity equivalent to and is identical to or similar with the underlying commodity of the futures contract. The Members, OSPs, Overseas Intermediaries and Clients may tender their EFP intentions via the Exchange’s Standard Warrant Management System. The contents of the intentions shall include the Clients’ trading codes, the products, the contract months, the directions of the transactions, the delivery methods of the EFPs, quantities, the contact information, etc.

Procedure Involved

EFP involves procedures of EFPs, application for EFP and delivery of EFP.

Contact

Ms. Liu 021-68401775 liu.rong@shfe.com.cn
Ms. Zong 021-68401782 zong.wen@shfe.com.cn