Detailed Rules of Tianjin Bohai Commodity Exchange for Spot Trading Clearing of Natural Rubber(RV)

Transcription

1 Detailed Rules of Tianjin Bohai Commodity Exchange for Spot Trading Clearing of Natural Rubber(RV) Article 1 Article 2 Article 3 Article 4 Article 5 In order to standardize the clearing for the spot trading of natural rubber(rv) at Tianjin Bohai Commodity Exchange (hereafter referred to as the Exchange),so as to guarantee the lawful rights and interests of market participants, the detailed rules are hereby made in accordance with the Interim Procedures for Supervision on the Trading Market of Tianjin Bohai Commodity Exchange (JZF [2009] No.32) issued by Tianjin Municipal People's Government, Management Methods for Spot Transaction of Tianjin Bohai Commodity Exchange prepared by the Exchange and Detailed Rules of Tianjin Bohai Commodity Exchange for Clearing. The clearing for spot trading of natural rubber(rv) refers to such activities as calculation and transfer of the cash deposit for the order, profit & loss, loan and other amount arising from the dealer's spot trading of natural rubber(rv) in accordance with the dealer's trading results and the Exchange's relevant rules. The detailed rules are applicable to the spot trading of natural rubber(rv) listed at the Exchange. Here, the detailed rules shall be observed by the Exchange, authorized service agency, dealer, Exchange's assigned clearing bank (hereafter referred to as the clearing bank) and relevant working personnel thereof. As the contract for e-trading of natural rubber(rv) is established, the dealer's order price shall be the net price of natural rubber(rv), which shall refer to the spot price (excluding the value added tax and duties) of natural rubber(rv) at the Qingdao Bonded Zone. When establishing the contract for e-trading of natural rubber(rv), the dealer shall pay the cash deposit for the order to the Exchange. Such cash deposit for the order shall be calculated as per the order price. The formula of calculation is listed as below: The cash deposit for the order =order price x order quantity x proportion of cash deposit for the order of natural rubber(rv) The proportion of cash deposit for the order shall be subject to the Exchange's relevant regulations and e-trading contract as specified. Article 6 When each trading day is over, the dealer with the contract for e-trading of natural rubber(rv) shall pay the cash deposit for the order to the Exchange as per the natural rubber(rv) clearing price of the trading day.

2 The clearing price refers to the weighted average price which is calculated as per the transaction price and turnover of natural rubber(rv) commodity of the trading day. If the transaction price is unavailable for such trading day, the clearing price of commodity at last trading day shall be adopted as the clearing price of such trading day. Cash deposit payable for the order = clearing price of natural rubber(rv) x order quantity x proportion of cash deposit for the order of natural rubber(rv) Article 7 When each trading day is over, the profit and loss of the dealer with the order for natural rubber(rv) are cleared by the Exchange. The specific formula of calculation for the profit and loss of order shall be listed as below: Profit and loss of the order = Σ [(natural rubber(rv) clearing price buying-in of order price) x buying-in of order quantity] + Σ [(selling-in of order price - natural rubber(rv) clearing price) x selling-in of order quantity] The profit and loss from the dealer's transfer of natural rubber(rv) order are cleared and transferred by the Exchange. The specific formula of calculation for transfer of profit and loss is listed as below: Transfer of profit and loss = Σ [(selling-out of transfer price - buying-in of order price) x turnover] + Σ [selling-out of order price - buying-in of transfer price) x turnover] Article 8 After the settlement declaration is successfully completed, the dealer shall pay the cash deposit for settlement to the Exchange as per the settlement and clearing price. The settlement and clearing price for the spot commodity refers to the clearing price of natural rubber(rv) at the day when the settlement declaration is successfully completed. Such settlement and clearing price shall not include the value added tax and duties. The settlement and clearing price is the clearing price of the day. The specific calculation formula for the settlement of cash deposit: The settlement of cash deposit = settlement and clearing price of natural rubber(rv) x quantity of successfully matched settlement x proportion of cash deposit for natural rubber(rv). If USD is adopted for the settlement, the settlement and clearing price (USD) shall be the settlement and clearing price of the day for settlement matching. Such settlement and clearing price shall be subject to the USD price converted as per the foreign exchange rate of the People's Bank of China of the same day.

3 Article 9 After the dealer's settlement declaration is successfully completed, the Exchange will clear and transfer the profit and loss for the settlement of the dealer. The specific formula for the profit and loss of settlement is listed as below: The buyer's profit and loss for settlement = (natural rubber(rv) clearing price of the day - buying-in of order price) x quantity of successfully completed settlement declarations The seller's profit and loss for settlement = (selling-in of order price - natural rubber(rv) clearing price of the day) x quantity of successfully completed settlement declarations Receipt and payment of compensation for the deferred settlement of natural rubber(rv) and calculation method (I) Receipt and payment of cash deposit for the deferred settlement The buyer (seller) whose declaration for physical settlement fails as well as the intermediate position dealers whose intermediate position declaration succeeds can collect the compensation for deferred settlement as per relevant regulations of the Exchange. All the sellers (buyers) who fail to make settlement declaration shall pay the compensation for deferred settlement as per relevant regulations of the Exchange. (II) Calculation method The total compensation for deferred settlement = the balance of settlement declarations x the clearing price of natural rubber(rv) on the day x the rate of compensation for deferred settlement x the days of compensation The compensation for deferred settlement of natural rubber(rv) a certain dealer (or intermediate position dealer) shall collect = the quantity of unmatched declarations of the dealer (or the quantity of matched declarations of the intermediate position dealer) x the clearing price of natural rubber(rv) on the day x the rate of compensation for deferred settlement x the days of compensation The compensation for deferred settlement a certain dealer shall pay = the total compensation for deferred settlement / the total net order quantity the payer fails to declare x the net order quantity the dealer fails to declare The balance of settlement declaration refers to the difference between the total settlement declarations all buyers have made and the total declarations all sellers have made.

4 The specific standard for the rate of cash deposit for the deferred settlement shall be subject to the Exchange's relevant regulations and contract for e-trading of natural rubber(rv). The Exchange could adjust the rate of cash deposit for the deferred settlement as per the market conditions (including but not limited to the sharp change of commodity storage cost and bank lending rate or unilateral incontinuous quotation of commodity price). The number of days of the compensation for deferred settlement shall be calculated as per the natural days, which refer to the number of days from the settlement declaration time of the current trading day (including the current trading day) to the settlement declaration time of the next trading day (excluding the next trading day). The distribution and payment of compensation for the deferred settlement shall be accurate to 0.01 Yuan. The principle of round-off shall be adopted. For the payment of less than 0.01 Yuan, it shall be calculated as 0.01 Yuan. Article 10 The Exchange provides the dealer with the clearing service for payment of commodity, which follows the principle of "One Payment for One Receipt and Receipt Prior to Payment". The seller shall issue the commercial invoice according to the settlement and clearing price at the day when the settlement is successfully made (when USD is used for settlement and clearing, the settlement and clearing price of USD shall be adopted), while the buyer shall pay the amount for the commodity according to the settlement and clearing price at the day when the settlement is successfully made (when USD is used for settlement and clearing, the settlement and clearing price of USD shall be adopted). The buyer's trade accounts payable = natural rubber(rv) settlement and clearing price of the day x real quantity of settled commodities The seller's trade accounts receivable = natural rubber(rv) settlement and clearing price of the day x real quantity of settled commodities When RMB is used for the settlement and clearing, the buyer shall offer sufficient amount (RMB) in its RMB trading account except for the cash deposit for the settlement within the time specified by the Exchange. When USD is used for the settlement and clearing, the buyer shall offer sufficient amount (USD) in its USD account within the time specified by the Exchange. Meanwhile, the cash deposit for the settlement in RMB trading account shall be released by the Exchange. After the Exchange transfers the buyer's payment for commodity to the seller, the seller's cash deposit for settlement shall be released by the Exchange.

5 Article 11 Article 12 Article 13 As required, the Exchange shall charge the handling fees from the dealer for trading and settlement of natural rubber(rv). The standard for handling charge thereof shall be specified in the contract for e-trading of natural rubber(rv). The detailed rules are modified and interpreted by Tianjin Bohai Commodity Exchange Co., Ltd. The detailed rules shall be implemented since the date of promulgation. Tianjin Bohai Commodity Exchange July 01, 2013