There are four ways for overseas traders to access the 

EC market:

Model 1: Directly through an FF Member;

Model 2: Through an Overseas Intermediary that has 

a carrying-brokerage relationship with a domestic FF 

Member or OSBP;

Model 3: Through an OSBP that has direct trading 

access to INE, with clearing and delivery completed with 

the assistance of a domestic FF Member;

Model 4: Directly as an Overseas Special Non-Brokerage 

Participant (“OSNBP”), with clearing and delivery 

completed with the assistance of a domestic FF Member.

Note: Black arrows indicate trading, clearing, and delivery. Red 

arrows indicate direct trading access to INE, but Overseas Special 

Participants (“OSPs”) must complete clearing and delivery through 

domestic FF Members.

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