The design of China’s crude oil futures contract is based on
four principles: Creation of an Internationalized Platform, Net
(of tax) pricing, Bonded Delivery, and RMB Price Denomination.
“Internationalized Platform” means trading, clearing & settlement,
and delivery at INE adopts global standard so the market is
freely, eciently, and conveniently accessible to onshore as
well as oshore investors– including global oil companies, oil
trading houses, and investment banks. The aim is to accelerate
the formation of a new oil benchmark that re ects the supply
and demand characteristics in China and the Asia-Paci c region
via active international participation and acceptance of the
new futures contract. “Net Pricing” means a clean price prior
customs duty and VAT, dierent from after-tax pricing of other
futures contracts listed on other China futures exchanges. This
arrangement facilitates direct comparison with other global oil
futures prices, and eliminates the impact on the futures price of
any tax policy change. “Bonded Delivery” means physical delivery
performed using a commodity which is under bonded supervision
and within the bonded supervision premises as the underlying
product for delivery. The main purpose for this practice is that the
spot market of bonded commodity goods is net priced prior to
the imposition of tax, and more types of participants are allowed
to trade in this market than in the Chinese domestic market. As
such, bonded oil terminals act as a link between the domestic
and overseas oil markets, making trading and delivery of bonded
commodity goods more accessible to global spot market and
derivative traders. “RMB Denomination” means daily settlement
variation and physical delivery settlement of crude futures
contract are denominated in Renminbi, while US dollar and other
foreign currencies speci ed by the Exchange are acceptable as
margin collateral.
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