In January 2019, the China Securities Regulatory Commission 

(CSRC) formally approved the Shanghai International Energy 

Exchange (INE) as a ‘Qualifying Central Counterparty’ (QCCP). This 

indicates that after taking the lead in listing the globalized crude 

oil futures, INE has further improved its international industry 

standards, enhanced the ability of market risk prevention and 

control, and laid a solid foundation for the future development.

As a Central Counterparty (CCP), INE will interpose itself between 

counterparties upon execution of a futures trade, becoming

the seller to the buyer and the buyer to the seller, adopt the net 

settlement method, and ensure all settlement and delivery for 

centralized futures trading. Furthermore, the General Exchange 

Rules of INE provide that the legal attributes of property rights 

derived from activities such as trading, clearing and delivery

of executed orders, positions closed, cash received as margin, 

assets either pledged or transferred as margin collateral, 

standard warrants paired for delivery, or those actions adopted 

by the Exchange against any default event, shall not be revoked 

or considered null and void due to initiation of bankruptcy 

proceedings against any Member, and that in the event that a 

Member enters into bankruptcy proceedings, the Exchange may 

still conduct net settlement for such Member’s positions

in accordance with the General Exchange Rules and the other 

specically related rules.

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