INE implements an approval system for hedging activities. 

According the Article 38 of its Trading Rules, clients should apply 

for hedging quota through their account opening institutions and 

Non-FF Members and OSNBPs should do so directly through INE. 

In terms of identifying the appropriate amount of hedging quota 

and principles of evaluating and approving the quota application, 

INE will take into consideration regarding historical data and 

future plan of an applicant’s actual production, trading, and 

consumption, as well as spot and futures market conditions. An 

applicant shall provide information about crude production plan, 

trading contract/agreement, or oil processing plan.

When a contract enters into “near delivery months (two months 

prior to the contract expires)” phase, and if the hedging amount 

of the near delivery months is not approved, then the exchange 

system will automatically adjust the value of approved hedging 

quota to that of position limit of near-delivery-month contract,

and INE will apply the minimum quota for the adjustment, in order 

to better manage the market risk. When quota is not enough, 

hedge trader can re-apply for additional quota.

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