Delivery in China’s crude oil futures market is conducted through 

warrants. For the standard warrants submitted by sellers, INE 

allocates them to buyers based on rules and the buyers’ declared 

intents. The buyers will receive the standard warrants upon 

payment; the sellers will receive the payment and submit all tax 

invoices corresponding to the delivered goods.

In overseas markets, futures exchanges do not take part in the 

specic delivery process after matching buyers with the sellers. The 

trading parties will need to complete the exchange of payment 

and goods by themselves.

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