TAS order aims to provide an ecient and eective risk 

management tool in the market which can lower traders’ risk 

management costs, so as to enhance the proportion of brick-andmortar enterprise investors and the crude oil price inuence.

For brick-and-mortar enterprises, the futures settlement price 

is often used as the benchmark price in spot trading. These 

enterprises used to place orders frequently to simulate the 

settlement price, which is dicult to execute as well as inecient 

for hedging. TAS orders enable investors to trade at or near the 

settlement price during specilied trading hours, which will greatly 

reduce the uncertainty they used to face when hedging. As a 

result, they can exercise better risk management easily with TAS.

In western nancial markets, in addition to brick-and-mortar 

enterprises, institutional investors including ETFs and long-term 

capital management funds also use TAS for position transfers 

which require lower fees for hedging purposes. Moreover, it will 

also reduce the short-term adverse eect of position transfers to 

the market.

To sum up, TAS trading will enhance the hedging eciency 

for entities as an ecient risk management tool, attract more 

diversied market participants and enhance the proportion of 

brick-and-mortar investors. As it is more convenient for global 

investors to refer to China’s futures prices, the price inuence will 

surely be improved.

声明：本资料仅用于投资者教育，不构成任何投资建议。我们力求本资料信息准确可靠，但对这些信息的准确性、完整性或及时性不作保证，亦不对因使用该等信息而引发的损失承担任何责任，投资者不应以该等信息取代其独立判断或仅根据该等信息做出决策。基金有风险，投资须谨慎。