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A Member is a corporation or an economic organization that registers in the Chinese mainland and approved by the Shanghai International Energy Exchange (“the Exchange”) to conduct futures trading at the Exchange according to the relevant laws and regulations on futures trading in China. The Membership may be transferred upon approval.
Overseas Special Participants:
An Overseas Special Participant is an overseas institution that satisfies the prescribed conditions of China Securities Regulatory Commission (“CSRC”) and the Exchange, and are approved by the Exchange to trade directly at the Exchange, including the overseas trader that trade directly at the Exchange as prescribed in paragraph 2, Article 5, and the overseas brokers that trade directly at the Exchange as prescribed in paragraph 2, Article 6, of the Interim Measures for the Administration of Overseas Traders’ and Overseas Brokers’ Engagement in the Trading of Specified Domestic Futures Products. An Overseas Special Participant is classified into Overseas Special Brokerage Participant (OSBP) and Overseas Special Non-Brokerage Participant (OSNBP). The qualification of Overseas Special Participant shall not be transferred.
Overseas Intermediaries:
An Overseas Intermediary is an overseas broker that does not trade directly at the Exchange but authorizes a Futures Firm Member or an overseas broker that trade directly at the Exchange to conduct trading and clearing activities. A Futures Firm Member or an OSBP shall file with the Exchange after entering into a carrying-brokerage agreement with an Overseas Intermediary.
Admission Procedure for Members:
1. (I) Member Services & Investor Education: Obtain the ID; and receive a copy of membership certificate.
2. (II) Clearing Department: Go through the account opening formalities for a member’s dedicated funds account in a designated depository bank.
3. (III) Member Services & Investor Education: Complete the membership information input; and receive the original copy of membership certificate.
4. (IV) IT Department: Apply for access to the Member Service System.
5. (V) Trading Department: Apply for the activation of trading seat and pay the trading seat fee; apply for the setup of information on continuous trading (night market) participants; apply for the setup of member product role; apply for the creation of client trading serial number (Non-FF member); apply for registration as the Hedging/Arbitrage Operator User of Member Service System.
6. Delivery Department: Register as Warrant System User, and obtain the USB key.
7. Clearing Department: Register as Settlement and Delivery Personnel; register as the Funds Operator User of Member Service System; put the minimum clearing deposit in place; complete the risk parameters setup; and go through matters relating to VAT invoice and taxation.
8. Market Compliance: Apply for operator accounts for the Monitoring Platform in the Member Service System.
9. Information Department: provide the information relating to the market data system in use.
10. (VI) Trading Department: Submit the completed form; Trading Department notifies the IT Department to check the parameter configuration of the member; Trading Department configures the trading status and informs the member of the time it will be admitted for trading; Trading Department Verifies and set relevant trading privileges.
Admission Procedure for Overseas Special Participants:
1. (I) Member Services & Investor Education: Obtain the OSP ID; and receive a copy of OSP certificate.
2. (II) Clearing Department: Handled by a Clearing Member (FF Member): filing of carrying brokerage, and increasing the minimum clearing deposit.
3. (III) Member Services & Investor Education: Complete the OSP information input in Member Clients System; and receive the original copy of OSP certificate.
4. (IV) IT Department: Apply for access to the Member Service System.
5. (V) Trading Department: Apply for the trading seat and paying the seat fee; apply for the activation of special risk management seat and pay the seat fee; apply for the setup of information on continuous trading (night market) participants; apply for the setup of OSP product role; apply for the creation of client trading serial number (OSNBP); apply for registration as the Hedging/Arbitrage Operator User of Member Service System.
6. Delivery Department: Apply for registration as the Warrant System User, and obtain the USB key.
7. Market Compliance: Apply for operator accounts for the Monitoring Platform in the Member Service System (required to provide information on 2 platform administrators).
8. Information Department: provide the information relating to the market data system in use.
9.(VI) Trading Department: Submit the completed form; Trading Department instructs IT Department to double-check the Overseas Intermediary Institution parameter setup; Trading Department configures the trading status and inform the OSP of the time it will be admitted for trading; Trading Department Verifies and set relevant trading privileges.
Filing Procedures for Overseas Intermediaries:
1. (I) Member Services & Investor Education: Obtain a 5-digit serial number for an Overseas Intermediary; complete the information input in Participant & Client Management System, including input of information on member-institution relationship in Participant & Client Management System.
2. (II) Clearing Department: a FF Member increases the minimum clearing deposit.
3. (III) IT Department: Apply for access to the Member Service System.
4. (IV) Trading Department: Apply for registration as the Hedging/Arbitrage Operator User of Member Service System.
5. Delivery Department: Apply for registration as the Warrant System User, and obtain the USB key.
6. IT Department: provide the information relating to the market data system in use.
7. Market Compliance: Apply for operator accounts for the Monitoring Platform in the Member Service System (required to provide information on 2 platform administrators).
8. (V) Member Services & Investor Education: Submit the completed form.
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