集运指数（欧线）期货参与方式
47.
“一户一码”制度是否能为同一机构
不同子账户间的交易管理提供
可区分的解决方案？
上期能源实行交易编码制度，禁止混码交易。期货公司会员、境外特殊经纪参与者、境外中介机构应当为每一个客户单独申请交易编码；根据中国法律、法规、规章和有关规定，需要对资产进行分户管理的特殊单位客户，可以按户申请交易编码进行期货交易。
48.
境外机构和个人参与集运指数（欧线）
期货有几种模式？
有四种参与模式，包括：
模式1：作为境外客户，通过境内期货公司会员直接代理参与交易；
模式2：作为境外客户，通过境外中介机构转委托境内期货公司会员或者境外特殊经纪参与者参与交易；
模式3：境外机构作为境外特殊经纪参与者，接受境外客户委托参与交易（直接入场交易，结算、交割委托境内期货公司会员进行）；
模式4：境外机构作为境外特殊非经纪参与者，参与交易（直接入场交易，结算、交割委托境内期货公司会员进行）。
注：
黑色箭头表明交易、结算、交割。红色箭头表明直接入场交易，但境外特殊参与者须通过境内期货公司会员进行结算、交割。
49.
客户参与集运指数
（欧线）期货的资格要求有哪些？
客户参与集运指数（欧线）期货交易的，应当符合《上海国际能源交易中心期货交易者适当性管理细则》的相关规定（如下表所示）。开户机构应当充分使用已了解信息和已有评估结果，已通过适当性评估获得某上市品种交易权限的客户，在同一开户机构可以自动获得集运指数（欧线）期货交易权限。在不同开户机构开户的，可以豁免基础知识、交易经历和资金门槛要求。
50.
境外个人交易者一定要在境内银行
开立账户才能参与集运指数（欧线）
期货交易吗？
境外个人交易者可以选择通过境内期货公司会员直接代理或者境外经纪机构代理的方式，参与上期能源集运指数（欧线）期货交易。前者要求境外个人交易者在境内指定存管银行开立“专用期货结算账户”；后者不需要在中国境内银行开立账户。
51.
欧洲注册的客户，
通过欧美经纪公司交易，
是否需要遵循EMIR法案向当局报备？
目前上期能源已完成香港ATS与新加坡RMO的注册工作，并将进一步加强与国际市场的合作。由于欧洲国家构成比较多样化，还会面临欧盟及本国监管机构双重监管问题，欧美经纪公司应当做好客户的适当性管理，同时根据当地法律法规要求，合法合规开展相关业务。期货公司与欧美经纪公司开展合作的，也应当提前做好境外法律研究（包括《通用数据保护条例》等），合法合规开展业务。
52.
境内非期货公司会员是否可以通过
一家及以上期货公司进行交易？
根据《上海国际能源交易中心会员管理细则》第三十七条的要求，“非期货公司会员不得作为客户另行开立账户从事期货交易，经能源中心批准的除外。”因此，同一法人主体如果是上期能源的非期货公司会员，原则上不能再同时以客户身份通过经纪机构参与。
53.
公募基金是否可以参与
集运指数（欧线）期货交易？
境内方面，目前公募基金已被列入特殊单位客户范畴，可以开立特殊单位客户账户参与集运指数（欧线）期货交易。境外方面，目前上期能源已有类似的境外产品完成开户。
54.
上期能源的业务活动和文件签署是否
接受英文资料？法规、条例、通告、
通知是否可以提供英文版本？
业务规则起草和修改均接受英文反馈意见。在开户及相关境外中介机构与境外特殊参与者申请文件方面，上期能源接受中英文并行的申请文件内容，根据《上海国际能源交易中心境外特殊参与者管理细则》第四十一条的规定，除能源中心认可的情形外,境外中介机构与境外特殊参与者申请文件，以中文为准。上期能源尽力提供法律、规则、通知、通告的中英文双语版本，但作为法律文本，以中文版为准。
55.
对于海外客户，
目前有哪些海外交易平台接入渠道？
境外交易平台目前已有CQG、 PATs、 Bloomberg、Tradex、易盛、TT等交易软件完成接入，在结算系统方面，FIS已完成交易结算接入CTP，上期能源持续与相关国际主要系统厂商保持沟通以协助其顺利接入。
Trading Access
47.
Does the “one account-one trading
code” system offers any solution
that allows one firm to distinguish
between the trades of its different
sub-accounts?
INE implements the “one account-one trading code” system; aggregation or netting of the positions of multiple clients is not allowed. This means Futures Firm Members (“FF Members”), Overseas Special Brokerage Participants (“OSBPs”), and Overseas Intermediaries should apply for a unique trading code for each of their clients. Special institutional clients that are required by Chinese laws, regulations, ministry-level rules, and other policies to manage assets under segregated accounts may, for purposes of futures trading, apply for a trading code for each such segregated account.
48.
How can overseas institutions and
individuals access the EC market?
There are four ways for overseas traders to access the EC market:
· Model 1: Directly through an FF Member;
· Model 2: Through an Overseas Intermediary that has a carrying-brokerage relationship with a domestic FF Member or OSBP;
· Model 3: Through an OSBP that has direct trading access to INE, with clearing and delivery completed with the assistance of a domestic FF Member;
· Model 4: Directly as an Overseas Special Non-Brokerage Participant (“OSNBP”), with clearing and delivery completed with the assistance of a domestic FF Member.
Note: Black arrows indicate trading, clearing, and delivery. Red arrows indicate direct
trading access to INE, but Overseas Special Participants (“OSPs”) must complete clearing and delivery through domestic FF Members.
49.
What are the eligibility criteria for
trading EC contracts?
The specifications for a standard EC contract are as follows:
Investors intending to trade EC contracts should meet the eligibility requirements under the INE Futures Trading Participant Eligibility Management Rules (referenced in the table below). The Account Opening Institution shall take full use of the available information. When applying for trading access for Containerized Freight Index (Europe Service) Futures, and any investor that are already eligible to trade products subject to the eligibility rules may be exempted from the eligibility review while opening accounts at the same account-opening institution, and from basic knowledge, trading experience, and capital requirements while opening account at a different account-opening institution.
50.
Does an overseas individual trader
have to open an account at a bank
in China to trade EC contracts?
An overseas individual trader may trade EC contracts at INE through an FF Member in China or an overseas broker. In the case of an FF Member, the overseas individual trader must open a dedicated futures settlement account at a Designated Depository Bank in China. In the case of an overseas broker, there is no need to open an account at a bank in China.
51.
If a Europe-registered investor
trades EC contracts through a
European or U.S. broker, is the
investor required to report
transactions to a competent
authority pursuant to the
European Market Infrastructure
Regulation (EMIR)?
At present, INE has completed registration in Hong Kong and Singapore and acquired ATS and RMO licenses respectively, and is committed to further strengthening cooperation with international markets.
Given the large number of countries in Europe as well as the dual regulation of EU and home-country authorities, European and U.S. brokerage firms should take special care in managing client eligibility and in conducting businesses according to local laws and regulations. Similarly, futures firms that have partnered with European or U.S. brokers should be familiar with the overseas legal system (including the General Data Protection Regulation (GDPR)) in advance, so as to conduct business legally and compliantly.
52.
Can a domestic Non-FF Member
trade on INE through one or more
futures firms?
Article 37 of INE Membership Management Rules provides that “except otherwise approved by the Exchange, a Non-FF Member shall not open another account as a Client to engage in futures trading.” Therefore, a corporate entity may not trade through a broker as a client if it is already a Non-FF Member.
53.
Can mutual funds trade
EC contracts?
Domestically, mutual funds have been recognized as a type of Special Institutional Clients and, as such, can open special institutional client accounts to trade EC contracts. As for overseas mutual funds, INE has opened accounts for several such products.
54.
Does INE accept English
documents in trading activities
and document signing?
And does INE provide English
versions of regulations, rules,
notices, and circulars?
The INE accepts feedback in English during the drafting and amendment of its rules, and bilingual (Chinese and English) documents during account opening as well as for other application materials from Overseas Intermediaries and Overseas Special Participants (OSPs). According to Article 41 of the INE Overseas Special Participant Management Rules, unless otherwise recognized by the Exchange, for all application materials submitted by Overseas Intermediaries and OSPs to INE, the Chinese version prevails. INE will try its best to publish laws, rules, notices, and circulars in both Chinese and English; but as legal texts, the Chinese version is deemed definitive.
55.
For overseas clients, which
overseas trading platforms have
access to the EC market at the INE?
Currently, trading software such as CQG, PATs, Bloomberg, Tradex, Esunny, and TT have access to the EC market, and clearing system FIS has access to CTP. INE is actively working with the major international trading platforms to assist their smooth access.
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