完善铂、钯期货和期权合约及规则

Core Viewpoint - The Guangzhou Futures Exchange is seeking public opinions to refine the futures and options contracts for platinum and palladium, aiming for smooth market operation and functionality post-launch [1] Group 1: Contract Specifications - The trading codes for platinum and palladium futures are PT and PD, respectively, with a trading unit of 1000 grams per contract and a minimum price fluctuation of 0.05 yuan per gram [1] - The price limit for daily trading is set at 4% of the previous trading day's settlement price, with a minimum margin requirement of 5% of the contract value [1] - The contract months are scheduled for February, April, June, August, October, and December, with the last trading day being the 10th trading day of the contract month and the last delivery day being the third trading day after the last trading day [1] Group 2: Delivery Standards - The delivery quality standards for platinum and palladium are based on current national and international standards, including indicators for main component content and impurity levels [2] - The delivery method will include physical delivery, with only domestic platinum and palladium ingots eligible for registration [2] - A brand delivery system will be implemented, requiring delivery items to be from registered brands published by the exchange [2] Group 3: Risk Control and Position Limits - The price limit and minimum margin for platinum and palladium futures are set at 4% and 5%, respectively [3] - Position limits vary based on the open interest of the contracts, with specific limits for both platinum and palladium depending on the number of open positions [3] - The position limits will decrease as the delivery month approaches, with specific limits set for the delivery month [3] Group 4: Options Design - The options contracts for platinum and palladium will be based on their respective futures contracts, with a trading unit of 1 contract (1000 grams) [4] - The minimum price fluctuation and price limits for options will align with those of the underlying futures contracts [4] - The exercise price will vary based on the previous trading day's settlement price, with a segmented exercise price interval design [4] Group 5: Future Steps - The Guangzhou Futures Exchange plans to carefully analyze feedback and suggestions to enhance the contracts and rules, ensuring they align with industry needs and expedite the launch of platinum and palladium products [5]