结算业务

Core Insights - The article discusses the pricing, margin calculations, delivery methods, and transaction fees for monthly average futures of three chemical products: Linear Low-Density Polyethylene (LLDPE), Polyvinyl Chloride (PVC), and Polypropylene (PP) Pricing and Settlement - The daily settlement price for monthly average futures is aligned with the corresponding physical futures price during ordinary months, while in the expiration month, it is calculated as a weighted arithmetic average of the prices from the traded days and remaining days [1] - For example, the settlement price for L2504F on March 6, 2025, is calculated using the prices from March 1-3 and the remaining 20 days [1] Margin Calculations - The margin ratio for the three chemical products' monthly average futures generally matches that of the corresponding physical futures contracts, and adjustments to the physical contracts' margin will also affect the monthly average futures [1] Delivery and Settlement Price Calculation - The delivery method for the three chemical products' monthly average futures is cash settlement, with the settlement price being the arithmetic average of the daily settlement prices of the corresponding physical futures in the month prior to the contract month [2] Transaction Fees - Initial transaction fees are set at 1 yuan per contract, with a reduced fee of 0.5 yuan for hedging transactions, subject to adjustments based on market conditions [2] - Delivery fees are also initially set at 1 yuan per contract, with a waiver of delivery fees until December 31, 2025, for the three chemical products' monthly average futures, except for designated high-frequency traders [2] Margin Discounts - The three chemical products' monthly average futures contracts are eligible for combined margin discounts, with specific details available on the Dalian Commodity Exchange's website after the contracts are listed [2]