EC合约规则调整解读

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoint of the Report The Shanghai International Energy Exchange released a notice on the implementation of the revised Containerized Freight Index (Europe Service) Futures Contract. The main revisions include changes to the contract months and the minimum price fluctuation [2][4]. 3. Summary According to the Table of Contents 3.1 Circular on the Implementation of the Revised Containerized Freight Index (Europe Service) Futures Contract - Implementation of the Revision to the Listed Contracts: As of February 10, 2026, EC2605, EC2607, and EC2609 were newly listed. Considering the switch of the most active contract, EC2603 was not listed. EC2703 will be listed on March 31, 2026. New contracts will be listed according to the contract specification in subsequent months [10][18][20]. - Implementation of the Revision to the Minimum Price Fluctuation: As of May 11, 2026, the minimum price fluctuation will be revised. The settlement on May 8, 2026, will be executed according to the previous rules, and the settlement prices on May 8 will serve as the previous settlement prices for May 11. On May 11, the real - time market data will be released after adjusting the market data, previous settlement, and closing prices according to the revised provision. The adjusted previous settlement prices will be applied to the daily price limit and margin calculation [11][12][19]. 3.2 Comparison and Interpretation of the Revisions to the Containerized Freight Index (Europe Service) Futures Contract - Contract Comparison: The main changes in the contract are the contract months and the minimum price fluctuation. The contract months change from February, April, June, August, October, and December to monthly contracts of the most recent six consecutive months among January, March, April, May, June, July, August, September, October, November, and December, followed by two quarterly contracts. The minimum price fluctuation changes from 0.1 index points to 0.5 index points [13][15][22]. - Typical Structure of Contract Months: Each column in the table represents the month. From March to August, the number of listed contracts is 8 because the 07 and 08 contracts are added in March. From September to February, the number of listed contracts is 7 as the 08 contract is delisted with no new contracts added. Quarter - month contracts have a lifecycle of 12 months, while non - quarter - month contracts have a lifecycle of 6 months [17][19][23].