Core Viewpoint - The introduction of pure benzene futures is aimed at establishing a pricing mechanism in China, supporting the development of the chemical industry, and providing risk management tools for enterprises [1]. Group 1: Purpose of Pure Benzene Futures - Pure benzene is a crucial organic chemical raw material, linking petroleum and coal as primary energy sources to industries such as synthetic resins, synthetic fibers, and synthetic rubber [1]. - The listing of pure benzene futures will help form a domestic pricing system, contributing to China's goal of becoming a "chemical powerhouse" [1]. - It will provide forward price signals for enterprises, aiding in the stable and healthy development of the chemical industry [1]. - The futures will create a hedging tool system in conjunction with styrene futures, effectively reducing operational risks for companies [1]. Group 2: Trading Specifications - The quotation unit for pure benzene futures is in RMB per ton, with a minimum price fluctuation of 1 RMB per ton [2]. - During continuous trading, supported trading instructions include limit orders, market orders, stop-loss (profit) orders, and cross-period arbitrage orders [3]. - The maximum daily price fluctuation limit for pure benzene futures is set at 7% of the previous trading day's settlement price [4]. - Each month has available contracts for pure benzene futures, specifically for the months of January through December [5]. - The last trading day is the fourth trading day before the end of the contract month, while the last delivery day is the third trading day after the last trading day [6]. - The trading and delivery unit for pure benzene futures is 30 tons per contract [7]. Group 3: Risk Management and Control - Risk control measures for pure benzene futures include a margin system, price fluctuation limits, position limits, large trader reporting, forced liquidation, and risk warning systems [8]. - The exchange has established position limits for members or clients, which are calculated based on the total open interest of a specific contract [9]. Group 4: Transaction Fees and Regulations - The transaction fee for pure benzene futures is initially set at 0.01% of the transaction amount, with a reduced fee for hedging transactions [11]. - Supporting business rules for pure benzene futures include various management and operational guidelines from the Dalian Commodity Exchange [12].

Core Viewpoint - The Guangzhou Futures Exchange has approved modifications to its trading rules, which will be implemented upon release, emphasizing the priority of public interest and the maintenance of a fair, orderly, and transparent market [1] Group 1 - The modifications to the trading rules were approved by the shareholders' meeting of the Guangzhou Futures Exchange [1] - The exchange will specify the delivery standards for futures contracts, including standard and alternative delivery items, as well as the basis for price adjustments in the trading rules or implementation details [1] - The exchange will separately establish the price adjustment standards for non-benchmark delivery warehouses compared to benchmark delivery warehouses [1]