The First Day Of TAS Futures Trading Was Smooth

On October 12, Shanghai International Energy Exchange Crude oil Futures Settlement Price Trading Order (TAS) was officially launched, and issued Marker Price for crude oil futures on the same day. The operation of the first day of the launch was stable, and the overall market participation was relatively high.

The first day of TAS futures instruction was SC2011 and SC2012, with settlement prices of 263 yuan/barrel and 275.5 yuan/barrel respectively. China Petroleum International (Hong Kong) Co., LTD., China National Offshore Oil Corporation (Beijing) Trading Co., LTD., and other oil futures TAS instruction trading. Within the trading period of 1 hour and 15 minutes, the total turnover of TAS orders was 40 lots, among which 2 lots were traded in SC2011 with a turnover of 526,000 yuan. SC2012 TAS orders transacted 38 lots, with a turnover of 10.469,000 yuan.

Settlement price trading order allows traders to declare and buy futures contracts in accordance with the settlement price of the futures contract or the minimum change price of the settlement price of the futures contract within the specified trading period. It is a convenient and efficient risk management tool for the market and has been widely used in the international mature market.

TAS instruction is the first settlement price instruction in China's futures market. On the one hand, it is conducive to optimize the trading mechanism, provide traders with effective risk management tools, reduce hedging costs, improve hedging efficiency, and make market players more convenient to refer to the Shanghai crude oil futures price. On the other hand, it is conducive to further improve the structure of traders and attract more domestic and foreign industrial customers and financial institutions to participate in the transaction, which is helpful to both real enterprises and financial institutions.

The japan-China trading reference price is a mature information release system of major futures exchanges abroad. It generally releases the weighted average price of futures trading volume for the corresponding period according to the active spot trading point, and provides traders with a reference for spot trade pricing. The reference price on the release day can provide traders with multiple price reference options for spot trade pricing, reduce the price uncertainty of traders in hedging, and reduce the cost of hedging. At the same time, the international level of crude oil futures will be improved to provide a price basis for the further research and development of the Japan-China trading reference price trading mechanism.

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