SMM net: July 14, the last period of energy and its subsidiaries issued a notice to reduce the trading margin ratio and limit range of seven futures varieties, such as crude oil, fuel oil, low-sulfur fuel oil, petroleum bitumen, natural rubber, No. 20 rubber and paper pulp, including crude oil, fuel oil, low-sulfur fuel oil, petroleum asphalt, natural rubber, 20 # rubber and pulp.
According to the announcement, since the closing of trading on Thursday, July 16, 2020, the margin ratio and limit range for crude oil, fuel oil and low-sulfur fuel oil futures have been reduced from the current 15% and 13% to 12% and 10% respectively, while the margin ratio and limit range for petroleum asphalt futures have been reduced from the current 15% and 13% to 10% and 8%, respectively. The margin ratio and limit range of natural rubber and rubber 20 futures have been reduced from the current 11% and 9% to 8% and 6% respectively, while the margin ratio and limit range of pulp futures have been reduced from the current 8% and 6% to 7% and 5%, respectively.
For the Shanghai Futures Exchange to flexibly adjust the margin level and the limit range of the relevant futures varieties according to market fluctuations, Wang Xiao, director of crude oil research at Guotai Junan Futures, believes that this is a common and effective means of risk control in mature futures markets.
According to a reporter from the Futures Daily, affected by the Xinguan pneumonia epidemic after the Spring Festival, energy and chemical futures have experienced sharp fluctuations in the previous few months, and the price volatility has fallen in an all-round way in the near future. "the flexible use of rules and systems by the exchange to timely reduce the margin ratio and the limit of rise and fall of energy-efficient varieties will not only help to reduce market transaction costs, but also provide convenience for entity enterprises to use the futures market to hedge risks." Wang said with a smile.
Yang an, head of energy and chemical research and development in Haitong Futures, believes that in the face of complex situations and market fluctuations during the epidemic, the futures market has withstood the test, especially when the demand for enterprises to make use of the futures market for risk aversion is constantly increasing. the scale of the market has been steadily enlarged, and the risk management role of the futures market has become more prominent.
According to the person in charge of the last stock exchange, in this process, the exchange adheres to the principle of marketization and the rule of law, strictly follows the rules, refines risk management, on the basis of ensuring that the risk is controllable and the market runs smoothly, timely and dynamically adjusts the margin level and the limit range according to the market situation, which is helpful to reduce the market transaction cost and maintain the reasonable liquidity of the market. Provide effective and reliable risk management tools and places for entity enterprises.
With regard to the timely reduction of the margin ratio for the trading of related varieties, Yang an believes that this complies with the market demand, helps to maintain reasonable liquidity in the market, helps enterprises to improve the efficiency of capital utilization, and promotes the functions of relevant varieties.
The relevant person in charge of Ningbo Zhongzhe products Co., Ltd. agrees with this. "under the influence of the epidemic, the flow of people, logistics and capital is blocked, and the mismatch between supply and demand makes the industrial chain and supply chain not running smoothly. The exchange reduced the margin ratio of related varieties trading, reduced the cost of industrial chain enterprises to participate in futures trading, helped to enhance the market competitiveness of the relevant industrial chain and supply chain, and played a positive role in 'ensuring the stability of the industrial chain supply chain'. " The person in charge said.
The relevant person in charge of the above-mentioned Futures Exchange said that in the next step, the Futures Exchange will earnestly perform the duties of front-line market supervision, pay close attention to the changes and development trends of the market situation, and proceed from preventing and defusing risks and protecting the legitimate rights and interests of market participants. scientific decision-making and comprehensive measures within the framework of the rules to ensure the sound operation of relevant futures varieties, promote the functioning of the futures market, and improve the ability and level of the futures market to serve the real economy.
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