Recently, the Shanghai Stock Exchange has issued amendments to the futures contracts for 16 varieties of gold, cathode copper and aluminum, and six amendments to the detailed rules for the implementation of the Shanghai Futures Exchange gold futures delivery (Trial Implementation) and the Shanghai Futures Exchange delivery rules.

     It is understood that the main purpose of this amendment is to shorten the delivery period of relevant futures, among which the delivery period of gold futures is shortened from 5 days to 1 day, and the delivery period of other futures varieties is shortened from 5 days to 3 days. The new regulations will be implemented from September 1, 2020.

    Gold "five to one" involves multiple business points

    It is understood that as a variety with a large scope of revision of the rules, the "five to one" of gold futures delivery involves various business points. The newly revised delivery period of gold futures is one working day after the trading day of the contract, and the physical due delivery shall be completed within the delivery period specified in the contract, that is, the collection of warehouse receipt, delivery matching, delivery payment transfer and warehouse receipt release shall be completed within the original delivery day.

    The relevant person in charge of the exchange told the futures daily that compared with other varieties, due to the use of general warehouse receipts in the delivery of gold varieties at maturity, the buyer does not need to submit the purchase intention for delivery, and the exchange does not need to pair warehouse receipts for its purchase intention. Therefore, at present, gold futures have the feasibility of "one-day delivery".

    To be specific, before 12:00 on the day of delivery, the seller needs to submit the valid standard warehouse receipt which has paid the warehousing fee to the * * exchange before 12:00 on the delivery day; the storage fee shall be paid by the seller to the third working day after the trading day after * *. At the same time, since the general warehouse receipt is used for gold futures delivery, the buyer does not need to submit the purchase intention, and the exchange shall The buyer and the seller hold the standard warehouse receipt for the position allocation in the contract; at the end of the calculation at 15:00 of the same day, the exchange transfers the delivery payment of the buyer through internal transfer transfer, and at the same time refund the corresponding margin. The buyer obtains the gold standard warehouse receipt after settlement on the same day, and the seller receives the delivery payment.

Optimize the delivery process to meet the needs of market development

    From the perspective of the market, people in the industry believe that the optimization of the delivery process of varieties and the realization of "one-day delivery" of gold fully consider the development needs of the current market, which can effectively improve the efficiency of market delivery, give play to the financial attributes of gold varieties, promote the combination of the gold industry in the future, enrich the participant structure of the gold market, and provide full variety delivery in the future market Process optimization laid the foundation.

    Zhang Jianhui said that the positive measures taken in the previous period to optimize the delivery process of varieties will help enterprises better avoid risks through the futures market in the production and operation process, which can be mainly reflected in the following aspects:

    First, it improves the efficiency of capital utilization and reduces the delivery cost of enterprises. The shortening of delivery time reduces the margin of delivery, speeds up the speed of payment collection, and reduces the delivery cost of enterprises in a real sense.

    The second is to improve the delivery efficiency. The improvement of delivery efficiency is conducive to the spot enterprises to actively participate in the spot delivery, which makes the spot delivery become a regular sales channel for enterprises, thus reducing the price difference between the spot market and the futures market, reducing the risk of enterprises participating in hedging, and strengthening the willingness of enterprises to participate in spot delivery.

    The third is to speed up the spot transfer speed and improve the effectiveness of enterprise's market price risk control. For the enterprise, the shortening of delivery time can obtain the right of spot goods as soon as possible, so as to quickly carry out the corresponding hedging operation for the spot, and reduce the risk brought by the market price fluctuation for the enterprise operation.

    The fourth is to increase the activity of delivery and reduce the spot premium. With the increase of delivery activity, the futures price is closer to the spot price, which is helpful for more enterprises to adopt the futures price as the spot pricing method.

    "The delivery mode of futures affects the pricing efficiency of the futures market, as well as the role of futures price discovery and risk management." Liang Yonghui, deputy general manager of Zhaojin futures, said that the change of gold delivery date from five days before to one day based on the business needs of gold enterprises in the previous period is an important innovation of physical delivery in domestic gold market and futures market, which helps to promote the development of gold market and industrial efficiency. On the one hand, it helps to save costs, improve efficiency, increase liquidity and improve delivery industry On the other hand, the rapid circulation of warehouse receipts makes the relationship between futures and spot closer, which makes the gold spot and futures ownership flow quickly and efficiently between the two markets.

    At the same time, it also provides a better experience for the gold industry chain enterprises to participate. For gold production enterprises, it is conducive to accelerate the circulation of gold inventory products and the rapid return of sales funds, and reduce the operating expenses and capital costs of enterprises; for gold processing enterprises, standard gold ingots can be obtained in time for production and processing; and the shortening of delivery date can reduce the risk of gold price fluctuation undertaken by enterprises in the process; in addition, the exchange of the former period of the people's Republic of China can reduce the risk of gold price fluctuation in the process The method of payment for goods transfer and storage fee payment is revised, which makes the fund transfer and cost distribution of both parties more reasonable and effective, and also helps to promote the quick and effective delivery.

    In general, he believes that the implementation of the "five to one" initiative will help to enhance the willingness of gold enterprises to participate in futures trading and delivery, promote the integrated development of futures and cash business, and improve the operation efficiency of the entire gold industry chain, and has positive significance for promoting the reform and development of the gold market.

    According to Zhu Jie, general manager of precious metals and commodities trading center of financial market department of Zheshang Bank, the important measures to optimize the gold delivery process can reduce the capital occupation period during the delivery period, help to improve the delivery enthusiasm of financial institutions and customers of gold futures industry, and further develop the dual attributes of gold commodity and currency. With the continuous gold futures contracts, enterprise customers can better avoid risks through gold futures in production and operation, and further enhance the ability of gold futures to serve the real economy.

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