Trading Parameters

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Daily Parameters

Monthly Parameters

Trading Parameters

Contract

Spread Trading

Arbitrage Margin Concessions

Portfolio Concessions

Product			No.1 Soybean	No.2 Soybean	Soybean Meal	Soybean Oil	RBD Palm Olein	Corn	LLDPE	PVC	Coke	Coking Coal	Iron Ore	Egg	Fiberboard	Blockboard	PP	Corn Starch	Ethylene Glycol	Polished Round-grained Rice	Ethenylbenzene	Liquefied Petroleum Gas	Live Hog
Trading Margin (% of Contract Value,Speculation)			12%	9%	10%	9%	12%	12%	11%	11%	20%	20%	13%	9%	10%	40%	11%	9%	12%	6%	12%	13%	15%
Trading Margin (% of Contract Value,Hedging)			8%	8%	8%	8%	10%	8%	8%	8%	15%	15%	11%	8%	10%	40%	8%	7%	10%	5%	10%	11%	8%
Price Limit (% of Last Settlement Price)	Existing Contract		8%	8%	8%	8%	10%	8%	8%	8%	15%	15%	11%	8%	5%	5%	8%	7%	10%	5%	10%	11%	8%
	New Contract		16%	16%	16%	16%	20%	16%	16%	16%	30%	30%	22%	16%	10%	10%	16%	14%	20%	10%	20%	22%	16%
	Delivery Month Contract		8%	8%	8%	8%	10%	8%	8%	8%	15%	15%	11%	8%	6%	6%	8%	7%	10%	6%	10%	11%	8%
Trading margin and price limit (in non-delivery months) in case of continuously one-sided	N Day	Trading Margin（Speculation）	12%	9%	10%	9%	12%	12%	11%	11%	20%	20%	13%	9%	10%	40%	11%	9%	12%	6%	12%	13%	15%
		Trading Margin（Hedging）	8%	8%	8%	8%	10%	8%	8%	8%	15%	15%	11%	8%	10%	40%	8%	7%	10%	5%	10%	11%	8%
		Settlement Margin（Speculation/Hedging）	13%	13%	13%	13%	15%	13%	13%	13%	20%	20%	16%	13%	10%	40%	13%	12%	15%	10%	15%	16%	15%/13%
		Price Limit	8%	8%	8%	8%	10%	8%	8%	8%	15%	15%	11%	8%	5%	5%	8%	7%	10%	5%	10%	11%	8%
	N+1Day	Trading Margin（Speculation/Hedging）	13%	13%	13%	13%	15%	13%	13%	13%	20%	20%	16%	13%	10%	40%	13%	12%	15%	10%	15%	16%	15%/13%
		Settlement Margin（Speculation/Hedging）	15%	15%	15%	15%	17%	15%	15%	15%	22%	22%	18%	15%	12%	40%	15%	14%	17%	12%	17%	18%	15%
		Price Limit	11%	11%	11%	11%	13%	11%	11%	11%	18%	18%	14%	11%	8%	8%	11%	10%	13%	8%	13%	14%	11%
	N+2Day	Trading Margin（Speculation/Hedging）	15%	15%	15%	15%	17%	15%	15%	15%	22%	22%	18%	15%	12%	40%	15%	14%	17%	12%	17%	18%	15%
	N+2Day	Price Limit	13%	13%	13%	13%	15%	13%	13%	13%	20%	20%	16%	13%	10%	10%	13%	12%	15%	10%	15%	16%	13%
Trading Limit							Each Contract：5000 lots				Each Contract：50 lots	Each Contract：50 lots	Each Contract：2000 lots									Each Contract：4000 lots	Each Contract：500 lots
Trading Fee (CNY/Lot)	Contract Provisions		2	1	1.5	2.5	2.5	1.2	1	1	0.1‰ of trading turnover	0.1‰ of trading turnover	0.1‰ of trading turnover;2209 contracts: 0.2‰ of trading turnover	0.15‰ of trading turnover	0.1‰ of trading turnover	0.1‰ of trading turnover	1	1.5	3	1	3	6	0.2‰ of trading turnover
Trading Fee (CNY/Lot)	Day Trading(Same Day Opening Positions First and Then Closing Positions)		2	1	1.5	2.5	2.5	1.2	1	1	0.14‰ of trading turnover	0.14‰ of trading turnover	0.1‰ of trading turnover; 2209 contracts: 0.4‰ of trading turnover	0.15‰ of trading turnover	0.1‰ of trading turnover	0.1‰ of trading turnover	1	1.5	3	1	3	6	0.4‰ of trading turnover
Delivery Fee (CNY/Ton,CNY/Cubic Meter for Fiberboard and CNY/Sheet for Blockboard）			4	1	1	1	1	1	2	2	1	1	0.5	1	0.2	0.01	2	1	1	1	1	1	1
Maximum Number of Lots to Place an Order			1000	1000	1000	1000	1000	2000	1000	1000	500	1000	1000	300	1000	1000	1000	1000	1000	1000	1000	1000	50

Note: In accordance with Article 10 of the Measures for Risk Management of Dalian Commodity Exchange, with respect to the contract which satisfies more than one provision herein in connection with adjusting the trading margin, its trading margin shall be the larger or the largest of the trading margins. In case the market closes for a long time due to the statutory holidays, the trading margin and the price limit of a contract in case of one-sided non-continuous quotation under the price limit in three continuous trading days shall be subject to the provisions in the notice of adjusting trading margin and price limit during the period of market closure.

Futures & Options Portfolio Margin Discounts

There are two ways for clients to obtain portfolio margin discounts during trading session and settlement
During trading session	1、Arbitrage order
	2、Portfolio application
During settlement	1、During settlement, the exchange will establish new portfolios of the client’s positions according to the designated priority to grant margin discounts.
	2、The client can apply for qualification to retain the portfolio (Client should apply through member entities). When the application is approved, the exchange will retain its portfolio positions and will not establish new portfolios with the remaining outright positions.

DCE Portfolio Strategies

Portfolio Strategies	Explanations	Portfolio Margin Rate	Value of X
Futures Locked Strategy	Holding equal long and short positions simultaneously on the same futures contract.	Max (long position margin, short position margin)	_
Futures Spread Strategy	Holding the positions of the same amount and different directions on contracts in different months under the same futures product
Futures Inter-product Strategy	Holding the positions of the same amount and different directions on different futures products
Short Options & Futures Strategy	Selling call options while buying corresponding futures contract.	Futures Margin + Premium of Options	_
	Selling put options while selling corresponding futures contract.
Straddle Strategy	Selling the call options and put options with the same exercise price in the same series.	Max (call options margin, put options margin) + premium of the other side	_
Strangle Strategy	Selling the put options with lower exercise price and the call options with higher exercise price in the same series.
Options Locked Strategy	Holding equal long and short positions simultaneously on the same options contract.	X*Options Margin	0.2
Bull Spread Strategy	Buying call options with a lower exercise price, and selling call options on the same underlying futures contract with a higher exercise price.	X*Options Margin	0.2
	Buying put options with a higher exercise price, and selling put options on the same underlying futures contract with a lower exercise price.
Bear Spread Strategy	Selling call options with a lower exercise price, and buying call options on the same underlying futures contract with a higher exercise price.	Min(Difference between the exercise prices*trading unit of the underlying futures contract, Options Margin)	_
	Selling put options with a higher exercise price, and buying put options on the same underlying futures contract with a lower exercise price.
Long Options & Futures Strategy	Buying call options while selling corresponding futures contract.	X*Futures Margin	0.8
	Buying put options while buying corresponding futures contract.
Remark：As to Straddle and Strangle Strategy, If call options margin=put options margin Portfolio Margin= max (call options margin, put options margin) + max(premium of call options，premium of put options)

DCE Futures Locked Strategy Portfolio Parameter Consession

NO.	Portfolio Category		Portfolio Product
1	Locked		No. 1 Soybean
2	Locked		No. 2 Soybean
3	Locked		Blockboard
4	Locked		Corn
5	Locked		Fiberboard
6	Locked		Iron Ore
7	Locked		Coke
8	Locked		Egg
9	Locked		Coking Coal
10	Locked		LLDPE
11	Locked		Soybean Meal
12	Locked		RBD Palm Olein
13	Locked		PP
14	Locked		PVC
15	Locked		Soybean Oil
16	Locked		Corn Starch
17	Locked		EG
18	Locked		Polished Round-grained Rice
19	Locked		EB
20	Locked		LPG
DCE Futures Spread Strategy Parameter Concessions
NO.	Portfolio Category		Portfolio Product
1	Spread		No. 1 Soybean
2	Spread		No. 2 Soybean
3	Spread		Blockboard
4	Spread		Corn
5	Spread		Fiberboard
6	Spread		Iron Ore
7	Spread		Coke
8	Spread		Egg
9	Spread		Coking Coal
10	Spread		LLDPE
11	Spread		Soybean Meal
12	Spread		RBD Palm Olein
13	Spread		PP
14	Spread		PVC
15	Spread		Soybean Oil
16	Spread		Corn Starch
17	Spread		EG
18	Spread		Polished Round-grained Rice
19	Spread		EB
20	Spread		LPG
DCE Inter-commodity Parameter Concessions
NO.	Portfolio Category		Portfolio Product
1	Inter-commodity		No. 1 Soybean, Soybean Meal
2	Inter-commodity		Soybean Oil, RBD Palm Olein
3	Inter-commodity		LLDPE, PVC
4	Inter-commodity		Coke, Coking Coal
5	Inter-commodity		LLDPE, PP
6	Inter-commodity		PVC, PP
7	Inter-commodity		Iron Ore, Coking Coal
8	Inter-commodity		Iron Ore, Coke
9	Inter-commodity		Corn, Corn Starch
10	Inter-commodity		No. 2 Soybean, Soybean Meal
11	Inter-commodity		EB,EG
12	Inter-commodity		EB,LLDPE
13	Inter-commodity		No. 1 Soybean, No. 2 Soybean
14	Inter-commodity		EB, PP
15	Inter-commodity		EB, PVC
16	Inter-commodity		EG, LLDPE
17	Inter-commodity		EG, PP
18	Inter-commodity		EG, PVC
19	Inter-commodity		LPG, LLDPE
20	Inter-commodity		LPG, PP
21	Inter-commodity		LPG, PVC
22	Inter-commodity		LPG, EB
23	Inter-commodity		LPG, EG
DCE Short Options & Futures Strategy Parameter Concessions
NO.	Portfolio Category		Portfolio Product
1	Short Options & Futures Strategy		Soybean Meal
2	Short Options & Futures Strategy		Corn
3	Short Options & Futures Strategy		Iron Ore
4	Short Options & Futures Strategy		LPG
5	Short Options & Futures Strategy		PP
6	Short Options & Futures Strategy		PVC
7	Short Options & Futures Strategy		LLDPE
8	Short Options & Futures Strategy		RBD Palm Olein
9	Short Options & Futures Strategy		No. 1 Soybean
10	Short Options & Futures Strategy		No. 2 Soybean
11	Short Options & Futures Strategy		Soybean Oil
DCE Straddle Strategy Parameter Concessions
NO.	Portfolio Category		Portfolio Product
1	Straddle Strategy		Soybean Meal
2	Straddle Strategy		Corn
3	Straddle Strategy		Iron Ore
4	Straddle Strategy		LPG
5	Straddle Strategy		PP
6	Straddle Strategy		PVC
7	Straddle Strategy		LLDPE
8	Straddle Strategy		RBD Palm Olein
9	Straddle Strategy		No. 1 Soybean
10	Straddle Strategy		No. 2 Soybean
11	Straddle Strategy		Soybean Oil
DCE Strangle Strategy Parameter Concessions
NO.	Portfolio Category		Portfolio Product
1	Strangle Strategy		Soybean Meal
2	Strangle Strategy		Corn
3	Strangle Strategy		Iron Ore
4	Strangle Strategy		LPG
5	Strangle Strategy		PP
6	Strangle Strategy		PVC
7	Strangle Strategy		LLDPE
8	Strangle Strategy		RBD Palm Olein
9	Strangle Strategy		No. 1 Soybean
10	Strangle Strategy		No. 2 Soybean
11	Strangle Strategy		Soybean Oil
DCE Options Locked Strategy Parameter Concessions
NO.		Portfolio Category		Portfolio Product
1		Options Locked Strategy		Soybean Meal
2		Options Locked Strategy		Corn
3		Options Locked Strategy		Iron Ore
4		Options Locked Strategy		LPG
5		Options Locked Strategy		PP
6		Options Locked Strategy		PVC
7		Options Locked Strategy		LLDPE
8		Options Locked Strategy		RBD Palm Olein
9		Options Locked Strategy		No. 1 Soybean
10		Options Locked Strategy		No. 2 Soybean
11		Options Locked Strategy		Soybean Oil
DCE Bull Spread Strategy Parameter Concessions
NO.		Portfolio Category		Portfolio Product
1		Bull Spread Strategy		Soybean Meal
2		Bull Spread Strategy		Corn
3		Bull Spread Strategy		Iron Ore
4		Bull Spread Strategy		LPG
5		Bull Spread Strategy		PP
6		Bull Spread Strategy		PVC
7		Bull Spread Strategy		LLDPE
8		Bull Spread Strategy		RBD Palm Olein
9		Bull Spread Strategy		No. 1 Soybean
10		Bull Spread Strategy		No. 2 Soybean
11		Bull Spread Strategy		Soybean Oil
DCE Bear Spread Strategy Parameter Concessions
NO.		Portfolio Category		Portfolio Product
1		Bear Spread Strategy		Soybean Meal
2		Bear Spread Strategy		Corn
3		Bear Spread Strategy		Iron Ore
4		Bear Spread Strategy		LPG
5		Bear Spread Strategy		PP
6		Bear Spread Strategy		PVC
7		Bear Spread Strategy		LLDPE
8		Bear Spread Strategy		RBD Palm Olein
9		Bear Spread Strategy		No. 1 Soybean
10		Bear Spread Strategy		No. 2 Soybean
11		Bear Spread Strategy		Soybean Oil
DCE Long Options & Futures Strategy Parameter Concessions
NO.		Portfolio Category		Portfolio Product
1		Long Options & Futures		Soybean Meal
2		Long Options & Futures		Corn
3		Long Options & Futures		Iron Ore
4		Long Options & Futures		LPG
5		Long Options & Futures		PP
6		Long Options & Futures		PVC
7		Long Options & Futures		LLDPE
8		Long Options & Futures		RBD Palm Olein
9		Long Options & Futures		No. 1 Soybean
10		Long Options & Futures		No. 2 Soybean
11		Long Options & Futures		Soybean Oil