順應產業發展 服務期(qi)現結(jie)合
上期所修訂銅、鋁、鉛等期貨合約及交割細則
3月(yue)20日,上海期貨交易所發布公告,對(dui)銅、鋁、鉛(qian)等期貨合(he)約及交割(ge)細則進行(xing)修(xiu)訂(ding)。
公告顯示,此次修訂主要(yao)涉及銅(tong)(tong)(tong)、鋁(lv)、鉛(qian)等期(qi)(qi)(qi)貨(huo)(huo)交(jiao)割標(biao)準(zhun)的(de)(de)相關規定。對(dui)于陰極(ji)銅(tong)(tong)(tong)期(qi)(qi)(qi)貨(huo)(huo),將標(biao)準(zhun)倉(cang)單的(de)(de)磅差由(you)“不(bu)超過±0.2%”調整(zheng)為“不(bu)超過±0.1%”,涉及合約附件(jian)第二條第(3)點和《上(shang)(shang)(shang)海期(qi)(qi)(qi)貨(huo)(huo)交(jiao)易(yi)所交(jiao)割細則》第二十條。據(ju)介(jie)紹,上(shang)(shang)(shang)期(qi)(qi)(qi)所1999年上(shang)(shang)(shang)市陰極(ji)銅(tong)(tong)(tong)期(qi)(qi)(qi)貨(huo)(huo)品種(zhong)時,根(gen)據(ju)銅(tong)(tong)(tong)現貨(huo)(huo)貿易(yi)慣例(li),合約設計磅差為±0.2%。隨著近年來(lai)計量設備(bei)精確度的(de)(de)日益提高,上(shang)(shang)(shang)游企業與(yu)交(jiao)割倉(cang)庫(ku)計量設備(bei)已(yi)具備(bei)±0.1%(或更低(di))磅差標(biao)準(zhun)的(de)(de)作業能力,且現貨(huo)(huo)交(jiao)易(yi)中也(ye)已(yi)逐步(bu)采用(yong)±0.1%的(de)(de)標(biao)準(zhun)。同時,下游消費企業對(dui)縮小磅差標(biao)準(zhun)的(de)(de)呼聲也(ye)十分強烈(lie),這能夠(gou)大幅降低(di)因磅差給企業帶來(lai)的(de)(de)經濟損失。而且,目前上(shang)(shang)(shang)期(qi)(qi)(qi)所指定交(jiao)割倉(cang)庫(ku)在(zai)對(dui)鋁(lv)、鉛(qian)、鋅、錫、鎳期(qi)(qi)(qi)貨(huo)(huo)交(jiao)割品的(de)(de)稱重上(shang)(shang)(shang)均已(yi)按照±0.1%標(biao)準(zhun)實際操作。因此,有必要(yao)對(dui)現行(xing)陰極(ji)銅(tong)(tong)(tong)期(qi)(qi)(qi)貨(huo)(huo)的(de)(de)磅差標(biao)準(zhun)作出修正(zheng),以(yi)更好(hao)地(di)服務有色金(jin)屬產業。
對(dui)于鋁期(qi)(qi)貨,將國(guo)產交(jiao)割鋁錠(ding)(ding)的(de)重量規格(ge)(ge)由“15KG±2KG或20KG±2KG”調(diao)整為“15KG±2KG、20KG±2KG或25KG±2KG”,涉(she)及合約(yue)附件(jian)第(di)(di)二條(tiao)第(di)(di)(2)點和(he)《上海(hai)期(qi)(qi)貨交(jiao)易所(suo)(suo)交(jiao)割細則》第(di)(di)二十(shi)六條(tiao)第(di)(di)(三)項。據(ju)介紹,上期(qi)(qi)所(suo)(suo)現有鋁錠(ding)(ding)交(jiao)割標(biao)準(zhun)以2008版重熔(rong)用鋁錠(ding)(ding)國(guo)家標(biao)準(zhun)為基礎(chu)制訂(ding),在交(jiao)割錠(ding)(ding)型方面(mian)僅(jin)允許(xu)15KG±2KG和(he)20KG±2KG 兩種(zhong)規格(ge)(ge)。隨著(zhu)近年來有色金屬行(xing)業生產工(gong)藝的(de)不斷改進,綜合生產效率更高的(de)25KG±2KG規格(ge)(ge)鋁錠(ding)(ding)已(yi)被廣泛應用。引入25KG±2KG鋁錠(ding)(ding)作為國(guo)產鋁期(qi)(qi)貨交(jiao)割品的(de)重量標(biao)準(zhun)之一勢在必(bi)行(xing)。
對于鉛(qian)(qian)(qian)(qian)(qian)期(qi)(qi)貨(huo),將交(jiao)割鉛(qian)(qian)(qian)(qian)(qian)錠(ding)的(de)(de)標(biao)(biao)準(zhun)由“國(guo)標(biao)(biao)GB/T 469-2005 Pb99.994”調整為“國(guo)標(biao)(biao)GB/T 469-2013 Pb99.994”,涉及合約的(de)(de)交(jiao)割品(pin)級(ji)(ji)與合約附件第(di)二條第(di)1點(dian)。據介(jie)紹,上期(qi)(qi)所2011年上市(shi)(shi)鉛(qian)(qian)(qian)(qian)(qian)期(qi)(qi)貨(huo)合約時,參(can)照(zhao)當時的(de)(de)國(guo)標(biao)(biao)GB/T 469-2005制訂交(jiao)割品(pin)級(ji)(ji)。2014年9月1日鉛(qian)(qian)(qian)(qian)(qian)錠(ding)國(guo)標(biao)(biao)GB/T 469-2013正式實(shi)施(shi),兩年多(duo)來,上期(qi)(qi)所鉛(qian)(qian)(qian)(qian)(qian)注(zhu)冊商品(pin)生產企業大多(duo)已(yi)完成從2005版(ban)國(guo)標(biao)(biao)向2013版(ban)國(guo)標(biao)(biao)的(de)(de)質量(liang)標(biao)(biao)準(zhun)升級(ji)(ji)。為順應鉛(qian)(qian)(qian)(qian)(qian)行業結構調整和產業升級(ji)(ji)的(de)(de)需要(yao),實(shi)現鉛(qian)(qian)(qian)(qian)(qian)期(qi)(qi)貨(huo)與現貨(huo)市(shi)(shi)場的(de)(de)結合,進一步(bu)有效發揮鉛(qian)(qian)(qian)(qian)(qian)期(qi)(qi)貨(huo)品(pin)種功能和防范市(shi)(shi)場風險,有必要(yao)對鉛(qian)(qian)(qian)(qian)(qian)期(qi)(qi)貨(huo)的(de)(de)交(jiao)割品(pin)級(ji)(ji)標(biao)(biao)準(zhun)進行修訂和優(you)化。
上期(qi)所(suo)相(xiang)關(guan)負(fu)責人表示,圍繞銅(tong)、鋁、鉛等(deng)期(qi)貨(huo)(huo)交割標(biao)準(zhun)的(de)(de)修(xiu)訂(ding)內容,上期(qi)所(suo)對各品種生(sheng)產企(qi)業(ye)、消費企(qi)業(ye)、貿易企(qi)業(ye)、指定交割倉庫及相(xiang)關(guan)期(qi)貨(huo)(huo)公司會員等(deng)進(jin)行(xing)了廣泛的(de)(de)市(shi)場(chang)(chang)調研(yan)。業(ye)界普遍認為,新的(de)(de)標(biao)準(zhun)符合產業(ye)和(he)市(shi)場(chang)(chang)發展方向, 執(zhi)行(xing)層面沒有大(da)的(de)(de)技術障(zhang)礙。同時,修(xiu)訂(ding)的(de)(de)合約及附件實施后,相(xiang)關(guan)品種的(de)(de)交割品標(biao)準(zhun)和(he)規范化程(cheng)度將進(jin)一(yi)步提高,對于市(shi)場(chang)(chang)功(gong)能發揮和(he)風險管理都有進(jin)一(yi)步推(tui)動作用,有利于期(qi)現貨(huo)(huo)市(shi)場(chang)(chang)的(de)(de)結合。此次修(xiu)訂(ding)案發布后針對各品種的(de)(de)運行(xing)特(te)點均留(liu)出一(yi)段過渡期(qi),以確保期(qi)貨(huo)(huo)交割工作的(de)(de)平穩運行(xing)和(he)市(shi)場(chang)(chang)各方對修(xiu)訂(ding)條(tiao)款的(de)(de)充分(fen)理解。
此外,此次修訂還調整了各期(qi)貨合(he)(he)約(yue)及其附件的(de)名稱(cheng),刪除了部分期(qi)貨合(he)(he)約(yue)中交(jiao)易手續費的(de)相關(guan)內容。
中(zhong)(zhong)(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)(zheng)網(wang)(wang)(wang)(wang)(wang)聲明:凡本(ben)網(wang)(wang)(wang)(wang)(wang)注明“來源:中(zhong)(zhong)(zhong)(zhong)(zhong)國證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)報(bao)·中(zhong)(zhong)(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)(zheng)網(wang)(wang)(wang)(wang)(wang)”的所有(you)作(zuo)(zuo)品(pin),版權均(jun)屬(shu)于(yu)中(zhong)(zhong)(zhong)(zhong)(zhong)國證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)報(bao)、中(zhong)(zhong)(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)(zheng)網(wang)(wang)(wang)(wang)(wang)。中(zhong)(zhong)(zhong)(zhong)(zhong)國證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)報(bao)·中(zhong)(zhong)(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)(zheng)網(wang)(wang)(wang)(wang)(wang)與作(zuo)(zuo)品(pin)作(zuo)(zuo)者(zhe)聯合(he)聲明,任(ren)何組織(zhi)未經中(zhong)(zhong)(zhong)(zhong)(zhong)國證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)報(bao)、中(zhong)(zhong)(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)(zheng)網(wang)(wang)(wang)(wang)(wang)以及作(zuo)(zuo)者(zhe)書(shu)面授(shou)權不得轉(zhuan)載(zai)、摘編或利(li)用(yong)其它方(fang)式使用(yong)上(shang)述作(zuo)(zuo)品(pin)。凡本(ben)網(wang)(wang)(wang)(wang)(wang)注明來源非中(zhong)(zhong)(zhong)(zhong)(zhong)國證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)(quan)報(bao)·中(zhong)(zhong)(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)(zheng)網(wang)(wang)(wang)(wang)(wang)的作(zuo)(zuo)品(pin),均(jun)轉(zhuan)載(zai)自其它媒(mei)體,轉(zhuan)載(zai)目的在于(yu)更好服務讀(du)者(zhe)、傳遞信息之需,并不代表本(ben)網(wang)(wang)(wang)(wang)(wang)贊同其觀點(dian),本(ben)網(wang)(wang)(wang)(wang)(wang)亦不對(dui)其真實性負責,持異(yi)議者(zhe)應(ying)與原出(chu)處單位(wei)主(zhu)張(zhang)權利(li)。
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Copyright 2001-2018 China Securities Journal. All Rights Reserved