Continuous Trading Program

From 9 pm, December 26th, the Exchange’s Continuous Trading Program (Night Trade Session) expands its product line, which begins to involve steel rebar, hot-rolled coil, natural rubber and bitumen. So far, the Exchange has all its 10 products running for the Night Trade Session.

Q & A Regarding the Continuous Trading of Steel Rebar, Hot-Rolled Coil, Natural Rubber, and Bitumen Futures Contracts

Six Questions and Their Answers Regarding the Continuous Trading of Steel Rebar, Hot-Rolled Coil, Natural Rubber, and Bitumen Futures Contracts……[more]

Night Trading Session Improves Internationalization of SHFE

On Friday evening, the night trading products of the Shanghai Futures Exchange (SHFE) were expanded again with the four products of rebar, hot rolled coils, natural rubber and bitumen formally ushering in the era of continuous trading or night trading session.……[more]

[More News]

　Xinhua News Agency: The SHFE Expands Products for Continuous Trading Program from Dec. 26

　Economic Daily: 4 Products Launched for Continuous Trading Program on The SHFE from Dec. 26

　Reuters: The SHFE Adds 4 Products in Continuous Trading Program from Night Trading on Friday

　China Securities Journal: The SHFE Differentiates Night Trading Hours

　Shanghai Securities News: Rebar Futures Record Eye-catching Performance on Night Trading, Continuous Trading Program Improves International Level of Chinese Iron and Steel

　　　Trading Data

　　　 Rules

Continuous Trading Rules of SHFE

Article 1 These Continuous Trading Rules are made in order to regulate the futures market and protect the rights and interests of the futures market participant.
Article 2 These Continuous Trading Rules shall prevail in terms of trading, clearing and risk control of the products for the continuous trading. Other rules of the Exchange shall apply for those matters not addressed by these Continuous Trading Rules.
Article 3 The Shanghai Futures Exchange, or the Exchange, its members, and their customers shall abide by these Continuous Trading Rules.…… [more]

Trading Rules of SHFE

Article 74 Provisions with respect to the Continuous Trading on the suspension of markets, adjustment of the market open and close time, and the other matters addressed in the Continuous Trading Rules of the Shanghai Futures Exchange, shall prevail. …… [more]

Clearing Rules of SHFE

Article 85 Settlement with regard to the continuous trading is prescribed in the Continuous Trading Rules of the Shanghai Futures Exchange.…… [more]

Risk Management Rules of SHFE

Article 48 The rules on risk management of speculative trading in these Risk Management Rules are applicable to non-hedging trading except otherwise specified by the Exchange.……[more]

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　　　Q&A

Questions and Answers Regarding the Continuous Trading Program（download)

Fundamentals
Q1: What is the Continuous Trading Program?
A: “The Continuous Trading Program, or the Night Trade Session” (“Continuous Trading”) refers to trading activities conducted during the trading hours specified by the Shanghai Futures Exchange (“SHFE” or “the Exchange”), but outside the trading sessions from 9 a.m. to 11:30 a.m. and from 1:30 p.m. to 3:00 p.m.……[more]

Legal Section
Q1: What SHFE rules directly regulate the Continuous Trading?
A: The Continuous Trading Rules of the Shanghai Futures Exchange, the Trading Rules of the Shanghai Futures Exchange, the Clearing Rules of the Shanghai Futures Exchange, and the Risk Management Rules of the Shanghai Futures Exchange all apply directly to the Continuous Trading. ……[more]

Trading Section
Q10: What SHFE-listed contracts are subject to the Continuous Trading?
A: Currently, the Continuous Trading applies to gold, silver, copper, aluminum, zinc and lead contracts traded on the SHFE.
Q11: Why has the SHFE chosen gold and silver contracts for the Continuous Trading? ……[more]

Clearing Section
1. Issues regarding transfer of funds
Q1: How can members make inward remittances during the Continuous Trading session? Does the Exchange allow members to make any outward remittance during the Continuous Trading session?
A: Members are allowed to make inward remittances through the margin management system during the Continuous Trading session and the Exchange does not process any outward remittance requests from its members during ……[more]

Supervision Section
Q1: What are the differences between the regulatory actions taken against members or customers during the Continuous Trading session and those taken during non-the Continuous Trading hours?
A: During the Continuous Trading session, the Exchange will perform its usual supervision responsibilities, uphold the Risk Management Rules of the Shanghai Futures Exchange and the Enforcement Rules of the Shanghai Futures Exchange, and ensure that the same regulatory actions are taken against members or customers at daytime trading sessions and at the Continuous Trading sessions. Members should announce the name and contact information of the persons in charge of supervision, and authorize them to suspend or restrict the trading, outward remittance and other customer transactions to ensure risk management practices are properly and effectively carried out. ……[more]

Technical Section
Q1: Where can investors find the access rules and application processes for SHFE member links?
A: Materials related to these rules and processes are available on the Exchange’s website.
Please go to: SHFE Homepage | Services | Technology | Technical Specification (http://www.shfe.com.cn/docview/docview_1863389.htm). ……[more]

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　　　Global Bird view

World Major Gold Markets Trading Hours

I.CME Group gold futures are mainly traded at these 3 venues:1. CME Globex: CME Globex is the screen trading platform of CME Group, and also the world’s first and leading electronic trading platform for futures and options that offers the longest trading hours across all platforms with ongoing trading for virtually 24 hours a day, 6 days a week.……[more]

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