Shanghai International Energy Exchange has released its Notice on the Implementation of the Revised Risk Management Rules of the Shanghai International Energy Exchange as follows:

All relevant parties,

With reference to the Circular on Releasing the Risk Management Rules of the Shanghai International Energy Exchange (Revised and Restated) ([2026] No. 19), this Notice is hereby given regarding the following matters on the implementation of Article 66 of the Risk Management Rules of the Shanghai International Energy Exchange (Revised and Restated).

After market close on the third trading day prior to the last trading day of a crude oil futures contract, the short positions held by any Client, Non-Futures Firm Member (“Non-FF Member”), or Overseas Special Non-Brokerage Participant (“OSNBP”) may not exceed the sum of the quantity of the standard warrants it holds and the quantity of physicals underlying warrants it plans to register.

A Client, Non-FF Member, or OSNBP holding physicals for to-be-registered warrants must meet all of the following criteria:

(1) The oil tanker carrying the physicals must have berthed at the terminal. The berthing deadline may be appropriately extended in case of holidays or other circumstances.

(2) Proper arrangements have been made with the terminal, customs, quality inspection agency, designated delivery storage facility, and other relevant parties, such that the Client, Non-FF Member, or OSNBP can ensure the issuance of warrants and the warrants already held are sufficient for delivery prior to the first delivery day.

(3) The Client, Non-FF Member, or OSNBP must submit the relevant explanatory materials; the bill of lading, certificate of origin, and inspection report for the physicals; and other documents required by Shanghai International Energy Exchange (INE) to the INE delivery department by 10 a.m. on the third trading day prior to the last trading day.

This Notice is subject to the interpretation of INE.

Shanghai International Energy Exchange
March 13, 2026