1) Both buyer and seller concluded an intention of off-exchange EFP;
2) Both buyer and seller submit an application for EFP via their respective members: buyer submits the buy-in intention while seller submits warrant
3) The Exchange closes out relevant futures positions after review and approval;
4) Buyer’s customer submits payment for goods via tis member while the Exchange releases warrant after confirming the receipt of such payment
5) Seller issues VAT invoice to seller’s member; seller’s member issues VAT invoice to the Exchange; the Exchange issues VAT invoice to buyer’s member; buyer’s member issues VAT invoice to buyer’s customer;