On July 8, 2025, Shanghai Futures Exchange (SHFE) officially released an internationalized version of its business rules in view of its development needs and after a public consultation with various market participants. This round of revision is designed to establish a rule framework aligned with the internationalization of the SHFE platform and provide a solid foundation at the rule level for the future access by overseas special participants (OSPs), overseas intermediaries, and overseas clients (collectively, “overseas participants”) to eligible commodity futures and options products listed on SHFE, thereby facilitating the high-standard opening up of the futures market.
This internationalization of SHFE business rules primarily involves the formulation and revision of 35 secondary business and product rules. Specifically, SHFE formulated a new business rule, namely, the Overseas Special Participants Management Rules of the Shanghai Futures Exchange; revised 15 business rules such as the Membership Management Rules of the Shanghai Futures Exchange; and revised 19 rules for listed futures products such as the Aluminum Futures Rules of the Shanghai Futures Exchange.
This revision optimizes rules in five key areas—market access, trading, clearing, risk management, and delivery. Specifically, it clarifies the market access requirements for overseas participants; further optimizes the futures and options trading process; establishes a tiered carrying-brokerage clearing system; strengthens risk management; and improves the delivery mechanisms.
According to relevant person in charge, SHFE will continue its ongoing efforts in market opening-up in a steady and orderly manner following the guiding principles of the Opinions on Strengthening Regulation, Preventing Risks and Promoting High-quality Development of the Futures Market. To this end, SHFE will, by duly performing relevant procedures, gradually include eligible commodity futures and options products to the scope of products accessible to overseas participants and concurrently update its business rules corresponding to these products in accordance with the Futures and Derivatives Law of the People’s Republic of China, the Interim Measures for the Administration of Overseas Traders’ and Overseas Brokers’ Engagement in the Trading of Specified Domestic Futures Products, and other provisions. These actions will be preceded by market consultation and in-depth research to ensure a smooth market order.
source: Shanghai Futures Exchange (SHFE)
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