【中英文对照版】大连商品交易所交易管理办法(2023).docx

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1、大连商品交易所交易管理办法(2023)Measures for Trading Management of Dalian Commodity Exchange(2023)制定机关：大连商品交易所发文字号：大连商品交易所公告20232号公布日期：2023.01. 12施行日期：2023.01. 12效力位阶：地方规范性文件法规类别：期货综合规定Issuing Authority： Dalian Commodity ExchangeDocument Number： Announcement No. 2 2023 of Dalian Commodity ExchangeDate Issued： 01

2、-12-2023Effective Date： 01-12-2023Level of Authority： Local Regulatory DocumentsArea of Law： General Provisions on FuturesMeasures for Trading Management of Dalian CommodityExchange大连商品交易所交易管理办法Chapter I General Provisions第一章总则Article 1 The Measures for Trading Management of Dalian Commodity Exchang

3、e (the Measures) are formulated pursuant to the Trading Rules of Dalian Commodity Exchange for the purposes of standardizing the futures trading conducts, protecting the lawful rights and interests of the parties to the futures trading and ensuring the smooth conduction of the futures trading of Dal

4、ian Commodity Exchange (the Exchange).第一条为了规范期货交易行 为，保护期货交易各方的合法权益， 保障大连商品交易所（以下简称交易 所）期货交易的顺利进行，根据大 连商品交易所交易规则，制定本办 法。Article 2 The Exchange, its Members, the Overseas Special Participants (the OSPs), the Overseas Intermediaries and the clients shall comply with the Measures.第二条交易所、会员、境外特 殊参与者、境外中介

5、机构、客户应当 遵守本办法。开展夜盘交易的品种由交易所另行 公布。会员、境外特殊参与者在完成人员配 备、交易设施和业务制度等各项准备 工作后，方可开展夜盘交易。夜盘交 易只能通过远程交易席位进行。第三十五条交易所应当及时 发布以下与交易有关的信息：（一）开盘价。开盘价是指某一期货 合约开市前五分钟内经集合竞价产 生的成交价格。集合竞价未产生成交 价格的，以开市后竞价交易第一笔成 交价为开盘价。第一笔成交价格按第 四十五条规定确定，此时前一成交价 为上一交易日收盘价，新上市合约前 一成交价为挂牌基准价。（二）收盘价。收盘价是指某一期货 合约当日交易的最后一笔成交价格。 无成交合约当日收盘价为当日

6、结算 价。（三）最高价。最高价是指一定时间 内某一期货合约成交价中的最高成 交价格。（四）最低价。最低价是指一定时间 内某一期货合约成交价中的最低成 交价格。session from 9:00 through 10:15, the second session from 10:30 through 11:30 and the third session from 13:30 through 15:00. The products which can be traded in the night trading period will be separately published by the

7、 Exchange.The Member or the OSP may conduct the night trading only a代er it completes any and all preparation work with respect to the personnel allocation, trading facilities and business policies. The night trading shall be conducted solely through the remote trading seats.Article 35 The Exchange s

8、hall timely release the following information related to the trading: (l)Opening Price. In respect of a certain futures contract, the opening price means the trade price generated from the call auction within five (5) minutes prior to the market-opening. In case no trade price is generated from the

9、call auction, the first trade price a代er the market opens shall be the opening price. The first trade price shall be determined pursuant to Article 45, and then the current price shall be the closing price of the immediately previous trading day, and the current price of the newly listed contract sh

10、all be the listing price;(2)Closing Price. In respect of a certain futures contract, the closing price means the last trade price of the then-current trading day. The closing price of the contracts with no transaction shall be the then-current settlement price;(3)Highest Price. In respect of a certa

11、in futures contract, the highest price means the highest trade price during a certain period;(4)Lowest Price. In respect of a certain futures contract, the lowest price means the lowest trade price during a certain period;（五）最新价。最新价是指某交易日 某一期货合约交易期间的即时成交 价格。（六）涨跌。涨跌是指某交易日某一 期货合约交易期间的最新价与上一 交易日结算价之差。

12、（七）最高买价。最高买价是指某一 期货合约当日买方申请买入的即时 最高价格。（A）最低卖价。最低卖价是指某一 期货合约当日卖方申请卖出的即时 最低价格。（九）申买量。申买量是指某一期货 合约当日交易所交易系统中未成交 的最高价位申请买入的下单数量。（十）申卖量。申卖量是指某一期货 合约当日交易所交易系统中未成交 的最低价位申请卖出的下单数量。（十一）结算价。结算价是指某一期 货合约当日交易期间成交价格按成 交量的加权平均价。无成交合约当日 结算价按照大连商品交易所结算管 理办法相关规定确定。结算价是进 行当日未平仓合约盈亏结算和确定 下一交易日涨跌停板幅度的依据。(5)Last Price.

13、In respect of a certain futures contract, the last price means the real-time trade price during the trading period on a certain trading day;(6)Price Change. In respect of a certain futures contract, the price change means the difference between the last price during the trading period on a certain t

14、rading day and the settlement price of the immediately previous trading day;(7)Highest Bid Price. In respect of a certain futures contract, the highest bid price means the real-time highest price when the buyer applies for purchase on the then-current day;(8)Lowest Offer Price. In respect of a certa

15、in futures contract, the lowest offer price means the real-time lowest price when the seller applies for selling on the then-current day;(9)Bid Quantity. In respect of a certain futures contract, the bid quantity means the order-placing quantity being applied for purchase at the highest but unclosed

16、 price in the Exchanges trading system on the then-current day;(lO)Offer Quantity. In respect of a certain futures contract, the offer quantity means to the order-placing quantity being applied for selling at the lowest but unclosed price in the Exchanges trading system on the then-current day;(ll)S

17、ettlement Price. In respect of a certain futures contract, the settlement price means the weighted average price of the trade prices during the trading period of the then-current day on the basis of the trading volume. In case of contracts with no transaction, the then-current settlement price shall

18、 be determined pursuant to the applicable provisions of the Measures for Clearing Management of Dalian Commodity Exchange. The settlement price shall be the basis for settling the profit and loss of the open contracts of the then-current day and for determining the price limits of theimmediately fol

19、lowing trading day;(12)Trading Volume. In respect of a certain futures contract, the trading volume means the unilateral quantities of all the concluded contracts on the then-current day; and (13)Open Interest. The open interest means the unilateral quantities of the open contracts held by the futur

20、es traders.Article 36 The listing price of a newly listed contract shall be determined and released in advance by the Exchange. The listing price shall be the basis for determining the price limits of the immediately following trading day.Article 37 For the newly listed contract, in case there is no

21、 transaction concluded for three (3) consecutive trading days from the listing day, the Exchange may properly adjust the listing price.With respect to the contract which was once concluded but currently without any open interest, the Exchange may release a new benchmark price for it.Article 38 The t

22、ypes of the trading orders are as follows: (l)Limit Order: the order that is executed to conclude a transaction at a limited price or a better price through the Exchanges computer order-matching system;(2)Market Order: the purchase/sale order that is placed at the prices of the price limits in order

23、 to participate in the trading through the Exchanges computer order-matching system;（十二）成交量。成交量是指某一合 约在当日所有成交合约的单边数量。（十三）持仓量。持仓量是指期货交 易者所持有的未平仓合约的单边数 量。第三十六条新上市合约的挂 牌基准价由交易所确定并提前公布。 挂牌基准价是确定新上市合约第一 个交易日涨（跌）停板的依据。第三十七条新上市期货合约 自挂牌之日起，如连续三个交易日无 成交，交易所可以对挂牌基准价作适 当调整。对曾经有成交而目前无持仓的合约, 交易所可以公布新的基准价。第三十八条交易

24、指令的种类:（一）限价指令：指交易所计算机撮 合系统执行指令时按限定价格或更 好价格成交的指令。（二）市价指令：指交易所计算机撮 合系统执行指令时以涨（跌）停板价 格参与交易的买（卖）指令。（三）市价止损（盈）指令：指当市 场价格触及非期货公司会员、境外特 殊非经纪参与者、客户预先设定触发(3)Stop Order: the order that when the market price reaches the triggering price preset by the Non-Futures Company Member, the Overseas Special Non-Brokera

25、geParticipant (the OSNBP) or the client, the Exchangescomputer order-matching system will promptly transfer it价格时，交易所计算机撮合系统将其 立即转为市价指令的指令。to be the market order;(4)Stop Limit Order: the order that when the market price reaches the triggering price preset by the Non-Futures Company Member, the OSNBP

26、 or the client, the Exchanges computer order-matching system will promptly transfer it to be the limit order;（四）限价止损（盈）指令：指当市 场价格触及非期货公司会员、境外特 殊非经纪参与者、客户预先设定触发 价格时，交易所计算机撮合系统将其 立即转为限价指令的指令。(5)Spread Order: the spread order for the designated contract is provided by the Exchange, and the Exchanges co

27、mputer order-matching system will conduct the transaction conclusion for all the component contracts within the order subject to the prescribed proportions concurrently after receipt of such order. The spread orders shall be divided into the calendar spread order and the inter-commodities order, wit

28、h the specific contents listed below:（五）套利交易指令：交易所对指定 合约提供套利交易指令，交易所计算 机撮合系统收到指令后将指令内各 成分合约按规定比例同时成交。套利 交易指令分为同品种跨期套利和跨 品种套利交易指令，各指令具体内容 如下：NameTrading Mode (From buyer*s perspective)Quotation ModeCalendar spread orderLong nearby month contract and short back month contract of the same quantityLong(

29、short)spread price = Bid (offer) price of thenearbymonth contract - Offer (bid) price of the back month contractInter-commodities spread orderLong contracts of a certain typeofproducts andacertainLong(short)spread price = Bid (offer) price of thefirstcommodity一Offer (bid) price of the second名称交易方式 （

30、从买方角 度）报价方 式同品种跨期 套利交易指 令买入近月份 合约，卖出 同等数量远 月份合约。买（卖） 套利价 格= 近月合 约买（卖） 申报价 格 - 远月合 约卖（买） 申报价 格两个品种间 套利交易指 令买入某品种 某月份合 约，卖出另 一品种相同买（卖） 套利价 格 = 第一品month and short the contracts of another commodity and of the same or different monthcommodityCrushspreadorderShort soybean contracts, long soybean meal con

31、tracts and soybean oil contracts of the same or different monthLong(short)spread price = Bid (offer) price of the soybean meal contracts + Bid (offer) price of the soybean oil contracts - Offer (bid) price of the soybean contracts(6)0ther Orders Prescribed by the Exchange.The minimum quantity of ord

32、ers placed each time for futures contracts shall be one (1) lot, and the maximum quantity of orders placed each time for futures contracts is stipulated in the detailed rules of the specific futures products.The Exchange may, according to market conditions, adjust the minimum and maximum quantities

33、of orders placed each time for different listed products and contracts. The specific standards shall be announced separately by the Exchange.或不同月份 合约。种买 （卖）申报价 格一第 二品种 卖（买） 申报价 格压榨利润套 利交易指令卖大豆合 约、买相同 月份或不同 身份豆粕和 豆油合约买（卖） 套利价 格= 豆粕合 约买 （卖）申报价 格+豆 油合约 买（卖） 申报价 格一大 豆合约 卖（买） 申报价 格（六）交易所规定的其他指令。期货合约交易指令每

34、次最小下单数 量为1手，期货合约交易指令每次最 大下单数量见各品种期货业务细则。交易所可以根据市场情况，对不同的 上市品种、合约交易指令每次最小下 单数量、每次最大下单数量进行调 整，具体标准由交易所另行公布。The minimum quantity of orders placed each time shall 每次最小下单数量，包括每次最小开仓下单数量和最小平仓下单数量；每 次最大下单数量，包括每次最大开仓 下单数量和每次最大平仓下单数量第三十九条市价指令和限价 指令可以附加立即全部成交否则自 动撤销和立即成交剩余指令自动撤 销两种指令属性。第四十条 开设夜盘交易的品 种，其开盘集合竞价

35、在夜盘交易时段 开市前5分钟内进行，日盘交易时段 不再集合竞价。未开设夜盘交易的品 种，其开盘集合竞价在日盘交易时段 开市前5分钟内进行。集合竞价前4 分钟为期货合约买、卖指令申报时 间，后1分钟为集合竞价撮合时间。第四十一条在集合竞价申报 和开市后竞价交易期间，交易所计算 机撮合系统接受交易指令申报，交易 指令的种类由交易所规定，并向市场 公布。在集合竞价撮合和竞价交易暂停期 间，交易所计算机撮合系统不接受交 易指令申报。第四十二条 交易所计算机撮 合系统自动将买卖申报指令按价格 优先、时间优先的原则进行排序，当include minimum quantity of orders place

36、d each time for opening positions and minimum quantity of orders placed each time for closing positions; the maximum quantity of orders placed each time shall include maximum quantity of orders placed each time for opening positions and maximum quantity of orders placed each time for closing positio

37、ns.Article 39 The market order and the limit order may be inputted with two additional characteristics which include FOK (Fill or Kill) and FAK (Fill and Kill).Article 40 With respect to any product which can be traded during the night trading period, its opening call auction shall be conducted with

38、in the first five (5) minutes prior to the opening of the night trading period, and the day trading period for such product shall have no call auction. With respect to any product to which the night trading does not apply, its opening call auction shall be conducted within the first five (5) minutes

39、 prior to the opening of the day trading period, of which the first four (4) minutes of the call auction shall be the time of declaration of the buy and sell orders, and the last one (1) minute shall be the call auction matching time.Article 41 During the call auction declaration period and the cont

40、inuous trading period after the market opening, the Exchanges computer order-matching system shall accept the declaration for trading orders, the types of which shall be prescribed by the Exchange and released to the market.During the call auction order-matching period and the suspension period of c

41、ontinuous trading, the Exchanges computer order-matching system will not accept any declaration for trading orders.Article 42 The Exchanges computer order-matching system shall order the buying and selling declaration orders under the principle of price priority and time买入价大于、等于卖出价则自动撮合 成交。同一交易编码同一合

42、约持仓平 仓顺序按开仓时间先开先平。当某期货合约以涨（跌）停板价格申 报时，成交撮合原则实行平仓优先和 时间优先的原则，交易所强行平仓申 报单优先其他平仓申报单。第四十三条 集合竞价采用最 大成交量原则，即以此价格成交能够 得到最大成交量。高于集合竞价产生 的价格的买入申报全部成交；低于集 合竞价产生的价格的卖出申报全部 成交；等于集合竞价产生的价格的买 入或者卖出申报，至少有一方申报量 完全成交。若有多个价位满足最大成 交量原则，则开盘价取与前一交易日 结算价最近的价格；新上市合约开盘 价取与挂牌基准价最近的价格。第四十四条开盘集合竞价中 的未成交申报单自动参与开市后竞 价交易。第四十五条开

43、市后撮合成交 价等于买入价（bp）、卖出价（sp） 和前一成交价（cp）三者中居中的一 个价格。即：priority, and the transaction will be concluded by automatic order-matching when the buying price is higher than or equal to the selling price. The liquidation order for the same open contracts under the same trading code shall be concluded based on

44、the opening time and follow the principle of first open, first closed1.In case the price of the price limits is declared in respect of a certain futures contract, the order-matching shall be conducted under the principle of liquidation priority and time priority, and the Exchanges forced liquidation

45、 declaration forms shall prevail over other liquidation declaration forms.Article 43 The call auction shall be subject to the principle of trading volume maximization, i.e., the price generated during the call auction shall result in the maximum trading volume. All of the buying declarations which a

46、re higher than the price generated from the call auction will be concluded; all of the selling declarations which are lower than the price generated from the call auction will be concluded; and in respect of the buying or selling declarations which are equal to the price generated from the call auct

47、ion, the declared quantity of at least one party will be concluded. In case there are more than one prices which satisfies the principle of trading volume maximization, the opening price shall be the price most proximate to the settlement price of the immediately previous trading day, and the openin

48、g price of the newly listed contract shall be the price proximate to the listing price.Article 44 The unconcluded declaration forms in the opening call auction shall automatically participate in the continuous trading after the market opens.Article 45 The trade price shall be equal to the middle one of the buying price (bp), the selling price (sp) and the current price (cp) after the market opens, that is,Where bpspcp, the last price = sp;当bpNspNcp,则最新成交价= sp；Where bpcpsp, the last price = cp; or 当bpNcpesp,则最新成交价= cp；Where cpbpsp, t