大连商品交易所铁矿石国际化

大连商品交易所铁矿石国际化

一.     公司简介

弘苏期货（香港）有限公司（简称“弘苏期货”）2011年在香港注册成立，2015年9月被弘业期货股份有限公司（简称“弘业期货”）收购，现为其全资子公司。弘苏期货拥有香港证监会第一类（证券交易）和第二类牌照（期货交易），中央编号为：AYT086。公司可为客户提供CME（芝加哥期货交易所集团）、LME（伦敦金属交易所）、 HKEX（香港期货交易所）、 Eurex（欧洲期货交易所）、SGX（新加坡期货交易所）、TOCOM（东京商品交易所）、ICE（美国洲际交易所）等全球大型交易的交易渠道。2018年4月，弘苏期货获大连商品交易所（简称“大商所”）铁矿石境外中介机构资格。

弘业期货成立于1995年，隶属于江苏省国资委，是中国期货业协会理事单位、江苏期货业协会会长单位，在国内主要金融中心和重点城市设有40多家分支机构，是中国大陆分支机构最多的期货公司，且连续8年获评国家A类期货公司称号。弘业期货于2015年在香港联交所上市，并且于2017年A股IPO得到了证监会的受理。公司可为客户提供上海能源中心、上海期货交易所、郑州商品交易所、中国金融期货交易所、大商所等交易所的交易渠道，包括交易所和场外交易的产品、基金证券、资产管理、风险管理等。

二.     大商所铁矿石业务背景和合约介绍

大商所铁矿石期货经过五年多运行，目前已顺利引入境外交易者业务。作为首批在大商所备案成功的境外中介机构，弘苏期货可以为境外法人机构提供大商所铁矿石开户、交易、结算等服务。开户流程相对简便，境外客户无需亲至中国大陆即可开立期货及银行NRA账户，实现全球期货交易。

弘业期货是大商所境内会员，可为境外经纪商提供大商所境外经纪机构备案服务，并为其客户提供交易、结算、交割服务；也可直接为境外法人机构提供开户、交易、结算、交割等服务。同时，弘业期货提供大商所铁矿石相关的政策制度及解读服务；接受客户铁矿石专项研究课题；并能根据客户需求及市场情况，提供铁矿石策略定制服务和实盘策略服务。

具体请参见http://www.dce.com.cn/dalianshangpin/resource/cms/2016/11/铁矿石期货合约制度

三.     大商所铁矿石合约优势

目前全球有大连商品交易所（DCE）、新加坡交易所（SGX）、芝加哥商品交易所（CME）、香港交易所（HKEX）开展铁矿石衍生品交易。2017年，大商所铁矿石期货单边成交量3.29亿手（329亿吨），已发展成为全球成交规模最大的铁矿石衍生品市场，是世界第二大铁矿石衍生品市场，也是境外比较活跃的铁矿石衍生品市场——新加坡交易所的铁矿石掉期和期货成交总量的23.44倍，市场规模和流动性具有明显优势。同时，其它三个交易所的铁矿石合约均采用现金交割，虽为有套保需求的投资者提供对冲风险的工具，但不利于买家进行现货套保，尤其是数量庞大的钢铁企业，为此一定程度上制约了钢企参与现金交割铁矿石期货的积极性。大商所铁矿石期货是全球唯一采取单一实物交割的铁矿石衍生品，保证了期现货市场的紧密衔接。

四.     弘苏期货开户流程

五.     与您携手共创未来

大商所铁矿石期货国际化，吸引众多境内外交易者参与，将进一步优化市场结构，有望形成更公平的铁矿石定价模式。大商所铁矿石期货的未来势必与国际铁矿石市场联系更加紧密！

作为中国期货行业的龙头企业，弘业期货和弘苏期货非常期待借助中国铁矿石期货国际化这股春风，为市场参与者定制方案，发现价格，把控风险，走向世界。

免责声明

本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证，也不保证所包含的信息和建议不会发生变更。我们已力求报告内容的客观和公正，但文中的观点和建议仅供参考客户应审慎考量本身需求。我公司及其雇员对使用本报告及其内容所引发的任何直接或间接损失概不负责。本报告版权归弘业期货所有，未经书面许可，任何机构和个人不得翻版、复制和发布；如引用、刊发需注明出处为弘业期货，且不得对本报告进行有悖原意的引用、删节和修改。

1.        Company Profile

Holly Su Futures (Hongkong) Co., Ltd. (Holly Su Futures) was founded in Hong Kong on October 2011. It was wholly acquired by Holly Futures Co., Ltd (Holly Futures) in September 2015 and is now a wholly-owned subsidiary of Holly Futures. It has the Hong Kong Securities and Futures Commission (SFC)'s first type license (stock trading) and the second type license (futures trading), and its central code is AYT086. Holly Su Futures provides clients with trading channels of major global exchanges, such as CME (Chicago Futures Exchange Group), LME (London Metal Exchange), HKEX (Hong Kong Futures Exchange), Eurex (European Futures Exchange), SGX (Singapore Futures Exchange), TOCOM (Tokyo Mercantile Exchange), ICE (American Interstate Exchange), etc. In April 2018, Holly Su Futures successfully registered with DCE iron ore futures as an overseas broker.

Holly Futures was established in 1995. It is the director unit of the China Futures Association, and the president of the Jiangsu Futures Association. Holly Futures is the company with the most branches in the mainland of China, and has been awarded the title of category A futures company for 8 consecutive years. Holly Futures was listed on the HKEX in 2015, and the A-share market IPO application was accepted by the China’s SFC in 2017. Holly Futures provides clients with the trading channels of Shanghai International Energy Exchange, Shanghai Futures Exchange, Zhengzhou Commodity Exchange, and China Financial Futures Exchange. It provides various types of market trading channels, including exchange-traded and over-the-counter products, fund securities, asset management, risk management, etc.

2.        Iron Ore Business

DCE Iron Ore Futures has been operating for more than five years and has now successfully introduced offshore trader business. As the first batch of overseas brokers that have been successfully registered with the DCE, Holly Su Futures can provide DCE iron ore account opening, trading, and settlement services for overseas legal entities. The account opening process is relatively simple. Overseas clients do not need to be in the mainland of China in person to open accounts to achieve global futures trading.

Since Holly Futures is a member of the DCE, it can provide overseas brokers with filing services for overseas brokerage agencies of DCE, and provide trading, settlement, and delivery services for their clients. It also can provide DCE iron ore account opening, trading, and settlement services for overseas legal entities. Meanwhile, Holly Futures provides the iron ore related policies and interpretation services of DCE; accepts special iron ore research topics from clients; and can provide customized iron ore strategy services and firm offer strategy services based on customer needs and market conditions.

Dalian Commodity Exchange Iron Ore Futures Contract

More details please see: http://www.dce.com.cn/DCE/Products/Industrial/Iron%20Ore/491886/index.html

3.        DCE Iron Ore Contract Advantage

Currently, the Dalian Commodity Exchange (DCE), the Singapore Exchange (SGX), the Chicago Mercantile Exchange (CME) and the Hong Kong Stock Exchange (HKEX) carry out iron ore derivatives trading. In 2017, DCE iron ore futures volume reached 329 million lots (32.9 billion tons), 23.44 times the total amount of iron ore swaps and futures transactions on the SGX, the world's second-largest iron ore derivative market. Moreover, other than DCE iron ore futures, the other three exchanges adopt cash delivery. Cash delivery is not conducive to the spot hedging of buyers which limits hedging risks; therefore, it has restricted the enthusiasm of steel companies to participate in the cash delivery of iron ore futures. Conversely, DCE iron ore futures is the only iron ore derivative in the world that solely adopts physical delivery to ensure the tight convergence of the spot market. Therefore, DCE iron ore futures is more benefit for investors.

4.        Easy to Apply!

5.        Work Together to Create a Better Future

The internationalization of DCE iron ore futures has attracted a large number of domestic and foreign traders to participate, and will further optimize the market structure, which is expected to create a more fair iron ore pricing model. The future of DCE Iron Ore Futures is bound to become even closer to the international iron ore market! As a leading company in China's futures industry, Holly Futures and Holly Su Futures are very much looking forward to help worldwide clients discover prices, control risk, and tailor solutions with the opportunity of the internationalization of DCE iron ore futures.

Declaration

This Information is made available as a complimentary service by Holly Futures Co., Ltd. No further redistribution is permitted without written permission from Holly Futures Co., Ltd. This Information is intended to provide factual information, but its accuracy cannot be guaranteed. The views expressed in any article are solely those of the respective individuals cited. This material does not constitute a customer invitation, only as a general market reference.