BEIJING, Aug. 14 (Xinhua) -- China's securities regulator announced on August 11 inclusion of the upcoming containerized freight index (Europe Service) futures of Shanghai International Energy Exchange (INE) into its basket of specified domestic futures products, reported Xinhua Finance.
China Securities Regulatory Commission (CSRC), the sector regulator, required INE to be well prepared for listing of the new futures product, which, as INE said, is scheduled to be on August 18, and its stable operation in the future.
Generally, specified domestic futures products are futures products specified and announced by CSRC to allow trading by overseas investors. CSRC's related interim measures provide that overseas traders are permitted to authorize domestic futures companies or overseas brokers to engage in the trading of specified domestic futures products on their behalf, or upon approval of a futures exchange, they can directly trade specified domestic futures products on such futures exchange.
The INE containerized freight index (Europe Service) futures, as the first shipping futures product in China, are denominated in the Chinese currency Renminbi and require cash delivery.
Born amid strong market demand for risk prevention and pricing of international container transport, the new futures product takes the Shanghai (export) Containerized Freight Index based on Settled Rates (Europe service) as the underlying index.
Compiled by Shanghai Shipping Exchange, the index is usually publicized at 15:05 (Beijing time) every Monday and reflects the spot rates of Shanghai export container transport market for trade routes from Shanghai to the Europe.
(Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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