All Members, Overseas Special Participants, and Overseas Intermediaries,

The order fees for option products will be adjusted by the Shanghai International Energy Exchange (INE) on October 25, 2024 (i.e., starting from the nighttime continuous trading session on October 24), from a contract-based formula to a contract month-based formula. The specifics are as follows.

I. Fee Formula

INE calculates the order fees of a client according to a progressive system, determined by the order-to-trade ratio (OTR) bracket of the client for each option contract month and the corresponding message amount. Specifically, a client’s order fees for a particular option contract month = Σ (The client’s message amount for that option contract month in each bracket × the corresponding fee rate). The order fees are collected daily.

A client’s “message amount” in a particular option contract month is equal to the sum of the message amounts of all option contracts for that contract month.

A client’s “executed order count” in a particular option contract month is equal to the total number of executed orders in all option contracts for that contract month.

A client’s “order-to-trade ratio (OTR)” for a particular option contract month = (message amount for that option contract month / executed order count for that option contract month) – 1. If the executed order count for a particular option contract month is zero, then OTR = (message amount for that option contract month / 1) – 1.

The above rules apply similarly to Non-Futures Firm Members and Overseas Special Non-Brokerage Participants. Clients linked by actual control relationships are counted as a single client for the purpose of order fees. Order fees are waived for INE-approved market makers on products for which they make a market.

II. Fee Rate

For option products:

The above fee rates apply to crude oil options.

III. Miscellaneous

Futures Firm members, Overseas Special Brokerage Participants and Overseas Intermediaries are required to strengthen the oversight of clients’ trading activities and to take effective measures to prevent insufficient balance of clients due to account overdraft by order fees.

Please see the attached file for the order fee rate and the accompanying notes for each particular product.

In the event of any inconsistency between the Chinese version and English translation, the Chinese version shall prevail.

Attachment: Order Fee Rates and Explanatory Notes

Shanghai International Energy Exchange
September 6, 2024