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Notice on Collecting Order Fees for Trading PTA Futures Contracts

To all Members:

According to Article 27 of the Detailed Rules for Futures Clearing of Zhengzhou Commodity Exchange, Zhengzhou Commodity Exchange has decided upon discussion to collect order fees on PTA futures contracts from the night trading session of November 25, 2021.

1. Applicable Scope

This fee collection plan applies to clients or non-FB members whose daily message amount on a single PTA futures contract exceed the benchmark. In particular, order fees on market-making transactions of market makers are exempted.

2. Fee Formula

Order fees are calculated according to the levels of OTR (Order to Trade Ratio) and message amount of clients or non-FB members. Order fees are collected on a daily basis and the fee rates are as follows:

Order-to-Trade Ratio

(OTR)

 

Message Amount (MA)

OTR≤2

OTR>2

MA≤4000

0 yuan/count

0 yuan/count

4000

0 yuan/count

0.05 yuan/count

MA>8000

0.20 yuan/count

1.50 yuan/count

Order fees for a certain PTA futures contract = ∑(Client or non-FB member’s message amount for that PTA futures contract at different levels × corresponding fee rate)

In particular, message amount = total number of trading orders such as order placement and order cancellation. OTR = (message amount / number of executed orders) - 1.

If any client or non-FB member has message amount on certain contract but no order is filled, the current day’s OTR on that contract will be considered as more than 2.

3. Fee Collection

Order fees will be deducted from the clearing reserve of relevant members during daily clearing.

Clients or non-FB members linked by actual controlling relationship are treated as a single client or a single non-FB member for the calculation of order fees, and order fee payable is calculated proportional to the percentage of each client or each non-FB member’s message amount. For any client or non-FB member that is involved in more than one group of accounts linked by actual controlling relationship, the Exchange will first calculate the order fee payable by each group, and then that by the client or non-FB member within each group (the latter hereinafter refers to as “group-specific payment”). The largest of the group-specific payments will be the order fees actually payable by the client or non-FB member.

For any client that maintains trading codes with multiple FB-members, order fee payable through each member is calculated proportional to the percentage of that client’s message amount through that member.

4. Other Matters

Members shall upgrade IT systems before the official start of the fee collection. Please contact IT vendors for system upgrade details.

 

Attachment: The Instruction for Message Amount and OTR

 

 

Zhengzhou Commodity Exchange

November 12, 2021

 

Disclaimer: This English version may be used for reference only. If there is any discrepancy between the English version and the Chinese version, the Chinese version shall prevail.

Attachment.docx

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