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Announcement on the Revision of Detailed Rules of the Shanghai Gold Exchange on the Benchmark Price Trading and the Trial Operation of Shanghai Silver Benchmark Price Trading

Date: 2019-09-06

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All members,

In order to further serve the real economy and optimize the market operation system, Shanghai Gold Exchange (“SGE”) has decided to launch Shanghai Silver Benchmark Price Trading with the approval of People's Bank of China. The trial operation of Shanghai Silver Benchmark Price Trading will be launched on September 16th, 2019. Details are as follows:

1. Revision of Detailed Rules of the Shanghai Gold Exchange on the Benchmark Price Trading
In order to support the launch of Shanghai Silver Benchmark Price Trading contract (trading code: SHAG), to summarize the operation experience (for over 3 years) of Shanghai Gold Benchmark Price Trading, and to meet the business optimization needs, SGE has comprehensively revised the original Rules of the Shanghai Gold Exchange on the Shanghai Gold Benchmark Price Trading to Detailed Rules of the Shanghai Gold Exchange on the Benchmark Price Trading (“Detailed Rules”, see Appendix 1), which is now published.

2. Adjusting the Trading hours of SHAU
In order to meet the development needs of the price fixing market and to better arrange the Shanghai Gold and Shanghai Silver Benchmark Price Trading, from September 16th 2019, the starting time for trading (afternoon pricing session) for SHAU has been adjusted from 14:15 to 15:00 and the reference price submission window (afternoon pricing session) has been adjusted from 14:09-14:14 to 14:54-14:59. Details can be found in Detailed Rules’ Annex 2.

3. Launching the trial operation of SHAG
In order to better serve the real economy and improve the foundation of silver market, SGE has decided to launch SHAG, which will provide the silver benchmark price for the domestic market. The trial operation of Shanghai Silver Benchmark Price Trading will start on September 16th 2019.
(1) The quotation unit of SHAG is RMB yuan/kg, the trading unit is 15 kg/lot, and the margin ratio of the initial SHAG contract is 10%. Details can be found in the Contract Specifications for Shanghai Silver Benchmark Price Trading in Detailed Rules’ Annex 1.
(2) Participants in trial operation: fixing members (for Shanghai Silver Benchmark Price Trading), reference price members and members and customers who have submitted the application from for participation in the pre-marketing process. Members and corporate customers interested in participating in Shanghai Silver Benchmark Price Trading may submit the Application Form for Shanghai Silver Benchmark Price Trading (Appendix 2) and apply to the Trading Department for approval..
(3) Trading procedures and trading time: Members and customers shall contact Technical Operations and Maintenance Support Department to download the SHAG trading system. There are two trading sessions for SHAG: morning and afternoon pricing session. The starting time of morning pricing session is 9:45 and 14:30 for the afternoon pricing session. There are 5 minutes’ tendering and 1 minute for initial price’s publication before each round.
(4) The close price of Ag (T+D) contract on September 12th 2019 will be used as the previous benchmark price for SHAG, and it will be used to calculate the rise and fall of the first round of the Shanghai Silver Benchmark Price on September 16th 2019.
(5) SGE will exempt the transaction fees and physical delivery fees for SHAG during the trial operation period.
(6) The official time of listing and trading of SHAG will be further noticed.
For Price Fixing Trading (Trading Department): 021-33128789/ 021-33128729.
For Technical Support (Technical Operations and Maintenance Support Department): 021-33128637/ 021-33128782.


Appendix:
1. Detailed Rules of the Shanghai Gold Exchange on the Benchmark Price Trading
2. Application Form for Shanghai Silver Benchmark Price Trading
**English version of the Detailed Rules and Application Form to be published in coming days.


Shanghai Gold Exchange
September 5th 2019



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