EFPs on Chinese government bond futures are mainly governed by eight business rules, including the Detailed Trading Rules of China Financial Futures Exchange (the “Detailed Trading Rules”) and the Detailed Rules of China Financial Futures Exchange for EFPs on Chinese Government Bond Futures Contracts (“Detailed Rules for EFPs”), etc. In particular, a new chapter “Exchange of Futures for Physicals” has been added to the Detailed Trading Rules to set out the definition and general procedures for EFPs, management of members, and identification and handling of violations and breaches; the newly issued Detailed Rules for EFPs provides in detail the eligibility and registration requirements for clients intending to engage in EFPs on Chinese government bond futures, scope of acceptable physicals, and specific operational procedures for EFPs.