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What Are the Differences between the EFP on Chinese Government Bond Futures and the EFP on Domestic Commodity Futures?
2019-09-02

The differences between the EFP on Chinese government bond futures and the EFP on domestic commodity futures mainly include those in: (1) the opening and liquidation of positions, i.e., EFP transactions on Chinese government bond futures may be used to open and close out positions, while EFP transactions on domestic commodity futures can only be used to close out positions;(2) time for increase and decrease in futures positions, i.e., CFFEX will, after the futures leg of an EFP transaction on Chinese government bond futures becomes effective upon being confirmed by CFFEX, make real-time intraday adjustment to the positions of the parties, while most domestic commodity futures exchanges will, after the trading hours, liquidate the futures trade entered into through an EFP transaction; and (3), method of information disclosure, i.e., data on the volume of EFP transactions will be published by commodity exchanges at the end of each trading day, while the trading volume and turnover of and change in positions in the futures contract entered into through an EFP transaction on Chinese government bond futures will, after the EFP transaction becomes effective upon being confirmed by CFFEX, be published together with real time market data.