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August 31, 2014 PowerPoint Presentation
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August 31, 2014

August 31, 2014

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August 31, 2014

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  1. DCE OVERVIEW August 31, 2014 This presentation is for information only and shall not be used as the basis for trading or any other purpose. DCE has taken reasonable care to ensure the accuracy of information herein. However, no warranty is made as to the accuracy or adequacy of the presentation and DCE will not accept any liability for any errors or omissions.

  2. China’s Futures Market Overview • Introduction to DCE • Economic Roles Played by DCE • Our Strategic Goals

  3. Regulation of China’s Futures Markets CSRC Regional Bureaus Futures Exchanges Dalian Commodity Exchange Shanghai Futures Exchange Zhengzhou Commodity Exchange China Financial Futures Exchange 36 Regional Bureaus China Futures Margin Monitoring Center China Futures Association

  4. Listed Futures Products DCE Corn, Soybean #1, Soybean #2, Soybean Meal, Soybean Oil, Palm Oil, LLDPE, PVC, Coke Beijing Dalian CZCE Hard White Wheat, Strong Gluten Wheat, Cotton, Sugar, PTA, Rapeseed Oil, Early Rice Zhengzhou SHFE Copper, Aluminum, Zinc, Lead, Gold, Steel Rebar, Wire Rod, Fuel Oil, Rubber Shanghai CFFEX CSI300 Stock Index

  5. Market History 2010 Stats. (Round Trip) Vol.: 1.56 BB Contracts Turnover: 113.49 Tr. Yuan Steady Growth #Exchange: 4 #Product: 26 #FCM: 160 Orderly Development #Exchange: 3 #Product: 12 #FCM: >180 Rectification #Exchange: 15 #Product: 35 #FCM: 330 Pilot #Exchange: >50 #Product: >100 #FCM: >1000 1990 1995 1999 2004 2010

  6. China’s Futures Market Overview • Introduction to DCE • Economic Roles Played by DCE • Our Strategic Goals

  7. Milestones Designated by State Council as one of the 3 exchanges allowed to continue operations Approved by State Council as one of the 15 pilot exchanges Ranking of trading vol. moved into top 10 in the world Trading vol. ranked #3 out of 15 exchanges in China Trading vol. ranked #1 out of 3 exchanges in China DCE was founded 2000 1993 1994 1997 1998 2003 2004 2007 2008 2010 2011 Trading vol. exceeded 300 million contracts despite worldwide financial turmoil Corn futures was listed Coke futures was listed, marking DCE’s diversification into energy related products LLDPE, the first non-agricultural product of DCE, was listed Moved into a new building – the Futures Tower

  8. Org. Chart Member Meeting Board of Directors Exchange Executives 19 Departments 3 Regional Offices 3 Subsidiaries

  9. Trading Statistics DCE Trading Vol. & Turnover 403 MM contracts 20.85 Trillion Yuan Vol. Turnover

  10. Volume Ranking 2010 World Derivatives Exchange Rankings by Trading Volume Source: FIA (Unit: Million Contracts)

  11. Product Ranking 2010Rankings of Agricultural Futures & Options Contracts Source: FIA (Unit: Million Contracts)

  12. Members and Warehouses 7 7 12 22 1 28 3 Beijing Dalian Headquarter 10 6 1 Beijing Office 5 4 7 13 1 1 13 5 26 3 23 3 Shanghai Office 8 4 13 4 6 9 4 1 4 # Members 2 19 26 # Warehouses Guangzhou Office 3 Note: data as of 2010/12/31

  13. Investor Profile # DCE Investors Retail Institutional Trading Vol. by Investor Type (2010) OI by Investor Type (2010/12/31) Institutional: 38MM (9%) Institutional: 836K (56%) Retail: 654K (44%) Retail: 365MM (91%)

  14. Trading Vol. Distr Product Vol. % Year Listed 8.83% 1993 豆一 豆一 Soy #1 10 10 1993 1993 豆一 10 1993 Vol. by Geo. Soy Meal 17.27% 2000 豆粕 豆粕 37 37 2000 2000 豆粕 37 2000 Soy #2 .00% 豆二 豆二 .01 .01 2004 豆二 .01 2004 2004 16% Corn 12.53% 2004 玉米 玉米 4 4 2004 2004 20% Soy Oil 23.11% 豆油 豆油 23 2006 4% Palm Oil 9.04% 2007 棕榈油 11 2007 47% LLDPE 23.49% 2007 PVC 4.92% 2009 13% Coke 0.81% 2011 2011 1H data

  15. Risk Management Robust Risk Mgmt. Sys. Mark to Market Zero Major Default Position Limit Price Collar Zero Major Risk Event Forced Position Reduction … …

  16. Service Programs

  17. International Cooperation HKEx

  18. China’s Futures Market Overview • Introduction to DCE • Economic Roles Played by DCE • Our Strategic Goals

  19. Market Efficiency Soybean Price: DCE vs. CBOT Soybean Price: DCE vs. Northeast Spot Yuan/ton Yuan/ton ct./bu. Correl.= .861 Corr.el.= .859 Futures Spot

  20. Price Discovery Soybean Price Differentials (Harbin vs. Jiamusi, Yuan/ton) Price Transparency > 60 ~0 Before 2003 Since 2003 Info. Dissemination Soybean Arbitrage Profits ( From Harbin to Dalian, Yuan/ton) 200 ~ 80 Integrated Cash Market < 10 Before 2003 Since 2003

  21. Risk Transfer Commercial Referencing of Soybean Futures Prices Category %Follow Futures Price During 2H 2008, DCE Soybean ↓ 47%;CBOT Soybean ↓ 50% However, overall losses of domestic soybean crushing industry < 2 Billion RMB; In 2008/10,profits of top 20 soybean enterprises from futures trading > 1 Billion RMB 89% Producers Circulation 92% Trading Co. 94% Warehouses 86% Consumption 67% Crushers 73% 63% Feed 57% Breeding Total 86%

  22. China’s Futures Market Overview • Introduction to DCE • Economic Roles Played by DCE • Our Strategic Goals

  23. Government Expectation “To build on the strengths of Dalian Commodity Exchange, promote futures trading, and establish an important futures trading center in Asia.” - Northeast China Revitalization Plan, 2007 “To increase products listed by Dalian Commodity Exchange and expand its market size.” - Development Planning on Coastal Areas in Liaoning Province, 2009 “To support DCE’s efforts in building an important Asian futures trading center by refining existing products and listing new products suitable for DCE’s positioning and apt for the regional economy of Northeast China.” - Opinions on Furthering the Northeast China Revitalization Plan, 2009

  24. Product Development Plans Index, Options, & others Energy Related Chemical Agricultural

  25. Thank You!