Internationalization Of SHFE Rules, Granting More Access To Overseas Participants

On 27 May 2025, the Shanghai Futures Exchange (the "SHFE") released for public consultation a comprehensive set of proposed and revised business rules (the "SHFE Rules"), marking a significant step toward the internationalization of the SHFE's futures market. The SHFE Rules aim to align the SHFE's regulatory framework with international standards across five key areas: market access, trading, clearing, risk control and delivery.

A central focus of the reform is to enable participation by overseas entities—including overseas special participants (the "Overseas Special Participants"), overseas intermediary institutions (the "Overseas Intermediaries"), and overseas clients (collectively, "Overseas Participants")—in the entire transaction lifecycle of futures trading under the existing framework set out by the Interim Measures for the Administration of Domestic Futures Trading of Specific Varieties by Overseas Traders and Overseas Brokerage Institutions (《境外交易者和境外经纪机构从事