2014年9月18日，期待已久的上海黄金交易所（以下简称“交易所”）国际板在上海自贸区正式启动，标志着国际投资者可直接参与中国的黄金交易市场。截至目前，已有40多家机构注册成为交易所的首批国际会员，8家中资银行获准提供清算服务。
随着国际板的启动，交易所修订了《上海黄金交易所章程》（以下简称“《章程》”）、《上海黄金交易所现货交易规则》及其他规则，将国际板纳入现有监管体系。同时，交易所还针对国际板特别制定了《上海国际黄金交易中心业务管理办法》、《上海黄金交易所国际会员管理实施细则》及其他有关规则。我们对上述规则的主要内容作如下简要总结。
一、 国际板的运行框架
为运行国际板，交易所成立并授权其全资子公司—上海国际黄金交易中心有限公司（以下简称“国际中心”），为国际会员提供交易接入、清算、风险管理和其他服务。
国际会员在交易所进行自营交易或代理客户参与交易，其交易系统必须通过国际中心接入交易所系统，国际中心为国际会员提供必要的系统接口。国际会员下达的交易指令在通过国际中心的审核或验证后方可进入交易所，审核或验证的内容包括国际会员资金、库存、持仓是否充足以及指令内容是否符合交易所规定。国际中心应按照“时间优先”的原则处理国际会员的有效指令，最终成交结果以国际中心的清算结果为准。
二、 国际会员管理
- 定义及分类
国际会员是指依法在中华人民共和国境外（含港澳台地区）或交易所认可的其他地区登记注册的，且经交易所审核批准在交易所从事贵金属交易的特别会员。国际会员依其业务范围分为A类会员和B类会员。A类会员可以开展自营和代理业务，B类会员仅限开展自营业务。由A类会员代理的客户称为国际客户。 - 成为国际会员的条件
申请成为国际会员的机构在满足《章程》对会员条件的规定的同时，还应当具备其他规定的条件，其中包括：（1）拥有不低于1000万美元（或等值人民币或外币）的净资产；且（2）其自身或母公司、总部具有较强的行业背景或地位。通过第（2）项条件的设置，交易所在国际会员的审核上保留了较大的自由裁量权。交易所将为取得国际会员资格的机构颁发相应证书，并向中国人民银行报备及向市场公告。
国际会员在取得资格的同时，自动获得一个交易席位。国际会员可以书面申请增加交易席位，但交易席位总数最多不得超过三个。 - 权利与义务
国际会员享有《章程》规定的特别会员的权利，并应履行特别会员的义务。此外，国际会员应完成交易所规定的最低交易量要求，即A类会员为每年10吨，B类会员为每年5吨。在信息披露方面，国际会员除了要向交易所履行定期报告义务外，还应履行规定的重大事项的书面报告义务。
三、 清算及结算
国际中心对国际会员及其客户的资金进行专项管理，严格限定资金的使用范围仅用于交易所的交易。国际中心实行T+0资金清算和T+1资金结算制度，即国际中心在交割或清算时，扣减买方会员的清算准备金，增加卖方会员的清算准备金，完成资金清算。在T+1日，国际中心根据国际会员的申请，将资金划入其相关账户。 - 清算原则
所有国际会员及其客户在交易所系统中成交的合约必须通过国际中心统一清算，并遵循“净额、封闭、分级”的资金清算原则。“净额”是指国际会员就其在交易所买卖的成交差额与国际中心进行净额清算；“封闭”是指国际会员与国际客户的资金分账户设立和存管，国际客户资金全部存管在国际中心结算专用账户，全封闭运行；“分级”是指国际中心负责对国际会员实行清算，国际会员负责对其代理的客户实行清算。
国际中心对现货实盘交易实行钱货两讫制度；对现货延期交收交易实行当日无负债清算制度和交易保证金制度。 - 结算原则
国际会员须在指定的结算银行分别开立自营账户、代理专用账户（适用于A类会员）和自有专用账户进行资金结算。在代理交易中，国际中心的结算专用账户、国际会员的代理专用账户及国际客户的银行账户之间形成固定的对应关系，实现资金的定向划转，使资金在封闭环境中运行。在办理跨境资金结算业务时，国际中心将遵照中国人民银行自贸区账户监管体系的相关规定。
四、 交割
交易所设立国际板指定仓库，为交易所实物交割及国际会员、国际客户实物仓储提供服务，承担实物仓储全部责任。国际板指定仓库受中华人民共和国海关监管。
国际板指定仓库仓储业务包括交易库业务及保管库业务，其中交易库业务是指参与交易所交易交割业务的实物管理，保管库业务是指未参与交易所交易交割业务的实物管理。
国际会员及国际客户取得交易库入库资格需要具备以下条件之一，并经交易所批准：
（1）伦敦金银市场协会（LBMA）认定的合格供货商；
（2）具备交易所国际会员资格，企业性质为银行、基金公司等金融机构，且提供的实物需为LBM；
（3）认定的合格供货商生产的实物；
（4）交易所认定的可提供标准金锭、金条企业；
（5）交易所认可的其他机构。
此外，国际会员可直接在交易所办理登记托管、交割清算、质量认证、物流配送、质押过户、租借过户等业务。国际客户办理上述业务必须通过国际会员代理。
值得注意的是国际会员、国际客户仅可以办理国际板合约的出入库业务，除交易所特别批准外，不允许办理主板合约的出入库业务。
五、风险控制
国际中心执行交易所风险管理措施时，各项措施的实施规则和标准与交易所保持一致。当日清算完成后，国际会员的清算准备金余额低于规定的最低标准时，国际中心应当及时向国际会员发出追加保证金通知。国际会员应当在下一交易日开市前补足清算准备金至最低标准。未能补足的，如清算准备金余额小于清算准备金最低标准，国际中心有权对国际会员采取限制延期交收合约开仓和限制现货实盘合约买入的措施；如清算准备金余额小于零，国际中心有权对国际会员采取强行平仓措施。
此外，国际中心对国际会员及国际客户采取大户报告制度和风险警示制度，在发现异常交易情形时，有权对其采取相应的监管措施。
以上是对上海黄金交易所国际板规则的概述。我们会密切关注上海黄金交易所国际板的发展动态并根据具体情况不时更新相关信息。
Shanghai Gold Exchange International Board Officially Launched
On September 18, 2014, the Shanghai Gold Exchange (the “SGE”) officially launched the long-expected International Board (the “International Board”) in the Shanghai Free Trade Zone (the “FTZ”). It is the first time that international investors are allowed direct access to China’s gold exchange. So far, more than 40 institutions have signed up as the first batch of international members of the SGE, and eight domestic banks have been approved to provide clearing services for gold trading on the International Board.
Along with the launch of the International Board, SGE revised the Articles of Association of the Shanghai Gold Exchange (the “Articles of Association”), the Spot Trading Rules of the Shanghai Gold Exchange, and other rules to reflect the incorporation of the International Board. Also it formulated the Measures for the Administration of the Business Activities of the Shanghai International Gold Exchange Co., Ltd., the Implementing Rules for International Member Management of the Shanghai Gold Exchange and other relevant detailed rules to specifically regulate the activities of the International Board. We have summarized the key aspects of such documents.
I. Operational Framework of the International Board
To operate the International Board, the SGE authorized its wholly-owned subsidiary, Shanghai International Gold Exchange Co., Ltd. (“SGEI”), to provide trading access, clearing, risk management and other services to international members.
For the purpose of trading on the SGE, international members must connect their trading systems to the SGE’s system via the access provided by SGEI. In respect of any order placed by an international member, before the order is transmitted to the SGE, SGEI shall review and verify, inter alia, the adequacy of such international member’s funds, bullion inventory and positions as well as whether the order complies with the applicable requirements of the SGE. SGEI shall process all valid orders according to the principle of time priority, and the final orders filled by the international members shall be governed by the clearing results provided by SGEI.
II. International Member Management
i Definition and Categories
The term “international member” refers to members that are(1) duly registered either outside the territory of the PRC (including those registered in Hong Kong, Macau or Taiwan) or within a region otherwise recognized by the SGE and (2) approved by the SGE to trade precious metals on the SGE. International members are categorized as full members (Type A Members) and proprietary trading members (Type B Members), pursuant to their authorized business scope. Type A Members can carry out both proprietary trading and the brokerage business, while Type B Members can only carry out proprietary trading. Clients whose brokers are international members are referred to as “international clients”.
ii Conditions for International Membership
To become an international member of the SGE, in addition to the conditions provided in the Articles of Association, an applicant: (1) shall possess net assets of not less than 10 million USD (or an equivalent in RMB or other foreign currency) and (2) shall possess (or its parent company or headquarters shall possess) a strong industry position. Such qualifications allow the SGE to exercise broad discretion in approving international applicants for membership. After being accepted as an international member, the applicant will receive a certificate issued by the SGE. The SGE will also report such admission to the People’s Bank of China (the “PBOC”) for recording and will issue a public announcement accordingly.
An international member shall be granted one floor trading seat together with its membership. It can apply for up to two additional floor trading seats, as its business requires.
iii Rights and obligations
An international member enjoys the rights of special members provided in the Articles of Association and must undertake corresponding obligations. Moreover, an international member is subject to a minimum trading volume requirement of 10 metric tons per year for Type A Members and 5 metric tons for Type B Members. In terms of disclosure, an international member shall timely submit written reports on certain designated issues, as required, in addition to filing annual reports with the SGE.
III. Clearing and Settlement
SGEI manages the funds of international members and their clients on a segregated basis, strictly limiting the use of the funds for trading in the SGE. SGEI follows the rule of “clearing on T+0 and settling on T+1”, which means that SGEI will finish clearing through rebalancing the relevant accounts of the parties to the trade upon delivery or clearing, and remit the funds to the member’s specified account at the request of the member on T+1.
i Rules for Clearing
All the trades on the International Board shall be centrally cleared by SGEI, following the principles of “netting, segregation and multi-tiered” for cleared funds. “Netting” means that SGEI offsets an international member’s open trades executed on or through the SGE and then remits funds representing the member’s net obligation. “Segregation” means an arrangement whereby the funds of international members and international clients are accounted for and held in segregated accounts, and all of the funds of the international clients are deposited in the special settlement account of SGEI, which will be administered within a “closed-loop”. “Multi-tiered” approach means that SGEI shall clear for international members, while international members in turn shall clear for their clients.
For physical trading, SGEI applies a delivery-versus-payment system. For trading in deferred products, SGEI applies daily mark-to-market and trading margin requirements.
ii Rules for Settlement
Each international member shall open a proprietary trading account, a brokerage account (applicable to Type A Members), and a Nostro Account at one of the appointed settlement banks for currency settlement. In brokerage trades, the fund transfer between the settlement account of SGEI, the brokerage account of the international member and the account of the client are enforced in adirectional manner within a “closed-loop” to ensure the security of funds. For any cross-border currency settlement services provided by SGEI, the rules applicable to FTZ accounts promulgated by the PBOC shall also apply.
IV. Delivery
The SGE may establish International Board certified vaults to provide physical delivery and physical storage of bullion as well as related import and export customs declarations for international members, clients of international members and import commercial banks for international members and international clients, and will assume full responsibility for the storage of bullion under its custody. Such vaults are subject to the regulations of the customs authority.
The International Board’s certified vaults can be divided into two categories, namely transaction vaults, which facilitate management services in respect of the bullion involved in the transactions entered into through the SGE, and safe deposit vaults, which facilitate management services for other bullion. To deposit bullion into a transaction vault, an international member or an international client shall first acquire accreditation from the SGE, which requires that the international member be:
(1) an accredited supplier of The London Bullion Market Association (the “LBMA”);
(2) a bank, fund management firm or other type of financial institution, whose physical bullion is produced by an LBMA accredited refiner;
(3) an SGE standard gold ingots and bars refiner; or
(4) an institution accredited by the SGE.
An international member can avail itself of a range of services provided by the SGE, without the prerequisite of accreditation,including registration and custody, physical clearing, quality certification, logistics and distribution, and transfer of possession of pledged or leased bullion, while an international client may access such services only through international members.
It is noteworthy that international members or international clients may only load-in or load-out products traded on the International Board by default, but shall acquire special permission from the SGE to load-in and load-out products traded on the main board of the SGE.
V. Risk Control
SGEI shall implement risk-control measures under standards identical to those of the SGE. Whenever clearing reduces the balance of the clearing deposit of an international member below the applicable minimum threshold, SGEI shall promptly issue a margin call to the international member, which shall reinstate the clearing deposit to the minimum threshold prior to the subsequent market opening. SGEI may restrict the international member from opening a position in any deferred products and purchasing physical products, if the balance of its clearing deposit is lower than the minimum threshold, but above zero. SGEI may enforce the liquidation of the international member’s positions, if the balance of its clearing deposit is negative.
International members and international clients are required to report large positions when the applicable threshold is triggered. SGEI also enforces risk-warning systems according to the requirements of the SGE, and is authorized to take administrative measures in the event of any detected abnormality.
The above is a preliminary overview of the major aspects of the International Board of Shanghai Gold Exchange. We will closely follow the development of the regulations of the International Board as it moves forward.