云南十一选5开奖结果 www.nllj.net 第一章 总则
Chapter I General Provisions
Article 1. In accordance with related regulations in P.R China and international conventions and practice, these Rules are hereby formulated with a view to regulating iron ore spot trading activities, maintaining the market order and protecting the legitimate rights of all trading parties in Rizhao International Iron Ore Exchange(hereinafter referred to as the “RIOE”).
Article 2. Iron ore spot trading shall abide by the principles of openness, fairness, honest and trustworthy. Trading is transacted electronically. RIOE is dedicated to be a main platform for trade information and provides intermediary services for both sellers and buyers.
Article 3. A membership system is adopted in RIOE, members in RIOE are classified into ranks including a group of principle members.
Article 4. RIOE, members, principle members, designated third parties for logistic supervision and designated banks for settlement shall abide by the
Chapter II Definitions and Terminology
Article 5. Member: business entity that has signed the AGREEMENT ON ENTERING INTO MARKET OF RIZHAO INTERNATIONAL IRON ORE EXCHANGE with RIOE and conducts spot trading business in accordance with provisions of MEASURES FOR MEMBERSHIP ADMINISTRATION OF RIZHAO INTERNATIONAL IRON ORE EXCHANGE (TRAIL).
Article 6. Principle Dealer: business entity that has signed the AGREEMENT ON ENTERING INTO MARKET OF RIZHAO INTERNATIONAL IRON ORE EXCHANGE AS PRINCIPLE DEALER with RIOE and conducts spot trading business in accordance with provisions of MEASURES FOR MEMBERSHIP ADMINISTRATION OF RIZHAO INTERNATIONAL IRON ORE EXCHANGE (TRAIL)
Article 7. Restricted member: It refers to a member selected by other members
as an entity who is not entitled to participate in listing, bidding and auction
Article 8. Trusted member: It refers to a member selected by other members when they initiate a listing, bidding or auction as an entity who is exempt from performance deposit.
Article 9. Warehouse loading: the process that the seller reports its cargo via RIOE trading system, the cargo is available for trading on the approval of RIOE and the third party for logistic supervision as virtual inventory on seller’s account.
Article 10. Warehouse unloading: the process that the third party terminates logistic supervision of the cargo in condition of concluding a transaction or application for warehouse unloading, RIOE should issue the Notice of Delivery of Cargo or Notice of Terminating Supervision of Cargo. The logistic supervision will be terminated under above-mentioned condition; the cargo will be removed from virtual inventory of the RIOE trading system at the same time.
Article 11. Virtual Inventory: the available trading stocks recorded in the
exchange system, which is registered in the exchange system by the member for its trading information and has been examined and verified by RIOE.
Article 12. The third parties for logistic supervision: business entity that has signed Agreement on Logistic Supervision of Cargo with RIOE and has the right to confirm the right of the cargo and provides supervision service.
Chapter III Trading Place and Time
Article 13. Trading places include trading hall of RIOE, electronic trading system, portal website （云南十一选5开奖结果 www.nllj.net）and related supporting telecommunication facilities.
Article 14. Trading time: Monday to Friday (Except China statutory holidays): 9:30-16:30 Beijing time.
Chapter IV Trading Product
Ariticle 15. Trading products include U.S dollar-based cargo and on port cargo on CNY basis.
U.S dollar-based cargo includes:
A: Iron ores that have not delivered from mines or in the process of loading and settled in U.S. dollar.
B: Iron ores in transit and settled in U.S.dollar.
C: Iron ores stored at the China’s ports bonded area without customs declared and settled in U.S. dollar
On port cargo on CNY basis includes:
D: Iron ores without customs declared and settled in CNY.
E: Iron ores with customs declared and settled in CNY
Chapter V Matching Method
Article 16. Members (or principle dealers in RIOE) transact business via electronic trading system, transaction modes include listing and bidding.
Article 17. Members (or principle dealers in RIOE) shall register purchase information in trading system which shall be released on the website of RIOE.
Article 18. Members (or principle dealers in RIOE) shall register the cargo in trading system before listing, the cargo which has been verified enters into the market.
Article 19. Trade of spot cargo listed on RIOE is regulated by the following rules:
Seller sets a minimum trading volume at the time listing the cargo in trading system. The cargo is deemed as an integral pack when minimum trading volume is equal to listed amount. Otherwise the cargo shall be dealt separately. Buyer shall choose either conclude the deal or negotiate concerning the listed cargo.
A deal is concluded when the buyer accept seller’s offer.
Counter-offer made by buyer should be confirmed by seller during negotiation, the deal is concluded when seller accepts and confirms the counter-offer.
In case of the cargo is an integral pack, that is minimum trading volume is equal to listed amount; the system shall arrange the order of buyer’s offer according to price priority principle and time priority principle.
Price priority principle: a higher quotation made by buyer is prior to a lower one.
Time priority principle: buyer’s offer is arranged in order of time of acceptance in case of equality of quotations. An early quotation is prior to the latest one.
In case that trading volume is less than listed amount, which is the cargo can be dealt separately, the trading system shall list all the quotation made by buyer, seller shall deal with the quotation at their disposal.
Article 20. Mode of bidding includes two patterns: auction and inviting tender.
Auction is regulated by the following rules:
For auction based on fixed price, the sell instruction shall set the reserve price (the bottom price) and decide whether to release the price to public.
The sell instruction shall respond the auction information within the valid period, for auction based on fixed price , when the bottom auction price is less than the highest biding price; the highest biding price is selected as the deal price; For auction based on index, when an auction is ended, the seller should select a buyer to finish the deal.
Inviting tender is regulated by the following rules:
Sellers should response to the information of inviting tender within the valid period. The information of bidding cargo and price is listed in the system. After the valid period，the tender invitation party can select transaction from the bidding information within the stipulated time of the system.
Article 21. Both buyer and seller can modify the listing information and negotiation information, but can not withdraw the list.
For listing based on fixed price, seller can change the listing price directly or extend the valid period;For listing based on index, seller only can change the discount and floating price or extend the valid period. It comes into effect immediately after a change.
Once the seller lists its cargo, the price can not be modified, the valid period can be prolonged.
Article 22. Members or principle dealers of RIOE can choose part of or all the other members as their common designated members or trusted members during the transaction. In this case, the transaction is only valid to the designated objectives. Otherwise, a trading order instruction is regarded valid for all members except restricted members.
Article 23. Member or principle dealer may trade the listed transaction and the biding transaction on a direct deal or in the commission
Trade on a direct deal refers to a transaction settled by fund at the disposal of member or principle dealer.
Trade in the commission refers to transaction settled by principle dealer that are entrusted by member, a principle dealer may entrust other principle dealer to close a deal.
Article 24. The minimum quotation for U.S dollar-based on spot cargo is USD 0.01/dry metric tonne; the minimum quotation for domestic on spot cargo is CNY 0.01/wet metric tonne or CNY 0.01/dry metric tonne. The price of trade instructions shall be the integer multiple of the minimum quotation.
Article 25. The minimum reported amount of trading shall be 1000 ton;
The minimum dealing amount of trading shall be 1000 ton;
The minimum variation of the trading shall be one ton or the integer multiple of one ton.
Chapter VI Affirmation of Transction
Article 26. Trading relationship is established between buyer and seller when transaction is matched by the system. The electronic confirmation letter can be downloaded from trading system.
Article 27. The electronic confirmation letter includes the following information: information on buyer and seller, product and product code, quality, transaction price and time, quantity. Information in electronic confirmation letter constitutes the basic elements of the purchase contract. If the terms and conditions under the final contract contradict with the electronic confirmation letter, the final contract shall prevail.
Article 28. Both the buyer and seller shall send back their signed contract to RIOE by fax( faxed number has been registered) on receiving the electronic confirmation letter. RIOE shall deal with the cargo delivery matters for the member when receiving the contract.
Chapter VII PERFORMANCE DEPOSIT
Article 29. Performance deposit system is adopted in RIOE. Member shall ensure the sufficient performance deposit in proportion to reporting contract total price as a commitment to the act of reporting. With a purpose of enlivening the market and reinforce the risk control, RIME is entitled to make proper adjustment to performance deposit and to increase/reduce performance deposit amount for both/one party of the contract with advance notice.
The current performance deposit limit is not less than 20% of the total amount defined in the contact.
Article 30. Principle dealers and seller member with confirmation of RIOE need no performance deposit.
Article 31. When the electronic transaction finished, both parties of the transaction shall sign the file to confirm the performance deposit flow (signed by legal representative and affix the official stamp) and send it back to RIOE by fax( faxed number has been registered). RIOE shall transfer the performance deposit according to the flow defined in the contact. As to the trade in the commission, the file that confirms the flow of the performance deposit shall be signed by the buyer the seller as well as the principle dealer.
Article 32. If a member chooses a trusted member in a particular declaration, then the trusted member can participate in this transaction without paying deposit.
Article 33. Under the mode of trusted member transactions ,if any party defaults, the disputes between buyers and sellers or any other third party are not relevant to RIOE. The buyers and sellers should settle the disputes according to relative articles under the sales contract.
Chapter VIII SUPERVISON OF CARGO
Article 34. RIOE shall make nonscheduled public announcement for designated supervisor of cargo and authorized supervisor. Members shall select the supervisor at will from aforementioned supervisors that have cooperative relationship with RIOE .
Article 35. The supervisor shall examine and verify ownership and quality certificates of the cargo when members report for sale, aforementioned verified information should be in accord with reported information in trading system. Supervisor shall confirm the verification in trading system, electronic trading system puts cargo in storage under the confirmation. If verified information is not confirmed, supervisor shall give notice to members and RIOE concerning specific reason in trading system.
If the supervisor of cargo chosen by a member is not designated and authorized by RIOE, the member should complete formalities of cargo supervision with designated supervisor.
Article 36. Seller should guarantee the quality and quantity of the cargo is in conformity with information in sell reporting, seller should submit the following documents to supervisor of the cargo that prove the ownership and quality of the cargo according to different transaction:
U.S dollar-based cargo A:
ONLY A-CLASS MENBERS are involved in U.S dollar-based cargo transaction, supervision of cargo is not essential in this transaction.
U.S dollar-based cargo B, U.S dollar-based cargo C, On port cargo on CNY basis D:
(1) copy of Bill of Lading
(2) copy of quality certificate in port of loading
(3) other files that is relevant to the ownership and quality certification
On port cargo on CNY basis E:
(1) copy of CIQ
(2) copy of ownership certificate
(3) other files that is relevant to the ownership and quality certification
Article 37. When member’s trade reporting is completed and the signed contract has been faxed to RIOE, RIOE shall instantly issue Notice of Delivered Cargo from Storage, supervision of the cargo is expired when aforementioned NOTCE is received by the supervisor，meanwhile the cargo under the trade is deducted from RIOE virtual inventory automatically.
Article 38. Member shall put out for application of cargo deducted from storage, aforementioned cargo is those incorporated into virtual inventory yet not under transaction, RIOE should verified the information of the cargo and issue Notice of Removing Cargo Supervision within 24 hours after receiving the application. Information to be verified includes name of cargo, quantity removed from storage, vessel No., location number of cargo, and other additional information is demanded when it is acquired. Supervision of cargo is expired when supervisor receives the NOTICE. If verified information is not confirmed, RIOE should give notice to members and RIOE concerning specific reason in trading system.
Article 39. Aforementioned documents issued by RIOE are essential for conduction of cargo removing from storage and members taking delivery of cargo. Supervisor should not take delivery of cargo for member without aforementioned documents.
Article 40. Supervisor of cargo should handle the cargo under supervision discreetly according to relevant laws and regulations and articles under this regulation.
Chapter IX SETTLEMENT MANAGEMENT
Article 41. Settlement under these rules refers to business activities of calculating, transferring performance deposit, commission and other payment between trading members and principle dealers in RIOE according to their transactions. Chinese Yuan (CNY) or US dollar ( USD) is the currency of trading fund settlement.
Article 42. RIOE designates settlement bank and opens settlement account and implement separate account management, ensuring safety of the fund.
Article 43. Members and principle dealers in RIOE should open the self-fund account at designated settlement bank. The settlement bank will bind the self-fund account with RIOE’s settlement account, the deposit and withdrawal of funds will be transferred between aforementioned accounts. Members and principle dealers in RIOE may also complete the transaction through other undesignated settlement bank.
Article 44. Members and principle dealers in RIOE should deposit sufficient funds in self-fund account in designated bank as performance deposit and transaction commission when they make trade reporting. Trade system will disapprove the order when the amount of fund in self-fund account is insufficient, trade system will give a notice of insufficient fund. When the electronic confirmation letter is generated, transaction commission is charged.
Chapter X DEFAULT AND RESOLUTION
Article 45. Any dispute arising between members during trading can be resolved by consultation and also can be submitted directly for arbitration or can institute legal proceedings. RIOE disclaims all responsibilities for dispute between members.
Chapter XI SUPPLEMENTARY PROVISIONS
Article 46. If there are special Chinese government laws, regulations and government authority rules on iron ore spot trading, such regulations shall prevail.
Article 47. RIOE reserves the right to interpret and review these rules.
Article 48. These rules go into force as of the date of promulgation.