關于對丙烯期貨和期權交易收取申報費的通知
鄭商函〔2025〕538號
各會員單位：
根據(jù)《鄭州商品交易所期貨結算管理辦法》第二十五條規(guī)定，經(jīng)研究決定，自2025年7月22日交易時起，對丙烯期貨交易收取申報費，自2025年7月22日當晚夜盤交易時起，對丙烯期權交易收取申報費，具體如下：
品種 | 信息量 | OTR≤2 | OTR＞2 |
丙烯期貨 丙烯期權 | 信息量≤4000筆 | 0元/筆 | 0元/筆 |
4000筆＜信息量≤8000筆 | 0元/筆 | 1元/筆 | |
信息量＞8000筆 | 2.5元/筆 | 5元/筆 |
其中，期貨品種申報費根據(jù)客戶或非期貨公司會員在期貨合約上的報單成交比（Order to Trade Ratio，OTR）所在區(qū)間以及信息量分梯度計算；期權品種申報費根據(jù)客戶或非期貨公司會員在期權合約月份上的報單成交比所在區(qū)間以及信息量分梯度計算（詳見附件）。
期貨公司會員應當切實加強客戶交易行為管理，采取實際有效措施，防范客戶出現(xiàn)因申報費透支導致資金不足的情形。
特此通知。
附件：申報費計費說明
鄭州商品交易所
2025年7月8日
附 件
申報費計費說明
一、適用對象
在實施申報費的品種上，每日信息量達到一定標準的客戶或非期貨公司會員。其中，做市商做市交易免收申報費。
二、期貨品種申報費收費公式
期貨品種申報費根據(jù)客戶或非期貨公司會員在期貨合約上的報單成交比（Order to Trade Ratio，OTR）所在區(qū)間以及信息量分梯度計算，按日收取。
客戶或非期貨公司會員在某個期貨合約上的申報費=Σ(客戶或非期貨公司會員在該期貨合約上各檔位的信息量×相應費率)
其中，信息量=報單、撤單等交易指令筆數(shù)之和；報單成交比（OTR）=（信息量/有成交的定單筆數(shù)）- 1。
若客戶或非期貨公司會員某日在某期貨合約上有信息量但無成交，則當日在該期貨合約上其報單成交比視為大于2。
三、期權品種申報費收費公式
期權申報費根據(jù)客戶或非期貨公司會員在合約月份上的報單成交比所在區(qū)間以及信息量分梯度計算，按日收取。
客戶或非期貨公司會員在某個期權合約月份上的申報費=Σ(客戶或非期貨公司會員在該合約月份上各檔位的信息量×相應費率)
其中，信息量=報單、撤單、詢價等交易指令筆數(shù)之和；報單成交比（OTR）=（信息量/有成交的定單筆數(shù)）- 1。
若客戶或非期貨公司會員某日在某期權合約月份上有信息量但無成交，則當日在該期權合約月份上其報單成交比視為大于2。
四、信息量計算
有成交的定單筆數(shù)：若某筆定單部分或全部成交，則該筆定單計為1筆成交，1筆定單若分多次成交不重復統(tǒng)計。
FAK/FOK定單：若全部成交僅計1筆報單筆數(shù)；若未成交或未全部成交而產(chǎn)生撤單，則計1筆報單筆數(shù)和1筆撤單筆數(shù)。
市價單：若全部成交僅計1筆報單筆數(shù)；若未成交或未全部成交而產(chǎn)生撤單，則計1筆報單筆數(shù)和1筆撤單筆數(shù)。
組合定單：組合定單的各腿合約信息量分別計入各腿合約上。
強行平倉定單：均計入信息量。
強制減倉定單：均不計入信息量。
詢價指令：計入信息量（僅針對期權）。
對于同一客戶在不同期貨公司會員處開有多個交易編碼的，或者具有實際控制關系的客戶或非期貨公司會員，交易所對其報單筆數(shù)、撤單筆數(shù)、信息量、有成交的定單筆數(shù)、OTR等指標合并計算。
五、收取方式
當日結算時，申報費從會員結算準備金中扣劃。
對于具有實際控制關系的客戶或非期貨公司會員，根據(jù)申報費計算方法合并計算申報費，并按照實際控制關系賬戶組下各客戶或非期貨公司會員的信息量按比例確定相應的申報費。若客戶或非期貨公司會員隸屬于多個實際控制關系賬戶組，則先計算其在各實際控制關系賬戶組下應付的申報費，最后按最大值原則確定其應付的申報費。
對于同一客戶在不同期貨公司會員處開有多個交易編碼的，按照客戶在不同期貨公司會員下產(chǎn)生的信息量按比例確定相應的申報費。
Annex
Notice on Collecting Order Fees for Products
To all Members:
According to Article 25 of the Futures Clearing Rules of Zhengzhou Commodity Exchange, the Exchange has decided upon discussion to collect order fees on Propylene futures from the trading session of July 22, 2025 and Propylene options from the night trading session of July 22, 2025.
Products | Message Amount(MA) | OTR≤2 | OTR＞2 |
Propylene futures Propylene options | MA≤4000 | 0yuan/count | 0yuan/count |
4000＜MA≤8000 | 0yuan/count | 1yuan/count | |
MA＞8000 | 2.5yuan/count | 5yuan/count |
In particular, futures order fees are calculated according to the levels of OTR (Order to Trade Ratio) and message amount of clients or non-FB members on the contract basis. Options order fees are calculated according to the levels of OTR and message amount of clients or non-FB members on the contract month basis.
Members shall strengthen the management of clients’ trading behavior and take practical and effective measures to prevent clients from having insufficient funds due to overdraft of order fees.
The notice is hereby released.
Attachment: The Instruction for Collecting Order Fees
Zhengzhou Commodity Exchange
July 8, 2025
Disclaimer: This English version may be used for reference only. If there is any discrepancy between the English version and the Chinese version, the Chinese version shall prevail.
Attachment
The Instruction for Collecting Order Fees
1. Applicable Scope
This fee collection plan applies to clients or non-FB members whose daily message amount exceed the benchmark. In particular, order fees on market-making transactions of market makers are exempted.
2. Order Fees Formula of Futures
Futures order fees are calculated according to the levels of OTR (Order to Trade Ratio) and message amount of clients or non-FB members on the contract basis. Order fees are collected daily.
Order fees for a certain futures contract = ∑(Client or non-FB member’s message amount for that futures contract at different levels × corresponding fee rate)
In particular, message amount = total number of trading orders such as order placement, order cancellation. OTR = (message amount / number of executed orders)-1.
If any client or non-FB member has message amount on the certain futures contract but no order is filled, the current day’s OTR on that contract will be considered as more than 2.
3. Order Fees Formula of Options
Options order fees are calculated according to the levels of OTR and message amount of clients or non-FB members on the contract month basis. Order fees are collected daily.
Order fees for a certain option contract month = ∑(Client or non-FB member’s message amount for that option contract month at different levels × corresponding fee rate)
In particular, message amount = total number of trading orders such as order placement, order cancellation and RFQ. OTR = (message amount / number of executed orders)-1.
If any client or non-FB member has message amount on the certain option contract month but no order is filled, the current day’s OTR on that option contract month will be considered as more than 2.
4. The Instruction for Message Amount
Executed orders: If an order is partially or fully filled, it will be counted as 1 executed order. If an order is filled separately by multiple times, it will still be counted as 1 executed order.
FAK/FOK order: If the FAK/FOK order is fully filled, the message amount for this FAK/FOK order will be 1; if that order is withdrawn due to partial or no execution, the message amount will be 1 for order placement and 1 for order cancellation.
Market order: If an order is fully filled, the message amount will be 1; if no order is filled or is partially filled, the message amount will be 1 for order placement and 1 for order cancellation.
Spread order: Message amount for each spread will be calculated into message amount for each separate contract.
Forced liquidation order: Message amount will be calculated for this kind of order.
Forced position reduction order: Message amount will not be calculated for this kind of order.
Request for quotes order (RFQ): Message amount will be calculated for this kind of order (calculated on options only).
For any client that maintains trading codes with multiple FB members, or clients or non-FB members linked by actual controlling relationship, the Exchange shall calculate indicators like order placement, order cancellation, message amount, executed orders and OTR aggregately.
5. Fee Collection
Order fees will be deducted from the clearing reserve of relevant members during daily clearing.
Clients or non-FB members linked by actual controlling relationship are treated as a single client or a single non-FB member for the calculation of order fees, and order fee payable is calculated proportional to the percentage of each client or each non-FB member’s message amount. For any client or non-FB member that is involved in more than one group of accounts linked by actual controlling relationship, the Exchange will first calculate the order fee payable by each group, and then that by the client or non-FB member within each group (the latter hereinafter refers to as “group-specific payment”). The largest of the group-specific payments will be the order fees actually payable by the client or non-FB member.
For any client that maintains trading codes with multiple FB-members, order fee payable through each member is calculated proportional to the percentage of that client’s message amount through that member.