Last session: Launch crude oil as soon as possible**

**Shanghai Futures Exchange Chairman Yang Maijun: Crude Oil Market to Launch Soon with International Strategy** On the 19th, Yang Maijun, chairman of the Shanghai Futures Exchange, published an article detailing the foundational design principles behind the upcoming crude oil market. He emphasized that the exchange is working rapidly to launch crude oil trading as soon as possible. Unlike other commodities, crude oil holds a unique position due to its global significance. As such, the market will be designed with foreign investors at its core. This approach aims to ensure the market's competitiveness and alignment with international standards. Yang explained that the basic framework for the crude oil market—“international platform, net price transactions, and bonded delivery”—was developed in response to the characteristics of the global crude oil spot market. These principles were created to address the lack of internal competition within individual countries and to leverage the advantages of free international trade. The “international platform” refers to the globalization of trading, settlement, and clearing processes. This will make it easier for both domestic and foreign investors to participate in a seamless, efficient, and convenient manner. The goal is to attract major players such as multinational oil companies, crude oil traders, and investment banks to engage in the market. The “net price transaction” model means that pricing will be based on a net price, excluding tariffs and value-added taxes. This differs from the current tax-inclusive pricing model used domestically, making it more aligned with international market practices and allowing for direct comparisons with global benchmarks. Lastly, “bonded delivery” involves using bonded oil depots for physical delivery. This system ensures smooth logistics and compliance with customs regulations, further supporting the international nature of the market. By implementing these strategies, the Shanghai Futures Exchange aims to create a transparent, competitive, and globally integrated crude oil market that can serve as a key player in the international energy sector.

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