交易单位为每手15千克，最低交易保证金为合约价值的7%
The transaction unit was 15 kg/hand and the minimum transaction bond was 7 per cent of the contract value
昨日，上海期货交易所公布了白银期货标准合约草案及有关规则修订草案的征求意见稿，公开征求意见。
Yesterday, the Shanghai Futures Exchange published its comments on the draft white and silver futures standard contract and the draft revised rules thereto for public comment.
根据白银期货标准合约草案，白银期货标准合约的交易代码为Ag，交易单位为每手15千克，报价单位为元/千克，最小变动价位为1元/千克，每日价格最大波动限制为不超过上一交易日结算价的±5%，最低交易保证金为合约价值的7%，合约交割月份为1―12月，交割方式为实物交割，交割单位为30千克。
According to the draft standard contract for silver futures, the trading code for the standard contract for silver futures is Ag, with a trading unit of 15 kg per hand, an offer unit of RMB/kg, with a minimum change price of 1 yuan/kg, with the maximum price fluctuation being limited to not more than ~5 per cent of the settlement price at the date of the previous transaction, a minimum trade guarantee of 7 per cent of the contract value, a contract delivery month of 1 to 12 months, a delivery in kind, and a delivery unit of 30 kg.
据上期所相关负责人介绍，为贯彻落实2012年全国证券期货监管工作会议上提出的稳妥推出白银等期货品种的要求，上期所在前期广泛深入开展白银市场调研和研究论证的基础上，依据白银现货市场的实际情况和期货合约设计的要求，制订了白银期货标准合约草案及相关规则修订草案。
In follow-up to the request made at the 2012 National Conference on Securities Futures Control for a sound roll-out of futures such as silver, and on the basis of extensive and in-depth research and validation of the silver market in the lead-up to the previous period, a draft white silver futures standard contract was prepared, based on the realities of the silver spot market and the requirements of the futures contract design, and the related revised rules.
我国是世界上最重要的白银生产国和消费国之一。近几年，我国白银行业发展迅速，白银产量已经多年居于世界首位。2011年我国生产白银达1.2万吨，产量主要来自于铅锌铜冶炼企业。目前，电子电气、银基合金及焊料、感光材料、白银首饰及其器件和政府铸币等是我国白银最主要的消费领域。随着银粉银浆在太阳能、物联网等行业应用的不断增加，白银作为战略性新兴产业支撑材料的地位和作用将不断增强，消费前景广阔。
We are one of the world’s most important producers and consumers of silver. In recent years, our White Banking industry has been growing rapidly, and it has been the world’s top producer for many years. In 2011, we produced 12,000 tons of silver, mainly from lead copper smelters.
白银兼具贵金属和工业金属的特点，近年来价格波动剧烈，白银生产、贸易和消费企业面临着较大的经营风险，市场不断呼吁推出白银期货以满足企业价格风险管理的需求。上海期货交易所本次公布的白银期货标准合约草案及有关规则修订草案的征求意见稿受到了业内外人士的广泛关注和积极评价。
White silver and precious and industrial metals are characterized by high price volatility in recent years, high risks to silver production, trade, and consumer enterprises, and markets are constantly calling for the introduction of silver futures to meet the needs of enterprise price risk management. The draft draft white silver futures standard contract and the draft revised rules issued by the Shanghai Futures Exchange have received extensive attention and positive feedback from both inside and outside the industry.
“在白银期货交易单位、交割单位的设置上，交易所充分考虑了近两年‘大合约’上市后的表现和市场的呼声，适中的交易单位和交割单位有利于提升市场的活跃度。”五矿期货分析师王晨宇说，4月17日上海黄金交易所Ag（T+D）报价收于6565元/千克，根据白银期货标准合约草案，可以推算出当前每手白银期货合约的交易所保证金在7000元左右，加上期货公司加收的部分保证金，交易一手白银期货合约所需的保证金在1万元左右。
“In the setting up of silver futures trading units, delivery units, the exchange took full account of the performance and market demands of the “big deal” for the last two years, and the appropriate trading units and delivery units contributed to raising the market's dynamism.” The five-mine futures analyst Wang Jong-woo said that the price of Ag (T+D) from the Shanghai gold exchange on 17 April was 6565/kg and that, based on the draft silver futures standard contract, it could be deduced that the current exchange bond for each hand silver futures contract was in the range of $7,000, plus a portion of the bond added by the futures company, and that the guarantee required to trade a hand-hand white silver futures contract was in the range of $10,000.
上海中期分析师李宁也认为，相比去年上市的铅、焦炭、甲醇等期货品种，白银期货合约单位设计较小，方便投资者参与，预计上市后市场活跃度会比较高。
Shanghai medium-term analyst Li Ning also believes that the silver futures contract units are less designed to facilitate investor participation and are expected to be more market active after listing than the futures types of lead, coke and methanol that were listed last year.
光大期货贵金属分析师孙永刚表示，白银期货推出后，会与上海黄金交易所Ag（T+D）产生套利机会，这将吸引更多的专业投资者和相关用银、制银企业的参与。“相信在不久的将来，其活跃度将会超越黄金期货”。
Sun Yonggang, an illuminating metal analyst, said that, after the launch of the silver future, arbitrage opportunities would arise with the Shanghai gold exchange Ag (T+D), which would attract more professional investors and the involvement of relevant silver and silver companies. “It is believed that in the near future it will be more active than gold futures.”
上期所表示，将积极稳妥地推进各项准备工作，不断完善白银期货合约及相关规则，按照“高标准、稳起步”的要求，加快白银期货推出步伐，推动国内白银行业结构优化和产业升级，为白银生产、消费企业提供规避价格波动风险的工具，进一步提升期货市场服务国民经济发展的深度和广度。（记者 李磊）
As indicated in the previous period, preparations will be actively and securely advanced to continuously refine the silver futures contract and related rules, to speed up the roll-out of silver futures, as required by “high standards and steady start”, to promote the optimization of the domestic white banking structure and industrial upgrading, to provide silver-producing and consumer enterprises with tools to avoid the risk of price fluctuations, and to further enhance the depth and breadth of futures markets for national economic development. (Reporter Li Qing)
上海期货交易所白银期货标准合约》草案
Draft White and Silver Futures Standard Contract, Shanghai Futures Exchange
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