The China Securities Regulatory Commission has approved the Shanghai International Energy Exchange to launch the TSR 20 Futures Contract, and the contract will be listed on August 12, 2019. The TSR 20 futures will be used as a specific domestic product, and adopt the model of “international platform, net price transaction, bonded delivery, and RMB denomination” to fully introduce foreign traders to participate.
First, the basic situation of TSR 20
Standard rubber refers to rubber classified according to physical and chemical properties such as mechanical impurities, plastic retention, plastic initial value, nitrogen content, volatile content, ash content, and color index. According to the physical and chemical performance of the indicators, it is mainly divided into 5L, 5, 10, 20, and so on. The main standard rubber in the international market and rubber producing countries is TSR 20.
From the supply side, the current global production of TSR 20 is about 8 million tons, and Thailand and Indonesia are the top two countries producing TSR 20, accounting for more than 70%. From the demand side, China has become the biggest rubber consumer. In 2018, China imported 5.66 million tons of natural rubber.
Second, the significance of the listing of TSR 20 futures.
(I) The TSR 20 futures meet the actual needs of downstream terminals, helping the tire industry to continue to develop
The listing of TSR 20 futures is in favor with the general public. At present, China has become the world's second largest economy and the largest trader of commodities. It is also the world's largest importer and consumer of natural rubber. The import and export trade of commodities is very active and price fluctuations are obvious. Tire consumption accounts for more than 70% of the consumption of natural rubber. TSR 20 is widely used in tire production. The high import dependence makes tire companies face more price fluctuation risks in the process of natural rubber consumption. The listing of TSR 20 will increase the enthusiasm of tire companies to participate in hedging, and use derivative tools to reduce business risks to meet the diversified risk management needs of entities. Net price transactions and bonded delivery are in line with the actual demands of tire manufacturers. From the perspective of the import situation of TSR 20, the processing imported materials accounted for the highest proportion, which was 56% in 2018, and warehousing and import or export of commodities in the bonded area accounted for the second place. For the processing imported materials and re-exported commodities, the tax is subject to the policy of “tax before refund”, so the bonded delivery of TSR 20 is in line with the bonded production mode of tire factories.
(II) Expanding the opening up of the futures market，and helping the construction of the “The Belt and Road”

While enriching futures varieties, China has always insisted opening the futures market to the outside world. As the second international commodity futures listed by Shanghai International Energy Trading Center, copying the crude oil futures model, the TSR 20 futures will adopt the “international platform, net price transaction, bonded delivery, RMB pricing” model, fully introducing foreign investors to participate. At present, TSR 20 as a relatively mature natural rubber circulation product in the world, and related contracts are listed on the Singapore Exchange and the Tokyo Commodity Exchange.
The delivery targeted product of TSR 20 China's futures contract comes from Thai, Malay, Indonesia and other standard rubber products, which just met the needs of foreign investors, enriched the diversified investment needs of investors, enhanced the ability of cross-border trade in the commodity futures market, and promoted the combination between pricing mechanism and industry development of futures markets, deepen the “premium and discount model” the futures price into the countries along the “The Belt and Road” as well as other rubber trading countries. Thus to expand the international influence of China's futures prices. The listing of TSR 20 futures will help rubber industry chain enterprises seize the development opportunities of “The Belt and Road”, accelerate the “going out” pace, and promote the better service of the “The Belt and Road” in the commodity futures market.
Third, the impact of the listing of TSR 20 futures on the existing natural rubber futures market
First of all, the TSR 20 listed to ease the problems of non-standard to arbitrage natural rubber futures “forward high premium” of the tire factory, increased the positivity of tire factory's participation in futures hedging and the activity between the spot and future market, promoted the existing natural rubber futures warehouse receipts to enter the market, which makes the futures market better serve the real economy.
Secondly, the TSR 20 is more relaxed than the whole latex market in position limit system, it has appropriate requirements for investors participating in the market, which can effectively guide the participation of industrial investment institutions and mature investors.
Finally, the listing of the TSR 20 futures has enriched the choice of investment tools for investors in the natural rubber industry, increased the arbitrage opportunities among the varieties of natural rubber futures, and will better exert the price discovery function of the futures market, which injects new vitality for existing natural rubber futures.

20号胶期货为现有天胶期货市场注入新的活力

证监会已批准上海国际能源中心开展20号胶期货交易，合约2019年8月12日挂牌上市。20号胶期货将作为境内特定品种，采用“国际平台、净价交易、保税交割、人民币计价”的模式，全面引入境外交易者参与。
一、基本情况
标准橡胶是指按机械杂质、塑性保持率、塑性初值、氮含量、挥发分含量、灰分含量、颜色指数等理化性能指标进行分级的橡胶。按照指标的理化效能，主要分为5L、5号、10号、20号胶等。国际市场、产胶国主要的标准胶就是20号胶。
从供应端看，目前全球20号标胶产量约800万吨，其中泰国和印度尼西亚位居前两位，合计占比达七成以上。从需求端看，中国已成标胶头号消费国，2018年我国进口天然橡胶566万吨。
二、20号胶期货上市的意义
（一）20号胶期货符合下游终端真实需求，助力轮胎产业持续发展
上市众望所归。目前我国已成为全球第二大经济体和第一大货物贸易国，更是天然橡胶的全球第一大进口国及消费国，大宗商品的进出口交易贸易非常活跃，价格波动明显。天胶消费中轮胎消费占比在七成以上，20号胶广泛应用于轮胎生产，较高的进口依赖度使轮胎企业在天胶消费过程中面临更多地价格波动风险。20号胶的上市将会提高轮胎企业参与套保的积极性，利用衍生品工具降低企业经营风险满足实体企业多元化风险管理需求。
净价交易、保税交割，符合轮胎生产企业的切实诉求。从20号胶的进口方式来看，进料加工贸易占比最高，2018年这一比例为56%，以保税区仓储及进出境货物的方式占比次之。进料加工复出口货物，税收实行“先征后退”的方式，因此20号胶的保税交割与轮胎厂的保税生产方式相呼应。
（二）扩大期货市场对外开放，助力“一带一路”建设
在丰富期货品种的同时，我国始终坚持期货市场对外开放。作为上海国际能源交易中心上市的第二个国际化的商品期货，复制原油期货模式，20号胶期货将采用“国际平台、净价交易、保税交割、人民币计价”模式，全面引入境外投资者参与。目前20号胶作为全球较为成熟的天胶流通产品，相关合约在新加坡交易所及东京商品交易所相继上市。
我国20号胶期货合约交割品对标泰国、马来、印尼等标胶产品，适应境外投资者需要，丰富了投资者多元化投资需求，增强商品期货市场跨境贸易的能力，推动期货市场定价机制与产业发展相结合，将期货价格升贴水模式深入“一带一路”沿线国家及其他橡胶贸易国家，扩大我国期货价格的国际影响力。20号胶期货上市将有助于橡胶产业链企业抓住“一带一路”发展机遇，加快“走出去”步伐，推进商品期货市场更好的服务“一带一路”建设。
三、20号胶期货上市对现有天胶期货市场的影响
首先，20号胶上市缓解轮胎厂非标套现有天然橡胶期货“远期高升水”难题，增加轮胎厂参与期货套保积极性及期现货市场活跃度，促进现有天然橡胶期货仓单进入市场流通，使期货市场更好的为实体经济服务。
其次，20号胶相对全乳胶市场在限仓制度设置上更为放宽，对参与市场的投资者有适当性要求，可有效引导产业投资机构和成熟投资者参与。
最后，20号胶期货的上市丰富了天胶产业投资者对投资工具的选择，增加了天胶期货品种间的套利机会，将更好的发挥期货市场的价格发现功能，为现有天胶期货市场注入新的活力。