Futures in China
Trading at DEC 2014-06-25
Trading Times
Normal trading hours at the DCE are Monday-Friday, 9AM-11:30AM and 1:30PM–3:00PM Beijing Time.  For a more detailed trading schedule including holiday closures, please look here
 
Types of orders at the DCE
There are two types of orders at the DCE: basic orders and non-basic orders.  Basic orders include: limit orders, market orders, stop orders and limit stop orders.  Non-basic orders include spread orders.  The maximum number of contracts for each order of No.1 soybeans, No. 2 soybeans, soybean meal, soybean oil, RBD palm olein, LLDPE and PVC is 1,000; the maximum number of contracts for each order of corn is 2,000. 

Orders at the DCE have three characteristics: good-for-day (GFD), fill-or-kill (FOK) and fill-and-kill (FAK). 
  • GFD: an order that expires if it is not executed before the close of trading on the day it was entered.
  • FOK: an order in which the entire amount of the order must be immediately filled at the specified price or cancelled. 
  • FAK: an order in which a trade must be carried out immediately at a specified price, and any excess orders which cannot be filled at that price are then automatically cancelled.
 
Basic Orders:
  • Limit order: A limit order is an order in which the investor clearly specifies both the price and number of contracts.
  • Market order: A market order is an order in which the investor specifies only the number of  contracts, so that the order may be transacted as soon as possible. 
  • Stop order: A stop order is an order that becomes a market order only if the contract's market price reaches the investor's specified price level.  A stop order can open or close a position.
  • Stop limit order: A stop limit order is an order that becomes a limit order only if the contract's market price reaches the investor's specified price level.  A stop limit order can open or close a position.
 
Non-Basic Orders:
Spread Order:  A spread order is quoted in the form of a spread between two futures and may only be in the form of a limit order at the DCE.  There are two types of spread orders at the DCE: calendar spread and intercommodity spread   An investor may use exchange-specified contracts to easily place a spread order. If the DCE does not specify the desired spread contracts, an investor may use a series of limit orders to customize a spread order.
 
Trading Process at the DCE