The minimum trading margin for corn futures contracts is 5% of the contract value. Trading margin shall be managed at different levels. As the delivery date of futures contracts approaches and the positions increase, the exchange will gradually increase the trading margin.

Collection standard of transaction margin when corn contract approaches delivery date.

Trading margin for trading hours (RMB/lot)

The first trading day one month before the delivery month 10% of the contract value.

The sixth trading day one month before the delivery month 15% of the contract value.

Pay 20% of the contract amount on the 1 1 trading day one month before the delivery month.

Pay 25% of the contract amount on the16th trading day one month before the delivery month.

Pay 30% of the contract value on the first trading day of the delivery month.

The collection standard of trading margin when the position of corn contract changes

Total bilateral position in contract month (n) Trading margin (RMB/lot)

N ≤ 5% of the contract value of 600,000 batches.

600,000 lots < n ≤ 8% of the contract amount of 700,000 lots.

700,000 lots < n ≤ 9% of the contract amount of 800,000 lots.

800,000 copies < 65,438+00% of the contract value.

(B) the price system

The exchange implements a price limit system. The price limit refers to the maximum fluctuation range of the daily trading price allowed by the futures contract, and the quotation exceeding this fluctuation range will be regarded as invalid and cannot be traded.

When there are three consecutive price limits for futures contracts in the same direction, the Exchange will take one or more of the following risk control measures according to certain principles and methods and market conditions: suspending trading, unilaterally or bilaterally adjusting the range of price limits, increasing trading margin in the same proportion or different proportions, suspending some or all members from opening new positions, restricting cash withdrawal, closing positions within a time limit, compulsory closing positions, compulsory lightening positions or other risk control measures.

(3) Warehouse restriction system

Limited positions refer to the maximum number of speculative positions that a member or customer can hold in a contract according to the regulations of the exchange.

According to the specific conditions of different futures varieties, the limit positions of monthly contracts of various varieties are determined respectively; In different stages of a month's contract, limit different positions and strictly control the contract positions entering the delivery month; Combine the restriction of members' positions with the restriction of customers' positions to control market risks; Hedging trading positions are subject to examination and approval system, and positions are not restricted.

In general, when the unilateral position of corn contract is more than 654.38+0.5 million lots in a month, the position limit of this contract shall not be more than 20% of the unilateral position of brokerage members, 654.38+00% of the unilateral position of non-brokerage members and 5% of the unilateral position of customers. In general, when the unilateral position of corn contract is less than or equal to 6.5438+0.5 million lots in a month, the position limit of this contract is 30,000 lots for brokerage members, 6.5438+0.5 million lots for non-brokerage members and 7,500 lots for customers.

Table of corn contract position limit near delivery date (unit: hand)

Brokerage members, non-brokerage members and customers during trading hours.

From the first trading day one month before the delivery month12,0006,0003,000.

From the tenth trading day one month before the delivery month, 60003,0001500.

Delivery month 3,0001500,800

(D) extended family reporting system

The exchange implements a large household declaration system. When the speculative position of a certain position contract of a member or customer reaches more than 80% (inclusive) of the speculative position limit set by the exchange, the member or customer shall declare his capital and position to the exchange, and the customer shall declare it through the brokerage member.

The Exchange may adjust and change the level of position declaration according to market risks.

Consolidated calculation of customers' positions in different securities firms.

(5) compulsory liquidation system

In order to control the market risk, the exchange implements the compulsory liquidation system. Forced liquidation refers to the compulsory liquidation measures taken by the exchange for relevant positions when members and customers violate the rules.