The Measures for the Administration of Futures Exchanges have corresponding provisions on this:
Article 72? Where the standard warehouse receipt is used to cover the margin, the futures exchange shall calculate the value based on the settlement price of the futures contract in the latest delivery month of the corresponding variety on the trading day before the offset date.
If the national debt is used to offset the deposit, the futures exchange will calculate the value of the national debt at the lower closing price of the Shanghai Stock Exchange and the Shenzhen Stock Exchange on the previous trading day.
Extended data:
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Relevant laws and regulations of Measures for the Administration of Futures Exchanges:
Article 76? Where a customer uses securities to offset the margin, the futures exchange shall truthfully reflect the type and quantity of securities used for offset under the customer's transaction code.
A futures exchange that implements the member grading settlement system shall establish a settlement guarantee system. Settlement guarantee includes basic settlement guarantee and variable settlement guarantee.
Article 78? The settlement guarantee shall be paid by the settlement member to the futures exchange with its own funds. The settlement guarantee fund belongs to the settlement member and is used to deal with the default risk of the settlement member. Futures exchanges shall be managed and used in accordance with relevant regulations and shall not be used for other purposes.
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