The settlement of the futures exchange shall be carried out by the margin system, the daily debt exemption system and the risk reserve system. In line with the hierarchical structure of the futures market, the settlement of futures trading is also hierarchical and hierarchical. The exchange only settles accounts for members, and non-member units and individuals settle accounts through members of futures brokerage companies.
1. Exchange settlement for members
(1) After the end of each trading day, the Exchange shall settle the profits and losses, trading fees, trading deposits and other funds of each member. The accounting results are the basis for members to check the relevant transactions of the day and settle accounts with customers. Members can obtain the profit and loss statement, contract table, position table and fund settlement statement of members on the same day through the member service system within the specified time of each trading day.
(2) Members shall obtain the settlement results provided by the exchange in time every day, do a good job of checking and keep them properly.
(3) If a member disagrees with the settlement result, it shall notify the Exchange in writing 30 minutes before the opening of the market the next day. If the member does not raise any objection to the settlement data within the specified time, it shall be deemed that the member has recognized the accuracy of the settlement data.
(4) After the transaction settlement is completed, the Exchange will transmit the member fund data to the relevant settlement bank.
2. Futures brokerage companies settle customers.
(1) Futures brokerage companies and exchanges settle customers in the same way, that is, after the end of each trading day, they settle the profits and losses, trading fees, trading deposits and other funds of each customer. The transaction fee is generally not less than 3 times of the transaction fee standard stipulated in the futures contract, and the transaction margin is generally higher than the transaction margin ratio charged by the exchange by at least 3 percentage points.
(2) The futures brokerage company shall issue a transaction statement to the customer after the market closes.
(3) When the daily settlement margin of the customer is lower than the trading margin level stipulated by the futures exchange, the futures brokerage company will notify the customer to add the margin in the way agreed in the futures brokerage contract. If the customer fails to add the margin on time, the futures brokerage company shall forcibly close some or all of the customer's positions until the margin balance can maintain its remaining positions.
Organizational form of futures trading settlement
There are two organizational forms of futures settlement. One is a clearing company independent of the futures exchange, such as London, which also settles futures for three futures exchanges in London. The other is the settlement department set up in the exchange. For example, futures exchanges in Japan, the United States and other countries have their own settlement departments (hereinafter referred to as "settlement institutions"). At present, China adopts the form of setting up a settlement institution in the exchange. The difference between an independent clearing house and the settlement institutions in the exchange is mainly reflected in the following aspects: the clearing house is independent of the exchange in terms of performance guarantee, control and settlement risk, while the internal settlement institutions in the exchange are all concentrated in the exchange. Independent clearing houses are generally shared by banks, exchanges and other financial institutions, and the risks are relatively scattered compared with those borne by exchanges alone.