The term "futures trading" as mentioned in these Regulations refers to the trading activities in which futures contracts or options contracts are the trading targets by open centralized trading or other means approved by the the State Council Futures Regulatory Authority.
The term "futures contract" as mentioned in these Regulations refers to a standardized contract that is uniformly formulated by futures trading places and stipulates to deliver a certain amount of subject matter at a specific time and place in the future. Futures contracts include commodity futures contracts, financial futures contracts and other futures contracts.
The term option contract as mentioned in these Regulations refers to the standardized contract uniformly formulated by the futures exchange, which stipulates that the buyer has the right to buy or sell the agreed subject matter (including futures contracts) at a certain price in the future. Article 3 Futures trading activities shall follow the principles of openness, fairness, impartiality and good faith. Fraud, insider trading, manipulation of futures trading prices and other illegal acts are prohibited. Article 4 Futures trading shall be conducted in the futures exchange established in accordance with the provisions of the first paragraph of Article 6 of these Regulations and other futures trading places approved by the futures regulatory authority in the State Council or the State Council.
It is forbidden to conduct futures trading outside the futures trading places specified in the preceding paragraph. Article 5 The futures regulatory authority of the State Council shall exercise centralized and unified supervision and management over the futures market.
The dispatched offices of the State Council futures regulatory agency shall perform their duties of supervision and management in accordance with the relevant provisions of these Regulations and the authorization of the State Council futures regulatory agency. Chapter II Futures Exchange Article 6 The establishment of a futures exchange shall be subject to the examination and approval of the the State Council Futures Regulatory Authority.
Without the approval of the futures regulatory authority of the State Council or the State Council, no unit or individual may set up a futures trading place or organize futures trading and related activities in any form. Article 7 A futures exchange shall not aim at making profits, and shall implement self-discipline management in accordance with the provisions of its articles of association. A futures exchange shall bear civil liability for all its property. The person in charge of the futures exchange shall be appointed and removed by the the State Council futures regulatory agency.
Measures for the administration of futures exchanges shall be formulated by the the State Council futures regulatory agency. Article 8 The members of a futures exchange shall be enterprise legal persons or other economic organizations registered in People's Republic of China (PRC).
The futures exchange may implement the member grading settlement system. The members of the futures exchange that implement the member grading settlement system are composed of settlement members and non-settlement members. Article 9 A person who falls under the circumstances specified in Article 146 of the Company Law of People's Republic of China (PRC) or any of the following circumstances shall not be the person in charge of a futures exchange or a financial accountant:
(1) The person-in-charge of a futures exchange, a stock exchange or a securities registration and settlement institution who has been dismissed due to illegal or disciplinary acts, or the directors, supervisors and senior managers of a futures company or a securities company, and other personnel specified by the the State Council Futures Regulatory Authority, has not been more than five years since he was dismissed from his post.
(2) Lawyers, certified public accountants or professionals of investment consulting institutions, financial consulting institutions, credit rating institutions, asset appraisal institutions and verification institutions whose qualifications have been revoked due to illegal or disciplinary acts have not been more than five years since the date of disqualification. Article 10 A futures exchange shall, in accordance with these Regulations and the provisions of the the State Council Futures Regulatory Authority, establish and improve various rules and regulations, strengthen the risk control of trading activities, and supervise and manage its members and exchange staff. A futures exchange shall perform the following duties:
(1) Providing trading places, facilities and services;
(2) Designing the contract and arranging the listing of the contract;
(3) Organizing and supervising transactions, settlement and delivery;
(4) Providing centralized performance guarantee for futures trading.
(five) to supervise and manage the members in accordance with the articles of association and trading rules;
(six) other duties stipulated by the the State Council futures regulatory agency.
A futures exchange shall not directly or indirectly participate in futures trading. Without the examination and approval of the State Council Futures Regulatory Authority and the approval of the State Council, the futures exchange shall not engage in trust investment, stock investment, non-self-use real estate investment and other businesses unrelated to its duties. Article 11 A futures exchange shall, in accordance with relevant state regulations, establish and improve the following risk management systems:
(a) the deposit system;
(2) Debt-free settlement system of the day;
(3) price limit system;
(four) the position limit and large position reporting system;
(5) Risk reserve system;
(6) Other risk management systems as stipulated by the the State Council Futures Regulatory Authority.
A futures exchange that implements the member classified settlement system shall also establish and improve the settlement guarantee system. Article 12 When there is any abnormality in the futures market, the futures exchange may decide to take the following emergency measures according to the authority and procedures stipulated in its articles of association, and immediately report to the the State Council futures regulatory authority:
(1) Raising the deposit;
(2) Adjust the range of price limit;
(3) Limiting the maximum positions held by members or customers.
(4) Suspending trading temporarily.
(5) Take other emergency measures.
The abnormal situation mentioned in the preceding paragraph refers to the manipulation of futures trading prices or irresistible emergencies in the course of trading, as well as other circumstances stipulated by the the State Council Futures Regulatory Authority.
After the abnormal situation disappears, the futures exchange shall promptly lift the emergency measures.