The provisions of China domestic exchanges on the margin ratio of commodity futures trading have the following characteristics:
1, which stipulates different trading margin ratios for different stages of futures contract listing operation. Generally speaking, the closer to the delivery month, the greater the possibility that traders will face due delivery. In order to prevent the possible default risk of physical delivery, traders who are unwilling to make physical delivery are urged to close their positions as soon as possible, and the proportion of trading margin will increase as the delivery approaches.
2. With the increase of contract positions, the Exchange will gradually increase the trading margin ratio of the contract. Generally speaking, with the increase of contract positions, especially when the number of futures commodities represented by positions contracts far exceeds the spot number of related commodities, it often indicates that there are too many speculative transactions in the futures market, which implies greater risks. Therefore, with the increase of contract positions, the exchange will gradually increase the trading margin ratio of the contract to control market risks.
3. When the futures contract has a continuous price limit, the trading margin ratio will increase accordingly.
4. When the price of a product contract changes according to the settlement price within one month, and the cumulative price rises and falls for several consecutive trading days reach a certain level, the trading ownership will unilaterally or bilaterally increase the trading margin for some or all members in the same proportion or in different proportions, restrict some or all members from withdrawing money, suspend some or all members from opening positions, adjust the range of price limit, close positions within a time limit, and forcibly close positions according to market conditions to control risks.
5. In case of abnormal trading of futures contracts, the Exchange may adjust the trading margin ratio according to the prescribed procedures.