Article 17 The listing of futures contract varieties and standardized option contract varieties shall conform to the provisions of the futures regulatory agency of the State Council, and shall be reported to the futures regulatory agency of the State Council for registration by the futures exchange.

The suspension, resumption and termination of listing of futures contract varieties and standardized option contract varieties shall conform to the provisions of the State Council futures regulatory agency, which shall be decided by the futures trading place and filed with the State Council futures regulatory agency.

The varieties of futures contracts and standardized option contracts should have economic value, and the contracts are not easy to be manipulated, which is in line with social and public interests.

Article 18 real-name registration system accounts shall be used for futures trading. Traders engaged in futures trading shall hold legal documents to prove their identity and apply for opening an account in their own name.

No unit or individual may lend its own futures account or borrow other people's futures accounts to engage in futures trading in violation of regulations.

Article 19 Anyone who engages in futures trading in a futures exchange shall be a member of the futures exchange or other participants who meet the requirements of the the State Council futures regulatory authority.

Article 20 Where a trader entrusts a futures trading institution to conduct trading, he may issue trading instructions in writing, by telephone, through self-service terminals and through the Internet. Trading instructions should be clear, specific and comprehensive.

Article 21 Where a computer program automatically generates or issues trading orders for programmatic trading, it shall comply with the provisions of the the State Council Futures Regulatory Authority and report to the futures trading place, and shall not affect the system security or normal trading order of the futures trading place.

Article 22 A margin system shall be implemented in futures trading, and the futures clearing institution shall collect the margin from the clearing participants, and the clearing participants shall collect the margin from the traders. The deposit is used for settlement and performance guarantee.

The forms of margin include cash, treasury bonds, stocks, fund shares, standard warehouse receipts and other highly liquid securities, as well as other properties stipulated by the the State Council Futures Regulatory Authority. Where securities are used as security deposit, it can be done by pledge and other ways with performance guarantee function according to law.

The form and proportion of deposits collected by futures clearing institutions and clearing participants shall conform to the provisions of the State Council Futures Regulatory Authority.

In the case of traders trading standardized option contracts, the seller shall pay the deposit and the buyer shall pay the use fee.

The royalties mentioned in the preceding paragraph refer to the funds paid by the buyer for the purchase of standardized option contracts.

Twenty-third futures trading should implement the position limit system to prevent the risk of excessive concentration of contract positions.

Those who engage in risk management activities such as hedging may apply for position limit exemption.

Measures for the management of position limits and hedging shall be formulated by the the State Council Futures Regulatory Authority.

Article 24 The futures trading shall implement the filing management system of the actual control relationship of the traders. Traders shall, in accordance with the provisions of the the State Council Futures Regulatory Authority, report the actual control relationship to the futures operating institutions or futures trading places.

Twenty-fifth futures trading fees should be reasonable, and the charging items, charging standards and management measures should be made public.

Article 26 Transactions conducted in accordance with the business rules formulated by the futures exchange according to law shall not change the trading results, except in the circumstances specified in the second paragraph of Article 89 of this Law.

Twenty-seventh members and traders of futures trading places shall, in accordance with the provisions of the futures regulatory authority of the State Council, report on major matters such as trading, positions and deposits.

Article 28 No unit or individual may illegally use credit funds or financial funds for futures trading.

Twenty-ninth futures trading institutions, futures trading places, futures settlement institutions, futures service institutions and other institutions and their employees shall promptly report to the the State Council futures regulatory agency the prohibited trading behavior found.

Section III Derivatives Trading

Article 30 A legally established place may organize derivative products trading upon examination and approval by the department authorized by the State Council or the futures regulatory agency of the State Council.

The trading rules formulated by derivatives trading institutions shall fairly protect the legitimate rights and interests of all parties to the transaction and guard against market risks, and shall be reported to the authorized department of the State Council or the futures regulatory agency of the State Council for approval.

Thirty-first financial institutions to carry out derivative products trading business, should be approved or recognized according to law, fulfill the obligations of traders' appropriateness management, and should abide by the relevant state supervision and management regulations.

Article 32 Where derivative products are traded in the form of a master agreement, the master agreement, all supplementary agreements under the master agreement and the agreements reached by both parties to the transaction together constitute a complete and single agreement between the two parties to the transaction, which is legally binding.

Article 33 The master agreement and other model contracts specified in Article 32 of this Law shall be filed in accordance with the provisions of the department authorized by the State Council or the futures regulatory agency of the State Council.

Thirty-fourth derivative transactions, you can provide performance guarantee by pledge according to law.

Article 35 Where derivative products are traded in the form of a master agreement according to law, the transaction may be terminated in accordance with the agreement under agreed circumstances, and all trading gains and losses under the agreement shall be settled on a net basis.

The net settlement conducted in accordance with the provisions of the preceding paragraph shall not be suspended, invalid or revoked because any party to the transaction enters bankruptcy proceedings according to law.

Article 36 The department authorized by the State Council and the the State Council futures regulatory agency shall establish a database of derivative product transaction reports, collect, store, analyze and manage information such as the subject matter, scale and counterparty of derivative product transactions in a centralized way, and disclose relevant information to the market in a timely manner in accordance with regulations. The specific measures shall be formulated by the departments authorized by the State Council and the futures regulatory agency of the State Council.

Article 37 The department authorized by the State Council or the settlement institution approved by the State Council Futures Regulatory Authority, as the central counterparty for centralized settlement of derivative products transactions, may make net settlement according to law; Settlement property shall be given priority for settlement and delivery, and shall not be sealed up, frozen, detained or enforced; No one may use it before the settlement and delivery is completed.

Centralized settlement conducted according to law shall not be suspended, invalid or revoked because one of the parties to the settlement enters bankruptcy proceedings according to law.

Article 38 Specific measures for the supervision and management of derivative products transactions and related activities shall be formulated by the State Council in accordance with the principles of this Law.

Chapter III Futures Settlement and Delivery

Thirty-ninth futures trading should implement the debt-free settlement system on the same day. At the time designated by the futures trading place, the futures settlement institution shall settle the settlement participants according to the settlement price of the day; The clearing participants shall settle the traders according to the settlement results of the futures clearing institutions. The settlement result shall be promptly notified to the settlement participants and traders on the same day.

Article 40 The deposits and use fees collected by futures clearing institutions and clearing participants shall be separated from their own funds, and deposited into the special account of the futures deposit depository institution in accordance with the regulations of the State Council Futures Regulatory Authority, and managed separately, and illegal misappropriation is prohibited.

Article 41 If the margin of a clearing participant fails to meet the standards stipulated in the business rules of the futures clearing institution, the futures clearing institution shall notify the clearing participant to add the margin or close the position by himself within the specified time. If a clearing participant fails to add margin or close the position by himself within the specified time, it shall notify the futures trading place to forcibly close the position.

Where the trader's margin fails to meet the agreed standard between the clearing participant and the trader, the clearing participant shall notify the trader to add margin or close the position by himself within the agreed time; Traders who fail to add margin or close their positions within the agreed time shall be forced to close their positions in accordance with the agreement.

Where securities are used as margin, futures clearing institutions and clearing participants may dispose of securities in accordance with the provisions of the preceding two paragraphs.

Article 42 If a settlement participant breaches the contract during the settlement, the futures settlement institution shall use the deposit of the settlement participant, the risk reserve of the settlement institution and its own funds to complete the settlement according to the business rules; Where a futures settlement institution completes the settlement with its risk reserve and its own funds, it may claim compensation from the settlement participants according to law.

If a trader breaches the contract in the settlement process, the settlement participant entrusted by him shall use the trader's deposit, the risk reserve of the settlement participant and his own funds to complete the settlement in accordance with the contract; If the settlement participants complete the settlement with their risk reserves and their own funds, they may claim compensation from the traders according to law.

The term "settlement guarantee" as mentioned in this Law refers to the performance guarantee funds paid by settlement participants to futures settlement institutions with their own funds.

Article 43 Assets such as deposits, royalties, settlement guarantees and risk reserves collected and withdrawn by futures settlement institutions in accordance with business rules. , priority should be given to settlement and delivery, and it is not allowed to seal up, freeze, detain or enforce.

Before the settlement and delivery is completed, no one may use the deposit used to guarantee the performance delivery, nor may he use the delivery property that has entered the delivery link.

Liquidation and delivery in accordance with the law shall not be suspended, invalid or revoked because one of the liquidation parties enters bankruptcy proceedings in accordance with the law.

Article 44 When a futures contract expires, the trader shall settle the expired open contract by physical delivery or cash delivery.

At the time agreed in the standardized option contracts, the buyer of the contract has the right to buy and sell the subject matter at the agreed price, or settle the cash difference as agreed, and the seller of the contract shall perform the corresponding obligations as agreed. The exercise of standardized option contracts shall be organized by futures settlement institutions.

Article 45 Where a futures contract is delivered in kind, the futures settlement institution shall be responsible for organizing the delivery of the payment, standard warehouse receipts and other rights certificates of the subject matter of the contract.

If the futures contract is delivered in cash, the futures settlement institution shall transfer the profit and loss of both positions on the basis of the settlement price.

The standard warehouse receipt mentioned in this Law refers to the standardized delivery certificate issued by the delivery warehouse and registered by the futures trading place.