Article 56 The exchange shall implement the position limit system. Position limit refers to the maximum number of unilateral positions held by members or customers on a contract as stipulated by the exchange. Hedging and arbitrage positions of members or customers shall be implemented in accordance with the relevant regulations of the Exchange.
Article 57 The Exchange shall implement the declaration system for large positions. If a member or customer's contract positions meet the position reporting standards set by the Exchange or the requirements of the Exchange, it shall report to the Exchange. If the customer fails to report, the member shall report to the exchange.
The exchange may, according to the market risk situation, formulate and adjust the reporting standards for positions.
Article 58 The exchange shall implement the system of compulsory liquidation. If a member or customer has overstocked, failed to add margin in time as required, or other circumstances stipulated by the exchange, the transaction owner shall take compulsory liquidation measures against the relevant member or customer.
The profits from forced liquidation shall be handled in accordance with relevant regulations, and the expenses, losses and expanded losses arising from the inability to force liquidation due to market reasons shall be borne by relevant members or customers.
Article 59 The exchange implements the compulsory lightening system. In futures trading, if there is no continuous quotation on the same side of the continuous price limit or the market risk increases obviously, the trading ownership will automatically match the open position declaration at the price limit of the day with the profitable customers of the net position of the contract according to the position proportion.
Article 60 An exchange shall implement a settlement guarantee system. Settlement guarantee refers to the * * * guarantee funds paid by settlement members in accordance with the provisions of the exchange to deal with the default risk of settlement members.
Article 61 An exchange shall implement a risk warning system. When the Exchange deems it necessary, it may take measures such as requiring members and customers to report the situation, reminding them in conversation, warning them in writing, and issuing risk warning announcements separately or simultaneously to warn and resolve risks.
Article 62 If there is no continuous quotation in the same direction in futures trading, or the market risk is obviously increased, the exchange may take risk control measures such as adjusting the range of price limit, raising the trading margin standard, and forcibly reducing positions. , reviewed and approved by the Executive Committee of the Board of Directors of the Exchange.
If the risk cannot be released after taking the above risk control measures, the exchange shall declare that it has entered an abnormal situation, and the board of directors of the exchange shall decide to take further risk control measures.
Article 63 When a clearing member fails to perform the contract, the owner of the transaction shall take the following measures:
(1) Suspension of opening positions.
(two) in accordance with the provisions of the compulsory liquidation, and after the liquidation with the performance bond for compensation;
(3) Disposing of the securities used to pay the deposit according to law;
(four) the use of default settlement members to pay the settlement deposit.
(5) Using the settlement guarantee paid by other settlement members;
(6) Use the risk reserve of the exchange.
(7) Using the exchange's own funds.
After the exchange performs the contract on its behalf, it obtains the corresponding right of recourse against the defaulting member.
Article 64 If there are reasonable reasons to believe that a member or customer violates the trading rules of the Exchange and its detailed rules for implementation, which has or will have a significant impact on the market, the Exchange may take the following temporary measures to prevent the consequences of the violation from further expanding:
(a) Restrict deposits;
(2) Restrict withdrawal;
(3) Limit the opening of positions.
(4) Raising the margin standard;
(5) Closing positions within a time limit.
(6) Forced liquidation.
Temporary measures mentioned in items (1), (2) and (3) of the preceding paragraph may be decided by the general manager of the exchange, and other temporary measures shall be decided by the board of directors of the exchange, and shall be reported to the China Securities Regulatory Commission in a timely manner.