The margin ratio of soybean meal futures contract is 5% of the contract value. Trading margin shall be managed at different levels. With the approach of futures contracts and the increase of positions. The exchange will gradually increase the proportion of trading margin.
1. Collection standard of transaction margin when the soybean meal contract approaches the delivery date.
When the contract approaches the delivery date, the collection standard of the trading deposit is:
Trading margin of soybean meal during trading hours (RMB/hand)
The first trading day one month before the delivery month 10% of the contract value.
The sixth trading day one month before the delivery month 15% of the contract value.
Pay 20% of the contract amount on the 1 1 trading day one month before the delivery month.
Pay 25% of the contract amount on the16th trading day one month before the delivery month.
Pay 30% of the contract value on the first trading day of the delivery month.
50% of the contract value shall be paid on the fifth trading day of the delivery month.
2. The proportion of transaction margin collection when the position of soybean meal contract changes.
When the soybean meal contract position changes, the transaction margin collection standard is:
Total bilateral position in contract month (n) Trading margin (RMB/lot)
N ≤ 5% of the contract value of 300,000 batches.
300,000 lots < n ≤ 8% of the contract value of 350,000 lots.
350,000 lots < n ≤ 9% of the contract amount of 400,000 lots.
400,000 batches < 65438+ 00% of the contract value.
(B) the daily quota system
The price limit is the maximum fluctuation range of the daily trading price allowed by the futures contract, and the quotation exceeding the price limit will be regarded as invalid and cannot be traded. The daily limit of soybean meal futures contract is 3%. If there is no continuous quotation from the daily limit board in the same direction as the N+ 1 trading day within 5 minutes before the closing of the N+ 1 trading day, the trading margin of the contract will be charged at 8% of the contract value when the N+ 1 trading day is settled. On the n+2nd trading day, the price limit of the contract was raised from 3% to 4% (if the original price limit ratio is higher than 4%, it shall be implemented according to the original ratio).
(3) Warehouse restriction system
The position limit system refers to the maximum amount of speculative positions in a contract that members or customers can hold according to the regulations of the exchange.
When the unilateral position of soybean meal is more than 6,543.8+10,000 lots in the general monthly contract, the position limit of this contract shall not be greater than 654.38+ 05% for brokerage members, 654.38+00% for non-brokerage members and 5% for customers.
When the average monthly contract soybean meal unilateral position is less than or equal to 6,543,800 lots, the contract position limit is 6,543,800 lots for brokerage members, 6,543,800 lots for non-brokerage members and 5,000 lots for customers.
One month before and during the delivery month of soybean meal contract, the position limit is:
(Unit: hand)
Time period brokerage member non-brokerage member customer
50003,0001500 from the first trading day one month before the delivery month.
2000 1 500800 from the tenth trading day one month before the delivery month.
Delivery month 1, 000800400
(D) extended family reporting system
When the speculative position of a certain position contract of a member or customer reaches more than 80% (inclusive) of the speculative position limit set by the exchange, the member or customer shall declare his capital and position to the exchange, and the customer shall declare it through the brokerage member. The Exchange may adjust and change the level of position declaration according to market risks.
(5) compulsory liquidation system
When a member or customer has one of the following circumstances, the ownership of the transaction will be forcibly closed:
(1) The balance of member settlement reserve fund is less than zero, and it has not been replenished within the prescribed time limit;
(The specific implementation date of this clause will be notified separately. The original implementation clause is: the balance of member settlement reserve fund is lower than the minimum amount of settlement reserve fund stipulated by the exchange, and it cannot be replenished within the prescribed time limit. )
(2) The position exceeds the position limit;
(3) Being punished by the exchange for compulsory liquidation due to violation of regulations;
(four) according to the emergency measures of the exchange, it should be forced to close the position;
(5) Other positions should be closed by force.
If it is a member's overbooking, the Exchange will determine the number of positions closed by relevant customers according to the ratio of the number of members' overbooking to the number of speculative positions held by members; If multiple members have overstocked positions, the positions that need to be closed by force shall be selected as the objects of forced closing according to the order of the overstocked members from large to small; If customers overstock, the overstocked positions of customers will be forced to close their positions; If the customer holds positions in multiple members, the members will be forced to close their positions in the order of the number of positions held by the customers. If both members and customers overstock at the same time, close the overstocked customers first, and then close the positions according to the method of overstocked members.