Article 23 A clearing member shall open a futures margin account with the futures margin depository bank for depositing the margin and related funds.
Article 24 The futures margin account opened by a clearing member in the futures margin depository bank where the exchange is located is called a special fund account.
The exchange of futures business funds between the exchange and the clearing members shall be handled through the special clearing account of the exchange and the special fund account of the clearing members.
Article 25 A clearing member shall open, rename, change or cancel a special fund account with the futures margin depository bank by the special notice issued by the exchange.
Article 26 Exchanges and clearing members shall sign futures margin depository agreements with futures margin depository banks in accordance with relevant regulations.
Someone in the exchange collects all receivables from the special fund account of the clearing member through the futures margin depository bank without notifying the clearing member, and has the right to inquire about the fund situation of the account at any time.
Article 27 The Exchange shall manage the deposits deposited by clearing members into the special clearing account of the Exchange in separate accounts, set up a detailed account for each clearing member, and register and calculate the deposits and withdrawals, gains and losses, trading deposits and handling fees of clearing members on a daily basis.
Article 28 A clearing member shall separately manage the deposits deposited by customers and trading members in the margin account of the clearing member, set up a detailed account for each customer and trading member, and register and calculate the deposits and withdrawals, profits and losses, trading deposits and handling fees of customers and trading members every day.
Article 29 A trading member can only entrust a special settlement member or a general settlement member to make settlement for it.
Article 30 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 31 An exchange shall open a special account for settlement margin in a bank to manage the settlement margin paid by settlement members.
A settlement member shall open a special account for settlement guarantee in a bank designated by the Exchange, and use it to transfer the funds for payment and adjustment of settlement guarantee to the special account for settlement guarantee of the Exchange. The payment and adjustment standards of settlement guarantee funds shall be implemented in accordance with the Measures for the Administration of Risk Control of China Financial Futures Exchange and other relevant regulations.
Article 32 The Exchange shall set up a detailed account for each settlement member under the special account for settlement guarantee, and manage it in accordance with the relevant provisions of the China Securities Regulatory Commission and the Exchange. After deducting the necessary fees and taxes, the income shall be returned to the settlement members in accordance with the relevant provisions. The Exchange shall account for the changes in the settlement guarantee of each settlement member on a quarterly basis.
Article 33 A settlement member shall open, rename, replace or cancel a special account for settlement guarantee funds in a designated bank with a special notice issued by the Exchange.
Article 34 The exchange shall implement the margin system. Margin is divided into settlement reserve and trading margin.
Article 35 Settlement reserve refers to the funds prepared in advance by settlement members in the special settlement account of the exchange, which is the deposit not occupied by the contract.
Article 36 The minimum balance standard of the clearing reserve of a clearing member is RMB 2 million, which shall be paid with its own funds. Trading ownership adjusts the minimum balance standard of settlement reserve of settlement members according to market conditions.
Article 37 The Exchange shall calculate the interest according to the monetary fund part of the daily settlement reserve balance of the settlement members, at a rate not lower than the bank deposit rate published by the People's Bank of China for the same period, and convert the interest into the settlement reserve of the settlement members in late March, late June, late September and late June+February each year. The specific interest rate shall be determined, adjusted and announced by the Exchange.
Article 38 The trading deposit refers to the funds deposited into the special settlement account of the exchange by the settlement members to ensure the performance of the contract, which is the deposit that the contract has been occupied. After the transaction is completed, the Exchange collects the trading margin from both parties according to the trading margin standard and the value of the position contract.
Thirty-ninth trading margin collection standards shall be implemented in accordance with the relevant provisions of the Measures for the Administration of Risk Control of China Financial Futures Exchange.
Article 40 The standard for clearing members to collect trading deposits from customers and trading members shall not be lower than the standard for the exchange to collect trading deposits from clearing members. The standard for trading members to collect trading deposits from customers shall not be lower than that for clearing members to collect trading deposits from trading members.
Article 41 The Exchange shall implement the debt-free settlement system on the same day.
After the market closes on the same day, the Exchange shall settle the profits and losses, trading deposits, handling fees, taxes and other expenses of all contracts of the settlement members according to the settlement price of the day, and make a net transfer of accounts receivable and payable, and correspondingly increase or decrease the settlement reserve.
After the settlement of the exchange is completed, the settlement members shall settle the customers and trading members in accordance with the principles stipulated in the preceding paragraph; Trading members shall settle accounts with customers in accordance with the principles stipulated in the preceding paragraph.
Article 42 The Exchange shall collect handling fees from clearing members according to the contracts concluded on the same day and the prescribed standards. The handling fee standard of stock index futures is not higher than 0.5% of the transaction amount.
Transaction ownership adjustment fee standard.
Article 43 the settlement price of the day refers to the weighted average price of the transaction price of the futures contract in the last hour according to the volume. The calculation result is retained to one decimal place.
If the transaction is interrupted in the last hour due to system failure and other reasons, it will be regarded as the last hour after deducting the interruption time.
If there is no transaction in the last hour of the contract, the transaction price in the previous hour is the settlement price of the weighted average price of the transaction volume on that day. If there is still no deal during this period, push it forward for another hour. And so on. If the last transaction on the day of the contract is less than one hour away from the opening time, the weighted average price of the whole day's trading volume shall be taken as the settlement price of the day.
If there is no transaction on the day of the contract, the calculation formula of the settlement price of the day is: settlement price of the day = settlement price of the previous trading day of the contract+settlement price of the benchmark contract-settlement price of the previous trading day of the benchmark contract, where the benchmark contract is the contract with the closest delivery month. If the contract is a new listing contract, its listing benchmark price is the settlement price of the previous trading day. If the benchmark contract is a delivery contract on the same day, the settlement price of delivery shall be the settlement price of the benchmark contract on the same day. If the settlement price of the day calculated according to this formula exceeds the daily limit price of the contract, the daily limit price shall be taken as the settlement price of the day.
If the settlement price of the day cannot be determined by the above method or the calculated settlement price is obviously unreasonable, the settlement price of the day will be determined by the ownership of the transaction.
Article 44 A futures contract shall take the settlement price of the day as the basis for calculating the profit and loss of the day. The specific calculation formula is as follows:
Profit and loss of the day = ∑ [(selling price-settlement price of the day) × selling quantity× contract multiplier]+∑ [(settlement price of the day-buying price )× buying quantity× contract multiplier]+(settlement price of the previous trading day-settlement price of the day) × (selling position of the previous trading day-buying position of the previous trading day )× contract multiplier.
Article 45 The gains and losses of the current day shall be transferred at the settlement of the current day, and the gains and losses shall be included in the settlement reserve of the settlement member, and the losses shall be deducted from the settlement reserve of the settlement member.
At the time of settlement on the same day, the part of the trading margin in the account of the settlement member that exceeds the trading margin at the time of settlement on the previous trading day is deducted from the settlement reserve, and the part that is lower than the trading margin at the time of settlement on the previous trading day is included in the settlement reserve.
Handling fees, taxes and other expenses are deducted from the settlement reserve.
Article 46 The specific formula for calculating the balance of settlement reserve is as follows:
Balance of settlement reserve for the current day = balance of settlement reserve for the previous trading day+trading deposit for the previous trading day-trading deposit for the current day+profit and loss for the current day+deposit and withdrawal-handling fee, etc.
Article 47 After settlement, if the balance of the settlement reserve fund of the settlement member is lower than the minimum balance standard, the settlement result shall be regarded as the notice of additional margin issued by the Exchange to the settlement member, and the difference between them shall be the amount of additional margin.
After issuing the notice of additional margin, the Exchange may deduct it from the special fund account of the clearing member through the depository bank of futures margin. If the full deduction is unsuccessful, the settlement member shall make up the balance of the minimum settlement reserve before the market opens on the next trading day. If the balance of settlement reserve is lower than the minimum balance of settlement reserve, the position shall not be opened; If the balance of settlement reserve is less than zero, it shall be handled in accordance with the Measures for the Administration of Risk Control of China Financial Futures Exchange.
Article 48 The Exchange may, according to the market risk, issue a notice of additional margin to the settlement members who are at greater risk in the trading process, and may deduct it from the special fund account of the settlement members through the futures margin depository bank. If the full deduction is unsuccessful, the clearing member shall make up the deposit within the specified time according to the requirements of the exchange. If the clearing member fails to make up the position on time, the transaction ownership shall take risk control measures such as restricting the opening of the position and forcibly closing the position.
Article 49 An exchange shall handle deposit and withdrawal business for clearing members in accordance with the principles of safety, accuracy and rapidity.
Margin refers to the act of transferring funds from the special fund account of the settlement member to the special settlement account of the exchange; Withdrawal refers to the act of withdrawing funds from the special settlement account of the exchange to the special fund account of the settlement member.
(a) into the gold
1. Bill payment. Clearing members can withdraw checks, promissory notes and credit certificates from special fund accounts to deposit funds. After the funds transferred by the clearing member in this way are confirmed by the futures deposit depository bank, the exchange will increase the clearing reserve of the clearing member at the exchange.
2. Bank deduction. A clearing member may submit a written or electronic transfer application to the Exchange before the end of each trading day, and the Exchange will increase the clearing reserve of the clearing member at the Exchange after the deposit of the futures deposit is confirmed.
(2) Extraction of gold
A clearing member may submit a written or electronic transfer application to the Exchange before the close of each day, and notify the futures margin depository bank to transfer funds between the clearing member's special fund account and the Exchange's special settlement account after the close of that day.
Article 50 A clearing member shall make payment in accordance with the provisions of the Exchange. The payment standard for clearing members is:
Available amount = actual monetary funds-transaction margin-minimum balance of settlement reserve
The Exchange may appropriately adjust the withdrawal criteria of clearing members according to market risks.
Article 51 Under any of the following circumstances, the Exchange may restrict clearing members from making money:
(1) A member or customer is suspected of a major illegal act and is placed on file for investigation by the Exchange;
(2) The member or client is under investigation by the judicial organ or other relevant departments;
(3) When the Exchange considers that there are significant risks in the market.
(4) Other circumstances deemed necessary by the Exchange.
Article 52 After the settlement on the same day is completed, the settlement members shall obtain relevant settlement data through the exchange system.
Article 53 If the settlement data cannot be provided on time due to special circumstances, the Exchange will inform the time and method of providing the settlement data separately.
Article 54 A settlement member shall obtain the settlement data provided by the exchange in time every day, do a good job of checking and keep them properly.
Article 55 If a settlement member disagrees with the settlement data, it shall notify the Exchange in writing no later than 30 minutes before the opening of the next trading day. Under special circumstances, a clearing member may notify the Exchange in writing within 2 hours after the opening of the next trading day.
If a settlement member fails to raise a written objection to the settlement data within the time specified in the preceding paragraph, it shall be deemed to recognize the correctness of the settlement data.
Article 56 On the first trading day of each month, the Exchange shall provide the clearing members with the last month's capital settlement list of China Financial Futures Exchange and the last quarter's settlement guarantee list of China Financial Futures Exchange as the basis for checking by the clearing members.