China Securities Regulatory Commission issued a document 1995 on May 23rd. The mung bean futures contract is approved to be listed on Zheng Stock Exchange, and the futures contracts of wheat, corn, peanut kernel, soybean meal, sesame, cotton yarn, No.425 ordinary portland cement, 5mm colorless float glass and plywood are trial operation contracts. On the same day, China Securities Regulatory Commission approved the Articles of Association of Trading Rules of Zheng Stock Exchange. On May 26th, Zhengzhou Stock Exchange held the fifth meeting of the first board of directors and decided that the first board of directors should complete its mission.
165438+1October 14 Zheng Stock Exchange issued an announcement to determine the total position control line of mung bean contract market, that is, 200,000 pieces per delivery month.
199965438+1October1to 13. Due to the entry of a large number of speculative funds, the trading volume and positions of mung beans increased sharply, and the highest positions in each month reached 696 180. The 9905 and 9907 contracts also recorded the highest monthly turnover, with 354,792 and 348,032 respectively. Market risks have increased significantly.
65438+1October 18 After the emergency meeting of the board of directors, Zhengshang Firm took decisive measures to hedge all positions in September 9903, September 9905 and July 9907, and at the same time expanded the price range, unifying the monthly contract margin ratio to 10%, thus reversing the previous market manipulation factors.
On March 22 18, Zhengshang Institute announced that it would resume all-day trading of mung bean contracts from March 22 1999, and the trading hours of other varieties would remain unchanged.
On March 26th, Zhengshang Institute issued an announcement, announcing the relevant regulations on adjusting mung bean packaging. It is decided that the warehouse receipt of mung beans produced by 1999 shall be implemented according to the new regulations as of 1 August, 1999; 1998 The annual output of mung bean warehouse receipts is still implemented according to the original regulations.
165438+1On October 26th, Zhengshang Institute issued the Notice on Adjusting the Premium Ratio of Mung Bean Contract to Member Units and Designated Delivery Warehouse; In order to control market risks, Announcement No.6 (1999) was issued, and all member units were informed by ZJSZ No.66 (1999), since199165438+1October 29th (/kloc)
On February 2, 65438, in order to further control the risk of mung bean futures trading, Zhengshang Institute issued a notice to all members, and decided to increase the trading margin of all long positions in mung bean contracts in May, July and September to 15% from19965438+February 6 (when 65438 was settled on February 3).
June 5438 +20031October 8, Zheng Shang Institute did not receive the notice of adjusting the mung bean deposit. The relevant person in charge of Zhengzhou Commodity Exchange said that Zhengshang Institute has not received the notice to adjust the margin ratio of mung bean futures trading. In view of recent rumors that Zhengshang Institute will reduce the margin ratio of mung bean futures trading from the current 20% to 10% after the Spring Festival, in order to activate the mung bean futures trading market, the reporter interviewed the relevant person in charge of Zhengshang Institute by telephone yesterday. The person in charge said that there were many such rumors in the market before, but in fact, Zhengshang Institute did not receive any documents about adjusting the mung bean futures trading margin.
Insiders pointed out that the main reason why mung bean futures became a 12 "dead" variety was that mung bean futures were over-hyped. Since the introduction of mung bean futures contract in Zhengzhou Commodity Exchange, with the continuous active mung bean futures trading, the mung bean market is also in turmoil, and the "1. 18 storm" of 1999 has become the peak of previous mung bean storms.
The main sign of mung bean withdrawal from the futures market is that with the gradual increase of trading margin, the mung bean fair will gradually shrink until it withdraws from the futures market.
By constantly raising the trading margin, mung bean futures can die peacefully, instead of "not opening new positions" as in the past when some futures products were suspended. The possible consequence of this is that investors need a long time to completely close their positions; But the best thing is. The death process is "euthanasia", the degree of pain is relatively low, and the loss of investors is relatively low.