The margin share of soybean meal futures contract is 5% of the contract value, and the trading margin is classified. With the approach of futures contracts and the increase of positions, trading institutions will gradually increase the margin share.
1, specification for collection of margin for soybean meal futures trading
When the contract approaches the delivery date, the collection standard of the transaction deposit is as follows:
During the trading period, soybean meal trading deposit (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. Share of trading margin when the quality of soybean meal contract positions changes.
When the quality of soybean meal contract positions changes, the collection standard of trading margin is as follows:
Total positions held by both parties in the 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.
Second, soybean meal futures trading system
The daily limit is the maximum fluctuation range of futures contracts that can be traded every day. If it exceeds the daily limit, the quotation is invalid and cannot be traded. The daily limit of soybean meal futures is 3%. In case of unilateral quotation in the same direction within 5 minutes before the closing of N+ 1 trading day, the trading margin of the contract shall be charged at 8% of the contract value when the settlement is made on N+ 1 trading day. 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).
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Three, soybean meal futures price limit 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.
Generally, when the unilateral position of monthly contract soybean meal is more than 654.38+ 10,000 lots, the contractual position limit of business members shall not be greater than 654.38+05% of the unilateral position, non-business members shall not be greater than 654.38+00% of the unilateral position, and customers shall not be greater than 5% of the unilateral position.
When the average monthly contract soybean meal unilateral position is less than or equal to 6,543.8+10,000 lots, the contract position limit is: 6,543.8+0.5 million lots for business members, 6,543.8+0.0 million lots for non-business 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
5,000,3,00015,000 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 0,000,800,400
Four, soybean meal futures large declaration 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 report its capital status and position status to the exchange, and the customer shall report it through the brokerage member. The exchange can adjust and change the reporting level of positions according to dangerous market conditions.
Five, soybean meal futures 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 detailed implementation date of this clause will be notified separately. The original implementation clause is: the balance of the member's settlement reserve fund is lower than the minimum amount of settlement reserve fund stipulated by the exchange rules, and it cannot be replenished within the time limit stipulated by the rules. )
(2) The position exceeds its 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.