The Measures clearly implement the system of examination and approval of hedging and arbitrage quota. If a customer applies for hedging or arbitrage quota, it shall report to the account opening member, and the member shall go through the application formalities with the exchange after reviewing the application materials. If a member applies for hedging or arbitrage quota, it shall go through the application formalities directly with the exchange. The exchange shall make an examination and approval decision within 5 trading days after formally accepting the application for hedging and arbitrage quota. The hedging arbitrage quota is valid for 12 months from the date of approval and can be reused within the validity period.