Article 33 Settlement guarantees are divided into basic settlement guarantees and variable settlement guarantees. The basic settlement guarantee refers to the minimum amount of settlement guarantee that a settlement member must pay to participate in the settlement and delivery business of the exchange. Variable settlement guarantee refers to the part of the settlement guarantee of the settlement member that exceeds the basic settlement guarantee, which is adjusted with the change of the business volume of the settlement member. The settlement guarantee shall be paid in cash.
(1) The basic settlement deposits of all kinds of settlement members are100000 yuan for trading settlement members, 20 million yuan for comprehensive settlement members and 30 million yuan for special settlement members. A settlement member shall deposit the basic settlement guarantee into the special account for settlement guarantee of the Exchange before the end of the first quarter of the fifth trading day after signing the Settlement Member Agreement of China Financial Futures Exchange.
(2) On the first trading day of each quarter, the Exchange shall determine the market-wide settlement guarantee base for this quarter as the basis for calculating the settlement guarantee to be shared by all settlement members.
According to the settlement margin base, the Exchange shall calculate the settlement margin that each settlement member should share in this quarter according to the proportion of business volume. Settlement margin to be shared by settlement members in this quarter = settlement margin base ×(20%× average daily trading volume of members in last quarter/average daily trading volume of the whole city market +80%× average daily positions of members in last quarter/average daily positions of the whole city market).
If the amount of settlement guarantee that a settlement member should share is greater than its basic settlement guarantee amount, it shall be deemed as the amount of settlement guarantee that a settlement member should pay this quarter. After the end of the first quarter of the fifth trading day of this quarter, the Exchange will transfer the excess balance of the settlement guarantee to the special account of the settlement guarantee of the settlement member through the bank, and deduct the settlement guarantee to be returned from the special account of the settlement guarantee of the settlement member.
If a settlement member needs to return the settlement guarantee, it shall deposit the paid money into its special account for settlement guarantee before the end of the first quarter of the fifth trading day of this quarter.
(3) The Exchange may adjust the collection time and settlement margin base according to market risks, and has the right to increase the amount of settlement margin that individual settlement members should pay.
Article 34 If the settlement reserve of a clearing member is less than zero and is not made up within the prescribed time limit, and the clearing member has no position and the settlement reserve is still less than zero after the exchange takes measures such as compulsory liquidation, the trading ownership shall be made up by the settlement guarantee of the defaulting clearing member, and the insufficient part shall be made up by the settlement guarantee paid by other clearing members in proportion.
The share proportion of other settlement members is the proportion of the balance of their settlement guarantee funds to the total amount of unused settlement guarantee funds at present.
Article 35 After the settlement guarantee paid by a settlement member is used in accordance with the provisions of Article 34 of these Measures, the part that needs to be returned shall be deposited into its special account for settlement guarantee according to the original payment standard before the end of the first quarter of the fifth trading day after the use date. After the end of the first quarter of the fifth trading day, the exchange will deduct the deposit from the special account of the clearing member through the bank.
Article 36 If a settlement member fails to pay the settlement guarantee on time, it shall be handled in accordance with the relevant provisions of the Measures for Handling Violations and Breaches of Contract of China Financial Futures Exchange.
Article 37 After the settlement guarantee is used, the Exchange will obtain the corresponding right of recourse against the defaulting member.