This subject matter, also known as the underlying asset, can be a commodity, such as copper or crude oil, a financial instrument, such as foreign exchange and bonds, or a financial indicator, such as three-month interbank offered rate or stock index. Futures trading is an inevitable product of the development of market economy to a certain stage.
Extended data:
According to the Regulations on the Administration of Futures Trading:
Twenty-sixth customers can send trading instructions to futures companies in writing, by telephone, on the Internet or in other ways as stipulated by the the State Council futures regulatory authority. The customer's trading instructions should be clear and comprehensive.
A futures company shall not conceal important matters or deceive customers into issuing trading orders by other improper means.
Article 27 A futures exchange shall promptly announce the trading volume, trading price, positions, highest and lowest prices, opening and closing prices and other real-time quotes that should be announced, and ensure the truthfulness and accuracy of the real-time quotes. The futures exchange shall not publish price forecast information.
Without the permission of the futures exchange, no unit or individual may publish the real-time quotation of futures trading.
Twenty-eighth futures trading should strictly implement the margin system. The customer deposits charged by the futures exchange to its members and futures companies shall not be lower than the standards set by the the State Council Futures Regulatory Authority and the futures exchange, and a special account shall be set up separately from its own funds.
The margin collected by the futures exchange from members belongs to the members, and it is strictly prohibited to use it for other purposes than the settlement of members' transactions.
The margin charged by the futures company to the customer belongs to the customer, and it is strictly prohibited to use it for other purposes except for the following transferable circumstances:
(a) according to the requirements of customers to pay available funds;
(two) to deposit a deposit for the customer and pay the handling fee and tax;
(3) Other circumstances as stipulated by the the State Council Futures Regulatory Authority.
Article 29 A futures company shall open a separate special account for each customer, and set a trading code, and shall not trade with mixed codes.
Article 30 Where a futures company engages in futures brokerage business and other futures business at the same time, it shall strictly implement the system of business separation and capital separation, and shall not mix operations.
Article 31 The clearing members of futures exchanges, futures companies and non-futures companies shall withdraw, manage and use risk reserves in accordance with the provisions of the futures regulatory agency and the financial department of the State Council, and shall not misappropriate them.
Article 32 The charging items, charging standards and management measures for futures trading shall be uniformly formulated and promulgated by the relevant competent departments of the State Council.
Article 33 The settlement of futures trading shall be organized by the futures exchange.
The futures exchange shall implement the debt-free settlement system on the same day. The futures exchange shall promptly notify the members of the settlement results on the same day.
A futures company shall settle accounts with customers according to the settlement results of the futures exchange, and notify customers of the settlement results in a timely manner in the manner agreed with customers. Customers should promptly inquire about and properly handle their trading positions.
Article 34 When the members of a futures exchange have insufficient margin, they shall add margin in time or close their positions on their own. If a member fails to increase the margin or close the position by himself within the time specified by the futures exchange, the futures exchange shall forcibly close the contract of the member, and the relevant expenses and losses arising therefrom shall be borne by the member.
When the customer's margin is insufficient, it shall add the margin in time or close the position on its own. If the customer fails to add the margin in time or liquidate the position by himself within the time specified by the futures company, the futures company shall forcibly liquidate the contract of the customer, and the relevant expenses and losses arising from the forced liquidation shall be borne by the customer.
Article 35 The delivery of futures trading shall be organized by the futures exchange.
The delivery warehouse is designated by the futures exchange. The futures exchange shall not limit the total amount of physical delivery, and shall sign an agreement with the delivery warehouse to clarify the rights and obligations of both parties. The delivery warehouse shall not commit any of the following acts:
(1) Issuing false warehouse receipts;
(2) Restricting the storage and delivery of commodities in violation of the business rules of futures exchanges;
(3) disclosing commercial secrets related to futures trading.
(4) Participating in futures trading in violation of relevant state regulations;
(five) other acts stipulated by the the State Council futures regulatory agency.
Article 36 If a member breaches the contract in futures trading, the futures exchange shall first bear the liability for breach of contract with the member's deposit; If the margin is insufficient, the futures exchange shall assume the liability for breach of contract on behalf of the risk reserve and its own funds, and thus obtain the corresponding right of recourse against the members.
If the customer breaches the contract in futures trading, the futures company shall bear the liability for breach of contract with the customer's deposit in advance; If the margin is insufficient, the futures company shall assume the liability for breach of contract on behalf of the risk reserve and its own funds, and thus obtain the corresponding right of recourse against customers.
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