Domestic crude oil futures
(1) domestic crude oil futures margin system
The threshold of crude oil futures account is 500,000 RMB, and the Energy Center sets different trading margin collection standards according to different stages of futures contract listing operation (namely, the new listing date of futures contracts to the last trading day). At the same time, the energy center can adjust the trading margin standard in the form of announcement according to the market risk. The management of settlement reserve shall be implemented in accordance with the relevant provisions of the Settlement Rules of Shanghai International Energy Trading Center.
(2) When holding two-way trading positions at the same time, is the trading margin calculated according to two-way position, net position or position combination?
The Energy Center formulates different trading margin collection standards according to the different stages of the listing operation of futures contracts (i.e. the new listing date of futures contracts to the last trading day). At the same time, the energy center can adjust the trading margin standard in the form of announcement according to the market risk. The management of settlement reserve shall be implemented in accordance with the relevant provisions of the Settlement Rules of Shanghai International Energy Trading Center.
(3) When multiple entities of the same group company participate in the transaction, are the total positions managed separately or according to the consolidated net positions?
The Exchange issues trading codes for each entity, and the long and short positions under each trading code are managed according to the position limit stipulated by laws and regulations, and the long and short positions are calculated separately, without net position management. Multiple entities are managed separately, and there is no consolidated management unless they are actually controlled. If it is an actual control relationship, that is, the actual controller of multiple codes is one person, it needs to be reported to the exchange, and the positions under the transaction code of the actual control relationship will be consolidated and managed after reporting.
The above is the interpretation of domestic crude oil futures settlement knowledge points!