It is embodied in the following aspects: (1) strengthening the requirement that members and their senior managers and employees should accept the self-discipline supervision of the exchange; Strengthen the continuous supervision of members and increase the requirement that members should continuously meet the requirements of exchange membership; Where a member is required to issue a trading order in a way that may affect the security of the exchange system or the normal trading order, the exchange may take relevant measures; Add relevant contents of daily inspection and regulatory measures taken by the exchange; Increase the content that members should strengthen the legal and compliance management of their trading behavior; Cross-market manipulation and non-cooperation with the daily inspection of the exchange will be included in the violation punishment; Enrich the punishment measures of the exchange, and increase the punishment measures such as suspending the application for opening an account with transaction codes, restricting or suspending business, and adjusting the types of members.
Second, in order to ensure the smooth operation of the market, we will further improve relevant risk management systems and raise risk management requirements.
It mainly includes: tightening the position limit standard; Strengthen the regulatory requirements for the declaration of large households; Strengthen the procedural requirements of the exchange to take risk control measures under the condition of continuous unilateral market in the same direction; Raise the minimum trading margin standard and modify the relevant provisions on margin adjustment; Modify the implementation conditions of compulsory burden reduction; Improve the provisions on the calculation and collection of settlement guarantees.
Third, in order to fully realize the risk management and discovery function of stock index futures, combined with simulated trading operations, better serve the spot market and further optimize the relevant basic systems of stock index futures.
It mainly includes: in order to play the hedging function, simplify the hedging application procedure and improve the hedging efficiency, the hedging approval is changed from contract approval to variety approval; In order to prevent disputes, the standards for the establishment, effectiveness and identification of transactions under the hierarchical settlement system and the obligations that settlement members perform on their behalf are clarified; In order to meet the needs of investors for different trading purposes such as household management, speculation, appropriateness system, profit-making and hedging, the trading coding system should be improved; Considering the complexity of the fuse system, the uncertainty of the implementation effect and the acceptance of market participants, this revision cancels the fuse system of stock index futures; In order to protect the business secrets of members, the disclosure unit of trading volume and positions in the daily trading information of the exchange is changed from members to settlement members.