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What is the futures margin system?
? Settlement Rules According to the relevant regulations, CICC futures margin adopts a hierarchical settlement system, that is, CICC settlement members, settlement members settle non-settlement members and investors, and non-settlement members settle investors. The trading margin charged by clearing members from non-clearing members and investors shall not be lower than that charged by CICC from clearing members, and the trading margin charged by non-clearing members from investors shall not be lower than that charged by clearing members from non-clearing members. The self-operated business of a clearing member can only be conducted through its special self-operated settlement account, and its margin must be settled separately from its brokerage business. ? Futures margin clearing members' futures margin in CICC special settlement account is divided into trading margin and settlement reserve. Trading margin refers to the funds deposited by clearing members in the special clearing account of CICC to ensure the performance of the contract, which is the margin occupied by the contract, and its amount is calculated according to a certain proportion of the contract value. When the buyer and the seller clinch a deal, CICC collects trading deposits from the buyer and the seller respectively according to the announced ratio and the positions of the buyer and the seller. Settlement reserve refers to the funds prepared in advance by settlement members in the special settlement account of CICC, which is the deposit not occupied by the contract. The minimum balance standard of settlement reserve shall be stipulated by CICC and paid by settlement members' own funds. CICC has the right to adjust the minimum balance standard of settlement reserve of settlement members according to market conditions.