Current location - Trademark Inquiry Complete Network - Futures platform - Trading rules of aluminum
Trading rules of aluminum
Provisions on aluminum contract transactions

(1) transaction

1, warehouse quota system

Limited position refers to a kind of contract speculation that members or customers can hold according to the regulations of the exchange, and it is calculated unilaterally.

The maximum amount of the position.

Specific proportion of aluminum futures contracts of broker members, non-broker members and customers with different maturity dates.

Examples and quantities are as follows:

The positions of futures contracts in the table are calculated in two directions, and the positions of brokerage members, non-brokerage members and customers are calculated in one direction; The position limit of brokerage members is based on this, and the exchange can adjust the position limit according to the registered capital and operating conditions of brokerage members.

2. Hedging transactions

To apply for hedging transaction, you need to fill in >:, and submit relevant supporting materials consistent with the variety, trading position, trading quantity and hedging time of hedging application.

The hedging application must be made before 1 20th of the month before the delivery of the hedging contract, and the overdue exchange will no longer accept the hedging application for the delivery month contract. After receiving the hedging application, the Exchange shall give a written reply within 5 trading days.

Traders who are allowed to hedge must open positions according to the approved trading positions and quotas within the opening period approved by the Exchange (at the latest before the delivery month of the hedging contract/the last trading day of KLOC-0/month). The hedging amount shall not be reused from the first trading day one month before the delivery month. The exchange separately calculates the positions and delivery of hedging transactions, and is not restricted by the position limit under normal circumstances.

(2) Settlement

Refers to the business activities of calculating and distributing the trading margin, profit and loss, handling fees, settlement funds and other related funds of members according to the trading results and the relevant regulations of the exchange.

1, daily knot

The Exchange shall open special settlement accounts in all settlement banks for depositing members' deposits and related funds; Members need to open a special fund account in the settlement bank to deposit the deposit and related funds. The Exchange shall manage the deposits deposited by members in the special fund accounts of the Exchange in separate accounts. The Exchange implements a daily debt-free settlement system, that is, after the daily trading is over, the Exchange will settle the profits and losses, trading deposits, handling fees, taxes and other expenses of all contracts according to the settlement price of the day, implement a net transfer of receivables and payables, and increase or decrease the settlement reserve of members accordingly.

Additional margin: at the end of each day, if the settlement reserve after settlement is less than the minimum balance, members must replenish the funds before 8:30 on the next trading day. If it is not replenished in time, if the balance of settlement reserve is greater than zero and lower than the minimum balance of settlement reserve, it is forbidden to open new positions; If the balance of settlement reserve is less than zero, the exchange will implement "forced liquidation" according to relevant regulations.

2. Trading margin

Refers to the funds that members guarantee the performance of the contract in the exchange account, that is, the occupation deposit.

(1) The exchange sets different trading margin collection standards according to different stages of listing operation and different positions of a futures contract. The specific provisions for the collection of aluminum standard contract deposit are as follows:

In the course of trading, when the positions of futures contracts reach a certain level of total positions, the exchange will not adjust the trading margin collection standard for the time being. At the time of settlement on the same day, the position of the futures contract reaches a certain level of the total position, and the exchange will charge the trading margin corresponding to the total position for all positions of the contract. If the margin is insufficient, it shall be added before the market opens on the next trading day.

The method by which the exchange adjusts the trading margin according to the different stages of the listing operation of futures contracts (near the delivery date).

Standard for collecting trading margin at different stages of listing operation of aluminum futures contracts

(2) When the aluminum futures contract price closes, the contract deposit should be increased accordingly. The specific provisions are as follows: at the closing, when there is no continuous quotation on the first trading day of the price limit, the trading margin will be raised to 6% of the contract value, and if it is higher than 6%, it will be charged according to the original proportion; On the second trading day, when there is no continuous quotation from the trading daily limit in the same direction as the previous trading day, the trading margin will be increased to 8% of the contract value at the time of settlement on the second trading day, and the part higher than 8% will be charged according to the original proportion.

The trading margin charged by brokerage members to customers shall not be lower than the trading margin charged by the exchange to members.