Chapter I General Principles

Article 1 These trading rules are formulated in accordance with relevant national laws, regulations and policies and the Articles of Association of Shanghai Futures Exchange for the purpose of regulating futures trading and protecting the legitimate rights and interests of the parties involved in futures trading.

Article 2 The main business of Shanghai Futures Exchange (hereinafter referred to as the Exchange) is to organize futures trading approved by China Securities Regulatory Commission (hereinafter referred to as China Securities Regulatory Commission) in accordance with the principles of openness, fairness, impartiality and good faith.

Article 3 These trading rules are applicable to all trading activities of the Exchange, and the Exchange, members, investors, designated delivery warehouses, designated settlement banks and their staff must abide by these trading rules.

Chapter II Listed Varieties and Futures Contracts

Article 4 The varieties listed on the Exchange are copper, aluminum, natural rubber, plywood, indica rice and other futures varieties approved by the China Securities Regulatory Commission.

Article 5 The trading day is from Monday to Friday (except national holidays). The trading schedule of each variety on each trading day shall be announced separately by the Exchange.

Article 6 A futures contract refers to a standardized contract that is uniformly formulated by the exchange and agreed to deliver a certain quantity and quality of commodities at a specific time and place in the future.

Article 7 The main clauses of a futures contract include: contract name, trading variety, trading unit, quotation unit, minimum change price, maximum fluctuation limit of daily price, contract delivery month, trading time, last trading day, delivery date, delivery grade, delivery place, minimum trading margin, transaction cost, delivery method and trading code.

Attachments to futures contracts have the same legal effect as futures contracts.

Article 8 The lowest fluctuation price refers to the minimum fluctuation range of the unit price of a futures contract.

Article 9 The maximum daily price fluctuation limit (also known as the price limit) means that the trading price of a futures contract shall not be higher or lower than the prescribed price limit within a trading day, and the quotation exceeding this price limit will be deemed invalid and cannot be concluded.

Article 10 The delivery month of a futures contract refers to the month when the physical delivery is stipulated in the contract.

Article 11 The last trading day refers to the last trading day when a futures contract is traded in the delivery month of the contract.

Article 12 The trading unit of a futures contract is the "hand", and futures trading must be conducted in integral multiples of the "hand". The number of commodities traded in each lot of different trading varieties shall be specified in the futures contract of that variety.

Article 13 Futures contracts shall be denominated in RMB, and the pricing unit shall be RMB.

Chapter III Management of Trading Hall

Article 14 The trading hall is a place for centralized trading of futures contracts. The Exchange shall manage the trading hall in accordance with relevant regulations.

According to the relevant regulations of China Securities Regulatory Commission, the Exchange allows qualified members to participate in centralized bidding transactions of the Exchange through remote trading seats.

Article 15 A market representative refers to a person appointed by a member, who accepts the trading instructions of the member in the trading hall and conducts futures trading on behalf of the member. Members may appoint several market representatives.

Article 16 Market representatives shall comply with the relevant provisions of China Securities Regulatory Commission on the qualifications of futures practitioners, and obtain the market representative certificate of Shanghai Futures Exchange through the training and examination of the Exchange.

Article 17 A market representative shall not accept trading instructions from other units or individuals or provide suggestions for them, and shall not conduct futures trading for himself.

Article 18 Market representatives have the right to use various service facilities provided by the exchange, put forward opinions and suggestions on trading activities, and have the obligation to abide by the business rules of the exchange, obey management and take care of public facilities.

Article 19 During the trading period, the exchange shall send a trading host and several on-site executives.

Article 20 A trading host and an on-site executor are on-site managers who preside over trading activities and maintain trading order. Their main responsibilities are as follows:

(a) to announce the opening and closing of the market;

(two) the implementation of the provisions on adjusting the price limit;

(3) Supervising the execution of compulsory liquidation according to regulations;

(4) Controlling the trading authority of trading seats according to regulations.

(5) Managing the trading hall;

(6) maintaining the trading order.

(seven) other related affairs authorized by the general manager.

Article 21 The trading hall is restricted to the following persons:

(a) representatives of members;

(2) On-site management personnel of the exchange;

(3) Chartered personnel of the exchange.

Twenty-second city representatives must wear clothes and hold certificates according to the regulations, and enter the market according to the specified time.

Article 23 The on-site management personnel of an exchange shall dress in accordance with the regulations and wear signs to enter the exchange.

Article 24. Franchisees entering the trading hall shall obtain prior consent and be accompanied by exchange personnel. After entering the trading hall, you shall not participate in or hinder trading activities.

Article 25 The on-site management personnel of the exchange have the right to warn the market representatives who violate the management measures and relevant disciplines of the trading hall during the trading process. If the circumstances are serious, it may be ordered to withdraw from the market and be punished according to relevant regulations.

Chapter IV Brokerage and Self-management

Article 26 Exchange members are divided into futures brokerage company members (hereinafter referred to as brokerage members) and non-futures brokerage company members (hereinafter referred to as non-brokerage members).

The exchange may establish special members according to the needs of trading and settlement business.

Article 27 An investor who entrusts a brokerage member to conduct futures trading must register an account with the brokerage member in advance. Investors are divided into unit investors and individual investors.

Article 28 When accepting an investor's application for opening an account, a brokerage member shall provide the investor with a futures trading risk statement. Individual investors should sign after carefully reading and understanding the Statement of Futures Trading Risks; Unit investors should be carefully read and understood, signed by the legal representative (person in charge) and stamped with the official seal.

Article 29 When a brokerage member accepts an investor's application for opening an account, both parties shall sign a futures brokerage contract. Individual investors should sign a contract, and unit investors should be signed by the legal representative (person in charge) and stamped with the official seal.

Article 30 A brokerage member shall submit the investor registration form, a copy of the business license, a copy of the ID card and other materials to the Exchange for the record.

Article 31 An exchange shall implement an investor transaction coding system, and brokerage members and investors must abide by an account coding system, and they are not allowed to trade with mixed codes.

Thirty-second members of securities firms can accept the entrustment of investors by writing, telephone, computer, online entrustment and other means stipulated by the China Securities Regulatory Commission.

Article 33 When accepting a written entrustment from an investor, the business personnel of a brokerage member shall be numbered in sequence, signed by the business personnel and marked with the time, and one of them shall be accepted by the investor.

Article 34 Types of trading orders:

(1) Limit order: refers to an instruction that must be executed at a limited price or better.

(2) Revocation instruction: refers to the instruction of the investor to revoke the specified instruction;

(3) Other explanations prescribed by the Exchange.

Article 35 A trading order is valid on the same day. Before the order is closed, investors can propose to change and cancel the order.

Article 36 All instructions of brokerage members to their agent investors must be issued through the exchange.

Article 37 Brokerage members shall collect fees from investors and collect taxes and fees that investors should pay in accordance with state regulations.

Thirty-eighth members of a brokerage firm have the responsibility to truthfully provide investors with the company's credit and operating conditions, information, consulting and other related services.

Article 39 A brokerage member shall prepare a trading settlement report for investors after the daily trading. Investors have the right to know the contents of the transaction settlement report according to the time and method agreed in the futures brokerage contract.

Article 40 Brokerage members shall accept the entrustment of investors to conduct transactions and keep trading secrets for investors.

Article 41 Brokerage members shall take full responsibility for the futures trading under their names in advance, and investors shall take full responsibility for the futures trading entrusted by them.

Investors have the right to report the problems existing in the entrusted trading business to the exchange.

Article 42 If a non-brokerage member engages in proprietary futures trading, it shall open a separate proprietary special fund account at the settlement bank designated by the exchange and deposit sufficient funds.

Chapter V Trade Business

Article 43 Futures trading refers to the trading activities of buying and selling a futures contract on a futures exchange.

Article 44 The transaction price of a futures contract refers to the value-added tax-inclusive price of the delivery standard of the futures contract delivered in the benchmark delivery warehouse.

Article 45 The delivery standard of a futures contract shall be stipulated by the Exchange in the futures contract. The premium and discount of substitutes shall be stipulated separately by the Exchange and reported to the China Securities Regulatory Commission for the record.

Article 46 The delivery premium and discount standards for non-standard delivery warehouses and standard delivery warehouses shall be separately stipulated by the Exchange and reported to the China Securities Regulatory Commission for the record.

Article 47 The opening price refers to the transaction price generated in call auction within 5 minutes before the opening of a futures contract. If there is no transaction price in call auction, the opening price is the first transaction price after call auction.

Article 48 The closing price refers to the final transaction price on the day of the futures contract.

Article 49 the settlement price of the day refers to the weighted average price of the transaction price of the futures contract on the day according to the volume. If there is no transaction price on that day, the settlement price of the previous trading day shall be the settlement price of that day.

Article 50 The benchmark price of a new listing contract shall be determined by the exchange.

Article 51 When conducting futures trading, members shall pay the transaction fees to the Exchange in accordance with regulations.

Article 52 when making physical delivery, members shall pay the delivery fee to the exchange in accordance with the regulations. The delivery fee standard shall be formulated separately by the Exchange.

Article 53 The exchange shall implement the price limit system. When a futures contract has a buy (sell) declaration with only a stop-loss price, a sell (buy) declaration without a stop-loss price within 5 minutes before the closing of the trading day, or a deal is made as soon as a sell (buy) declaration is made, but no stop-loss price is set, the exchange determines that the contract has risen (fallen) at the closing of the trading day, and will handle it according to the relevant regulations formulated by the exchange.

Article 54 The exchange shall implement the margin system. Margin refers to the funds paid by members in accordance with the prescribed standards for settlement and performance guarantee.

Article 55 Margin is divided into settlement reserve and trading margin.

Settlement reserve refers to the funds prepared in advance by members in the special settlement account of the exchange for transaction settlement, which is the deposit not occupied by the contract. The minimum balance of the settlement reserve shall be determined by the exchange.

Trading deposit refers to the funds that members guarantee the performance of the contract in the special settlement account of the exchange, which is the deposit that the contract has been occupied. When the buyer and the seller make a transaction, the exchange will collect a trading deposit according to a certain proportion of the contract value of the position. The exchange may adjust the level of trading margin, and the specific implementation rules shall be formulated separately.

Article 56 A member shall open a special fund account at a settlement bank designated by the Exchange, and its special fund account can only be used for the settlement of futures transactions between members and investors and between members and the Exchange.

Article 57 A brokerage member shall deposit the deposit paid by investors into the special fund account of the member, so as to pay the deposit and related expenses at any time. Brokerage members shall not misappropriate investors' funds.

Article 58 According to the regulations of China Securities Regulatory Commission, with the approval of the Exchange, members can use standard warehouse receipts or other pledges allowed by the Exchange as trading deposits.

Article 59 After accepting the entrustment instructions from investors, brokerage members shall promptly input the instructions from investors into the computer terminal of the trading seat to conduct bidding transactions.

Article 60 The computer automatic matching system of the exchange sorts the transaction declarations according to the principle of price priority and time priority, and automatically matches the transaction when the buying price is greater than or equal to the selling price. The matching transaction price is equal to the middle value of the buying price (bp), selling price (sp) and the previous transaction price (cp). Namely:

When bp≥sp≥cp, the latest transaction price =sp.

Bp≥cp≥sp, the latest transaction price =cp.

Cp≥bp≥sp, the latest transaction price =bp.

Article 61 When the settlement reserve is lower than the minimum account opening amount, the trading system of the exchange will not accept the account opening declaration.

Article 62 The transaction declaration takes effect after the computer matches the transaction, and its information is sent to the computer networking terminal of the member through the computer transaction declaration system. Members shall notify investors in a timely manner after receiving the transaction return information.

Article 63 If the number of declared transactions fails to be completed at one time, the remaining number will still be stored in the computer mainframe of the exchange and continue to participate in the bidding transactions of the day.

Article 64 After daily trading, members can obtain trading records through the member service system of the Exchange. Members should check in time, and if they have any objections, they should submit them to the Exchange in writing on the same day.

Article 65 The retention period of futures trading, settlement and delivery materials shall not be less than 20 years.

Brokerage members shall keep business records such as investors' account opening information, instruction records and transaction settlement records for a period of not less than 5 years.

Article 66 The Exchange shall implement the system of examination and approval of hedging positions. The Exchange shall examine the business scope, business performance data of previous years, spot purchase and sale contracts and other materials that can show the spot operation of the hedging applicant, and determine the hedging amount.

Investors applying for hedging quota must entrust a brokerage member to handle it.

Article 67 The use of hedging quotas shall comply with the relevant provisions of the Exchange.

Chapter VI Risk Control

Article 68 The Exchange implements a speculative position limit system, and hedging positions are not restricted. It is stipulated that the general monthly contract and the one-month contract before the delivery month are restricted by both the member and investor codes. The limit position of brokerage members shall be approved by the exchange according to its registered capital, reputation, risk resistance, previous annual transactions and the number of investors. The monthly delivery contract is limited by the absolute limit of positions held by members and investors. When investors open accounts with different members of securities firms, their positions shall be calculated together. Specific implementation rules shall be formulated separately.

Article 69 The exchange implements the system of compulsory liquidation. The Exchange will take compulsory liquidation measures against members who violate the rules, such as overstocking or failing to add margin in time as required. Specific implementation rules shall be formulated separately.

Article 70 The profitable part of compulsory liquidation shall be handled in accordance with relevant regulations, and the expenses and losses arising therefrom shall be borne by the violator. The enlarged part of the loss caused by the inability to forcibly close the position due to market reasons is also borne by the violator.

Article 71 When the futures price rises and falls in the same direction continuously or the market risk increases obviously, the exchange may take measures such as adjusting the rising and falling range, increasing the trading margin and lightening the position according to certain principles to release the trading risk. If the risk cannot be released after taking risk control measures, the exchange shall declare that it has entered an abnormal situation, and the board of directors of the exchange shall decide to take further risk control measures.

Article 72 When a member fails to perform the contract, it shall take the following measures to guarantee the ownership of the transaction:

(1) Suspending the business of opening positions.

(two) according to the provisions of compulsory liquidation, and use the margin released after liquidation to pay compensation;

(3) Disposing of pledged property according to law.

(four) to pay the performance remuneration with the proceeds from the transfer of membership and other funds;

(5) After performing the contract on behalf of the Exchange, the Exchange shall recover the compensation according to law.

Article 73 The exchange shall implement the large-sum declaration system. When the speculative position of a certain type of member or investor's position contract reaches 80% of the maximum position limit standard of speculative position stipulated by the exchange, the member or investor shall declare his capital and position to the exchange, and the investor shall declare it through the brokerage member. The exchange may adjust the reporting standards of positions according to market risks.

Report content:

(a) the name, domicile and business scope of the member or investor;

(2) Position direction, variety, month and quantity;

(3) Intention to hold the post;

(four) the source of funds and the ability to add margin;

(five) the actual delivery or receiving capacity;

(6) Other contents required to be declared by the Exchange.

Article 74 If there is reason to believe that a member or investor violates the business rules of the Exchange and is or will have a significant impact on the market, the Exchange may take the following temporary measures to prevent the consequences of the violation from further expanding:

(a) Restrict deposits;

(2) Restrict withdrawal;

(3) Restrict the opening of new positions;

(4) increase the margin ratio;

(5) Closing positions within a time limit.

(6) Forced liquidation.

The temporary measures mentioned in items (1), (2) and (3) of the preceding paragraph may be decided by the general manager of the exchange, and other temporary measures shall be decided by the board of directors of the exchange, and shall be reported to the China Securities Regulatory Commission in a timely manner.

Chapter VII Settlement Business

Article 75 The Exchange shall implement a daily debt-free settlement system.

Article 76 After the end of trading on the same day, the exchange shall settle the profits and losses, trading deposits, taxes and fees, trading fees and other funds of each member. Members can obtain relevant settlement data through the member service system.

Article 77 The profit and loss of the day shall be the sum of liquidation profit and loss and position profit and loss.

Article 78 If the margin balance of a member is lower than the minimum balance of the settlement reserve stipulated by the Exchange, an additional margin shall be added.

Article 79 Members must make up the balance of the minimum settlement reserve before the market opens on the next trading day. If the balance of settlement reserve is not replenished, 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 forcibly close the position of the member.

Article 80 Brokerage members shall record the trading business in detail, register the opening, closing, holding and delivery of investors' trading contracts in chronological order, timely and accurately reflect investors' financial conditions such as profits and losses, expenses, funds, receipts and payments, and control investors' trading risks.

Article 81 Members must properly keep the materials, vouchers and account books related to settlement for inquiry and reference. Relevant information must be kept for more than 5 years.

Article 82 An exchange shall draw, manage and use risk reserves in accordance with relevant regulations. The risk reserve is used to provide financial guarantee for maintaining the normal operation of the futures market and make up for the losses caused by unforeseen risks of the exchange.

Chapter VIII Express Delivery Business

Article 83 Physical delivery refers to the process that when a futures contract expires, both parties to the transaction end the open contract by transferring the ownership of the goods contained in the futures contract in accordance with the rules and procedures of the exchange.

Article 84 All open futures contracts must be delivered after the last trading day. Delivery of expired contracts can only be made in the name of members. Investors must handle the delivery through members.

Article 85 Members must deliver the payment for goods or delivery documents to the Exchange within the time specified by the Exchange.

Article 86 The Exchange shall issue standard warehouse receipts to buyer members in accordance with the principle of "giving priority to time, rounding up the quantity, supporting nearby and making overall arrangements".

Article 87 After the seller's member delivers the standard warehouse receipt and the corresponding special VAT invoice within the time specified by the exchange, the exchange will pay the seller's member the payment. After the buyer member pays, the exchange pays the standard warehouse receipt to the buyer member.

Article 88 After receiving the standard warehouse receipt of the seller's member and the corresponding special VAT invoice or the money of the buyer's member, the exchange will transfer the refundable margin to the seller's member or the buyer's member.

Article 89 If a buyer member has any objection after receiving the standard warehouse receipt, it shall complete the acceptance of the subject matter listed in the standard warehouse receipt within the time specified by the Exchange.

Article 90 The settlement price is the benchmark price for the settlement of futures contracts.

Article 91 When the quantity within the allowable range is insufficient or excessive, it shall be calculated according to the settlement price on the last trading day.

Article 92 The standard warehouse receipt shall be uniformly formulated by the Exchange, and the physical delivery certificate issued to the consignor by the designated delivery warehouse after the acceptance of the warehousing goods is confirmed to be qualified shall not be used for delivery until it is registered by the Exchange.

Article 93 The designated delivery warehouse is the delivery place designated by the Exchange for physical delivery of futures contracts.

The exchange shall implement the annual examination system for the designated delivery warehouses.

Article 94 The designated delivery warehouse may set up an office at the place where the exchange is located to handle the delivery affairs under the unified coordination of the exchange.

Article 95 If the designated delivery warehouse commits any of the following acts, the owner of the transaction shall order it to make corrections or compensate for economic losses. If the circumstances are serious, the qualification of the designated delivery warehouse shall be revoked until the legal responsibility is investigated:

(1) Issuing false warehouse receipts;

(two) in violation of the business rules of the exchange, restricting the goods from entering and leaving the warehouse;

(3) disclosing commercial secrets related to futures trading.

(4) Participating in futures trading.

(five) other acts in violation of the relevant provisions of the exchange.

Article 96 When the goods are delivered in kind, the seller's member fails to deliver the standard warehouse receipt in full within the specified time or the delivered goods do not meet the specified requirements; If the buyer member fails to pay the payment in full within the specified time, it is a delivery breach.

Article 97 If a member breaches the contract in physical delivery, the Exchange may handle it by subscription and auction, and the defaulting member shall bear the expenses and losses of subscription and auction. The Exchange may also impose penalties such as payment of liquidated damages and compensation on defaulting members according to the measures for handling delivery defaults formulated by the Exchange.

Article 98 A member shall not fail to perform the contract delivery responsibility due to the default of its investors, and the trading ownership shall be enforced for those who fail to perform the delivery responsibility.

Article 99 If the holder of the standard warehouse receipt cannot exercise or fully exercise the rights of the standard warehouse receipt due to the fault of the designated delivery warehouse, the designated delivery warehouse shall be liable for compensation; If the compensation is insufficient, the exchange shall make up for it in accordance with relevant regulations, and the ownership of the transaction shall be recovered by the designated delivery warehouse after making up.

Chapter IX Handling of Abnormal Situations

Article 100 In the course of futures trading, under any of the following circumstances, the exchange may declare an abnormal situation and take emergency measures to eliminate risks:

(1) Due to force majeure such as earthquake, flood, fire, etc. or computer system failure, etc., which are not attributable to the exchange, the transaction cannot be conducted normally;

(2) The member has a settlement and delivery crisis, which is or will have a significant impact on the market.

(3) When the circumstances specified in Article 71 of these Rules occur and corresponding measures are taken, the risks have not been resolved;

(4) Other circumstances stipulated by the Exchange.

The general manager of the exchange may take emergency measures such as adjusting the opening time and suspending trading when the abnormal situation in Item (1) of the preceding paragraph occurs; In case of any abnormal situation mentioned in Items (2), (3) and (4) of the preceding paragraph, the board of directors may decide to take emergency measures such as adjusting the opening time, suspending trading, adjusting the range of price limit, increasing the trading margin, closing the position within a time limit, forcibly closing the position and restricting the withdrawal of funds.

Article 101 The Exchange must report to the China Securities Regulatory Commission before announcing the abnormal situation and deciding to take emergency measures.

Article 102 When an exchange announces an abnormal situation and decides to suspend trading, the suspension period shall not exceed 3 trading days, unless it is extended with the approval of the China Securities Regulatory Commission.

Chapter X Information Management

Article 103 An exchange shall publish the trading quotation of the day, necessary statistical data and other relevant information.

Article 104 The information released by the Exchange includes: commodity name, contract delivery month, opening price, latest price, price fluctuation, closing price, settlement price, highest price, lowest price, trading volume, positions and their changes, ranking of members' trading volume and positions, storage capacity of designated delivery warehouses approved by the Exchange, number of standard warehouse receipts and their changes, and other information that needs to be published.

Information release should be based on real-time, daily, weekly, monthly and annual content.

Article 105 An exchange shall adopt effective communication means to establish a synchronous quotation and instant transaction return system.

Article 106 If the exchange market is released normally, but the public media forwarding fails, which affects the transactions between members and investors, the exchange will not be responsible.

Article 107 Exchanges, members and designated delivery warehouses shall not publish false or misleading information.

Article 108 Exchanges, members, designated delivery warehouses and designated settlement banks shall not disclose business secrets obtained in business.

Upon approval, the Exchange may provide relevant information to relevant regulatory authorities or other relevant units, and implement corresponding confidentiality provisions.

Article 109 In order to ensure the security of transaction data, the exchange must establish remote data backup.

Chapter II XI Supervision and Management

Article 110 The Exchange shall, in accordance with these Rules and relevant regulations, supervise and manage the business activities involving futures trading.

Article 111 The main contents of the supervision and management of the exchange are:

(1) To supervise and inspect the implementation of policies, regulations and trading rules in the futures market and control market risks;

(two) to supervise and inspect the business activities of members and their internal management;

(three) to supervise and inspect the financial and credit status of each member;

(4) Supervise and inspect the futures-related business activities of designated delivery warehouses and designated settlement banks.

(five) mediation and handling of futures trading disputes, investigate and deal with all kinds of illegal cases;

(six) to assist the judicial organs and administrative law enforcement organs in performing their official duties according to law;

(seven) to monitor other acts that violate the principles of "openness, fairness and justice" and create market risks.

Article 112 An exchange shall conduct annual sampling or comprehensive inspection on members' compliance with the business rules of the exchange, and report the inspection results to the China Securities Regulatory Commission.

Article 113 If the Exchange finds any suspected violation, it shall file an investigation.

Article 114 When performing the duties of supervision and management, the exchange may exercise the right of investigation and evidence collection in accordance with relevant regulations, and members shall cooperate with it.

Article 115 Members, investors, designated delivery warehouses and designated settlement banks shall accept the supervision and administration of the futures business of the exchange. For failing to provide information truthfully, concealing the truth, deliberately avoiding, etc. The Exchange may take necessary restrictive measures or penalties according to relevant regulations.

Article 116 If a member, investor, designated delivery warehouse or designated settlement bank engages in futures-related business and is suspected of serious violation, the Exchange may take corresponding measures to prevent the consequences of violation from further expanding.

Article 117 Upon the decision of the board of directors, a special investigation committee may be composed of members' representatives, exchange staff and relevant personnel to investigate major issues arising in the course of futures trading. During the existence of the special investigation committee, it shall exercise the power of supervision and management in accordance with these rules. The special investigation committee implements the recusal system.

Article 118 If the staff of the Exchange fail to perform their duties of supervision and management correctly, members, investors, designated delivery warehouses and designated settlement banks have the right to complain and report to the Exchange or the China Securities Regulatory Commission. If it is verified, it should be dealt with seriously.

Article 119 An exchange shall formulate measures to investigate and deal with violations.

Chapter 12: contention and handling

Article 120 Disputes over futures business among members, investors, designated delivery warehouses and designated settlement banks may be settled through self-negotiation or submitted to the exchange for mediation.

Article 121 Where a party applies to the Exchange for mediation, it shall submit an application for mediation. The mediation opinions of the Exchange shall take effect after the parties confirm and sign the mediation opinions.

Article 122 A party may also apply to an arbitration institution for arbitration or bring a lawsuit in a people's court according to law.

Chapter XIII Supplementary Provisions

Article 123 The Exchange may formulate detailed implementation rules according to these trading rules.

Article 124 The right to interpret these trading rules belongs to the Council of Shanghai Futures Exchange.

Article 125 The formulation and revision of these trading rules must be approved by the general meeting of members and reported to the China Securities Regulatory Commission for approval.

Article 126 These trading rules shall be implemented as of June 1 65438+1October1day, 2003.