Forty-second trading margin collection standards shall be implemented in accordance with the relevant provisions of the Exchange's Management Measures for Simulated Risk Control.
Article 43 The trading margin charged by a clearing member from trading members and customers shall not be lower than the trading margin charged by the Exchange from the clearing member. The trading margin charged by trading members from customers shall not be lower than that charged by clearing members from trading members.
Article 44 The debt-free settlement system shall be implemented for the transactions on the same day.
After the end of daily trading, the Exchange shall settle all contract profits and losses, trading deposits, handling fees, taxes and other expenses for the settlement members according to the settlement price of the day, and make a net transfer of accounts receivable and payable, and correspondingly increase or decrease the settlement reserve.
After the settlement of the exchange is completed, the settlement members shall settle the customers and trading members in accordance with the principles stipulated in the preceding paragraph; Trading members shall settle accounts with customers in accordance with the principles stipulated in the preceding paragraph.
The Exchange collects transaction settlement fees (including transaction fees and settlement fees) from the settlement members according to the contracts concluded on that day.
Article 74 Under any of the following circumstances, the Exchange will forcibly close its position:
(1) The balance of the virtual settlement reserve of the settlement member is less than zero, and it has not been replenished within the prescribed time limit;
(2) Customers and trading members engaged in proprietary business hold positions exceeding the position limit standard and fail to close their positions within the prescribed time limit.
(3) Being punished by the exchange for compulsory liquidation due to violation of regulations or breach of contract;
(four) according to the emergency measures of the exchange, it should be forced to close the position;
(5) other parts of the forced liquidation. "
Article 75 Implementation principles of compulsory liquidation
Members shall carry out compulsory liquidation within the first trading hour after the opening of the market, unless otherwise stipulated by the Exchange. If the member fails to complete the execution within the prescribed time limit, it shall be enforced by the exchange.
(1) member implementation
In case of forced liquidation due to items (1) and (2) of Article 74, the principle of forced liquidation shall be determined by the members themselves, and the result of forced liquidation shall conform to the provisions of the Exchange.
(2) Execution by the Exchange
1. Forced liquidation due to Item (1) of Article 74: The positions that need to be closed by force shall be selected by the Exchange according to the order of the total positions of contracts after settlement on the previous trading day, and the contracts with large positions shall be selected as the forced liquidation contracts, and then distributed according to the proportion of positions of all customers of the contracts.
If multiple settlement members need to close their positions by force, the settlement members who need to close their positions by force shall be selected in the order of increasing the virtual margin amount.
2. Forced liquidation due to Article 74 (2);
Customers and trading members engaged in self-operated business will be forced to close their positions if they exceed their positions; If the customer holds positions in multiple members, the members shall be selected for compulsory liquidation according to the order of the number of positions.
3. In case of forced liquidation due to items (3), (4) and (5) of Article 74, the forced liquidation position shall be determined by the Exchange according to the specific conditions of the members and customers involved.
When a member forcibly closes his position due to the reasons in Item (1) and Item (2) of Article 74 at the same time, the Exchange shall first determine the forced position according to Item (2), and then determine the forced position according to Item (1).
Article 76 Procedures for enforcement of compulsory liquidation
(1) notification. The Exchange shall issue a compulsory liquidation request to the relevant clearing members in the form of the Notice of Compulsory Liquidation (hereinafter referred to as the Notice). Unless specially delivered by the Exchange, the notice is sent with the settlement data of the day, and the relevant settlement members can obtain it through the Exchange system.
(2) Implementation and confirmation.
1. After the opening of the market, the relevant clearing members must first close their positions by themselves until they meet the closing requirements;
2. If the time limit for compulsory liquidation of clearing members is exceeded and the execution is not completed, the Exchange will directly execute compulsory liquidation of the rest;
3. The result of forced liquidation is sent with the transaction record of the day, and the relevant settlement members can obtain it through the member service system.
Article 77 The price of forced liquidation is formed through market transactions.
Article 78 If the forced liquidation cannot be completed within the prescribed time limit due to price limit or other market reasons, the remaining positions can be postponed to the next trading day to continue the forced liquidation until the forced liquidation is completed, and the principle of Article 75 is still followed.
Article 79 If the forced liquidation cannot be completed on the same day due to price limit or other market reasons, the Exchange will deal with the settlement members accordingly according to the settlement results of the day.
Article 80 If the forced liquidation can only be delayed due to price limit or other market reasons, the losses caused thereby shall still be borne by the person directly responsible; If the liquidation is not completed, the holder shall continue to bear the responsibility of holding positions or the obligation of delivery.
Article 81 The profits generated by the forced liquidation of a member shall still be owned by the person directly responsible; The profits generated by the compulsory liquidation of the exchange shall be implemented in accordance with the relevant provisions of the state; The losses caused by forced liquidation shall be borne by the person directly responsible.