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How to implement the risk compulsory lightening system in stock index futures market?
The compulsory lightening system is unfamiliar to investors who have been doing stocks for a long time, and it is also a place where investors may have doubts in the future. Experts said that the compulsory lightening system is an important part of risk control measures, and investors need to know in advance. According to the Measures for Risk Control and Management of China Financial Futures Exchange, compulsory lightening is a measure taken by CICC to quickly and effectively resolve market risks and prevent a large number of members from defaulting when there are particularly serious risks such as daily limit (decline) in the same direction in the market for two or more consecutive trading days. In other words, CICC will automatically match the open orders declared at the daily price limit with the profitable investors in the net contract position according to their positions. If the same investor holds two-way positions, the liquidation declaration of net position will participate in the calculation of compulsory lightening, and other liquidation declarations will automatically hedge their reverse positions. Specific to the Shanghai and Shenzhen 300 stock index futures, the compulsory lightening system refers to automatically matching all investors who have been declared in the trading system as unable to close their positions at the price limit, and the unit net position loss of the investor's contract is greater than or equal to 10% of the settlement price of the day, and the net position profit of the contract is greater than zero. According to the proportion of positions, the price of compulsory lightening is the stop price on the contract day. The economic losses caused by the above lightening shall be borne by the members and their investors. On the day of compulsory lightening, the trading margin will be restored to the normal level at the time of settlement, and the price limit of the contract will be implemented according to the contract on the next trading day. Chapter 7 of the Measures for Risk Control and Management of China Financial Futures Exchange stipulates: Article 34 The exchange shall implement the compulsory lightening system. Forced lightening refers to the fact that the trading company will declare and close the unfinished transaction at the daily limit price, and automatically match the profitable customers with the net position of the contract according to the position proportion. Article 35 Methods of forced lighting.

(1) If the same customer holds two-way positions, the closing declaration of net positions will participate in the calculation of forced lightening, and other closing declarations will automatically hedge their reverse positions.

(2) Determination of the amount to be declared for liquidation.

The number of declared positions closed refers to all positions declared in the exchange system that cannot be closed by price limit after the closing of Dt trading day, and the unit net position loss of customer contract is greater than or equal to 10% of the settlement price of Dt trading day. Customers who are unwilling to close their positions according to the above methods can withdraw their orders before the market closes.

(3) Determination of the profit and loss of the net position of the client contract unit.

The unit net position profit and loss of a customer contract refers to the sum of the position profit and loss of the customer in the contract divided by the net position. The sum of profit and loss of customer positions in this contract refers to the sum of profit and loss of all customer positions in this contract, which is calculated according to the difference between the actual transaction price and the settlement price of Dt trading day, combined with the settlement prices of Dt-2 trading day, Dt-/KLOC-0 trading day and DT trading day.