China's basic legal system lacks general provisions on the particularity of commercial transactions. According to the laws of most countries, securities trading, like bill trading, does not apply to the general rules of the effective establishment of civil juristic acts, but should apply the principles of non-causation and abstraction that reflect the requirements of rapidity and security of commercial transactions. The following is a brief introduction to the centralized bidding rules of securities trading according to the trading procedures.

Debt-free settlement rules at that time

According to this rule, the financial futures exchange shall promptly notify all its futures trading members of the settlement results and complete the debt-free settlement with them at the close of the day. Futures trading members shall settle accounts with customers according to the settlement results of futures trading, and shall inform customers of the settlement results in a timely manner in the manner agreed with customers. If the customer has crossed the warehouse, it will constitute a debt to the futures trading member according to the contract, and the futures trading member has the right to require the customer to supplement the trading margin, and bear the responsibility for the exchange with its own funds.

Compulsory liquidation rule

According to this regulation, when the margin of the trading members of the futures exchange is insufficient, they should add the margin in time or close their positions on their own. If a member fails to increase the margin or close the position by himself within the time specified by the futures exchange, the futures exchange shall forcibly close the contract of the member, and the relevant expenses and losses arising therefrom shall be borne by the member. When the customer's margin is insufficient, it shall add the margin in time or close the position on its own. If the customer fails to add the margin in time or liquidate the position by himself within the time specified by the futures company, the futures company shall forcibly liquidate the contract of the customer, and the relevant expenses and losses arising from the forced liquidation shall be borne by the customer.

Daily scoring rule

In connection with the above rules, China also adopts the daily mark-to-market rule in the practice of futures trading contract law. According to this regulation, futures brokerage institutions have the right to require all their customers to have fixed office space, fixed office staff and fixed contact telephone numbers around their futures companies; At the time of daily settlement, as long as the futures company contacts the customer in a fixed contact way, it constitutes a legal notice; At the expiration of the time limit stipulated in the contract, the futures company has the right to infer the customer's intention according to the terms of the contract.

(5) price limit rules and fuse mechanism

(6) Rules for reporting limit positions and large positions

(7) Risk reserve rules

(8) Mandatory lightning disposal rules

Clearing member rules

China implements a grading settlement system for futures trading. According to this system, the parties engaged in securities and futures trading are only trading members of the financial futures exchange, and any party who wants to engage in securities and futures trading must conduct it through a legally approved futures broker. The relationship between customers and futures brokers is a specific brokerage contract relationship. On the other hand, according to China's "Regulations on the Administration of Futures Trading", those who make daily settlement with financial futures exchanges must be their settlement members, and futures companies that do not have the settlement membership of financial futures exchanges must make settlement with financial futures exchanges through settlement members; The settlement members of financial futures exchanges are divided into comprehensive settlement members and special settlement members. General settlement members will settle accounts with financial futures exchanges with their own funds and at their own risk on behalf of all their customers, while special settlement members can represent a limited number of customers when settling accounts with financial futures exchanges. All settlement members of the financial futures exchange must pay the risk reserve to the financial futures exchange in accordance with the regulations, and bear the settlement guarantee responsibility to the financial futures exchange for the transactions of all their customers.