Margin trading rules
According to the specific requirements of this rule, China implements the 8% margin trading rule for securities and futures trading, that is, securities and futures traders can buy and sell securities and futures commodities at the face value of 8% margin; The law allows the commission merchant to increase the deposit of 8% on this basis. According to the convention of futures market, the margin ratio shall not exceed 15%. It can be seen that on the one hand, the financial futures exchange will collect 8% trading margin from all futures brokerage institutions engaged in securities and futures trading, on the other hand, futures brokerage institutions will collect more than 8% trading margin from customers.
Debt-free settlement rules at that time
According to the specific requirements of this rule, the financial futures exchange will inform all its futures trading members of the settlement results in time, 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.
Compulsory liquidation rule
According to the specific requirements of these Rules, when the margin of trading members of the futures exchange is insufficient, they shall 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 close the position on his own, the futures company will forcibly close the customer's contract, and the relevant expenses and losses arising from the forced closing will be borne by the customer.
Daily scoring rule
China also adopts the daily mark-to-market rule in the practice of futures trading contract law. According to such regulations, futures brokers have the right to require all their clients to have fixed office space, fixed office staff and fixed * * around their futures companies. At the expiration of the time limit stipulated in the contract, the futures company has the right to infer the client's expression of will according to the terms of the contract.
Clearing member rules
China implements a grading settlement system for futures trading. According to this system, investors 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. On the other hand, according to the Regulations on the Administration of Futures Trading, the daily settlement with financial futures exchanges must be its settlement members, and non-member futures companies must settle with financial futures exchanges through settlement members; The settlement members here are divided into general settlement members and special settlement members. General settlement members use their own funds on behalf of all their customers and settle accounts with financial futures exchanges at their own risk. All clearing members of the exchange must pay the risk reserve to the financial futures exchange in accordance with the regulations, and bear the responsibility of settlement guarantee to the financial futures exchange for the transactions of all their customers.
Risk control rules
According to China's "Regulations on the Administration of Futures Trading", when there is an abnormal situation in China's futures market, the futures exchange may decide to take the following emergency measures in accordance with the authority and procedures stipulated in its articles of association, and shall immediately report to the futures regulatory agency.