In the Detailed Rules for Settlement of China Financial Futures Exchange (Draft for Comment), margin is divided into trading margin and settlement reserve.
Trading margin refers to the funds deposited by clearing members in the special settlement account of the exchange to ensure the performance of the contract. It is the security deposit occupied by the contract, and its amount is calculated according to a certain proportion of the total contract price. When the buyer and the seller reach a transaction, the exchange collects the trading margin from the buyer and the seller according to the published standards and the trading positions.
Settlement reserve refers to the funds prepared in advance by settlement members in the special settlement account of the exchange, which is the deposit not occupied by the contract. The minimum balance of the settlement reserve shall be paid by the member's own funds. Trading ownership adjusts the minimum balance standard of settlement reserve of settlement members according to market conditions.
The trading margin charged by clearing members from non-clearing members and investors shall not be lower than that charged by the Exchange from clearing members. The trading margin charged by non-settlement members from investors shall not be lower than that charged by settlement members from non-settlement members. The self-operated business of a clearing member can only be conducted through its special self-operated settlement account, and its margin must be settled separately from its brokerage business.
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