Exchange:
1. member of futures exchange: domestic registered legal person or other economic organization.
2. No person in charge of the exchange or accountant: less than 5 years after being dismissed or disqualified.
3. Responsibilities of the Exchange: providing facilities and services, designing and arranging the listing of contracts, organizing and supervising the settlement and delivery of transactions, providing performance guarantee for transactions, supervising and managing members, and others.
4. Futures exchanges shall not participate in futures trading, and shall not engage in trust investment, stocks and non-self-use real estate business.
5. Establish a risk management system: margin, no debt on the day, price limit, position limit, large position report, risk reserve, etc. (Establish a settlement guarantee fund for graded settlement)
6. Take emergency measures and report to the CSRC immediately in case of abnormal situation: increase the margin, adjust the range of price limit, limit the maximum position, suspend trading, etc.
7. Abnormal circumstances: manipulation of futures prices, irresistible emergencies and others.
8. Require the approval of the CSRC: formulate and modify the trading rules of the company's articles of association, cancel the trading varieties after the termination of listing, change and terminate the contract after listing, change the domicile, merge and dissolve, and others.
9, the income of the futures exchange is first used to ensure the improvement of the operation of the exchange.
Futures company:
1. Application conditions: the minimum registered capital is 30 million yuan, and the actual controller of the major shareholder has no illegal record within 3 years.
2. The monetary contribution of shareholders shall not be less than 85%. Necessary monetary or non-monetary assets contributed by a futures company.
3. Reply: the State Council Futures Regulatory Authority will reply within 6 months.
4. Prohibited businesses of futures companies: futures self-operation, related party financing and external guarantee.
5. Require the approval of the State Council Futures Regulatory Authority: merger, division, suspension, dissolution, bankruptcy (20 days), change of business scope (20 days), change of registered capital and equity structure adjustment (February), change of new shareholders or controlling shareholders holding more than 5% equity (20 days), overseas futures operating institutions (20 days) and others (February).
6. Agency to be dispatched: change of legal person (20 days), change of domicile (20 days), domestic branch (February), change of business scope of domestic branch (20 days), other (20 days).
7. Cancellation: revocation of business license, failure to start business within 3 months after establishment, suspension of business for 3 months without justifiable reasons, initiative, others.
Trading rules:
1, risk statement first, and then sign a written contract. No profit guarantee shall be made, and no interest sharing or risk sharing shall be agreed in the brokerage business.
2. Can't engage in futures: state organs and institutions, regulatory agencies, futures exchanges, margin depository institutions, futures associations, securities and futures markets are prohibited from entering, and they do not provide proof of account opening.
3. Exchange disclosure: trading volume, trading price, positions, highest and lowest prices, opening price and closing price.
4. Not open: price forecast
5. The deposit can be transferred: to pay the available funds, deposits received, and to pay the handling fees and taxes.
6, the futures exchange unified organization of futures trading settlement.
7, banks engaged in futures trading financing guarantee, subject to the approval of the banking regulatory authorities.
Futures Association:
1 is a self-regulatory organization and a social group legal person.
2. Authority: General Meeting of Members
3. Responsibilities: Educate and organize members, formulate industry self-discipline rules, identify the qualifications of employees, accept customer complaints, mediate disputes and provide business training.
The State Council supervision and management institutions:
1. responsibilities: formulate rules and regulations, have the power of examination and approval, supervise variety activities, supervise all participants, formulate qualification standards and management measures for futures practitioners, publicize regulatory information, and supervise associations.
2. Measures: on-site inspection, investigation and evidence collection, description of requirements, registration of property rights, transaction records, financial information, margin account and bank account, and limit the transaction to no more than 15 days, which is extremely complicated for 30 days.
3. Submission (exchanges, futures companies, margin depository institutions): accounting reports, business data, others.
4. Investor Protection Fund: the State Council Futures Regulatory Authority and the State Council Ministry of Finance shall formulate measures for raising, managing and using it.
5. Depository custodian: daily audit.
6. Formulate the rules for the continuous operation of futures companies: the ratio of net capital to net assets, the ratio of net capital to domestic and overseas business scale, and the ratio of current capital to current liabilities.
7. Risk: You can talk to the senior management of the futures company. If you don't change, you can limit all kinds of activities. Remove the measures within 3 days after the change is qualified. If you fail, you will be disqualified.
8. Major risks occur: business is suspended for rectification, and it is forbidden for senior executives to leave the country or transfer property.
Report within 9 or 5 days: major litigation and arbitration, stock right freezing or guarantee or major events of the futures company.
Measures for the Administration of Investor Protection Funds (2007)
1. Setting purpose: to supplement the margin loss of investors.
2. Feeding principle: take it from the market and use it in the market.
3. Management and use of China Securities Regulatory Commission
4. Management principle: open, reasonable and effective.
5. Principle of application: protection of legitimate rights and interests and fair assistance.
6. Start-up capital: By the end of February 2006, 65,438+05% of the total risk reserve has been paid.
7. Follow-up source: the transaction fee of the exchange is 3%, and the futures company accounts for 5~ 10 ‰ of the agency transaction amount.
8. The Exchange shall make payment within 15 days after the end of each quarter. Accept social donations, interest income belongs to the security fund itself.
9. Suspension of payment: the total amount is 800 million; An exchange or company encounters sudden risks or force majeure.
10, application: limited to deposits, national debt, bank bonds, etc.
1 1. Financial supervision of securities investment funds: Ministry of Finance. Business supervision: CSRC.
12, and the principle of compensation: individual 65438+100,000 yuan is fully compensated, exceeding 90%. The institutional investment is 654.38+100000 yuan, exceeding 80%. The insufficient compensation is supplemented by subsequent payments. After compensation, the security fund has the right to receive compensation and participate in liquidation.
13, the use of funds must be reported to the CSRC and the Ministry of Finance.
Measures for the Administration of Futures Exchanges (2007)
1. Exchange: membership system (equal share subscription) and company system. Under the supervision of China Securities Regulatory Commission, it was established with the approval of China Securities Regulatory Commission. Mark: A commodity exchange or a futures exchange.
2. Duties: trading rules, releasing market information, supervising futures behaviors and investigating irregularities.
3. Application materials: the draft articles of association and trading rules, the list of members or shareholders to be added, the list of senior managers to be employed, resumes of candidates for the board of directors or directors and supervisors, and proof of funds for venues and equipment, etc.
4. Articles of association of the exchange: basic business system (not all), rights and obligations of members, etc.
5. Need the approval of the CSRC: change the name and registered capital; Share swap and merger (merger by absorption, merger by separation) and division.
6. Report to CSRC: Exchange networking (/kloc-report within 0/0 days)
7. Dissolution of the exchange: the business expires, and the shareholders' meeting decides, and the CSRC decides. Membership futures exchange
8. The functions and powers of the general meeting of members: to decide on the increase or decrease of registered capital, merger, division, dissolution and liquidation of the Exchange, and other matters submitted by the board of directors. In addition, they have been approved or audited. Elect and replace member directors.
9. General meeting: convened by the Council once a year. Temporary members: the board of directors has insufficient members. According to the Articles of Association, 2/3, 1/3 members jointly proposed that it was necessary for the board of directors. Presided over by the chairman, the minutes of the meeting will be notified to members before 10. The shareholders' meeting shall be valid only if more than two thirds of the members are present, and shall be reported to the China Securities Regulatory Commission within 10 days after the meeting.
10. Board of Directors: The term of office is 3 years, and it is responsible for the general meeting of members. (Its functions and powers: to decide on the establishment of special committees, the acceptance and withdrawal of members, disciplinary actions, the change of the name and domicile of the exchange, the employment of accounting firms, etc., and to review and supervise other matters. ) Member directors (elected by the general meeting of members) and non-member directors (dispatched by the CSRC) 65,438+0 directors and 65,438+0 ~ 2 deputy directors are nominated by the CSRC and approved by the board of directors. The chairman does not concurrently serve as the general manager.
1 1. The board of directors shall be convened once every six months, and the directors shall be notified 10 days before the meeting (tentatively: 1/3, proposed by the CSRC and stipulated in the Articles of Association of the Exchange).
12. The board of directors may set up special committees for supervision, trading, settlement, delivery, membership review, disciplinary action, mediation, finance and technology.
13. General manager 1 person, and several deputy general managers (all appointed and removed by the CSRC). The term of office of the general manager is 3 years, with a maximum of 2 consecutive terms. The general manager is a legal person of the futures exchange and an ex officio director.
14. Functions and powers of the general manager: to implement the rules and resolutions of the shareholders' meeting and the board of directors, preside over the daily work of the exchange, decide on the use of settlement guarantee, decide on the establishment of institutions and dismissal of staff, decide on wages and rewards and punishments, and draw up other matters (risk reserve use plan, development plan, annual plan, financial budget and final accounts, merger and dissolution plan of the exchange, change of name and residence).
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.