1. The transaction price is the price formed after the exchange computer automatic matching system sorts the transaction declarations according to the principle of price priority and time priority. When the buying price is greater than or equal to the selling price, the transaction is automatically matched. The matching transaction price is equal to the middle value of the buying price, selling price and the previous transaction price.
2. Trading orders are divided into limit orders, cancellation orders and other orders stipulated by the Exchange. The maximum order quantity of a limit order is 500 lots at a time, and the minimum order quantity of a trading order is 1 lot. The quotation of the trading order can only be within the price fluctuation limit.
3. The Exchange implements the transaction coding filing system. Trading code refers to the special code for futures trading between members and customers, which is divided into non-futures company member trading code and customer trading code.
4. The Exchange provides members, customers and the public with real-time, daily, weekly, monthly and annual futures trading information.
Key points of settlement rules
Settlement refers to the business activities of calculating and distributing members' trading margin, profits and losses, handling fees, settlement funds and other related funds according to the trading results and relevant regulations of the exchange.
1. The Exchange shall open special settlement accounts in depository banks to deposit members' deposits and related funds. Members shall open a special fund account in the depository bank for depositing the deposit and related funds. The exchange of futures business funds between the exchange and its members shall be handled through the special settlement account of the exchange and the special fund account of the members.
2. The Exchange shall manage the deposits deposited by members in the special settlement account of the Exchange in separate accounts, set up a detailed account for each member, and register and calculate their deposits and withdrawals, profits and losses, trading deposits and handling fees. In chronological order. Members of a futures company shall separately manage the deposits deposited by customers in the special fund accounts of members, set up detailed accounts for each customer, and register and account the deposits and withdrawals, profits and losses, trading deposits and handling fees of customers. In chronological order.
3. The Exchange implements the margin system. Margin is divided into settlement reserve and trading margin. Settlement reserve refers to the funds prepared in advance by members in the special settlement account of the exchange for transaction settlement, which is the deposit not occupied by the contract. Trading margin refers to the funds deposited by members in the special settlement account of the exchange to ensure the performance of the contract, which has been occupied by the contract.
4. The Exchange implements the debt-free settlement system on the same day. The debt-free settlement system of the day refers to the exchange's settlement of profits and losses, trading deposits, handling fees, taxes and other expenses of all contracts at the settlement price of the day after the daily trading, and the net transfer of accounts receivable and payable, and the corresponding increase or decrease of members' settlement reserves.
5. At the end of each day, if the settlement reserve after settlement is lower than the minimum balance, members must replenish the funds to the minimum balance of the settlement reserve before the opening of the next trading day. If it is not replenished in time, if the balance of settlement reserve is greater than zero and lower than the minimum balance of settlement reserve, it is forbidden to open new positions; If the balance of settlement reserve is less than zero, the Exchange will carry out "forced liquidation" according to relevant risk control management regulations.
Key points of delivery rules
Physical delivery refers to the process in which when a futures contract expires, both parties to the transaction settle the expired open contract by transferring the ownership of the goods contained in the contract.
1. After the last trading day of the contract, all holders of open contracts shall perform the contract through physical delivery. The physical delivery of customers shall be handled by members and conducted on the exchange in the name of members. Natural person customers are not allowed to make physical delivery of gold (1578.00,9 9. 10/0,0.58%). After the close of the third trading day before the last trading day of the gold futures contract, the natural person customer holds 0 lots in the gold futures contract.
2. Delivery Procedure First delivery date: the seller delivers the standard warehouse receipt. The seller shall submit to the exchange a valid standard warehouse receipt (up to and including the fifth delivery date) that has paid the storage fee. The second delivery date: the exchange issues standard warehouse receipts. Third delivery date: the buyer pays the bill. The buyer must deliver the goods to the exchange and obtain the standard warehouse receipt before the third delivery date 14: 00. When the seller receives the payment, the exchange will pay the payment to the seller before the third delivery date 16: 00. The fourth and fifth delivery days: the seller delivers the invoice.
3. Exchange procedures of standard warehouse receipts in physical delivery:
(1) The seller's customer authorizes the standard warehouse receipt to handle the physical delivery business for the seller's members;
(2) Seller members submit standard warehouse receipts to the Exchange;
(3) The Exchange distributes standard warehouse receipts to the buyer members;
(4) The buyer's member distributes the standard warehouse receipt to the buyer's customers;
4, warehousing and outbound
(1) The consignor shall apply for warehousing declaration (delivery forecast) before delivering the goods to the designated delivery warehouse. The contents of warehousing declaration include variety, grade, quantity, delivery unit and planned delivery place. The customer's declaration should be handled through its entrusted members.
(2) If the storage capacity permits, the Exchange will designate the client to pay to the treasury within 3 trading days, taking into account the wishes of the client. The consignor shall deliver the goods to the delivery warehouse specified in the approved warehousing declaration within the validity period stipulated by the exchange. Gold ingots put into storage without the approval of the Exchange or not put into storage within the specified validity period shall not be used for delivery.
(3) After the gold ingots arrive at the designated delivery warehouse, the designated delivery warehouse shall inspect and review the gold ingots and related documents according to relevant regulations. Inspection is divided into two parts: quality inspection and quantity inspection. When warehousing, the owner shall go to the designated delivery warehouse for supervision; If the owner fails to inspect the goods in the warehouse, it shall be deemed that the owner agrees to designate the inspection result of the delivery warehouse.
(4) After the gold ingots are put into storage for acceptance, members shall submit an application for making standard warehouse receipts to the Exchange. After the exchange has passed the examination, it shall notify the designated delivery warehouse to issue standard warehouse receipts in the standard warehouse receipt management system.
(5) When the consignor picks up the goods, he shall submit the application for picking up the goods through the standard warehouse receipt system and select the place for picking up the goods. The Exchange will make overall arrangements for the delivery warehouse at the delivery location selected by the Principal, and determine one of the trading days as the delivery date within five working days after the Principal submits the delivery application. On a trading day before the delivery date, the Exchange will notify the consignor of the delivery date through the standard warehouse receipt management system, and change the trading day to the notification date of the delivery date, and the consignor will make the delivery within two working days from the delivery date.
When the goods are delivered from the designated delivery warehouse, the Standard Warehouse Receipt Delivery Confirmation Form (in duplicate, one for the owner and one for the designated delivery warehouse) shall be filled in in time and kept properly for future reference.
5. Delivery and settlement, over-settlement and invoice process.
(1) When accessing gold ingots, the difference between the net weight of each gold ingot in the warehouse receipt and the standard weight (net weight) of the warehouse receipt is too large or too short. If the difference is positive, it is called positive overflow short, if the difference is negative, it is called negative overflow short. The exchange shall settle the surplus and deficiency separately on the settlement date (i.e. the effective date of the warehouse receipt when the gold ingots are put into storage or the delivery notice date when they are put out of storage). The special invoice for gold settlement refers to the ordinary invoice (including invoice copy, settlement copy and stub copy) printed with the approval of the competent tax authorities and specially used for gold delivery settlement and settlement of foreign exchange overflow.
(2) Gold delivery settlement and invoice process
① delivery and settlement of gold futures: the delivery and settlement price of gold futures is the weighted average price of the transaction price of the contract in the last five trading days according to the volume. At the time of delivery and settlement, the buyer and the seller shall make settlement according to the delivery and settlement price of the contract.
② Settlement of delivery payment: the delivery payment of the buyer and the seller shall be settled according to the standard weight (net weight) of the warehouse receipt. The exchange only settles accounts with members, and the payment of the buyer's customers must be transferred through the buyer's members, and the payment of the seller's customers must be transferred through the seller's members.
(3) Delivery invoice: General invoice shall be issued uniformly at the time of delivery.
④ Delivery invoice circulation: the sellers who are not members of futures companies or customers issue ordinary invoices to the exchange, and the exchange issues special invoices (invoice copies) for gold settlement to the buyers who are not members of futures companies or customers, and provides special invoices (invoice copies) for gold settlement to the sellers who are not members of futures companies or customers, and the stubs of special invoices for gold settlement are kept by the exchange.
⑤ The transmission of invoices and documents between customers and exchanges must be carried out through member units.
(3) Settlement and invoice process of gold storage overflow and shortage.
① Settlement of entry overflow and shortage: gold entry overflow and shortage shall be settled according to the settlement price of the gold futures contract of the latest month listed on the exchange on the trading day before the overflow and shortage settlement date.
(2) Notes related to short interest overflow: For short interest overflow, the gold margin enterprise issues an ordinary invoice to the exchange; The exchange shall issue a special invoice (invoice copy) for gold settlement to the gold margin enterprise, and the stub copy and settlement copy of the special invoice for gold settlement shall be kept by the exchange.
(4) The settlement and invoicing process of gold outbound overflow and shortage.
① Settlement of overflow and shortage of undelivered standard warehouse receipt: when a member or customer (the delivery party) receives the undelivered standard warehouse receipt. In case of overflow and shortage, the exchange will issue a special invoice (invoice copy) for gold settlement to the consignee, and the stub copy and settlement copy of the special invoice for gold settlement will be kept by the exchange; Negative overflow and shortage shall be invoiced by the delivery company to the Exchange.
② Settlement of overflow and shortage of standard warehouse receipts held after delivery: When the standard warehouse receipts held by members or customers after delivery are delivered, the overflow and shortage shall be settled according to the settlement price of gold futures contracts listed on the exchange last month on the trading day before the overflow and shortage settlement date. In addition, the competent tax authorities of the exchange will issue special VAT invoices (deduction coupons) to the buyer members or customers on behalf of the exchange according to the delivery settlement slips, standard warehouse receipt delivery confirmation slips and overflow settlement slips provided by the buyer members or customers, as well as the actual delivery payment (consisting of delivery payment and overflow settlement payment) and the delivery quantity. The invoice copy and bookkeeping copy of the special VAT invoice shall be kept by the transaction party. If the member unit or customer of the delivery party is a non-VAT general taxpayer, no special VAT invoice will be issued.
③ Calculation formula of short-term settlement: short-term settlement = short-term settlement × settlement price of gold futures contract in the latest month listed on the exchange on the trading day before the short-term settlement date.
(5) When the buyer's member or customer picks up the goods and leaves the warehouse, the actual delivery payment consists of delivery payment and short payment settlement payment, in which the delivery payment is determined according to the principle of last in first out.