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What should the exchange do if the futures customer defaults?
The daily debt-free settlement system ensures that this situation generally does not happen.

But there are also accidents.

For example, the metal has several consecutive daily limit 10, and there are several consecutive daily limit phenomena.

There have been cases where customers are insolvent and customers maliciously use the silver period to transfer funds and let the warehouse enter the account of the futures company.

Your statement that "when a customer defaults in futures trading, the futures exchange will bear the liability for breach of contract with the customer's margin first" is wrong.

First of all, the futures company should bear the liability for breach of contract with the customer's deposit.

"If the margin is insufficient, the exchange shall bear the liability for breach of contract in the name of risk reserve, and thus obtain the corresponding right of recourse against customers." This is also wrong. The futures company should bear the liability for breach of contract on behalf of the risk reserve.