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How to implement risk limit system in stock index futures market?
Margin system, margin is divided into settlement reserve and transaction margin. The trading margin standard is stipulated in the futures contract. (2) Price limit system The price limit system is divided into fuse system and price limit system. The range of daily fuse and price limit shall be set by the Exchange, and the Exchange may adjust the range of fuse and price limit of futures contracts according to market conditions. The fuse range of stock index futures contracts is 6% of the settlement price of the previous trading day, and the price limit range is10% of the settlement price of the previous trading day. There is no price limit on the last trading day. After the daily opening, the declared price of the stock index futures contract touches the fuse price for one minute, and the contract starts the fuse mechanism. (3) The position limit system refers to the maximum limit of a contract position unilaterally calculated by members or investors according to the provisions of the exchange. When the same investor opens positions in different members, the total position of a contract shall not exceed the position limit of one investor. (4) Large-scale reporting system. Where an investor's position meets the position declaration standards stipulated by the Exchange, the investor shall declare to the Exchange through the custodian member. The Exchange may, according to the market risk status, formulate and adjust the reporting standards for positions. Investors whose positions meet the reporting standards of the exchange shall report to the exchange before the close of the next trading day. The ownership of the transaction requires investors to make supplementary reports. (5) The compulsory liquidation system refers to the compulsory liquidation measures taken by the Exchange on the positions of member investors according to relevant regulations. (6) Forced lightening system, that is, the exchange closes the open positions declared at the daily limit price, and automatically matches the trading with the profitable investors in the contract according to their positions. If the same investor holds two-way positions, the liquidation declaration of net position will participate in the calculation of compulsory lightening, and other liquidation declarations will automatically hedge their reverse positions. (7) The settlement guarantee system shall be implemented by the Exchange. Settlement guarantee refers to the * * * guarantee funds deposited by settlement members in accordance with the provisions of the exchange to deal with the default risk of settlement members. Settlement guarantee is divided into basic guarantee and variable guarantee. The basic deposit refers to the minimum amount of deposit that a clearing member must pay to participate in the clearing and delivery business of the exchange. Variable guarantee refers to the guarantee that is adjusted with the change of the business volume of clearing members. (8) The risk warning system shall be implemented by the Exchange. When the Exchange deems it necessary, it may take one or more measures, such as requesting reports, talking, written warning reminders, public condemnation, and issuing risk warning announcements, separately or simultaneously, to warn and resolve risks.