New regulations on futures margin management
The CSRC issued a document saying that the Interim Measures for the Management of Closed Margin of Futures Brokerage Companies (Jian Zheng Futures Zi [2004] No.45, hereinafter referred to as the "Measures") was revised in order to meet the needs of legal construction and business development in the futures market and strengthen the management of closed margin of futures.
For the revision of this method, the CSRC said that it mainly stems from the following reasons:
First, it is incompatible with the current laws and regulations. Including some clauses in the Measures, are inconsistent with the current laws and regulations, business status and regulatory practice, and need to be coordinated.
Second, it is incompatible with strengthening the duties of deposit banks. In recent years, the margin account of futures companies has been frozen irregularly by the competent authorities, which has become a major problem that puzzles the normal operation of the company's business.
Third, it is incompatible with the opening of the futures market. In recent years, the pace of opening up the futures market has gradually accelerated, but overseas participants such as overseas traders have not explicitly included the management of margin closed circle in the rules, which needs to be supplemented and improved.
Eight main points of the draft for comment
In the Interim Measures for the Management of Margin Closure of Futures Brokerage Companies published this time, the main points of Wind's combing are as follows:
1, about the deposit. According to the principle of closed operation, the customer margin of a futures company must be fully deposited in the depository bank and managed separately from the futures company's own funds. It is strictly forbidden for futures companies to misappropriate margin.
2. Account management of futures companies. A futures company shall open a margin account with the depository bank, which is specially used for depositing the margin. A futures company may open margin accounts with a number of depository banks according to its business needs, but it must designate one depository bank as the host depository bank. In addition, the futures company shall open a special self-owned fund account with the sponsoring depository bank.
At the same time, it is pointed out that under special circumstances, the futures company can apply to the monitoring center to temporarily designate another depository bank as the custodian depository bank.
3. Investor account management. Customers engaged in futures trading shall open or designate a bank settlement account for deposit and withdrawal in their own name as a futures settlement account. Where a customer changes his futures settlement account, he shall register the change with the futures company.
In addition, customers can register futures settlement accounts of multiple depository banks with futures companies.
4. About the operation of the fund. The margin can be transferred between the margin account of the futures company, the special fund account opened by the futures company at the depository bank outlets designated by the futures exchange, and the fund account of the futures company at the futures exchange and other futures settlement institutions. The above accounts together constitute a margin closed circle. The deposit can only be circulated in a closed circle and operated in a closed way.
In addition, if a futures company engages in stock option brokerage business, stock option opening business and stock spot brokerage business related to exercise, the deposit accounts of customer funds such as futures margin, option margin, premium and exercise funds shall be managed separately from the deposit accounts of customer-related spot funds, and funds shall not be transferred to each other.
At the same time, it is emphasized that it is strictly forbidden to misappropriate the occupation deposit in disguised form by means of pledge.
5. Explanation of insufficient margin. When customers overdraw or wear positions in futures trading, resulting in insufficient margin, the futures company shall make up the margin with its own funds in time, and shall not occupy the margin of other customers.
At the same time, when the margin is supplemented with self-owned funds, it shall be transferred to the margin account opened and designated by the sponsoring depository bank through the special self-owned fund account.
6. About account specification. When a futures company opens or changes a margin account or a special self-owned fund account, it shall file with the monitoring center on the same day. The futures company shall not use the account until it is confirmed that the depository bank normally submits the account information through the investor inquiry service system.
7. About standard verification. The monitoring center conducts daily audit on the following matters according to the data of closed margin circle funds submitted by depository banks, futures exchanges and other futures settlement institutions:
(1) Customer rights and interests submitted by futures companies. The fund balance of the closed margin circle of a futures company shall be greater than or equal to the rights and interests of all customers in the current period.
(2) the futures company's own funds in the closed margin circle. The balance of self-owned funds in the closed margin circle of a futures company shall be greater than or equal to the minimum requirements of supervision for self-owned funds.
8. Account freezing restrictions. Depository banks should make special marks on the margin accounts in the system, and limit the overall freezing setting in the relevant network check and control platforms.
At the same time, if the margin account is frozen or deducted, the depository bank shall report to the monitoring center in time.