(A) the deposit system
The minimum trading margin standard for PVC futures contracts is 5%. The margin for trading new positions is charged according to the trading margin at the time of settlement on the previous trading day. Trading margin shall be managed at different levels. With the approach of the delivery date of futures contracts and the increase of positions, the exchange will gradually increase the trading margin ratio.
(B) the price system
Before the delivery month, the monthly fluctuation of PVC contract is limited to 4% of the settlement price of the previous trading day, and the monthly fluctuation of delivery is limited to 6% of the settlement price of the previous trading day.
(3) Warehouse restriction system
Limited positions refer to the maximum number of speculative positions that a member or customer can hold in a contract according to the regulations of the exchange. The same customer has multiple trading codes among members of different futures companies, and the total number of all positions in each trading code shall not exceed the position limit of one customer.
Relevant regulations and procedures for PVC futures delivery
(1) Basic provisions on delivery
1, physical delivery of PVC futures contract.
2. The physical delivery of customers shall be handled by members and conducted on the exchange in the name of members.
3. Individual customers are not allowed to deliver goods.
4. After the closing of the market on the last trading day, all the holders of open contracts will make delivery, and the exchange will implement the "minimum pairing".
Using the principle of "number", the position contract of delivery month is matched by computer. The position corresponding to the trading position of the same customer number is regarded as automatic liquidation, and delivery is not allowed.
5. The flow of VAT invoices is as follows: the delivery seller's customers issue VAT invoices to the corresponding buyer's customers, and the VAT invoices issued by the customers are handed over, collected and verified by the members of both parties, and the exchange is responsible for supervision.
(2) Standard warehouse receipt management
1, standard warehouse receipt generation includes delivery forecast, goods warehousing, inspection, designated delivery warehouse release and exchange registration.
2. Before delivery, the seller must go to the exchange to make delivery forecast and pay a deposit of 20 yuan/ton for delivery forecast.
3. The receiving and delivery weight of the goods shall be subject to the inspection of the designated delivery warehouse, and the warehousing quality shall be inspected by the quality inspection agency designated by the exchange entrusted by the owner.
4. If the delivered goods continue to be delivered in the original designated delivery warehouse, there is no need to apply for delivery forecast, but they must be re-examined according to the futures contract standards.
5. After the goods in storage have been inspected by the designated quality inspection agency, they will be inspected by the designated delivery warehouse and declared to the exchange after passing the inspection.
6. After receiving the complete submission materials, the Exchange shall designate the delivery warehouse to issue the standard warehouse receipt registration application form to members or customers.
7. Members or customers shall go through the registration formalities of standard warehouse receipts at the exchange with the Application Form for Registration of Standard Warehouse Receipts.
8. After the warehouse receipt is generated, it can be used for delivery, transfer, delivery and pledge, and can also be used to offset the futures trading margin.
9. If the PVC produced in China applies for standard warehouse receipt registration, the date of application for registration shall not exceed 120 (including 120) natural days from the date of commodity. If the PVC produced overseas applies for the registration of standard warehouse receipt, the date of application for registration shall not exceed 120 (including 120) natural days from the import date of the import goods declaration form (or the entry date of the entry goods filing list).
10, PVC standard warehouse receipt must be cancelled before the last working day of March every year.
(3) Delivery method and process
PVC delivery includes two ways: futures to spot delivery before delivery month (hereinafter referred to as spot delivery) and one-time delivery after delivery.