Article 1 These Detailed Rules are formulated in accordance with the Measures for the Administration of Margin Trading of Securities Companies, the Trading Rules of Shanghai Stock Exchange and the relevant business rules of this Exchange for the purpose of regulating margin trading, maintaining the order of the securities market and protecting the legitimate rights and interests of investors.
Article 2 The term "margin trading" as mentioned in these Detailed Rules refers to the behavior that investors provide guarantees to securities companies (hereinafter referred to as members) of Shanghai Stock Exchange (hereinafter referred to as the Exchange), borrow funds to buy securities listed in the Exchange or borrow securities listed in the Exchange and sell them.
Article 3 These Detailed Rules shall apply to the margin trading of this Exchange. Where there are no provisions in these Rules, the Trading Rules of Shanghai Stock Exchange and other relevant provisions of this Exchange shall apply.
Chapter II Business Process
Article 4 This Exchange shall manage the trading authority of margin financing and securities lending. A member applying for the trading authority of margin trading of this Exchange shall submit a written application report and the following materials to this Exchange:
(a) the securities business license issued by the China Securities Regulatory Commission (hereinafter referred to as the "China Securities Regulatory Commission") and other approval documents related to margin trading;
(2) Relevant documents on the implementation plan and internal management system of margin financing and securities lending business;
(3) A list of senior managers and business personnel in charge of margin trading and their contact information;
(4) Other materials required by this Exchange.
Article 5 When engaging in margin trading in this Exchange, a member shall open a special securities account for margin trading, a securities account for customer credit transaction guarantee, a special fund account for financing and a fund account for customer credit transaction guarantee in accordance with relevant regulations, and report to this Exchange for filing within 3 trading days after opening the account.
Article 6 Before borrowing and selling securities from customers, members shall sign a contract for borrowing and selling securities and a risk disclosure statement for borrowing and selling securities with customers in accordance with relevant regulations, and open credit securities accounts and credit fund accounts for them.
Article 7 Investors conducting margin trading in this Exchange through members shall select members to open credit securities accounts for them in accordance with relevant regulations.
The opening and cancellation of credit securities accounts shall be handled in accordance with the relevant provisions of the members and the registration and settlement institutions designated by this Exchange.
When opening a credit securities account for a customer, a member shall declare the market unit number to be designated for trading. The application for designated trading of credit securities accounts shall be accepted by the designated registration and settlement institution entrusted by this Exchange.
Article 8 If a member's authority for margin trading is cancelled, it shall sign relevant margin trading contracts with customers as agreed, and may not conduct new margin trading.
Article 9 When a member accepts the entrustment of a customer's margin trading, it shall make a declaration in the format prescribed by this Exchange, and the declaration instruction shall include the customer's credit securities account number, marketing unit code, securities code, trading direction, price, quantity, margin trading identification, etc.
Article 10 The declared number of margin purchase and short sale is 65,438+000 shares (shares) or an integral multiple thereof.
Article 11 The declared price of securities sold by short selling shall not be lower than the latest trading price of the securities. If there is no transaction on that day, the declared price shall not be lower than its previous closing price. The declaration below the above price is invalid.
During short selling, if an investor holds the same securities as the short-selling target through a securities account owned or controlled by him, the selling price of the securities shall comply with the provisions of the preceding paragraph, except for the part exceeding the short-selling amount.
Article 12 This Exchange does not accept the declaration of the market price of securities lending.
Article 13 After financing to buy securities, customers can return the integrated funds to members by selling securities or directly repaying them.
Selling securities repayment refers to a repayment method in which customers declare selling securities through their credit securities accounts, and the proceeds from selling securities are directly transferred to members' financing special fund accounts at the time of settlement.
If the funds are repaid by direct repayment, the specific operation shall be handled in accordance with the agreement between the member and the customer.
Article 14 After a customer sells securities through short selling, he can return the short selling to members by buying and returning directly.
Buying securities and returning securities refers to a way that customers declare buying securities through their credit securities accounts, and directly transfer the purchased securities to members' special securities accounts for securities lending during settlement.
If the integrated securities are repaid by direct repayment of principal and interest, it shall be handled in accordance with the agreement between members and customers and the relevant provisions of the registration and settlement institutions designated by this Exchange.
Article 15 When an investor sells the purchase income of the open contract securities in the credit securities account, he must first repay the investor's debt for margin financing and securities lending.
Article 16 Before the relevant securities lending transactions are concluded, the proceeds from the sale of securities by investors shall not be used for other purposes except for the purchase of resale securities.
Article 17 The term of margin financing and securities lending agreed between a member and a customer shall be counted from the date when the customer actually uses the funds or securities, and the maximum term of margin financing and securities lending shall not exceed 6 months.
Article 18 Special securities accounts for margin financing and securities lending of members shall not be used for securities trading.
Article 19 An investor's credit securities account shall not buy, sell or transfer securities other than those that can be used to offset the deposit, nor shall it be used to participate in the private placement, subscription and redemption of securities investment funds, bond repurchase transactions, etc.
Article 20 Block trading shall not be adopted for margin financing and securities lending for the time being.
Article 21 If an investor fails to pay the collateral in full on time or fails to repay the margin financing and securities lending debts due, the member shall take compulsory liquidation measures to dispose of the customer's collateral in accordance with the agreement, and the insufficient part can be recovered from the customer.
Article 22 Where a member takes compulsory liquidation measures according to the agreement with the customer, it shall declare the compulsory liquidation instruction in the format specified by this Exchange, and the declaration instruction shall include the customer's credit securities account number, marketing unit code, securities code, trading direction, price, quantity, liquidation mark and other contents.
Chapter III Basic Securities
Article 23 The following securities listed and traded in this Exchange may be used as the underlying securities for financing purchase or short selling (hereinafter referred to as "the underlying securities") with the approval of this Exchange:
(1) Stocks that meet the requirements of Article 24 of these Rules;
(2) Securities investment funds.
(3) bonds;
(4) Other securities.
Article 24 Where the underlying securities are stocks, the following conditions shall be met:
(1) It has been listed and traded in this Exchange for more than 3 months;
(2) The circulating share capital of the underlying stocks purchased by financing is not less than 6,543.8 billion shares or the circulating market value is not less than 500 million yuan, and the circulating share capital of the underlying stocks sold by securities lending is not less than 200 million shares or the circulating market value is not less than 800 million yuan;
(3) The number of shareholders is not less than 4,000;
(4) The following circumstances have not occurred in the last three months:
1, the average daily turnover rate is lower than 15% of the average daily turnover rate of the benchmark index, and the average daily turnover is less than 50 million yuan;
2. The deviation between the daily average fluctuation and the daily average fluctuation of the benchmark index is more than 4%;
3. The fluctuation range is more than 5 times of the benchmark index.
(5) The stock issuing company has completed the share-trading reform;
(6) The stock trading has not been specially handled by this Exchange.
(7) Other conditions stipulated by this Exchange.
Article 25 Where the underlying securities are listed open index funds, the following conditions shall be met:
(a) listed for more than three months;
(2) Its average daily assets in the last three months are not less than 2 billion yuan;
(3) The number of fund holders shall be no less than 4,000.
Unless otherwise provided by this Exchange.
Article 26 In accordance with the principles of strict to wide, small to large, and gradual expansion, this Exchange selects and determines the list of basic securities from the range of securities that meet the requirements of these Detailed Rules, and announces it to the market.
The Exchange may adjust the selection criteria and list of underlying securities according to market conditions.
Article 27 The list of the underlying securities announced by members to customers shall not exceed the scope of the underlying securities announced by this Exchange.
Article 28 When the trading of the underlying securities is suspended, members and their customers may sign relevant margin trading contracts according to the agreement of both parties.
Where the trading of the underlying securities is suspended and the resumption date is after the maturity date of the debt of margin financing and securities lending, the term of margin financing and securities lending may be extended, and the specific extension period shall be agreed by the members and their customers themselves.
Article 29 If the trading of the underlying stock is subject to special treatment, this Exchange will adjust it out of the scope of the underlying securities from the date when the stock is subject to special treatment.
Article 30 If the underlying securities enter the delisting procedure, this Exchange will adjust them out of the scope of the underlying securities from the date when the voluntary pedestrians issue relevant announcements.
Article 31 Where the securities are adjusted out of the scope of the underlying securities, the margin financing and securities lending contracts that have not been settled before the adjustment is implemented are still valid. Members and their customers can conclude relevant margin financing and securities lending contracts in advance according to the agreement of both parties.
Chapter IV Margin Financing and Securities Lending
Article 32 A member shall charge a certain percentage of margin to the customer for margin financing and securities lending. The deposit can be offset by the underlying securities and other securities recognized by this Exchange.
Article 33. When calculating the amount of the security deposit, the securities that can be used to cover the security deposit shall be converted according to the market value or net value of the securities and at the following conversion rates:
(1) The highest conversion rate of the constituent stocks of the Shanghai Stock Exchange 180 index does not exceed 70%, and the highest conversion rate of other A-share stocks does not exceed 65%. The conversion rate of A-share stocks that have been suspended for special treatment is 0%;
(2) The maximum conversion rate of exchange-traded open index funds shall not exceed 90%;
(3) The highest conversion rate of national debt does not exceed 95%;
(4) The maximum conversion rate of other listed securities investment funds and bonds shall not exceed 80%;
(5) The conversion rate of warrants is 0%.
Article 34 This Exchange follows the principle of prudence, examines and determines the list of securities that can be used for margin financing and securities lending, and announces it to the market.
The exchange may adjust the list of securities that can be used as margin and the conversion rate according to market conditions.
Article 35 The list of securities that can be used for margin financing and securities lending published by members shall not exceed the scope of securities that can be used for margin financing and securities lending published by this Exchange.
Members can determine different conversion rates for various securities that can be used as margin according to indicators such as liquidity and volatility.
The conversion rate of securities that can be used to offset the margin announced by members shall not be higher than the standards stipulated by this Exchange.
Article 36 When investors buy securities by financing, the ratio of margin financing and securities lending shall not be less than 50%.
Margin ratio refers to the ratio of the margin paid by investors when they buy financing to the financing transaction amount, and the calculation formula is:
Margin ratio = margin/(number of securities purchased by financing× purchase price )×100%.
Thirty-seventh investors sell securities, securities margin ratio shall not be less than 50%.
Margin ratio refers to the ratio of the margin paid by investors when selling securities to the trading volume of securities, and the calculation formula is:
Margin ratio = margin/(number of securities sold by margin× selling price )×100%.
Thirty-eighth investors margin margin shall not exceed the available margin balance.
Available margin balance refers to the total amount of margin converted from cash, securities market value and floating surplus generated by margin trading, minus the margin occupied by investors in open margin trading and related interest and expenses. Its calculation formula is:
Available balance of margin = cash+∑ (market value of securities that can cover margin × discount rate)+∑ [(market value of securities bought by financing-amount of securities bought by financing )× discount rate]+∑ [(amount of securities sold by financing-market value of securities sold by financing )× discount rate]-∑ amount of securities sold by financing-∑ amount of securities bought by financing × margin rate.
In the formula, the number of securities sold by margin trading = the number of securities sold by margin trading × the selling price, the market value of securities sold by margin trading = the number of securities sold by margin trading × the market price, and the number of securities sold by margin trading refers to the number of securities that have not been repaid after margin trading; ∑ [(market value of securities bought by financing-amount of securities bought by financing )× discount rate] and ∑ [(market value of securities sold by financing-amount of securities sold by financing )× discount rate] refer to the corresponding discount rate of securities bought by financing. When the market value of securities bought by financing is lower than that of securities bought by financing or higher than that of securities sold by margin trading, the conversion rate is calculated as 100%.
Article 39 The margin collected by members from customers and all the funds obtained by customers from financing to buy securities and selling securities by short selling shall be used as collateral for debts owed by customers from short selling to members.
Article 40 Members shall monitor the collateral submitted by customers as a whole and calculate the proportion of collateral held by them. Maintenance guarantee ratio refers to the ratio between the customer's collateral value and its margin financing and securities lending debt, and the calculation formula is:
Maintenance guarantee ratio = (cash+total market value of securities in credit securities account)/(financing purchase amount+securities sold by short selling × current market price+total interest and expenses)
When the securities in the customer's credit securities account are transferred out of the range of securities that can be used as margin, trading is suspended, or special treatment is carried out, or the securities in transit have not yet arrived due to equity treatment, members can calculate their market value according to fair price or other pricing methods according to the agreement with customers when calculating the proportion of customer maintenance guarantee.
Article 41 The proportion of customers' guarantee shall not be less than 130%.
When the customer maintains the guarantee ratio below 130%, the member shall notify the customer to add the collateral within the agreed time limit. The above period shall not exceed 2 trading days.
The maintenance guarantee ratio after the customer adds collateral shall not be less than 150%.
Article 42 When the maintenance guarantee ratio exceeds 300%, the customer may withdraw cash or securities from the available balance of the deposit to pay for the deposit, but the withdrawn maintenance guarantee ratio shall not be less than 300%. Unless otherwise provided by this Exchange.
Article 43 When this Exchange deems it necessary, it may adjust the margin ratio of margin financing and securities lending and the standard for maintaining the guarantee ratio, and make it known to the market.
Article 44 The ratio of margin for margin financing and securities lending and maintenance margin announced by members shall not be lower than the standard stipulated by this Exchange.
Article 45 An investor shall not submit the secured securities or other third-party rights, or the securities that have been seized or frozen by judicial measures as collateral, and members shall not lend such securities to customers.
Chapter V Information Disclosure and Reporting
Article 46 A member shall submit to the Exchange the data of financing purchase amount, financing repayment amount, financing balance, financing and securities lending sales amount, financing and securities lending repayment amount and margin of each underlying securities before 22: 00 every trading day.
Members shall guarantee the authenticity, accuracy and completeness of the submitted data.
Article 47 Before the opening of the market every trading day, the Exchange shall publish the following information to the market according to the data submitted by its members:
(1) The trading information of the single underlying securities in the previous trading day, including the financing purchase amount, financing balance, selling amount and margin information;
(2) Information on the total amount of market margin trading in the previous trading day.
Article 48 Members shall report the development of monthly margin trading and securities lending business to this Exchange within 7 working days after the end of each month.
Chapter VI Risk Control
Article 49 When the financing balance of a single underlying securities reaches 25% of the circulating market value of listed securities, this Exchange may suspend its financing purchase on the next trading day and make an announcement to the market.
When the financing balance of the underlying securities falls below 20%, the exchange can resume financing purchase on the next trading day and announce it to the market.
Article 50 When the short-selling margin of a single underlying securities reaches 25% of the listed liquidity of the securities, this Exchange may suspend its short-selling trading on the next trading day and make an announcement to the market.
When the margin of the underlying securities falls below 20%, the exchange can resume short selling on the next trading day and announce it to the market.
Article 51 This Exchange shall monitor the market margin trading. When the margin trading is abnormal, the Exchange may take the following measures as appropriate and announce them to the market:
(1) Adjusting the standard or scope of the underlying securities.
(2) Adjusting the conversion rate of securities that can be used to offset the margin;
(3) Adjusting the margin ratio of margin financing and securities lending;
(4) Adjust and maintain the guarantee ratio.
(5) Suspension of financing buying or short selling of specific underlying securities.
(6) suspending the purchase or sale of securities financing in the whole market.
(7) Other measures deemed necessary by the Exchange.
Article 52 In case of abnormal trading behavior in margin trading, the Exchange may, as appropriate, take measures such as restricting trading in relevant securities accounts.
Article 53 Members shall, in accordance with the requirements of this Exchange, monitor the margin trading of customers, and actively and timely report the abnormal margin trading behavior of customers to this Exchange.
Article 54 An exchange may inspect the internal control system, business operation norms, risk management measures, safe operation of trading technology systems and implementation of relevant business rules of the exchange as required.
Article 55 If a member violates these Rules, the Exchange may take relevant regulatory measures and penalties against him according to relevant regulations, and suspend or cancel his authority to conduct margin trading on the Exchange as appropriate.
Chapter VII Other Matters
Article 56 The shares held by a member through a securities account secured by a customer's credit transaction are not included in its own shares, and the member does not need to fulfill the corresponding information reporting, disclosure or tender offer obligation due to the change of the number of shares in the account.
When investors and their concerted parties hold a listed company's shares and their rights and interests in total through ordinary securities accounts and credit securities accounts, or their increase or decrease reaches a prescribed proportion, they shall fulfill the corresponding obligations of information reporting, disclosure or tender offer according to law.
Article 57 The securities in a customer's credit transaction secured securities account shall be exercised by members in their own names for the benefit of customers. When exercising the issuer's rights, members shall solicit the opinions of customers in advance and act according to the opinions of customers. If the customers do not express their opinions, members shall not take the initiative to exercise their rights against the issuer.
The rights to the issuer mentioned in the preceding paragraph refer to the rights arising from the holding of securities to request the convening of securities holders' meetings, attend securities holders' meetings, put forward proposals, vote, subscribe for allotment of shares, request the distribution of investment income and so on.
Article 58 The handling of securities rights and interests such as dividends, bonuses and allotment in securities accounts secured by credit transactions of member customers shall be handled in accordance with the Measures for the Administration of Margin Trading of Securities Companies and the relevant provisions of the registration and settlement institutions designated by this Exchange.
Chapter VIII Supplementary Provisions
Article 59 The meanings of the following terms in these Rules are:
(a) the average daily turnover rate is the average daily turnover rate of the securities or benchmark index in the past three months;
(2) The average daily increase and decrease is the average of the absolute daily increase and decrease of the index securities or benchmark index in the last three months;
(3) The fluctuation range is the ratio of the difference between the highest price and the lowest price of the index securities or benchmark index and the average value of the highest price and the lowest price in the last three months;
(4) The benchmark index refers to the Shanghai Composite Index;
(5) Abnormal trading behavior refers to the abnormal trading behavior stipulated in the Trading Rules of Shanghai Stock Exchange.
(6) The market value of a listed open-end index fund refers to the product of its closing price on the current day and its share after liquidation on the current day.
Article 60 Investors can only transfer the allotment shares issued in Shenzhen market to Shenzhen ordinary securities account and submit them through Shanghai ordinary securities account as the guarantee for margin financing and securities lending.
Investors can only submit the allotment shares issued in Shanghai market as collateral for margin financing and securities lending to Shanghai ordinary securities account through Shenzhen ordinary securities account.
Article 61 The specific rules for settlement and delivery of margin trading reached in accordance with these Detailed Rules shall be implemented in accordance with the provisions of the registration and settlement institution designated by this Exchange.
Article 62 The terms "exceeding", "less than" and "less than" mentioned in these Detailed Rules do not include this number, while "above", "below" and "reaching" all include this number.
Article 63 The Exchange shall be responsible for the interpretation of these Detailed Rules.
Article 64 These Rules shall come into force as of the date of promulgation.