soybean Trading rules
（1） Margin system
The margin ratio of soybean futures contract is 5% of the contract value. The trading margin shall be managed at different levels, and the exchange will gradually increase the trading margin as the delivery period of futures contracts approaches and the amount of positions increases.
The standard for collecting the trading margin of Yellow Soybean No. 1 and Yellow Soybean No. 2 contracts near the delivery period is:
Trading margin during trading period (yuan/hand)
10% of the contract value on the first trading day of the month before the delivery month
15% of the contract value on the sixth trading day of the month before the delivery month
20% of the contract value on the eleventh trading day of the month before the delivery month
25% of the contract value on the sixteenth trading day of the month before the delivery month
30% of the contract value on the first trading day of the delivery month
When the position of Yellow Soybean No. 1 and Yellow Soybean No. 2 contracts changes, the standard for collecting the trading margin is:
Total bilateral positions in the contract month (N) Trading margin (yuan/hand)
N ≤ 5% of the contract value of 400000 contracts
400000 hands
500000 hands
600000 hands
（2） Price limit system
1. Up and down limit system: refers to the maximum daily trading price fluctuation allowed by futures contracts. Quotes exceeding this range will be deemed invalid and cannot be transacted.
When the futures contract has three consecutive limit ups and downs in the same direction, the Exchange will implement compulsory position reduction for the position of the futures contract in accordance with certain principles and methods.
2. There is no continuous unilateral quotation on the up (down) limit: it refers to the situation that a futures contract has a buy (sell) declaration with only the limit price, a sell (buy) declaration without the limit price within 5 minutes before the closing of a trading day, or the transaction is completed as soon as there is a sell (buy) declaration, but the limit price is not opened.
Comparison of price limit of Yellow Soybean No. 2 and No. 1
Trading status Yellow soybean No. 1 Yellow soybean No. 2
General situation 4% 4%
8% 8% on the first day of listing
Delivery month 6% 6%
Comparison of margin and limit adjustment standards
Trading status: daily limit range; margin during trading; margin during settlement
The first stop Yellow Soybean No.1 4% 5% 6%
Yellow soybean 2 4% 5% 6%
The second stop Yellow Soybean No.1 4% 6% 7%
Yellow soybean 2 4% 6% 7%
The third stop Yellow Soybean No.1 4% 7%*
Yellow soybean 2 4% 7%*
（3） Limited warehouse system
The position limit refers to the maximum amount of a certain contract position that can be held unilaterally by members or clients as stipulated by the Exchange.
Position limit of No. 1 and No. 2 members of Yellow Soybean
Member's general monthly contract unilateral position>100000 general monthly contract unilateral position<100000
Broker members<=20% 20000
Non brokerage members<=10% 10000
Customers<=5% 5000
（4） Large household reporting system
The Exchange implements the large account reporting system. When the speculative position of a member or client in a certain type of position contract reaches more than 80% (including this amount) of the speculative position limit specified by the Exchange, the member or client shall report its capital situation and position to the Exchange, and the client shall report through the brokerage member. The Exchange may adjust and change the position reporting level according to the market risk situation.
（5） Compulsory position closing system
Compulsory position closing system: refers to a compulsory measure taken by the Exchange to close positions when members and clients violate the rules.
Note: If a member is overweight, the exchange will determine the number of positions to be closed by the customer according to the proportion between the number of overweight positions of members and the number of speculative positions of members; If there are multiple members with excess positions, they need to forcibly close their positions according to the order of the number of members with excess positions from large to small and the number of members with excess positions from large to small. Members with a large number of excess positions should be selected first as the objects of forced closing positions; If the customer is overweight, the customer's overweight position will be forcibly closed. If the customer holds positions in multiple members, the member will be selected to forcibly close the position according to the order of the number of positions held by the customer. If the member and the customer are out of position at the same time, the position of the customer who is out of position shall be closed first, and then the position shall be closed according to the method of member's out of position.
Soybean meal Trading rules
（1） Trading margin system
The margin ratio of soybean meal futures contract is 5% of the contract value. The trading margin shall be managed at different levels. With the approaching of futures contracts and the increase of positions. The Exchange will gradually increase the proportion of trading margin.
1. Standard for collection of trading margin when the soybean meal contract approaches the delivery period
When the contract is close to the delivery period, the collection standard of trading margin is:
Trading margin of soybean meal during trading period (yuan/hand)
10% of the contract value on the first trading day of the month before the delivery month
15% of the contract value on the sixth trading day of the month before the delivery month
20% of the contract value on the eleventh trading day of the month before the delivery month
25% of the contract value on the sixteenth trading day of the month before the delivery month
30% of the contract value on the first trading day of the delivery month
50% of the contract value on the fifth trading day of the delivery month
2. Ratio of transaction margin collection when the position of soybean meal contract changes
When the contract position of soybean meal changes, the collection standard of trading margin is:
Total bilateral positions in the contract month (N) Trading margin (yuan/hand)
N ≤ 5% of the contract value of 300000 contracts
300000 lots ＜ N ≤ 8% of the contract value of 350000 lots
350000 hands ＜ N ≤ 9% of the contract value of 400000 hands
400000 lots<10% of N contract value
（2） Trading limit system
The limit rise board is the maximum fluctuation range of daily trading price allowed by futures contracts. Any quotation exceeding the limit rise will be deemed invalid and cannot be transacted. The limit limit range of soybean meal futures contract is 3%. If there is no continuous unilateral quotation on the limit rise board in the same direction as that on the Nth trading day within 5 minutes before the closing of the Nth trading day, the trading margin of the contract shall be charged at 8% of the contract value at the time of settlement on the Nth trading day. On the N+2 trading day, the price limit of the contract increased from 3% to 4% (if the original price limit ratio is higher than 4%, the original ratio shall prevail).
（3） Limited warehouse system
The position limit system refers to the maximum amount of speculative positions of a certain contract that can be held unilaterally by members or clients as stipulated by the Exchange.
When the unilateral position of the general monthly contract of soybean meal is more than 100000, the position limit of the broker member in this contract shall not be more than 15% of the unilateral position, the position limit of the non broker member in this contract shall not be more than 10% of the unilateral position, and the position limit of the client in this contract shall not be more than 5% of the unilateral position.
When the unilateral position of the general monthly contract of soybean meal is less than or equal to 100000, the position limit of the brokerage member is 15000, the position limit of the non brokerage member is 10000, and the position limit of the customer is 5000.
The position limit of the soybean meal contract one month before and during the delivery month is:
(Unit: hand)
Time period Brokerage member Non brokerage member client
5000, 3000, 1500 from the first trading day of the month before the delivery month
2000 1500 800 from the tenth trading day of the month before the delivery month
Delivery month 1000, 800, 400
（4） Large household reporting system
When the speculative position of a member or client in a certain type of position contract reaches more than 80% (including this amount) of the speculative position limit specified by the Exchange, the member or client shall report its capital situation and position to the Exchange, and the client shall report through the brokerage member. The Exchange may adjust and change the position reporting level according to the market risk situation.
（5） Compulsory position closing system
The Exchange has the right to compulsorily close the positions of members and clients in any of the following circumstances:
(1) The balance of the member's settlement reserve fund is less than zero and cannot be replenished within the specified time limit;
(The specific implementation date of this provision will be notified separately. The original implementation provision is: the balance of the member's settlement reserve is lower than the minimum amount of the settlement reserve specified by the Exchange and cannot be supplemented within the specified time limit.)
(2) The position exceeds the position limit;
(3) Being punished by the Exchange for compulsory position closing due to violation of regulations;
(4) The position should be closed compulsorily according to the emergency measures of the Exchange;
(5) Other positions that should be closed by force.
If a member exceeds the position, the Exchange shall determine the number of positions to be closed by the relevant customer according to the proportion between the number of positions exceeded by the member and the number of speculative positions held by the member; If there are multiple members who have exceeded their positions, they need to forcibly close their positions according to the order of the number of members who have exceeded their positions from the largest to the smallest, and first select the members who have exceeded their positions as the objects of forced closing; If the customer is overweight, the customer's overweight position will be forcibly closed. If the customer holds positions in multiple members, the member will be selected to forcibly close the position according to the order of the number of positions held by the customer. If the member and the customer are out of position at the same time, the position of the customer who is out of position shall be closed first, and then the position shall be closed according to the method of member's out of position.
Soybean oil Trading rules
（1） Margin system
The minimum trading margin for soybean oil futures contracts is 5% of the contract value. The margin of the Exchange shall be managed at different levels. As the delivery period of futures contracts approaches and the amount of positions increases, the Exchange will gradually increase the trading margin. When the soybean oil contract has a continuous up (down) limit, the Exchange will appropriately increase the trading margin.
1. Standard for collection of trading margin when the soybean oil contract approaches the delivery period
Trading margin during trading period (yuan/hand)
10% of the contract value on the first trading day of the month before the delivery month
15% of the contract value on the sixth trading day of the month before the delivery month
20% of the contract value on the eleventh trading day of the month before the delivery month
25% of the contract value on the sixteenth trading day of the month before the delivery month
30% of the contract value on the first trading day of the delivery month
2. Trading margin collection standard when the position of soybean oil contract changes
Total bilateral positions in the contract month (N) Trading margin (yuan/hand)
N ≤ 5% of the contract value of 400000 contracts
400000 hands
500000 hands
600000 hands
3. When the soybean oil contract has no continuous unilateral quotation on the price limit on a certain trading day (the trading journal is the Nth trading day), the trading margin of the futures contract will be charged at 6% of the contract value (if the proportion of the original trading margin is higher than 6%, it will be charged at the original scale) when the settlement is made on that day. If on the N+1 trading day there is no continuous unilateral quotation at the same direction as the limit on the N+1 trading day, the soybean oil contract trading margin will be charged at 7% of the contract value from the settlement of the N+1 trading day (if the original trading margin ratio is higher than 7%, the original ratio will be charged). If there is no continuous unilateral quotation of a futures contract in the same direction as the last trading day on a trading day, the trading margin will return to the normal level at the time of settlement on that trading day.
（2） Price limit system
The Exchange shall implement the price limit system, and the Exchange shall determine the maximum daily price fluctuation range of each futures contract. The Exchange may adjust the price limit of each contract according to the market situation.
The limit of increase and decrease in the month before the delivery month of the soybean oil contract is 4% of the settlement price of the previous trading day, and the limit of increase and decrease in the delivery month is 6% of the settlement price of the previous trading day.
The price limit of the newly listed contract is twice the price limit of the normal month. If the contract is concluded, the price limit will be restored to the price limit of the normal month on the next trading day; If the contract is not concluded, the next trading day will continue to implement the limit range of the previous trading day.
When there is no continuous unilateral quotation of the price limit in the same direction as the price limit on the N+1 trading day of a contract on the N+2 trading day, the Exchange will take one or more of the following risk control measures according to the market conditions after the closing of the N+2 trading day: suspend trading, adjust the price limit range, unilateral or bilateral, the same proportion or different proportion Some or all members increase the trading margin, suspend some or all members from opening new positions, restrict cash out, close positions within a time limit, forcibly close positions, compulsorily reduce positions or take other risk control measures.
（3） Limited warehouse system
The Exchange implements a position limitation system. The position limit refers to the maximum amount of a certain contractual speculative position that members or clients can hold according to the regulations of the Exchange and calculated unilaterally.
When the unilateral position of the general monthly contract of soybean oil is more than 100000, the position limit of the broker member in this contract shall not be more than 20% of the unilateral position, the position limit of the non broker member in this contract shall not be more than 10% of the unilateral position, and the position limit of the client in this contract shall not be more than 5% of the unilateral position.
When the unilateral position of the general monthly contract of soybean oil is less than or equal to 100000, the position limit of the brokerage member is 20000, the position limit of the non brokerage member is 10000, and the position limit of the customer is 5000. The position limit of soybean oil contract one month before and during the delivery month is:
Unit: hand
Trading time period Brokerage member Non brokerage member client
8000 4000 2000 from the first trading day of the month before the delivery month
4000, 2000, 1000 from the tenth trading day of the month before the delivery month
Delivery month 2000 1000 500
Hedging positions are subject to the approval system, and their positions are not restricted.
