general provisions

Article 1 In order to regulate futures trading, protect the legitimate rights and interests of all parties involved in futures trading, and protect Dalian Commodity Exchange (Weibo) (hereinafter referred to as the Exchange) These Rules are formulated in accordance with the Trading Rules of Dalian Commodity Exchange for the smooth progress of futures trading.

Article 2 The Exchange, members and clients must abide by these Rules.

Chapter II Seat Management

Article 3 The trading seat is the channel for members to input trading instructions into the computer trading system of the Exchange to participate in trading.

Trading seats are divided into floor trading seats and remote trading seats. Remote trading refers to a trading mode in which members directly input trading instructions and participate in the trading of the Exchange through the communication system connected with the computer trading system of the Exchange at their business premises.

Article 4 After obtaining the membership, a member shall obtain a floor trading seat. With the approval of the Exchange, trading seats may be increased.

Article 5 The increase of a member's trading seat is only to increase the trading channel of the member, and the management regulations of the Exchange on the position limit, risk control and other relevant aspects of the member remain unchanged.

Article 6 Members who apply for the increase of OTC trading seats must meet the following conditions:

（1） Good business condition;

（2） The trading volume of the first three months from the date of application ranked among the top 50 consecutively, or there were many orders engaged in futures trading on the exchange;

（3） Other conditions required by the Exchange.

Article 7 Members who apply for increasing OTC trading seats must submit the following materials to the Exchange:

（1） Completed Application Form for Members of Dalian Commodity Exchange to Increase OTC Trading Seats;

（2） Basic information of futures brokerage business in the past year;

（3） Description of application for adding floor trading seats;

（4） Other materials required by the Exchange.

Article 8 After the application for increasing OTC trading seats is approved by the Exchange, members must sign an agreement with the Exchange for one year. The use fee is charged annually, which is 20000 yuan per year.

Article 9 After the agreement is signed, the members shall go through relevant admission procedures at the Exchange within 10 working days. If it is overdue without reason, the Exchange has the right to cancel the floor trading seats it has applied for.

Article 10 If the agreement has not yet expired, the member may terminate the agreement in advance upon the approval of the Exchange if he applies for terminating the use of additional trading seats on the floor.

Article 11 Under any of the following circumstances, the Exchange may cancel the increase of trading seats on the floor of members:

（1） The application materials are untrue;

（2） Giving all or part of the seats to other institutions and individuals for use in the form of leasing or contracting;

（3） Mismanagement or serious violations;

（4） It is no longer qualified to increase the number of floor trading seats;

（5） The member fails to reapply at the expiration of the term of use;

（6） Other circumstances that the Exchange thinks should be canceled.

Article 12 If a member terminates the use of the increased trading seats on the floor or is cancelled by the Exchange, the use fee will not be returned.

Article 13 Members applying for remote trading seats shall meet the following conditions:

（1） Good business condition;

（2） The communication and capital transfer conditions of the place where the remote transaction is planned to be opened can meet the operation requirements of futures trading of the Exchange;

（3） Having sound rules and regulations and remote transaction management measures;

（4） Having a fixed remote trading place;

（5） The construction and management of the remote trading system shall meet the requirements of the relevant technical management specifications of the CSRC.

Article 14 Members applying for remote trading seats must submit the following materials to the Exchange:

（1） Completed Application Form for Remote Trading Seats of Dalian Commodity Exchange;

（2） Basic information of futures trading in recent two years;

（3） Other materials required by the Exchange;

Article 15 The Exchange shall give a written reply to the application report within one month from the date of receiving the application report and relevant materials submitted by the members.

Article 16 Members shall sign a remote trading agreement with the Exchange within one week after receiving the approval of the Exchange for its remote trading. If it is overdue without reason, the Exchange has the right to cancel the remote trading seat it applied for.

Article 17 After a member applies for the opening of the remote trading system, the Exchange shall notify the member of the specific opening date.

Article 18 For members who have opened remote trading, their floor trading seats will continue to be reserved as a standby channel. During trading hours, when members' remote trading seats cannot be used normally, members should conduct trading through floor trading seats.

If a member does not appoint a city representative to enter the site and the remote trading seat cannot be used normally, it shall bear the consequences.

Article 19 Members must strengthen the management of their remote trading and the maintenance of their remote trading systems. When the main facilities need to be replaced or technically adjusted, the consent of the Exchange must be obtained in advance. The relocation of remote trading seats from the original registration and filing place shall be reported to the Exchange for approval in advance. The Exchange has the right to supervise and inspect the use of remote trading seats.

Article 20 In any of the following circumstances, the Exchange may revoke the remote trading seats of members:

（1） The application materials are untrue;

（2） Giving all or part of the seats to other institutions and individuals for use in the form of leasing or contracting;

（3） Mismanagement or serious violations;

（4） Those who no longer meet the conditions for using remote trading seats;

（5） Engaging in activities other than trading by using the remote trading system;

（6） The member applies for cancellation.

Article 21 If a member loses the membership of the Exchange, all the trading seats held by it shall be terminated.

Article 22 When more than 10% of the members cannot trade due to the failure of computer terminals, communication systems and other trading facilities, the Exchange shall suspend trading until the failure is eliminated.

Chapter III Management of Out of Market Representatives

Article 23 The market representative is the person who is appointed by the member and accepts the trading instructions of the member in the trading hall to conduct futures trading on behalf of the member. The member shall be responsible for his trading related behavior in the trading hall.

Article 24 A market representative must meet the following conditions:

（1） At least 18 years old, with full civil capacity;

（2） Having received professional training from the Exchange and obtained qualification certificates;

（3） Good conduct and good professional ethics;

（4） No criminal punishment record.

Article 25 The original of the power of attorney of the member legal person, the application form of the outbound representative (affixed with the official seal of the unit), the qualification card of the outbound representative, the ID card, the education certificate and other materials shall be provided when handling the outbound representative certificate.

Article 26 Each trading seat is limited to two exit representatives, and special circumstances must be approved by the Exchange.

Article 27 The exit representatives can enter the trading hall to make preparations for the opening of the market within 30 minutes before the opening of each trading day, and leave the trading hall within 30 minutes after the closing of the market. Market representatives are not allowed to enter and exit the trading hall at will, and special circumstances must be approved by the field management personnel.

The market representative cannot be vacant during the trading period, and the member shall be responsible for the consequences of the vacancy.

Article 28 The exit representatives must wear valid certificates and designated special clothes to enter and exit the trading hall.

Article 29 The market representatives shall take good care of the various facilities in the trading hall and operate in strict accordance with the relevant regulations of the Exchange on the management of computer equipment in the trading hall. The damaged ones shall be compensated according to the price and punished according to the relevant regulations.

Article 30 The exit representatives who carry trading equipment into and out of the trading hall must be approved by the Exchange.

Article 31 The market representatives shall be subject to the management of the market management personnel of the Exchange.

Article 32 The market representatives shall send the documents, notices and other materials of the Exchange to their members in a timely manner.

Article 33 Members shall properly manage their trading passwords, and the consequences caused by the disclosure of trading passwords shall be borne by the members.

Article 34 Market representatives shall not commit any of the following acts:

（1） Be late or leave early for no reason;

（2） Bring equipment, bags and various foods into the trading hall;

（3） Behave in an uncivilized manner, damage or destroy trading facilities, and affect the sanitary environment in the trading hall;

（4） Failing to dress as required in the trading hall;

（5） Failing to operate the trading system according to normal procedures;

（6） Walk around at will, cross trade seats, make loud noises, fight, play games, etc. during the trading period to affect the trading order;

（7） Affect the normal trading of other seats or the normal work of the market management personnel of the Exchange;

（8） Borrow or embezzle the telephone or trading terminal of other members;

（9） Take photos and videos in the trading hall without permission;

（10） Forge or lend the city representative card;

（11） Other behaviors that affect the reputation of the Exchange and the normal order in the trading hall.

Article 35 When a member dismisses, replaces or leaves the original member, he/she shall go to the Exchange in time to handle the cancellation of the entrustment and return the representative card. If a member fails to take back the delisting representative card in time, it shall notify the relevant department of the Exchange, and the member's liability can be exempted after receiving the receipt. The member shall bear the consequences caused by failure to go through the cancellation procedures in time or return the exit representative certificate.

Article 36 Except for the merger, division, bankruptcy of members and the consent of the original members, the Exchange will not accept the registration application of the person whose authorization of the delisting representative has been revoked to serve as the delisting representative of other members within three months.

Chapter IV Price

Article 37 The Exchange shall timely release the following information related to transactions:

（1） Opening price. The opening price refers to the transaction price of a futures contract generated by collective bidding within five minutes before the opening of the market. If the call auction does not generate a transaction price, the opening price shall be the first transaction price after the call auction. The first transaction price is determined in accordance with Article 60 of the Trading Rules of Dalian Commodity Exchange, and the previous transaction price is the closing price of the previous trading day.

（2） Closing price. The closing price refers to the last transaction price of a futures contract on that day.

（3） The highest price. The highest price refers to the highest transaction price of a futures contract within a certain period of time.

（4） Lowest price. The lowest price refers to the lowest transaction price among the transaction prices of a futures contract within a certain period of time.

（5） Latest price. The latest price refers to the real-time transaction price during the trading period of a futures contract on a trading day.

（6） Up and down. Rise and fall refers to the difference between the latest price of a futures contract during trading on a trading day and the settlement price of the previous trading day.

（7） Maximum purchase price. The maximum purchase price refers to the immediate maximum price at which the buyer applies to buy a futures contract on the same day.

（8） Lowest selling price. The minimum selling price refers to the real-time minimum price applied by the seller for selling a futures contract on the day.

（9） Purchase volume. The purchase volume refers to the number of orders placed for the purchase of a futures contract at the highest price that has not been transacted in the trading system of the exchange on that day.

（10） Sales volume. The volume of sales application refers to the number of orders placed for the lowest price of a futures contract that has not been transacted in the trading system of the exchange on the same day.

（11） Settlement price. The settlement price refers to the weighted average price of the transaction price of a futures contract based on the trading volume during the trading period of that day. If there is no transaction on that day, the settlement price of the previous trading day shall be the settlement price of that day. The settlement price is the basis for the profit and loss settlement of open positions on the current day and the determination of the limit for the rise and fall of the next trading day.

（12） Volume. Trading volume refers to the bilateral quantity of all contracts concluded on the same day for a certain contract.

（13） Position. Position refers to the bilateral number of open positions held by futures traders.

Article 38 Types of basic trading orders:

（1） Price limit order: an order that must be executed at a limited price or a better price;

（2） Market price order: refers to the order to automatically participate in the transaction at the same direction of the closing price during execution;

（3） Market price stop loss (profit) order: when the market price touches the customer's preset trigger price, the order immediately turns into a market price order;

（4） Price limit stop loss (profit) order: when the market price touches the customer's preset trigger price, the order immediately turns into a price limit order;

（5） Other orders prescribed by the Exchange.

Members may prepare preliminary orders in advance before or during the opening of the trading market, and the preliminary orders will be the corresponding basic trading orders when they enter the trading system.

yellow soybean No. 1, Yellow Soybean No. 2 Soybean meal 、 Soybean oil 、 palm oil The maximum number of orders placed each time for linear low-density polyethylene contract trading orders is 1000, Corn The maximum number of orders placed per contract trading order is 2000.

Article 39 The basic trading order can be attached with two kinds of order attributes: immediate full transaction or automatic cancellation and immediate transaction remaining order automatic cancellation.

Article 40 The Exchange shall provide an arbitrage trading order for the designated contract, and each component contract in the order shall be executed at the same time according to the specified proportion. Arbitrage instructions are divided into intertemporal arbitrage instructions of the same variety and intertemporal arbitrage instructions of different varieties. The specific contents of each instruction are as follows:

name	Transaction mode (from the perspective of the buyer)	Quotation method
Intertemporal arbitrage trading instructions of the same variety	Buy contracts in the near month and sell contracts in the far month in the same quantity.	The buy (sell) arbitrage price=the declared buy (sell) price of the contract in the near month – the declared sell (buy) price of the contract in the far month
Arbitrage trading instruction between two varieties	Buy the contract of a certain month for a certain variety, and sell the contract of the same or different months for another variety.	Buy (sell) arbitrage price=declared price of the first variety buy (sell) - declared price of the second variety sell (buy)
Arbitrage trading instructions for squeezing profits	Sales contract of soybeans, purchase contract of soybean meal and soybean oil in the same month or different months	Buy (sell) arbitrage price=declared buy (sell) price of soybean meal contract+declared buy (sell) price of soybean oil contract - declared sell (buy) price of soybean contract

　　
Arbitrage trading orders can only be price limit orders, and no order attribute can be attached.

Article 41 The open call auction shall be conducted within 5 minutes before the opening of each trading day of the contract for a certain month of a certain variety, of which the first 4 minutes shall be the time for reporting the purchase and sale orders of futures contracts, and the last 1 minute shall be the time for matching the call auction.

The trading system automatically controls the start and end of the call auction declaration and displays it on the computer terminal.

Article 42 The principle of maximum trading volume shall be adopted in collective bidding, that is, the maximum trading volume can be obtained when a transaction is concluded at this price. All purchase orders higher than the price generated by the call auction are completed; All sales orders that are lower than the price generated by collective bidding are completed; The purchase or sale orders that are equal to the price generated by the call auction will be closed according to the amount of purchase orders and sales orders, and the order amount of the smaller party. If multiple price levels meet the maximum trading volume principle, the opening price is the price closest to the settlement price of the previous trading day.

Article 43 The unsettled orders in the opening call auction shall automatically participate in the post opening auction.

Article 44 The benchmark price of newly listed contracts shall be determined by the Exchange and announced in advance. The benchmark price of listing is the basis for determining the trading limit of newly listed contracts on the first day.

Article 45 The price limit of a newly listed contract is twice the price limit specified in the contract. If there is a deal, it will return to the price limit specified in the contract on the next trading day; If there is no transaction on that day, the price limit of the previous trading day will continue to be executed on the next trading day. If there is no transaction for three consecutive trading days, the Exchange may make appropriate adjustments to the benchmark price of listing.

For contracts that have been transacted but have no positions at present, the Exchange can announce new benchmark prices.

Chapter V Transaction Coding System

Article 46 The Exchange shall implement the trading coding system. The transaction code refers to the special code prepared by a member in accordance with these Rules for futures trading by clients.

Article 47 Trading codes are divided into non brokerage member trading codes and client trading codes. The transaction code consists of a member number and a customer number.

Article 48 The customer transaction code consists of twelve digits, the first four digits are the membership number, and the last eight digits are the customer number. If the customer's transaction code is 000100001535, the member number is 0001 and the customer number is 00001535.

Article 49 The number of digits of the non brokerage member's transaction code and the client's transaction code is the same, but the last eight digits are their member numbers. If the non brokerage member's member number is 120, the non brokerage member's transaction code is 01200000120.

Article 50 The transaction codes of non brokerage members and clients shall not occupy each other.

Article 51 A client can only have one client number in the Exchange, but can open an account with different brokerage members. The transaction code can only be different from the member number, and the customer number must be the same.

Article 52 Brokerage members must input the electronic documents of customer information according to the prompts on customer information entry in the member service system, and shall not skip the column or omit to input. Brokerage members who change customer information or cancel transaction codes shall timely change the corresponding information through the member service system.

Brokerage members shall file with the Exchange the account opening, change and cancellation information of clients through the above electronic documents. Brokerage members shall ensure the authenticity and accuracy of the recorded customer information.

Article 53 After the brokerage members enter the account opening information of customers in the member service system, the customer transaction code is automatically generated by the member service system and can be used only after being confirmed by the Exchange.

Article 54 Brokerage members shall establish data files of customer account opening, change and cancellation. Customer account opening information includes: the individual customer is the Registration Form for Individual Customer Account Opening in Futures Market (see Annex 1) and the copy of his/her ID card; The unit customer is the Registration Form for Opening Accounts of Unit Customers in the Futures Market (see Annex 2) and copies of legal documents with Chinese legal personality or other economic organization qualifications; Customer account cancellation information includes: Futures Market Customer Account Cancellation Application Form (see Annex 3), etc.

Brokerage members shall keep the above information for at least 5 years.

Article 55 In any of the following circumstances, the client's transaction code shall be cancelled:

（1） The customer's filing materials are untrue;

（2） The customer is identified as a market entrant;

（3） The client has gone through the account cancellation procedures in the brokerage company;

（4） Other circumstances that should be cancelled.

For the transaction code that should be cancelled, the brokerage member must cancel the account through the member service system after settlement.

Article 56 Where a client provides false account opening information or a brokerage member assists a client to open an account with false information, the Exchange shall order the brokerage member to close the position within a time limit, and cancel the client's trading code after closing the position, and at the same time, deal with it in accordance with the relevant provisions of the Measures for Handling Violations of Dalian Commodity Exchange.

Chapter VI Supplementary Provisions

Article 57 In case of violation of the Detailed Rules, the Exchange shall deal with it in accordance with the relevant provisions of the Measures for Handling Violations of Dalian Commodity Exchange.

Article 58 The Dalian Commodity Exchange reserves the right to interpret these Rules.

Article 59 These Rules shall come into force as of the date of promulgation.