White sugar Futures risk management system
1、 Margin system
margin system 2、 Limited warehouse system
Note: The position limit of members of futures companies in the table is the base number, and the exchange can adjust the position limit amount according to the net assets and operating conditions. 3、 Settlement system
The daily debt free settlement system refers to that after the end of daily trading, the Exchange settles the profits and losses, trading deposits, service charges, taxes, etc. of all contracts at the settlement price of the day, and transfers the net amount of accounts receivable and payable at one time, increasing or reducing the settlement reserve of members accordingly.
4、 Price limit system
The price limit refers to the maximum range of intraday price fluctuation allowed by the futures contract. The quotation exceeding this range is deemed invalid and cannot be transacted.
The price limit of white sugar contract is 4% of the settlement price of the previous trading day.
If a futures contract has a unilateral market on a certain trading day (the trading day is called D1 trading day, and the following trading days are called D2, D3, and D4 trading days respectively), the trading margin standard of the futures contract will be increased by 50% on the basis of the original trading margin standard at the settlement of D1 trading day; On D2 trading day, the price limit of the contract is increased by 50% on the basis of the original price limit.
If there is no unilateral market in the same direction for the futures contract on the D2 trading day, the trading margin standard and the limit range of price rise and fall on the D3 trading day will return to the level before adjustment; In case of unilateral market in the same direction on the D2 trading day, the trading margin standard after the increase will remain unchanged at the settlement of the day and on the D3 trading day, and the increase and decrease limit range after the increase will remain unchanged on the D3 trading day.
If there is no unilateral market in the same direction for the futures contract on the D3 trading day, the trading margin standard and the range of price limit on the D4 trading day will return to the level before adjustment; On D3 trading day, if the futures contract still has unilateral market in the same direction (that is, unilateral market in the same direction occurs for three consecutive trading days), the futures contract will be suspended for one day on D4 trading day.
Under special circumstances, the Exchange will take risk control measures according to market conditions.
5、 Compulsory position closing system
In case of any of the following circumstances, the Exchange has the right to forcibly close positions:
1. The balance of the settlement reserve is less than zero and cannot be replenished within the specified time;
2. The position exceeds the position limit;
3. Natural person positions entering the delivery month;
4. Being punished by the Exchange for compulsory position closing due to violation of regulations;
5. The position should be closed compulsorily according to the emergency measures of the Exchange;
6. Other positions that should be closed by force.
