Business Rules and Relevant Regulations of Shanghai Futures Exchange

Key points of transaction rules

Futures trading refers to the trading activities of buying and selling certain futures contracts in a futures exchange.

1. The transaction price is the price formed by the computer automatic matching system of the Exchange, which orders the purchase and sale orders in the principle of price priority and time priority. When the buying price is greater than or equal to the selling price, the transaction price is automatically matched. The combined transaction price is equal to the middle of the buying price, the selling price and the previous transaction price.

2. Trading orders are divided into price limit orders, cancellation orders and other orders specified by the Exchange. The maximum order quantity of a price limit order is 500 orders each time, and the minimum order quantity of a trading order is 1 order each time. The quotation of a trading order can only be within the price fluctuation limit.

3. The Exchange shall implement a transaction code filing system. Transaction code refers to the special code for members and clients to conduct futures transactions, including the transaction code of non futures company members and the transaction code of clients.

4. The Exchange shall provide members, clients and the public with futures trading information on an immediate, daily, weekly, monthly and annual basis, and timely release the following information related to trading: opening price, closing price, maximum price, minimum price, latest price, rise and fall, maximum purchase price, minimum selling price, bid price, bid price, bid volume, bid volume, settlement price, trading volume Position. Members, information management institutions, public media and individuals shall not release false or misleading information.

5. At the end of each trading day, the Exchange will release the total trading volume and total trading positions of the members of the futures company in the active month of silver futures contracts, the total trading volume and total trading positions of the non members of the futures company in the active month, and the trading volume and trading positions of the top 20 members of the futures company in the active month.

Key points of settlement rules

Settlement refers to the business activities of calculating and allocating the trading deposits, profits and losses, service charges, payment for delivery of goods and other relevant funds of members according to the trading results and relevant regulations of the Exchange.

1. The Exchange shall open a special settlement account in each depository bank for depositing members' deposits and related funds. Members shall open a special capital account in the depository bank for deposit of deposits and related funds. The exchange of funds for futures business between the Exchange and members shall be handled through the special settlement account of the Exchange and the special fund account of members.

2. The Exchange shall carry out separate account management for the deposits of members in the special settlement account of the Exchange, establish a subsidiary account for each member, and register and calculate the deposits and withdrawals, profits and losses, trading deposits, service fees, etc. of each member in chronological order. The members of the futures company shall implement separate account management for the deposits of customers into the special fund account of the members, set up a subsidiary account for each customer, and register and calculate the deposits, profits and losses, trading deposits, service fees, etc. of each customer in chronological order.

3. The Exchange adopts a margin system. The margin is divided into settlement reserve and transaction margin. The settlement reserve refers to the funds that members have prepared in advance in the special settlement account of the exchange for transaction settlement, and is the margin not occupied by the contract. Trading margin refers to the funds deposited by members in the special settlement account of the Exchange to ensure the performance of the contract, which is the margin occupied by the contract.

4. The Exchange shall implement a liability free settlement system on the same day. The day debt free settlement system means that after the end of each day's trading, the Exchange settles the profit and loss, trading margin, service charges, taxes and other expenses of all contracts at the settlement price of the day, transfers the net amount of the accounts receivable and payable at one time, and increases or decreases the settlement reserves of members accordingly.

5. At the end of the daily closing, if the settlement reserve after settlement is less than the minimum balance, the member must make up the funds to the minimum balance of the settlement reserve before the opening of the next trading day. If it fails to make up in time, if the balance of the settlement reserve is greater than zero but lower than the minimum balance of the settlement reserve, it is prohibited to open new positions; If the balance of the settlement reserve is less than zero, the Exchange will implement "forced closing" in accordance with the relevant risk control management regulations.

Key points of settlement rules

Physical delivery refers to the process that when a futures contract expires, the trading parties settle the outstanding position contract by transferring the ownership of the commodity contained in the futures contract.

1. After the last trading day of the contract, the holders of all open positions shall perform the contract by physical delivery. The physical delivery of clients shall be handled by the members, and shall be carried out in the name of the members at the Exchange. Customers who cannot deliver or receive special VAT invoices are not allowed to deliver. After the closing of the third trading day before the last trading day of a silver futures contract, the position of the natural person customer in the futures contract shall be zero.

2. Delivered goods:

The delivered commodities shall be the commodities with registered trademarks produced by the manufacturers registered in the Exchange. The silver ingots in each warehouse receipt shall consist of commodities produced by the same manufacturer, of the same brand, of the same registered trademark, and of the same block shape. Delivery unit: 30kg. Specifications of silver ingots delivered: 15kg ± 1kg and 30kg ± 2kg. Excess/shortage and pound difference: the excess/shortage of each silver ingot standard warehouse order shall not exceed ± 2kg, and the pound difference of each silver ingot shall not exceed ± 1g.

3. Closing procedure:

The first delivery date: the buyer declares its intention. The buyer submits the letter of intent for the required commodity to the exchange. The contents include variety, brand, quantity and the name of the designated delivery warehouse. The seller submits the standard warehouse receipt. The Seller shall deliver the valid standard warehouse receipt with the storage fees paid off to the Exchange through the standard warehouse receipt management system. The second delivery date: the Exchange allocates standard warehouse receipts. The Exchange shall distribute standard warehouse receipts to the buyer according to the existing resources and the principle of "time priority, quantity rounding, nearest matching and overall arrangement". The third delivery date: the buyer pays and withdraws the order. The buyer shall pay the purchase price at the exchange and obtain the standard warehouse receipt before 14:00 on the third delivery day. The seller receives payment. The Exchange shall pay the payment for goods to the seller before 16:00 on the third delivery day. Fourth and fifth delivery date: the Seller shall submit VAT special invoice.

4. Circulation procedures for physical delivery of standard warehouse receipts at the exchange:

(1) The seller's customer authorizes the standard warehouse receipt to the members of the seller's futures company to handle the physical delivery business;

(2) The seller member submits the standard warehouse receipt to the Exchange;

(3) The Exchange shall distribute the standard warehouse receipt to the buyer members;

(4) The members of the buyer's futures company distribute the standard warehouse receipts to the buyer's customers.

After the completion of physical delivery, if the buyer has any objection to the quality and quantity of the delivered goods, he shall submit a written application to the Exchange in the designated delivery warehouse before the 15th day of the next month of the physical delivery month (including the current day, which shall be postponed to the first working day after the holiday in case of a legal holiday), The quality appraisal conclusions issued by the quality supervision and inspection institutions designated by the Exchange (the list of quality supervision and inspection institutions designated by Silver will be separately announced by the Exchange) shall also be provided. If no application is filed within the time limit, it shall be deemed that the buyer has no objection to the delivered goods, and the Exchange will no longer accept the application with objection to the delivered goods.

5. Issue and receipt

(1) Before delivering goods to the designated delivery warehouse, the owner of the goods shall handle warehousing declaration (delivery forecast). The contents of warehousing declaration include variety, grade (brand), trademark, quantity, consignor and the name of the designated delivery warehouse to be entered, and various documents shall be provided.

(2) The Exchange shall decide whether to approve the warehousing within three trading days, taking into account the wishes of the owner of the goods, if the storage capacity allows. The owner of the goods shall deliver goods to the designated delivery warehouse identified in the approved warehousing declaration within the validity period specified by the Exchange. Commodities that have not been approved by the Exchange to be warehoused or warehoused within the specified validity period cannot be used for delivery.

(3) After the goods arrive at the designated delivery warehouse, the designated delivery warehouse shall check the arrival of goods and relevant vouchers according to the relevant provisions of the Exchange. When the goods are received for acceptance, the owner of the goods shall supervise the receipt at the designated delivery warehouse; If the owner of the goods fails to arrive at the warehouse to supervise the receipt, it shall be deemed that the owner of the goods agrees to the acceptance results of the designated delivery warehouse.

(4) When the legal holder of the standard warehouse receipt picks up the goods, the owner can pick up the goods in the warehouse on his own or entrust the designated delivery warehouse to deliver the goods on his behalf, but when the designated delivery warehouse is entrusted to deliver the goods on his behalf, the owner shall supervise the delivery in the warehouse. If the owner does not arrive at the warehouse to supervise the delivery, it shall be deemed that the designated delivery warehouse has accepted the delivery without error.

(5) When the designated delivery warehouse delivers goods, it shall timely fill out the Standard Warehouse Receipt Delivery Confirmation Form (in duplicate, with the owner and the designated delivery warehouse holding one copy respectively), and properly keep it for future reference.

6. Necessary documents for delivery of commodities

(1) Domestic products: Product quality certificates issued by registered manufacturers shall be provided.

(2) Imported goods: The documents of relevant imported goods shall be issued by the Exchange separately.

7. Futures to cash

The term cash transfer means that the members (clients) holding contracts in the same month with opposite directions reach consensus and apply to the Exchange, and after obtaining the approval of the Exchange, they will respectively close their positions in the contracts held by them at the price specified by the Exchange, and at the price agreed by both parties, the number and type of the subject matter of the futures contract are the same Exchange behavior of warehouse receipts with the same direction. The exchanged warehouse receipt can be either a standard warehouse receipt or a non-standard warehouse receipt. If a non-standard warehouse receipt is used for delivery, a copy of the relevant sales agreement and bill of lading shall be provided. The term cash transfer is only applicable to the historical positions of all listed varieties of the Exchange, and is not applicable to the new positions opened on the application date.

Term of periodic cash transfer: from the first trading day after the last trading day of the contract in the previous month of the delivery month in which the periodic cash transfer contract is to be carried out to the two trading days (including that day) before the last trading day of the delivery month. Handling of futures positions for cash transfer in the application period: the futures positions of the corresponding delivery month originally held by the buyer and seller for cash transfer in the application period shall be closed by the Exchange before 15:00 on the application date at the settlement price of the contract for the delivery month on the trading day before the application date.

Settlement price for settlement of periodic cash transfer: the agreed price reached by the members (customers) of the buyer and the seller.

Trading margin for future cash transfer: calculated according to the settlement price of the futures contract in the delivery month on the trading day before the application date.