LTG
GOLDRECK to share with you the remaining China Financial Futures Exchange's regulations on stock index futures risk management regulations:
(5) Forcibly liquidation system
Forcibly liquidation refers to a compulsory measure for the exchanges to implement closing positions on membership investors in accordance with relevant regulations.
If a member investor has one of the following situations, the exchanges are forced to close their positions on their positions:
① The balance of membership settlement reserve is less than zero, and it cannot be supplemented within the prescribed time limit;
② The position of holding the position exceeding the position limit standard is not closed within the prescribed time limit;
③ If it is forcibly punished by the exchange for violations;
④ Depending on the emergency measures of the exchange shall be forced to close;
⑤ Others should be cleared forcibly.
The implementation principles of forcibly liquidation: Forcibly liquidation is first implemented by members, and the time limit is specially regulated by the exchange. It is the first section after the opening of the market.If the membership within the specified time limit is not completed, it is forced to execute by the exchange.
Forcibly liquidation execution program:
① Notification.The transaction is the form of "forcibly liquidation notice" (hereinafter referred to as notice) to issue a forced liquidation request to the relevant settlement members.In addition to the special delivery of the exchange, the settlement data can be obtained through the settlement of the settlement data on the same day.
② Execution and confirmation.
1. After opening the market, the relevant members should close their own position until they meet the liquidation requirements;
2. If the settlement member exceeds the stipulated positioning time limit but not completed, the remaining part shall be forcibly closed by the exchange;
3. Forcibly liquidation results are sent with the transaction records that day, and the relevant information can be obtained through the exchange system.
(6) Forced litter reduction system
The compulsory position reduction refers to the exchanges that will be reported by the unarmed closing list that the price of the daily limit price.If the same investor holds positions in both directions, its net holding part is involved in the compulsory positioning calculation, and the remaining liquidation reports and their reverse positions are automatically shedding.
(7) Settlement Guarantee System
The exchange implements the settlement guarantee system.Settlement guarantee refers to the joint guarantee funds that are paid by the settlement member to cope with the risk of breach of contract members in accordance with the provisions of the exchange.
The settlement guarantee fund is divided into basic guarantee funds and changes.Basic guarantee refers to the minimum guarantee amount that the settlement member must pay for the settlement and delivery business of the exchange.Change guarantee deposit refers to the guarantee for the adjustment of the business volume of the settlement membership.
(8) Risk warning system
Exchange implements a risk warning system.If the exchange considers the necessary, it can be used or at the same time to take a report to remind the report to remind the written warning to publicly condemn one or more in measures such as the issuance of risk warning announcements to warn and resolve risks.
If one of the following circumstances, the exchanges shall meet with the designated members or investors to remind the risks, or ask the members or investors to report the situation:
① Futures prices are abnormal;
② Member or investor trading abnormalities;
③ Members or investors are abnormal;
④ Abnormal membership funds;
⑤ Members or investors are suspected of violating the rules;
⑥ The exchanges receive complaints involving members or investors;
⑦ Members involve judicial investigations;
⑧ Other situations identified by the exchange.
