On January 22, 2019, the Shanghai Futures Exchange (Shanghai Futures Exchange) issued an announcement.
Annex: measures for risk Control Administration of the Shanghai Futures Exchange (Amendment)
The relevant person in charge of the Shanghai Futures Exchange answered a reporter's question on the revision of the measures for risk Control and Administration of the Shanghai Futures Exchange.
1. Why are the amendments made?
The revision of the "risk control measures" is an important measure to respond to the market appeal, take the initiative to serve the real economy, and give full play to the risk management function of the futures market. It is helpful to further improve the level of market service.
By reducing market transaction costs and raising the position limits of various types of market participants, we can lighten the economic burden for real enterprises, meet the risk management needs of the real economy, and better realize the function of the futures market. Expand the depth of the futures market to serve the real economy. At the same time, we should encourage members of futures companies to become bigger and stronger and promote the healthy and stable development of the futures market.
2. What are the main aspects of the amendment?
First, we should adjust the management mode of gradient margin for positions. Remove the requirement for copper, aluminum, zinc, lead, nickel, tin, gold, silver, rebar, wire rod, natural rubber and petroleum asphalt to set different trading margin collection standards based on different quantities of contract positions. This is conducive to reducing the transaction costs of the main contracts and improving the efficiency of market operation.
Investors need to be reminded that although exchanges no longer set different standards for trading margin based on different amounts of contract positions, when contract positions reach a certain level, Exchanges can still adjust their trading margin levels according to market risk.
The second is to optimize the position limit system and improve the efficiency of the position limit system to prevent market risks on the basis of meeting the position needs of all types of market participants. Include: (1) unifying non-futures company members and customers in the form of a combination of proportion and amount in the form of a general monthly limit on copper, aluminum, zinc, lead, nickel, tin, rebar, wire rod and hot rolled coil contracts, Adjust the starting value, proportion and amount of the relevant varieties; (2) unifying the amount of position restrictions on copper, aluminum, zinc, thread and wire contracts in the first month prior to the delivery month and the delivery month of non-futures company members and customers, Increase the position limit of copper, aluminum, zinc, lead and rebar contracts in the first month before delivery month and delivery month, and reduce the position limit amount in the first month before nickel contract delivery month; (3) to increase the amount of position restrictions for non-futures company members and clients at different periods of gold and silver contracts.
Third, optimize the proportion of members of futures companies, make it clear that the exchange can adjust its position limit ratio according to the classified supervision and rating of futures companies, and the adjusted position limit ratio does not exceed 35%. By reducing the restrictions on the expansion of members and business development of futures companies, we will further encourage members of futures companies to become bigger and stronger.
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