SMM: recently, the Shanghai Futures Exchange issued a "notice on the recruitment of tin and stainless steel futures market makers."
All relevant units:
In order to effectively promote the continuous activity of futures contracts, further improve the quality of market operation, and better serve the development of the real economy, in accordance with the measures for the Administration of Market makers of the Shanghai Futures Exchange, we hereby recruit tin and stainless steel futures market makers respectively. The relevant matters are notified as follows:
I. conditions for application
To apply for the qualification of tin and stainless steel futures market maker, the following conditions shall be met:
(1) the net assets shall not be less than RMB 50 million yuan;
(2) having special institutions and personnel responsible for market making and trading, and market making personnel shall be familiar with the relevant laws and regulations and the business rules of the exchange;
(3) having a sound implementation plan, internal control system and risk management system for market-making transactions;
(4) there has been no record of major violations of laws and regulations in the last three years;
(5) having a stable and reliable technical system for market making and trading;
(6) it shall have the experience of trading, making markets or imitating real transactions approved by the exchange;
(7) other conditions prescribed by the exchange.
II. Requirements for application materials
(I) an application form for market maker qualification signed by the legal representative (see Annex 1);
(2) a photocopy of the business license;
(3) the original financial and accounting report of the latest period after audit or a copy affixed with the official seal of the accounting firm;
(4) the post establishment and duties of the market-making and trading department, as well as the list and curriculum vitae of the person-in-charge and relevant personnel engaged in market-making and trading (see Annex 2);
(5) the implementation plan, internal control system and risk management system of market-making transactions (see Annex 3 for reference points);
(VI) an undertaking with no record of major violations of laws and regulations in the last three years (see annex 4);
(7) an explanation of the technical system of market making and trading; (8) an explanation of the situation of making a market or imitating a real transaction;
(9) other materials required by the exchange.
The above application materials must be affixed with the official seal of the unit, of which (3) (5) must be affixed with the seals.
III. Application acceptance process
(I) submission of application materials
If you apply for the qualification of tin or stainless steel futures market maker, you should submit the paper material and the corresponding electronic material by mail and mail by 17:00 on Monday, November 4, 2019.
Among them, the paper material should be bound according to the order in the application material requirements, in duplicate, the material name format is "Shanghai Futures Exchange Market maker qualification Application material-Variety-Unit name"; the electronic material is the scanned piece of paper material after affixing the official seal.
(2) material audit and comprehensive evaluation
The previous period shall be reviewed on the basis of the written application materials received. If the application conditions are not met or the application materials are incomplete, they shall not be able to participate in the follow-up comprehensive assessment.
The comprehensive evaluation stage will be evaluated according to the basic situation of the organization, staffing, internal system, market-making business plan, variety transaction experience, quotation related experience, technical preparation and so on.
(III) screening and determination
On the basis of the results of the comprehensive evaluation, the last issue shall screen and determine and publish the list of market makers.
Annex: 1. Shanghai Futures Exchange Futures Market maker qualification Application form
2. Summary of position setting and personnel of futures market makers
3. Reference points of market-making business implementation plan and management system
4. Letter of commitment
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