What are the trading rules of cotton futures?

What are the trading rules of cotton futures? Let's introduce it.

Risk management system of cotton futures trading
1、 Margin system
2、 Warehouse system limit
3、 Settlement system
The exchange implements the daily non liability settlement system, that is, after the end of daily trading, the exchange shall settle the profits and losses, trading margin, handling fees and taxes of all contracts according to the settlement price of the day, transfer the net amount of receivables and payable at one time, and correspondingly increase or reduce the settlement reserve of members.
4、 Price limit system
Up and down limit refers to the maximum fluctuation range of the day's price allowed by the futures contract. The quotation exceeding the range is deemed invalid and cannot be traded.
The price limit of cotton 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 respectively called D2, D3 and D4 trading days), 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; the up and down limit range of the contract on D2 trading day will be increased by 50% on the basis of the original limit.
If there is no unilateral market in the same direction on D2 trading day, the trading margin standard and limit range of up and down limit on D3 trading day will return to the level before adjustment; if there is unilateral market in the same direction on D2 trading day, the trading margin standard will remain unchanged at settlement and D3 trading day, and the up and down limit range will remain unchanged after the increase on D3 trading day.
If there is no unilateral market in the same direction in the same direction on D3 trading day, the trading margin standard and price limit range of the futures contract on D4 trading day will return to the level before adjustment; if the futures contract still has unilateral market in the same direction on D3 trading day (i.e., there is unilateral market in the same direction for three consecutive trading days), the trading of the futures contract on D4 trading day will be suspended for one day.
Under special circumstances, the exchange will take risk control measures according to market conditions.
5、 Compulsory closing system
In case of any of the following circumstances, the exchange shall have the right to close the position forcibly:
1. The balance of the settlement reserve is less than zero and cannot be made up within the prescribed time;
2. The position exceeds the limit of its position;
3. The positions of natural persons entering the delivery month;
4. Being punished by the exchange for closing positions by force due to violation of regulations;
5. The position should be closed forcibly according to the emergency measures of the exchange;
6. Other positions that should be closed by force.
        

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