What are the trading rules of soybean meal futures?

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

(1) Trading margin system
The margin ratio of soybean meal futures contract is 5% of the contract value. The trading margin shall be managed at different levels. As the futures contract approaches and the position increases. The exchange will gradually increase the proportion of trading margin.
1. Collection standard of trading margin for soybean meal contract near delivery date
When the contract is close to the delivery period, the collection standard of trading margin is as follows:
Margin for soybean meal trading during trading period (yuan / hand)
10% of the contract value on the first trading day of the month before the delivery month
15% of the contract value on the sixth trading day of the month before the delivery month
20% of the contract value on the 11th trading day of the month before the delivery month
25% of the contract value on the 16th trading day of the month before the delivery month
30% of the contract value on the first trading day of the delivery month
50% of the contract value on the fifth trading day of the delivery month
2. The proportion of trading margin when the position of soybean meal contract changes
When the position of soybean meal contract changes, the collection standard of trading margin is as follows:
Total bilateral positions in contract month (n) trading margin (yuan / hand)
N ≤ 5% of the contract value of 300000 hands
300000 hands < 8% of the contract value of n ≤ 350000 hands
350000 hands < 9% of the contract value of n ≤ 400000 hands
400000 hands (10% of the contract value of n)
(2) Limit board system
The limit board is the maximum fluctuation range of the daily trading price allowed by the futures contract. The quotation exceeding the limit will be regarded as invalid and cannot be traded. Soybean meal futures contract trading limit of 3%. If there is no unilateral continuous quotation on the trading limit board in the same direction as that on the nth trading day within 5 minutes before the closing of the trading day n + 1, the trading margin of the contract shall be charged at 8% of the contract value at the time of settlement on the N + 1 trading day. On the N + 2 trading day, the price limit of the contract is increased from 3% to 4% (if the original limit ratio is higher than 4%, the original proportion shall be implemented).
(3) Warehouse restriction system
Position restriction system refers to the maximum amount of speculative positions in a certain contract that members or clients can hold according to unilateral calculation stipulated by the exchange.
When the unilateral position of soybean meal in general monthly contract is more than 100000 hands, the contract position limit of brokerage member shall not be greater than 15% of unilateral position, that of non broker member shall not be greater than 10% of unilateral position, and that of client shall not be greater than 5% of unilateral position.
When the unilateral position of soybean meal in general monthly contract is less than or equal to 100000, the contract position limit of brokerage member is 15000, that of non broker member is 10000, and that of client is 5000.
The position limit of soybean meal contract one month before the delivery month and during the delivery month is as follows:
(unit: hand)
Time period broker member non broker member customer
500030001500 from the first trading day of the month before the delivery month
20001500800 from the 10th trading day of the month before the delivery month
Delivery month: 1000800400
(4) Large household reporting system
When the speculative position of a certain type of position contract of a member or client reaches more than 80% of the limit of speculative position specified by the exchange (including the amount), the member or client shall report its capital and position to the exchange, and the client shall report through the broker member. The exchange may adjust and change the position report level according to the market risk situation.
(5) Compulsory closing system
In case of any of the following circumstances, the exchange shall have the right to close the positions of its members and clients by force:
(1) The balance of the member's settlement reserve is less than zero and fails to make up within the prescribed time limit;
(the specific implementation date of this clause will be notified later. The original implementation clause is: the balance of the settlement reserve of a member is lower than the minimum amount of settlement reserve stipulated by the exchange and cannot be made up within the specified time limit.)
(2) The position exceeds the limit of its position;
(3) Being punished by the exchange for compulsory closing positions due to violation of regulations;
(4) The position should be closed by force according to the emergency measures of the exchange;
(5) Other positions that should be closed by force.
In case of a member's over position, the exchange shall determine the closing position quantity of relevant customers according to the proportion between the number of members' over positions and the number of members' speculative positions; in case of multiple members' over positions, the members with large number of over positions shall be selected as the object of compulsory closing positions according to the order of the number of members' over positions from large to small; if it is a customer's over position, the customer shall be subject to compulsory closing If the client holds positions in more than one member, members are selected to close positions forcibly according to the order of the number of positions held by the client. If the member and the customer exceed the position at the same time, the position of the customer who has exceeded the position shall be closed first, and then the position shall be closed according to the method of member's over position.
        

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