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Fan Youfu v. Tianjin Branch of Yinjian Futures Brokerage Co., Ltd. (futures trading dispute)
范有孚与银建期货经纪有限责任公司天津营业部期货交易合同纠纷再审案
【法宝引证码】

Fan Youfu v. Tianjin Branch of Yinjian Futures Brokerage Co., Ltd. (futures trading dispute)
(futures trading dispute)
范有孚与银建期货经纪有限责任公司天津营业部期货交易合同纠纷再审案

Fan Youfu v. Tianjin Branch of Yinjian Futures Brokerage Co., Ltd.

 

范有孚与银建期货经纪有限责任公司天津营业部期货交易合同纠纷再审案@#

(Futures trading dispute)@# [裁判摘要]@#
[Summary]@# 根据《期货交易管理条例》第三十八条第二款的规定,期货公司采取强行平仓措施必须具备三个前提条件:一是客户保证金不足;二是客户没有按照要求及时追加保证金;三是客户没有及时自行平仓。期货公司违反上述规定和合同约定强行平仓,导致客户遭受损害的,应依法承担相应的责任。@#
In accordance with paragraph 2, Article 38 of the Regulation on the Administration of Futures Trading, all of the following three conditions must be met for a futures brokerage company to conduct forced liquidation: (1) the client's margin is insufficient; (2) the client fails to provide additional margin in a timely manner as required; and (3) the client fails to voluntarily conduct liquidation in a timely manner. A futures brokerage company which conducts forced liquidation in violation of the aforesaid Regulation and contractual provisions, causing damage to its clients, shall assume corresponding liabilities according to law.@# 最高人民法院@#
Supreme People's Court@# 民事判决书@#
Civil Judgment@# (2010)民提字第111号@#
(No. 111 [2010], Civil, Direct Retrial)@# @#
BASIC FACTS@# 申请再审人(一审被告,二审上诉人):银建期货经纪有限责任公司天津营业部。@#
Petitioner (defendant and appellant): Tianjin Branch of Yinjian Futures Brokerage Co., Ltd., at 314 Xinhua Road, Heping District, Tianjin.@# 负责人:韩兵,该公司经理。@#
Person in charge: Han Bing, manager of this company.@# 委托代理人:于学会,北京市众天律师事务所律师。@#
Attorney: Yu Xuehui, lawyer of Beijing Zhongtian Law Firm.@# 委托代理人:詹敏,北京市中咨律师事务所律师。@#
Attorney: Zhan Min, lawyer of Beijing Zhongzi Law Firm.@# 被申请人(一审原告,二审上诉人):范有孚。@#
Respondent (plaintiff and appellant): Fan Youfu, male, Han ethnicity, born on July 15, 1960, jobless, at Alley 3-15, West Xinxing Street, Zone 19, Fanzhuang Village, Huaming Town, Dongli District, Tianjin.@# 委托代理人:李玲,北京市汉韬律师事务所律师。@#
Attorney: Li Ling, lawyer of Beijing Hantao Law Firm.@# 委托代理人:申利,北京市汉韬律师事务所律师。@#
Attorney: Shen Li, lawyer of Beijing Hantao Law Firm.@# 申请再审人银建期货经纪有限责任公司天津营业部(以下简称天津营业部)为与范有孚期货交易合同纠纷一案,不服天津市高级人民法院(2009)津高民二终宇第 0028号民事判决,向本院申请再审。本院以(2010)民申字第147号民事裁定提审本案并依法组成由审判员贾纬担任审判长,代理审判员沙玲、周伦军参加的合议庭进行了审理,书记员赵穗军担任记录。本案现已审理终结。@#
The petitioner, Tianjin Branch of Yinjian Futures Brokerage Co., Ltd., (hereinafter referred to as “Tianjin Branch”) filed a retrial petition with this Court against the civil judgment (No. 0028 [2009], Final, Civil Division II, HPC Tianjin) of the Higher People's Court of Tianjin Municipality for the futures trading dispute with the respondent, Fan Youfu. This Court issued a civil ruling (No. 147 [2010], Civil Petition) to directly retry this case. This Court formed a collegial panel pursuant to law, consisting of presiding judge Jia Wei, acting judges Sha Ling and Zhou Lunjun and clerk Zhao Suijun. The trial of this case is now concluded.@# 2008年4月7日,范有孚向天津市第一中级人民法院提起诉讼称,根据合同约定和《期货交易管理条例》规定,天津营业部强行平仓损害了其权益,请求判令天津营业部赔偿其损失9 027 085.66元并承担诉讼费用。@#
On April 7, 2008, Fan Youfu instituted an action in the No. 1 Intermediate People's Court of Tianjin Municipality, alleging that the forced liquidation from Tianjin Branch had caused damage to his rights and interests in accordance with the contractual provisions and the Regulation on the Administration of Futures Trading and requesting the court to order that Tianjin Branch should compensate him for his losses in the amount of 9,027,085.66 yuan and assume all litigation costs.@# 天津市第一中级人民法院一审查明: 2007年3月5日,范有孚与天津营业部签订期货经纪合同及其补充1、2配套协议,委托天津营业部按照交易指令为范有孚进行期货交易。该合同第六条约定:“天津营业部有权根据期货交易所的规定或者按照市场情况随时自行通知保证金比例。天津营业部调整保证金、以天津营业部发出的调整保证金公告或者调整为准。”第七条约定:“天津营业部有权根据自己的判断,随时对范有孚单独提高保证金比例。在此种情形下,提高保证金通知单独对范有孚发出。”第八条约定:“范有孚在下达新的交易指令前或者在其持仓过程中,应随时关注自己的持仓,保证金和权益变化。”第十条约定:“范有孚因交易亏损或者其他原因,其风险率小于100%时,天津营业部停止接受范有孚下达的开仓指令,并按照本合同约定的方式向范有孚发出追加保证金的通知,范有孚应当在下一交易日开市前及时追加保证金或者立即采取减仓措施,否则,天津营业部有权在事先不通知范有孚的情况下,对范有孚的部分或者全部未平仓合约强行平仓,最高可至范有孚的风险率大于100%。范有孚应承担强行平仓的手续费及由此发生的损失。”第十一条约定:“范有孚在不能及时追加保证金情况下应自行采取减仓措施以符合天津营业部的保证金要求,尽量避免由天津营业部执行强行平仓措施。范有孚不得以天津营业部强行平仓的时机、价位和数量不佳为由向天津营业部主张权益。”第十四条约定:“天津营业部在每一交易日闭市后向范有孚发出每日交易结算单、调整保证金通知、追加保证金通知等通知事项……。”@#
The No. 1 Intermediate People's Court of Tianjin Municipality, the court of first instance, found that: On March 5, 2007, Fan Youfu and Tianjin Branch entered into a futures brokerage contract and supplementary agreements 1 and 2, according to which Fan Youfu authorized Tianjin Branch to conduct futures trading for him upon his trading instructions. Both parties agreed in Article 6 of this contract that: “Tianjin Branch shall have the right to issue a notice to adjust the margin level at any time at its discretion according to the provisions of a futures exchange or the market condition. When Tianjin Branch adjusts the margin, the margin adjustment notice issued by it or the actual adjustment shall control.” Article 7 of this contract provided that: “Tianjin Branch shall have the right to raise the margin level for Fan Youfu alone at any time based on its own judgment. Under the circumstances, the notice to raise the margin shall be issued to Fan Youfu separately.” Article 8 of this contract provided that: “Fan Youfu shall, before sending any new trading instructions or during his holding of any positions, pay attention to changes in his positions, margin and equity at all time.” Article 10 of this contract provided that: “When the risk ratio of Fan Youfu is below 100% for his trading losses or any other reason, Tianjin Branch shall stop accepting instructions for opening positions from Fan Youfu and issue a notice on additional margin to Fan Youfu in the manner as agreed on in this Contract. Fan Youfu shall, before the market opens on the next business day, provide additional margin or immediately reduce his positions. Otherwise, Tianjin Branch shall have the right to conduct forced liquidation without a prior notice to Fan Youfu against all or part of his open futures contracts until his risk ratio is above 100% at a maximum. Fan Youfu shall assume the handling charges for the forced liquidation and the losses incurred therefrom.” Article 11 of this contract provided that: “Where Fan Youfu is unable to provide additional margin in a timely manner, he shall take measures to reduce his positions to meet the margin requirements of Tianjin Branch and avoid forced liquidation from Tianjin Branch as much as possible. Fan Youfu shall not file claims against Tianjin Branch on the ground that the timing, price or volume of the forced liquidation is not to his satisfaction.” Article 14 of this contract provided that: “Tianjin Branch shall, after the market closes on each business day, issue notices, such as a trading settlement statement for each business day, a margin adjustment notice and a notice on additional margin, to Fan Youfu ….”@# 合同签订后,2007年12月24日前,范有孚持有Cu0802合约33手、Cu0803合约369手、Cu0804合约10手。2007年12月24日,范有孚根据天津营业部的通知,自行平仓大豆270手,达到天津营业部要求的保证金水平。天津营业部在15时收市后,于18时50分通知范有孚追加保证金。范有孚于2007年12月25日13时48分存入保证金150万元。2007年12月25日 8时59分,天津营业部在集合竞价时对范有孚所持空仓合约412手强行平仓,其平仓价位分别为Cu0802合约33手62 390元/吨,Cu0803合约369手61 250元/吨、 Cu0804合约10手60 840元/吨。当日,收盘价格分别为Cu0802合约58 850元/吨、 Cu0803合约57 970元/吨、Cu0804合约 58 050元/吨。按照强行平仓价格与当日收盘价格的差价计算,范有孚持有Cu0802合约33手的差价损失为471 900元、 Cu0803合约369手的差价损失为6051 600元、Cu0804合约10手的差价损失为139500元,共计损失为6 663 000元。@#
After the contract was signed, Fan Youfu held 33 Cu0802 contracts, 369 Cu0803 contracts and 10 Cu0804 contracts before December 24, 2007. On December 24, 2007, upon notice from Tianjin Branch, Fan Youfu voluntarily closed 270 soybean contracts, reaching the margin level as required by Tianjin Branch. At 18:50 after the market closed at 15:00, Tianjin Branch notified Fan Youfu to provide additional margin. At 13:48 on December 25, 2007, Fan Youfu deposited 1.5 million yuan in his margin account. At 08:59 on December 25, 2007, during the open auction, Tianjin Branch conducted forced liquidation of 412 short contracts held by Fan Youfu at the liquidation prices of 62,390 yuan per ton for 33 Cu0802 contracts, 61,250 yuan per ton for 369 Cu0803 contracts and 60,840 yuan per ton for 10 Cu0804 contracts. On the same day, the closing prices of them were 58, 850 yuan per ton for 1 Cu0802 contract, 57,970 yuan per ton for 1 Cu0803 contract and 58,050 yuan per ton for 1 Cu0804 contract. As calculated by the difference between the forced liquidation price and the closing price on the same day, the price margin losses of Fan Youfu were 471,900 yuan for 33 Cu0802 contracts, 6,051,600 yuan for 369 Cu0803 contracts and 139,500 yuan for 10 Cu0804 contracts, totaling 6,663,000 yuan.@# @#
...... 天津市第一中级人民法院认为,范有孚与天津营业部于2007年3月5日签订的期货经纪合同及补充协议,未违反有关法律规定,合法有效,双方当事人均应依约全面履行合同约定的权利义务。期货交易具有高风险特征,在本案中,范有孚作为天津营业部的期货交易客户,天津营业部在《开户申请书》、《期货交易风险说明书》中均给范有孚进行了风险提示,并经范有孚签字确认;同时在双方签订的期货经纪合同的第三条中对在交易中可能出现的风险及造成的后果也做了明确的约定,范有孚作为交易客户,在持仓过程中,应随时关注自己的持仓保证金及权益的变化,预见风险加大有可能造成强行平仓的后果时,应主动追加保证金或主动减仓,以避免损失的发生。因此范有孚应承担相应的责任。天津营业部作为交易场所,对期货市场风险具有监管的责任,应就交易中有可能或已经出现的风险,对客户进行提示并应在合理的时间内通知客户追加保证金。本案中,天津营业部虽然依据期货交易的相关规定及双方约定,向范有孚发送了追加保证金的通知,但因其未能提供给范有孚追加保证金的合理时间,以致造成范有孚强行平仓的损失,对此天津营业部应承担相应赔偿责任。范有孚的实际损失应以33手 Cu0802合约强行平仓价与当日收盘价的差价471 900元、369手Cu0803合约差价 6051600元、10手Cu0804合约差价139500元为损失依据,共计损失6 663 000元。范有孚诉讼请求以2007年12月28日的最低价格为据计算损失9 027 085.66元的事实依据不足。天津营业部以强行平仓行为符合有关法律规定,不应赔偿范有孚经济损失的抗辩理由,法律依据不足,不予支持。据此,对范有孚造成的损失,双方应共同承担责任。综上,该院依据《中华人民共和国合同法》第一百二十条最高人民法院《关于审理期货纠纷案件若干问题的规定》第三十九条的规定,判决:一、天津营业部于该判决生效后十日内赔偿范有孚经济损失6 663 000元的60%,计3 997 800元。二、驳回范有孚其他诉讼请求。一审案件受理费74 989元,范有孚负担44 993.4元,天津营业部负担29 995.6元。@#
 天津营业部和范有孚均不服天津市第一中级人民法院的一审判决,向天津市高级人民法院提起上诉。范有孚上诉称:一审判决认定事实不清,析责失当,应依法改判。一、一审判决书认定事实不清。1.已有证据充分证明,2007年12月24日下午2时余,天津营业部经理王建玲分别以口头和书面通知范有孚,因其保证金不足,需追加保证金或自行平仓铜合约65手。范有孚当即采取了自行平仓的措施,挂单平仓铜合约65手,天津营业部亦擅自重复为范有孚挂单铜约65手,共计130手。因市场原因未平出去,范有孚按天津营业部要求自行平仓大豆合约270手,已达到天津营业部要求的保证金水平。同时范有孚按照合同约定,以支票的方式向天津营业部支付保证金,但遭拒绝。2.一审判决认为范有孚于2007年12月25日13时48分存入保证金150万元,与事实不符。2007年12月 25日上午9时许,范有孚就将资金即时到账的银行资金卡按惯例交给天津营业部支付保证金,而天津营业部拖至下午才转到公司自己的账上,实际范有孚上午9时许就支付了保证金。3.天津营业部没有按照合同第十条规定的时间,前后如一地通知范有孚追加保证金,24日天津营业部经理王建玲分别以口头和书面通知,而第二次提高保证金后,通知追加保证金的时间既不合理又严重地违反了合同的规定。4.一审判决书在损失的计算及责任的分担方面计算有误。二、一审判决书析责失当。一审判决书判定天津营业部承担60%的责任,范有孚承担40%的责任,确为失当。此案是由于天津营业部严重违反合同,肆意侵害范有孚追加支付保证金、自行平仓之权利而造成。范有孚按照合同支付保证金并按照合同采取减仓措施,而天津营业部却滥施平仓之为,依法应当承担全部的责任,即赔偿范有孚经济损失9 027 085.66元。二审诉讼中,范有孚又变更其诉讼请求,要求判决天津营业部赔偿其平仓损失13066500元。范有孚请求:1.撤销一审判决,改判天津营业部赔偿范有孚经济损失9027085.66元;2.本案一、二审案件受理费均由天津营业部承担。针对范有孚的上诉理由和请求,天津营业部答辩称,天津营业部强行平仓的行为符合双方合同约定。由于2007年 12月24日收盘时,范有孚所持仓的铜合约出现涨停板,市场发生变化,使范有孚保证金不足。因该公司只允许从登记的结算账户中支付保证金,范有孚于25日向天津营业部提交单位支票支付保证金被拒绝。因此,范有孚账户损失应由其自己负责。@#
 天津营业部上诉称:一审法院认可双方签署的《期货经纪合同》及补充协议合法有效。该《期货经纪合同》第十条约定:范有孚因交易亏损或其他原因,其风险率小于 100%时,天津营业部停止接受范有孚下达的开仓指令,并按照本合同约定的方式向范有孚发出追加保证金的通知。范有孚应当在下一交易日开市前及时追加保证金或者立即采取减仓措施,否则,天津营业部有权在事先不通知范有孚的情况下,对范有孚的部分或者全部未平仓合约强行平仓,最高可至范有孚的风险率大于100%。范有孚应承担强行平仓的手续费及由此发生的损失。”最高人民法院《关于审理期货纠纷案件若干问题的规定》第三十六条第二款规定:“客户的交易保证金不足,又未能按期货经纪合同约定的时间追加保证金的,按期货经纪合同的约定处理;约定不明确的,期货公司有权就其未平仓的期货合约强行平仓,强行平仓造成的损失,由客户承担。”本案天津营业部对范有孚执行强行平仓完全符合上述合同约定及司法解释的规定,因此,强行平仓的行为应为合法有效,由此造成的损失,理应由范有孚承担。其次,范有孚的账户损失是因其交易方向错误,无法及时追加保证金遭遇的市场风险,并非天津营业部未能提供追加保证金的合理时间所致。2007年12月24日收盘后,天津营业部向范有孚发出强行平仓通知书,要求范有孚在第二日开盘前追加保证金1336万元,否则,将对范有孚的持仓予以全部或部分平仓。如果范有孚在25日的 9时30分前后将资金追加到位,而在此之前天津营业部已将其账户合约强行平仓,则范有孚可以指责天津营业部未给其提供合理的追加保证金时间。而事实是,12月25日,范有孚已经无力按天津营业部要求追加保证金,到下午13时48分才追加到账150万元,其到帐时间及金额均与天津营业部追加保证金通知的要求相差甚远。因此,范有孚的账户损失与天津营业部是否提供合理的追加保证金时间根本无关。综上,一审判决认定的事实及适用法律有误,应予撤销。请求:撤销一审判决,依法改判驳回范有孚的诉讼请求。针对天津营业部的上诉理由和请求范有孚答辩称,天津营业部的上诉理由不成立,应驳回其上诉请求。天津营业部擅自大幅度提高保证金,不合常规地强行平仓412手铜合约,应对范有孚损失承担全部赔偿责任。@#
 天津市高级人民法院除确认一审法院查明的事实以外,另查明:2007年12月25日,天津营业部将保证金比例提高到 16.5%。天津营业部向范有孚出具的2007年12月25日范有孚《交易结算单》成交记录显示,平仓盈亏为:-13 066 500元。@#
 天津市高级人民法院二审认为,本案争议的焦点为天津营业部对范有孚因强行平仓所造成的损失是否承担赔偿责任,承担何种赔偿责任;强行平仓损失的计算标准如何确定。@#
 关于天津营业部对范有孚因强行平仓所造成的损失是否承担赔偿责任,承担何种赔偿责任的问题。该院认为,保证金制度是期货交易风险控制的重要组成部分,是期货市场稳定和健康发展的前提。保证金的数额是由期货交易管理机构根据期货交易的实际状况作相应的调整。但期货交易所或期货公司应当给予客户合理追加保证金的时间。本案天津营业部在2007年12月24日15时收盘后,于18时50分通知范有孚追加保证金1336万元。2007年12月25日8时59分,天津营业部在集合竞价时即强行平仓范有孚持有铜合约412手,该行为使范有孚持仓虚亏变为实亏,而该期间范有孚根本无法将追加的保证金交到天津营业部账户上。特别是2007年12月24日范有孚根据天津营业部的通知自行平仓,已达到天津营业部要求的保证金水平,其已尽到注意义务。当日收盘后的 18时50分,期货公司又大幅度提高了保证金比例达到16.5%,对此突变情形,天津营业部也未向范有孚特别告知,从而使范有孚失去对追加保证金数额的合理预期。为了保护客户的利益,由此造成的损失应由天津营业部承担。虽然双方签订的期货经纪合同及补充协议第十条约定:范有孚因交易亏损或其他原因,其风险率小于 100%时,天津营业部按照合同约定的方式向范有孚发出追加保证金的通知。范有孚应当在下一交易日开市前及时追加保证金或者立即采取减仓措施,否则,天津营业部有权在事先不通知范有孚的情况下,对范有孚的部分或者全部未平仓合约强行平仓,最高可至范有孚的风险率大于100%。范有孚应承担强行平仓的手续费及由此发生的损失。但上述合同并未就追加保证金的合理时间进行约定,天津营业部挂单强平时银行尚未营业,显属未给予范有孚追加保证金的合理时间。对此,范有孚并无过错,天津营业部的强平行为与范有孚损失具有直接的因果关系,其应承担相应的赔偿责任。关于天津营业部以范有孚并未在 2007年12月25日9点30分前后将资金追加到位,到下午13时48分才到账150万元,其到账时间及金额与天津营业部追加保证金通知的要求相差甚远,因此,范有孚的账户损失与天津管业部是否提供合理的追加保证金时间无关的主张,因天津营业部于2007年12月25日期货市场开盘前已挂单强平范有孚412手铜合约,相应的损失已经发生,故此后范有孚是否追加保证金与该损失并无法律上的因果关系,该院对天津营业部的主张不予支持。@#
 ......

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