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| Measures of the Shanghai Futures Exchange for Risk Control and Management | | 上海期货交易所风险控制管理办法 |
| (January 22, 2019) | | （2019年1月22日） |
| Chapter I General Provisions | | 第一章 总 则 |
| Article 1 For the purposes of strengthening the risk management of futures trading, maintaining the lawful rights and interests of the parties to transactions, and ensuring normal futures trading on the Shanghai Futures Exchange (hereinafter referred to as the "Exchange"), these Measures are developed in accordance with the Trading Rules of the Shanghai Futures Exchange. Article 2 For the purpose of risk management, the Exchange adopts a margin system, a price limit system, a position limit system, a trading limit system, a large position reporting system, a forced liquidation system, and a risk warning system. Article 3 The Exchange, members and clients shall comply with these Measures. | | 第一条 为加强期货交易风险管理，维护交易当事人的合法权益，保证上海期货交易所（以下简称交易所）期货交易的正常进行，根据《上海期货交易所交易规则》制定本办法。第二条 交易所风险管理实行保证金制度、涨跌停板制度、持仓限额制度、交易限额制度、大户报告制度、强行平仓制度、风险警示制度。第三条 交易所、会员和客户应当遵守本办法。 |
| Chapter II Margin System | | 第二章 保证金制度 |
| Article 4 The Exchange adopts a trade margin system. The minimum trade margin for gold, silver, bitumen, hot-rolled coil, and bleached softwood kraft pulp (hereinafter referred to as the "BSKP") futures contracts is 4% of contract value, that for copper cathode (hereinafter referred to as the "copper"), aluminum, zinc, lead, nickel, tin, steel rebar, and natural rubber futures contracts is 5% of contract value, that for wire rod futures contracts is 7% of contract value, and that for fuel oil futures contracts is 8% of contract value. In the trading process of a futures contract, the Exchange may adjust its trade margin requirement based on market risk: (1) when open interest reaches a certain level; (2) when the delivery period is approaching; (3) when the cumulative fluctuation for more than one trading day in a row reaches a certain level; (4) when the price limit is reached in a row; (5) on a legal holiday; (6) when the Exchange believes that market risk manifestly rises; or (7) the Exchange otherwise deems the adjustment necessary. If the Exchange decides to adjust trade margins according to the circumstances of the market, it shall make an announcement and report to the China Securities Regulatory Commission ("CSRC"). | | 第四条 交易所实行交易保证金制度。黄金、白银、石油沥青、热轧卷板、漂白硫酸盐针叶木浆（以下简称漂针浆）期货合约的最低交易保证金为合约价值的4%，阴极铜（以下简称铜）、铝、锌、铅、镍、锡、螺纹钢、天然橡胶期货合约的最低交易保证金为合约价值的5%，线材期货合约的最低交易保证金为合约价值的7%，燃料油期货合约的最低交易保证金为合约价值的8%。在某一期货合约的交易过程中，当出现下列情况时，交易所可以根据市场风险调整其交易保证金水平：（一）持仓量达到一定的水平时；（二）临近交割期时；（三）连续数个交易日的累计涨跌幅达到一定水平时；（四）连续出现涨跌停板时；（五）遇国家法定长假时；（六）交易所认为市场风险明显增大时；（七）交易所认为必要的其他情况。交易所根据市场情况决定调整交易保证金的，应当公告，并报告中国证监会。 |
| Article 5 The Exchange shall develop different trade margin standards according to the different trading stages of a futures contract (to wit, from its first trading day to its last trading day). The specific provisions are as follows: (1) The method by which the Exchange adjusts trade margins according to the different trading stages of a futures contract. | | 第五条 交易所根据某一期货合约上市运行的不同阶段（即：从该合约新上市挂牌之日起至最后交易日止）制定不同的交易保证金收取标准。具体规定如下：（一）交易所根据期货合约上市运行的不同阶段调整交易保证金的方法。 |
| Table 1 Trade margin standards for different trading stages of copper futures contracts | | 表一 铜期货合约上市运行不同阶段的交易保证金收取标准 |
Trading period | Trade margin rate for copper | | As from the first trading day of the contract | 5% | | As from the first trading day of the month before the delivery month | 10% | | As from the first trading day of the delivery month | 15% | | As from the second trading day before the last trading day | 20% |
Table 2 Trade margin standards for different trading stages of aluminum futures contracts
Trading period | Trade margin rate for aluminum | | As from the first trading day of the contract | 5% | | As from the first trading day of the month before the delivery month | 10% | | As from the first trading day of the delivery month | 15% | | As from the second trading day before the last trading day | 20% |
Table 3 Trade margin standards for different trading stages of zinc futures contracts
Trading period | Trade margin rate for zinc | | As from the first trading day of the contract | 5% | | As from the first trading day of the month before the delivery month | 10% | | As from the first trading day of the delivery month | 15% | | As from the second trading day before the last trading day | 20% |
Table 4 Trade margin standards for different trading stages of lead futures contracts
Trading period | Trade margin rate for lead | | As from the first trading day of the contract | 5% | | As from the first trading day of the month before the delivery month | 10% | | As from the first trading day of the delivery month | 15% | | As from the second trading day before the last trading day | 20% |
Table 5 Trade margin standards for different trading stages of nickel futures contracts
Trading period | Trade margin rate for nickel | | As from the first trading day of the contract | 5% | | As from the first trading day of the month before the delivery month | 10% | | As from the first trading day of the delivery month | 15% | | As from the second trading day before the last trading day | 20% |
Table 6 Trade margin standards for different trading stages of tin futures contracts
Trading period | Trade margin rate for tin | | As from the first trading day of the contract | 5% | | As from the first trading day of the month before the delivery month | 10% | | As from the first trading day of the delivery month | 15% | | As from the second trading day before the last trading day | 20% |
Table 7 Trade margin standards for different trading stages of steel rebar futures contracts
．．．．．． | | 交易时间段
| 铜交易保证金比例
| 合约挂牌之日起
| 5%
| 交割月前第一月的第一个交易日起
| 10%
| 交割月份第一个交易日起
| 15%
| 最后交易日前二个交易日起
| 20%
|
表二 铝期货合约上市运行不同阶段的交易保证金收取标准
交易时间段
| 铝交易保证金比例
| 合约挂牌之日起
| 5%
| 交割月前第一月的第一个交易日起
| 10%
| 交割月份第一个交易日起
| 15%
| 最后交易日前二个交易日起
| 20%
|
表三 锌期货合约上市运行不同阶段的交易保证金收取标准
交易时间段
| 锌交易保证金比例
| 合约挂牌之日起
| 5%
| 交割月前第一月的第一个交易日起
| 10%
| 交割月份第一个交易日起
| 15%
| 最后交易日前二个交易日起
| 20%
|
表四 铅期货合约上市运行不同阶段的交易保证金收取标准
交易时间段
| 铅交易保证金比例
| 合约挂牌之日起
| 5%
| 交割月前第一月的第一个交易日起
| 10%
| 交割月份第一个交易日起
| 15%
| 最后交易日前二个交易日起
| 20%
|
表五 镍期货合约上市运行不同阶段的交易保证金收取标准
交易时间段
| 镍交易保证金比例
| 合约挂牌之日起
| 5%
| 交割月前第一月的第一个交易日起
| 10%
| 交割月份第一个交易日起
| 15%
| 最后交易日前二个交易日起
| 20%
|
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