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Notice by the Shanghai Stock Exchange of Amending Several Clauses of the Detailed Implementation Rules of the Shanghai Stock Exchange for Margin Trading and Short Selling involving the Maintenance Margin Requirement (2019) [Effective]
上海证券交易所关于修改《上海证券交易所融资融券交易实施细则》涉及维持担保比例若干条款的通知(2019) [现行有效]
【法宝引证码】

Notice by the Shanghai Stock Exchange of Amending Several Clauses of the Detailed Implementation Rules of the Shanghai Stock Exchange for Margin Trading and Short Selling involving the Maintenance Margin Requirement 

上海证券交易所关于修改《上海证券交易所融资融券交易实施细则》涉及维持担保比例若干条款的通知

(No. 84 [2019] of the Shanghai Stock Exchange) (上证发〔2019〕84号)

All entity members and other market participants: 各会员单位及其他市场参与人:
For the purposes of effectively conducting the risk management of margin trading and short selling, and promoting the long-term stable development of margin trading and short selling, with the approval of the China Securities Regulatory Commission (CSRC), the Shanghai Stock Exchange (hereinafter referred to as the “SSE”) has amended several clauses of the Detailed Implementation Rules of the Shanghai Stock Exchange for Margin Trading and Short Selling (2015 Revision) (hereinafter referred to as the “Detailed Implementation Rules”) involving the maintenance margin requirement. You are hereby notified of the relevant matters as follows: 为进一步做好融资融券业务的风险管理,促进融资融券业务长期平稳发展,经中国证监会批准,上海证券交易所(以下简称本所)对《上海证券交易所融资融券交易实施细则(2015年修订)》(以下简称《实施细则》)中涉及维持担保比例若干条款进行了修改。现将有关事项通知如下:
I. Article 42 of the Detailed Implementation Rules is amended to read: “Article 42 A member shall monitor the collateral submitted by the client as a whole, and calculate its maintenance margin requirement. Maintenance margin requirement means the ratio between the value of a client's collateral and its debts incurred from margin trading and short selling. The calculation formula is as follows:   一、《实施细则》第四十二条修改为:“第四十二条 会员应当对客户提交的担保物进行整体监控,并计算其维持担保比例。维持担保比例是指客户担保物价值与其融资融券债务之间的比例,计算公式为:
Maintenance margin requirement = (sum of cash and the market value of securities in the credit securities account + value of other collaterals) / (value of securities purchased through margin trading + quantity of securities sold through short selling × current market value + sum of interest and expenses) 维持担保比例=(现金+信用证券账户内证券市值总和+其他担保物价值)/(融资买入金额+融券卖出证券数量×当前市价+利息及费用总和)。
In the formula, other collaterals means that the collaterals other than cash and securities in the credit securities account submitted by the client upon the member's recognition when the client's maintenance margin requirement is lower than the minimum maintenance margin requirement, and the value thereof shall be calculated based on the valuation method agreed upon by the member and the client or the valuation result recognized by both parties. 公式中,其他担保物是指客户维持担保比例低于最低维持担保比例时,客户经会员认可后提交的除现金及信用证券账户内证券以外的其他担保物,其价值根据会员与客户约定的估值方式计算或双方认可的估值结果确定。
Where the securities in a client's credit securities account are removed from the list of securities that can offset the margin, suspended from trading, are given a risk warning or fall under other particular circumstances, or have not been transferred to the account due to the handling of rights and interests, among others, when the member calculates the client's maintenance margin requirement, the member may calculate their market value according to the fair price or any other pricing method agreed upon with the client.” 客户信用证券账户内的证券,出现被调出可充抵保证金证券范围、被暂停交易、被实施风险警示等特殊情形或者因权益处理等产生尚未到账的在途证券,会员在计算客户维持担保比例时,可以根据与客户的约定按照公允价格或其他定价方式计算其市值。”
II. Article 43 of the Detailed Implementation Rules is amended to read: “Article 43 A member shall prudentially assess and agree with the client on the minimum maintenance margin requirement according to market conditions, the client's credit standing, the company's risk management capabilities and other factors.   二、《实施细则》第四十三条修改为:“第四十三条 会员应当根据市场情况、客户资信和公司风险管理能力等因素,审慎评估并与客户约定最低维持担保比例要求。
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