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Detailed Implementation Rules of the Shenzhen Stock Exchange for Margin Trading and Short Selling (2019 Revision) [Effective]
深圳证券交易所融资融券交易实施细则(2019年修订) [现行有效]
【法宝引证码】

Detailed Implementation Rules of the Shenzhen Stock Exchange for Margin Trading and Short Selling (2019 Revision) 

深圳证券交易所融资融券交易实施细则(2019年修订)

(No. 287 [2019] of the Shenzhen Stock Exchange, August 9, 2019) (深证会〔2019〕287号 2019年8月9日)

Chapter I General Provisions 

第一章 总则

1.1 For the purposes of regulating margin trading and short selling, maintaining the order of the securities market and protecting investors' lawful rights and interests, these Detailed Rules are developed in accordance with the Measures for the Administration of Margin Trading and Short Selling of Securities Companies, the Trading Rules of the Shenzhen Stock Exchange and other relevant provisions. 1.1 为规范融资融券交易行为,维护证券市场秩序,保护投资者的合法权益,根据《证券公司融资融券业务管理办法》、《深圳证券交易所交易规则》及其他有关规定,制定本细则。
1.2 For the purposes of these Detailed Rules, “margin trading and short selling” means investors' provision of collaterals to securities companies with the membership of the Shenzhen Stock Exchange (“SZSE”) (hereinafter referred to as “members”) for the purposes of borrowing money to purchase securities or borrowing securities to sell them. 1.2 本细则所称融资融券交易,是指投资者向具有深圳证券交易所(以下简称“ 本所”)会员资格的证券公司(以下简称“ 会员”)提供担保物,借入资金买入证券或借入证券并卖出的行为。
1.3 These Detailed Rules shall apply to margin trading and short selling conducted on the SZSE. For matters not mentioned herein, the Trading Rules of the Shenzhen Stock Exchange and other relevant provisions of the SZSE shall apply. 1.3 在本所进行的融资融券交易,适用本细则。本细则未作规定的,适用《深圳证券交易所交易规则》和本所其他有关规定。
Chapter II Business Flow 

第二章 业务流程

2.1 A member which applies for the privilege to conduct margin trading and short selling on the SZSE shall submit the following written documents to the SZSE: 2.1 会员申请本所融资融券交易权限的,应当向本所提交下列书面文件:
(1) The Securities Business Permit issued by the China Securities Regulatory Commission (hereinafter referred to as the “CSRC”) approving it to conduct margin trading and short selling, and other relevant approval documents. (一)中国证券监督管理委员会(以下简称“ 证监会”)颁发的获准开展融资融券业务的《经营证券业务许可证》及其他有关批准文件;
(2) Documents on the margin trading and short selling implementation plan and internal management rules. (二)融资融券业务实施方案、内部管理制度的相关文件;
(3) A list of senior executives and employees responsible for margin trading and short selling, and their contact information. (三)负责融资融券业务的高级管理人员与业务人员名单及其联络方式;
(4) Other documents required by the SZSE. (四)本所要求提交的其他文件。
2.2 A member shall conduct margin trading and short selling on the SZSE through trading booth exclusively used for margin trading and short selling. 2.2 会员在本所从事融资融券业务,应当通过融资融券专用交易单元进行。
2.3 A member shall, after opening a special securities account for short selling, a guarantee securities account for clients' credit transactions, a special cash account for margin trading and a margin account for clients' credit transactions according to relevant provisions, file a report with the SZSE within three trading days. 2.3 会员按照有关规定开立融券专用证券账户、客户信用交易担保证券账户、融资专用资金账户及客户信用交易担保资金账户后,应当在三个交易日内向本所报告。
2.4 A member shall strengthen client suitability management, specify the assets, trading experience and other conditions for clients' participation in margin trading and short selling, and direct clients to legally participate in margin trading and short selling on the basis of fully understanding the characteristics thereof. 2.4 会员应当加强客户适当性管理,明确客户参与融资融券交易应具备的资产、交易经验等条件,引导客户在充分了解融资融券业务特点的基础上合法合规参与交易。
A member shall not open a credit account for any client that fails to provide relevant information as required, has engaged in securities trading for less than six months, lacks of risk tolerance, of which the daily average securities assets are less than 500,000 yuan or has the record of major breach of contract in the most recent 20 trading days, or for the shareholder or affiliate of the member. 对未按照要求提供有关情况、从事证券交易时间不足半年、缺乏风险承担能力、最近二十个交易日日均证券类资产低于50 万元或者有重大违约记录的客户,以及本会员股东、关联人,会员不得为其开立信用账户。
Specialized institutional investors that participate in margin trading and short selling are not required to be subject to the restriction of securities trading time and securities asset conditions as mentioned in the preceding paragraph. 专业机构投资者参与融资、融券,可不受前款从事证券交易时间、证券类资产条件限制。
For the purposes of paragraph 2 of this Article, “shareholders” shall exclude those holding 5% or less of tradable shares of a listed member. 本条第二款所称股东,不包括仅持有上市会员 5%以下上市流通股份的股东。
2.5 Before lending funds or securities to a client, a member shall, in accordance with the relevant provisions, sign a margin trading and short selling contract and a margin trading and short selling risk disclosure statement with the client, and open a credit securities account and a credit cash account for the client. 2.5 会员在向客户融资、融券前,应当按照有关规定与客户签订融资融券合同及融资融券交易风险揭示书,并为其开立信用证券账户和信用资金账户。
2.6 An investor shall, according to relevant provisions, conduct margin trading and short selling on the SZSE through the credit securities account opened by the member for it. 2.6 投资者应当按照有关规定,通过会员为其开立的信用证券账户,在本所进行融资融券交易。
The opening and cancellation of credit securities accounts shall be governed by the relevant provisions of the member and depository and clearing institution designated by the SZSE. 信用证券账户的开立和注销,根据会员和本所指定登记结算机构有关规定办理。
2.7 Auction trading methods shall be adopted in margin trading and short selling. 2.7 融资融券交易采用竞价交易方式。
2.8 After accepting a client's order for margin trading and short selling, a member shall place the order in a format set forth by the SZSE. The order shall include such content as the client's credit securities account number, code of the trading booth exclusively used for margin trading and short selling, securities code, buy or sell, price, quantity, and label on margin trading and short selling. 2.8 会员接受客户的融资融券交易委托后,应当按照本所规定的格式申报,申报指令应包括客户的信用证券账户号码、融资融券专用交易单元代码、证券代码、买卖方向、价格、数量、融资融券相关标识等内容。
2.9 The quantity of stocks or funds purchased on margin or sold short in the order shall be 100 shares or an integral multiple thereof. 2.9 融资买入、融券卖出股票或基金的,申报数量应当为 100股(份)或其整数倍。
The quantity of bonds purchased on margin or sold short in the order shall be 10 or an integral multiple thereof. 融资买入、融券卖出债券的,申报数量应当为10 张或其整数倍。
2.10 The offer price of securities sold short in the order shall not be lower than the latest transaction price of the securities. If no transaction is conducted on that day, the price in the order shall not be lower than the previous closing price. Otherwise, the order is invalid. 2.10 融券卖出的申报价格不得低于该证券的最近成交价;当天还没有产生成交的,其申报价格不得低于前收盘价。低于上述价格的申报为无效申报。
Where an investor, during the short selling period, sells securities which are held through a securities account owned or controlled by the investor and which are the same as the borrowed securities, the offer price shall satisfy the requirements of the preceding paragraph, except for the portion in excess of the borrowed securities. 投资者在融券期间卖出通过其所有或控制的证券账户所持有与其融入证券相同证券的,其申报卖出该证券的价格应当满足前款要求,但超出融券数量的部分除外。
The short selling of ETFs or other securities recognized by the SSE shall not be subject to the restrictions of the preceding two paragraphs of this Article. 交易型开放式基金或经本所认可的其他证券,其融券卖出不受本条前两款规定的限制。
2.11 The SZSE shall not accept market orders for the short selling of securities. 2.11 本所不接受融券卖出的市价申报。
2.12 An investor may, after purchasing securities on margin, repay loans to the member by money or selling securities. 2.12 投资者融资买入证券后,可以通过直接还款或卖券还款的方式向会员偿还融入资金。
In the case of repayment of margin loans by money, it shall be made as agreed upon between the member and the client. 以直接还款方式偿还融入资金的,按照会员与客户之间的约定办理。
2.13 An investor may, after selling the borrowed securities, repay stock loans to the member by directly returning securities or purchasing securities for repayment from the next trading day. 2.13 投资者融券卖出后,自次一交易日起可以通过直接还券或买券还券的方式向会员偿还融入证券。
In the case of repayment by directly returning securities, it shall be made as agreed upon between the member and the client, and the relevant provisions of the depository and clearing institution designated by the SZSE. 以直接还券方式偿还融入证券的,按照会员与客户之间约定,以及本所指定登记结算机构的有关规定办理。
When an investor's short selling of securities is suspended, the investor may repay stock loans to the member by cash and other methods as agreed. 投资者融券卖出的证券暂停交易的,可以按照约定以现金等方式向会员偿还融入证券。
2.14 Money obtained by an investor from selling securities in the credit securities account which were purchased on margin and for which the contract has not been fulfilled shall first be used to repay the investor's margin loans. 2.14 投资者卖出信用证券账户内融资买入尚未了结合约的证券所得价款,应当先偿还该投资者的融资欠款。
2.15 Before settling a short sale, money obtained by an investor from selling the borrowed securities may not be used for purposes other than the following. 2.15 未了结相关融券交易前,投资者融券卖出所得价款除以下用途外,不得另作他用:
(1) Purchasing securities to repay securities. (一)买券还券;
(2) Repaying the interest and cost relating to margin trading and short selling or making compensation by cash for the rights and interests relating to short selling. (二)偿还融资融券交易相关利息、费用或融券交易相关权益现金补偿;
(3) Purchasing or subscribing for cash management products of securities companies, money market funds and other highly liquid securities recognized by the SZSE. (三)买入或申购证券公司现金管理产品、货币市场基金以及本所认可的其他高流动性证券;
(4) Other purposes prescribed by the CSRC and the SZSE. (四)证监会及本所规定的其他用途。
2.16 The term of a margin trading or short selling contract between a member and a client shall be calculated from the date when the client actually uses funds or securities, and may not exceed six months. The member may renew the contract before its expiry upon the application of the client, and each extension shall not exceed six months. 2.16 会员与客户约定的融资、融券合约期限自客户实际使用资金或证券之日起开始计算,最长不超过六个月。合约到期前,会员可以根据客户的申请为客户办理展期,每次展期的期限最长不得超过六个月。
The member shall, before renewing its contract with a client, assess the client's credit standing, liabilities, and margin maintenance requirement, among others. 会员在为客户办理合约展期前,应当对客户的信用状况、负债情况、维持担保比例水平等进行评估。
2.17 The special securities accounts for clients' short selling may not be used for securities trading. 2.17 会员融券专用证券账户不得用于证券买卖。
2.18 An investor's credit securities account may not be used to purchase or receive securities other than marginable securities, or for private placement, subscription and redemption of stock ETFs and bond ETFs, or the repurchase of bonds, among others. 2.18 投资者信用证券账户不得用于买入或转入除可充抵保证金证券范围以外的证券,也不得用于参与定向增发、股票交易型开放式基金和债券交易型开放式基金申购及赎回、债券回购等。
2.19 Where a client fails to provide sufficient collateral on schedule or fails to repay a mature margin loan or stock loan, a member may dispose of the client's collateral as agreed upon with the client, and may recover the shortfall from the client. 2.19 客户未能按期交足担保物或者到期未偿还融资融券债务的,会员可以根据与客户的约定处分其担保物,不足部分可以向客户追索。
2.20 Where a member takes forced liquidation measures as agreed upon with a client, it shall place the forced liquidation order in a format as set forth by the SZSE. The order shall include such content as the client's securities account number, code of the trading booth exclusively used for margin trading and short selling, securities code, buy or sell, price, quantity, and label for forced liquidation in margin trading or short selling. 2.20 会员根据与客户的约定采取强制平仓措施的,应当按照本所规定的格式申报强制平仓指令,申报指令应当包括客户的信用证券账户号码、融资融券专用交易单元代码、证券代码、买卖方向、价格、数量、融资强制平仓或融券强制平仓标识等内容。
Chapter III Underlying Securities 

第三章 标的证券

3.1 The following securities listed for trading on the SZSE may be taken as underlying securities for margin trading or short selling (hereinafter referred to as “underlying securities”) with the approval of the SZSE: 3.1 在本所上市交易的下列证券,经本所认可,可作为融资买入标的证券或融券卖出标的证券(以下简称“ 标的证券”):
(1) Stocks. (一)股票;
(2) Securities investment funds. (二)证券投资基金;
(3) Bonds. (三)债券;
(4) Other securities. (四)其他证券。
3.2 The underlying security which is a stock shall meet the following conditions: 3.2 标的证券为股票的,应当符合下列条件:
(1) It has been listed for trading on the SZSE for more than three months. (一)在本所上市交易超过三个月;
(2) For the underlying stock purchased on margin, its outstanding capital stock is not less than 100 million shares or its tradable market value is not less than 500 million yuan; for the underlying stock in a short sale, its outstanding capital stock is not less than 200 million shares or its tradable market value is not less than 800 million yuan. (二)融资买入标的股票的流通股本不少于1亿股或流通市值不低于5亿元,融券卖出标的股票的流通股本不少于2亿股或流通市值不低于8亿元;
(3) The number of shareholders is not less than 4,000. (三)股东人数不少于4000人;
(4) It falls under none of the following circumstances in the most recent three months: (四)在最近三个月内没有出现下列情形之一:
(a) Its average daily turnover rate is lower than 15% of the average daily turnover rate of the benchmark index and its average daily trading value is less than 50 million yuan. 1.日均换手率低于基准指数日均换手率的15%,且日均成交金额低于5000万元;
(b) Its average daily price limit deviates from the average price limit of the benchmark index by 4% or more. 2.日均涨跌幅平均值与基准指数涨跌幅平均值的偏离值超过4%;
(c) Its fluctuation range reaches five times or more the fluctuation range of the benchmark index. 3.波动幅度达到基准指数波动幅度的5倍以上。
(5) Its stock trading has not been subject to a risk alert by the SZSE. (五)股票交易未被本所实行风险警示;
(6) Other conditions prescribed by the SZSE. (六)本所规定的其他条件。
3.3 An underlying security which is an ETF shall meet the following conditions: 3.3 标的证券为交易型开放式基金的,应当符合下列条件:
(1) It has been listed for trading for more than five trading days. (一)上市交易超过五个交易日;
(2) Its average daily asset size in the most recent five trading days is not less than 500 million yuan. (二)最近五个交易日内的日平均资产规模不低于5亿元;
(3) The number of holders is not less than 2,000. (三)基金持有户数不少于2000户;
(4) Other conditions prescribed by the SZSE. (四)本所规定的其他条件。
3.4 An underlying security which is a listed ETF shall meet the following conditions: 3.4 标的证券为上市开放式基金的,应当符合下列条件:
(1) It has been listed for trading for more than five trading days. (一)上市交易超过五个交易日;
(2) Its average daily asset size in the most recent five trading days is not less than 500 million yuan. (二)最近五个交易日内的日平均资产规模不低于5亿元;
(3) Its number of holders is not less than 2,000. (三)基金持有户数不少于2000户;
(4) The fund shares have no graded conversion such as stock split and reverse split. (四)基金份额不存在分拆、合并等分级转换情形;
(5) Other conditions prescribed by the SZSE. (五)本所规定的其他条件。
3.5 An underling security which is a bond shall meet the following conditions: 3.5 标的证券为债券的,应当符合下列条件:
(1) The face value of the bond under custody is not less than 100 million yuan. (一)债券托管面值在1亿元以上;
(2) The remaining term of the bond is not less than one year.
......
 (二)债券剩余期限在一年以上;
......

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