| Notice by the China Financial Futures Exchange of the Requirements for the Administration of Hedging Transactions of Financial Futures | | 中国金融期货交易所关于金融期货套期保值交易管理要求的通知 |
| For the purposes of maximizing the risk management function of financial futures, promoting the regulated development of the market and strengthening the management of hedging transactions, in accordance with the relevant provisions of the Administrative Measures of the China Financial Futures Exchange for Hedging and Arbitrage Trading, the relevant administrative requirements are hereby announced as follows: | | 为充分发挥金融期货风险管理功能，促进市场规范发展，加强套期保值交易行为管理，根据《中国金融期货交易所套期保值与套利交易管理办法》等有关规定，现将有关管理要求通知如下： |
| I. Administrative requirements for hedging transactions | | 一、套期保值交易管理要求 |
| A non-futures company member or client shall conduct hedging transactions according to the hedging scheme. Any change in the hedging scheme shall be reported to the China Financial Futures Exchange (CFFEX) in a timely manner. | | 非期货公司会员、客户进行套期保值交易的，应当按照套期保值方案执行。套期保值方案发生变更的，应当及时向交易所报告。 |
| 1. Long hedge | | （一）买入套期保值 |
| With respect to long hedges, the value or value at risk of a long-hedge position of a non-futures company member or client shall not exceed the value of the relevant assets or the value at risk that it plans to substitute for. The investment plan and asset size shall be specified in the hedging scheme. | | 对于买入套期保值交易，非期货公司会员、客户的买入套期保值持仓合约价值或风险价值不得超过其计划替代的相关资产或风险价值。投资计划与资产规模应当在套期保值方案中予以明确。 |
| 2. Short hedge | | （二）卖出套期保值 |
| The sum of the short-hedge positions of all varieties of stock index futures held by a non-futures company member or client shall not exceed by 1.1 times the sum of the market value of all varieties of the underlying index component stocks, stock exchange-traded funds (ETF) and listed open-ended funds (LOF) held by it. | | 非期货公司会员、客户的股指期货所有品种卖出套期保值持仓合约价值之和，不得超过其持有的股指期货所有品种标的指数成分股、股票ETF和LOF基金市值之和的1.1倍。 |
The value or the value at risk of all short-hedge positions of national bond futures of a non-futures company member or client shall not exceed that of the hedged underlying assets held by it.
．．．．．． | | 非期货公司会员、客户的国债期货所有卖出套期保值持仓合约价值或风险价值，不得超过其持有的对冲标的资产或风险价值。
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