Clearing Rules of the Shanghai International Energy Exchange

Table of Contents

Chapter 1 General Provisions
Chapter 2 Clearing House
Chapter 3 Regular Operations
Chapter 4 Physical Delivery Settlement
Chapter 5 Authorized Clearing
Chapter 6 Margin Collaterals
Chapter 7 Risk and Obligations
Chapter 8 Miscellaneous

Chapter 1 General Provisions

Article 1 These Clearing Rules of the Shanghai International Energy Exchange (hereinafter referred to as the “Clearing Rules”)are made, in accordance with the General Exchange Rules of the Shanghai International Energy Exchange, to regulate the clearing of futures trades on or through the Shanghai International Energy Exchange (hereinafter referred to as “the Exchange”), safeguard the legitimate rights of the involved parties and public interest, and manage and mitigate the risks of the futures market.

Article 2 The Exchange, as a central counterparty, carries out centralized clearing of the futures trading and implements margin requirement, daily mark-to-market, and risk reserve fund, etc..

Article 3 The Exchange conducts clearing with Members.
Each Member conducts clearing with its own Clients, Overseas Special Participants (hereinafter referred to as the “OSPs”) who authorize the Member to conduct clearing, and Overseas Intermediaries who authorize the Member to conduct trading and clearing (the aforementioned Clients, OSPs and Overseas Intermediaries are collectively referred to as the “Clearing Delivery Principals”).
The Overseas Special Brokerage Participants (hereinafter referred to as the “OSBPs”) and Overseas Intermediaries clear with their Clients.

Article 4 The Clearing Rules apply to all clearing activities on or through the Exchange. The Exchange, Members, OSPs, Overseas Intermediaries, Clients, Designated Depository Banks and their employees thereof shall abide by the Clearing Rules.

Chapter 2 Clearing House

Article 5 The Clearing House refers to the clearing department of the Exchange. The Clearing House is in charge of the centralized clearing, margin management and clearing risk control of futures trading.

Article 6 The Clearing House undertakes the following responsibilities:
1. control clearing risks;
2. produce settlement statements for Members;
3. conduct fund transfer operations;
4. record and report all cleared trades and related statistics, settlement and purchase of foreign exchange, and other activities;
5. resolve any clearing dispute for Members;
6. conduct delivery settlement;
7. manage margin in accordance with the applicable rules of the Exchange; and
8. conduct other clearing businesses in accordance with the applicable rules of the Exchange.

Article 7 All the trades executed through the Exchange are subject to centralized clearing by the Clearing House.

Article 8 The Exchange may inspect the trading records, clearing and settlement information, financial statements, account books and other relevant documents associated with futures trades executed on the Exchange by any Member, OSP, Overseas Intermediary or Client. All Members, OSPs, Overseas Intermediaries and Clients are required to cooperate with the Exchange during inspection.

Article 9 Each Member shall have a department to undertake the functions and responsibilities of clearing with the Exchange and with its Clearing Delivery Principals respectively, and shall safely keep trading records, clearing and settlement information, financial statements，account books and other relevant documents, and make them available to the Exchange for any inquiry or verification.

Article 10 Each Member shall designate at least two personnel responsible for conducting settlement and delivery (hereinafter referred to as the “settlement and delivery personnel”). Such settlement and delivery personnel shall meet the qualifications of a futures business practitioner as prescribed by the China Securities Regulatory Commission (hereinafter referred to as the “CSRC”), and obtain a “License of Settlement and Delivery Personnel” from the Exchange after participating in the Exchange’s dedicated training program, passing the test of the Exchange, and consequently being authorized by their employer.

Article 11 The settlement and delivery personnel are obligated to:
1. conduct deposits and withdrawals of funds on behalf of their employer;
2. access and promptly check the settlement data provided by the Exchange;
3. post and withdraw collaterals used as margin;
4. conduct physical delivery operations; and
5. undertake other businesses relating to settlement and delivery.

Article 12 All settlement and delivery personnel shall present their “License of Settlement and Delivery Personnel” when conducting settlement and delivery business at the Exchange; otherwise, the Exchange will reject the request to engage in such business.
The “License of Settlement and Delivery Personnel” can only be used by the license owner. Any abuse of the license such as forging, tampering, borrowing or lending is prohibited.

Article 13 Each Member shall implement operational rules and procedures for its settlement and delivery personnel. The settlement and delivery personnel shall keep the operating password secure. Any consequences resulting from improper keeping of the password shall be borne by the Member.

Article 14 All clearing-related parties and their employees shall not disclose any confidential information regarding the clearing business.

Chapter 3 Regular Operations

Article 15 The Exchange shall, depending on business needs, open dedicated settlement accounts in various currencies with Designated Depository Banks to deposit margin and relevant funds of its Members.

Article 16 Each Member shall，depending on business needs, open dedicated margin accounts in various currencies with one or more Designated Depository Banks to deposit margin and relevant funds. Dedicated margin accounts opened with designated branches of Designated Depository Banks, as required by the Exchange, shall be used as Member’s dedicated fund accounts.

Article 17 The transfer of funds related to futures business between the Exchange and a Member shall be executed between the dedicated settlement account of the Exchange and the dedicated fund account of the Member.

Article 18 The Exchange shall apply account segregation for the margin deposited by each Member into the Exchange’s dedicated settlement accounts, and shall set up internal ledgers for each Member respectively to record and settle the Member’s deposits and withdrawals, profits and losses, trading margins, transaction fees, etc. on a daily basis.
Each time a Member files with the Exchange for undertaking the clearing authorization from an OSP, the Exchange shall set up a separate internal ledger for such Member to record and settle such OSP’s deposits and withdrawals, profits and losses, trading margins, transaction fees and others on a daily basis.

Article 19 The Futures Firm Members (hereinafter referred to as the “FF Member”), OSBPs and Overseas Intermediaries shall apply account segregation for the margins deposited by their Clients, and shall set up an internal ledger for each Client respectively to record and settle the Client’s deposits and withdrawals, profits and losses, trading margins, transaction fees, etc. on a daily basis. The transfer of funds related to futures business between an FF Member and its Clients shall be executed between the dedicated margin account of the FF Member and the futures settlement account of its Clients.
The Member shall, in compliance with the preceding article, apply account segregation for the margins deposited by each OSP who authorizes the Member to conduct clearing, and each Overseas Intermediary who authorizes the Member to conduct trading and clearing.

Article 20 The Exchange, according to the Clearing Rules and other business rules, is entitled to instruct the Designated Depository Banks to collect any receivables from the dedicated fund accounts of Members without notifying such Members.
The Exchange is entitled to enquire the balance and transaction history of a Member’s dedicated fund accounts at any time.

Article 21 A Member who intends to open, rename, replace or close a dedicated fund account shall submit relevant applications to the Exchange for approval. Once the application is approved by the Exchange, the Member shall present the specific notice issued by the Exchange (template available at the official website of the Exchange) to the Designated Depository Bank for relevant account operations.

Article 22 In the case of a transfer of membership, the transferee shall open a new dedicated fund account.

Article 23 The Exchange implements margin requirements. Margins are classified into clearing deposits and trading margins.
The clearing currency of the Exchange is Renminbi (hereinafter referred to as the RMB). Once approved by the Exchange, foreign exchange and assets with both stable value and high liquidity, including standard warrants and treasury bonds (hereinafter collectively referred to as “margin collateral assets”), may be used as margin collateral.

Article 24 The term “clearing deposit” refers to the funds each Member deposits into the Exchange’s dedicated settlement accounts for the purpose of futures trading and clearing, which is not yet used as margin for the position held by the Member.

Each FF Member shall at all times maintain a minimum clearing deposit of RMB two million (¥2,000,000.00), and each Non-FF Member shall at all times maintain a minimum clearing deposit of RMB five hundred thousand (¥500,000.00). clearing deposit.

Article 25 The minimum clearing deposit of each Member shall be increased according to the following methods:
1. Each time a Member undertakes a clearing authorization from an OSBP, the minimum clearing deposit of the corresponding internal ledger under such authorized Member shall increase by RMB two million (¥2,000,000.00). Each time an OSBP undertakes a trading and clearing authorization from an Overseas Intermediary, the minimum clearing deposit of the corresponding internal ledger under the authorized Member for such OSBP shall increase by another RMB two million (¥2,000,000.00);
2. Each time a Member undertakes a clearing authorization from an Overseas Special Non-Brokerage Participant (hereinafter referred to as “OSNBP”), the minimum clearing deposit of the corresponding internal ledger under such authorized Member shall increase by RMB five hundred thousand (¥500,000.00);
3. Each time a Member undertakes a trading and clearing authorization from an Overseas Intermediary, the minimum clearing deposit of the corresponding internal ledger of the authorized Member shall increase by RMB two million (¥2,000,000.00).

Article 26 The minimum clearing deposit of a Member shall be paid in RMB with the Member’s own funds.

Article 27 Based on the demand deposit rates published by People’s Bank of China (hereinafter referred to as the “PBOC”) for each currency, the Exchange calculates the interests earned by each Member from the cash balances of the clearing deposits on a daily basis, and transfers the accrued interests to each Member’s clearing deposits respectively on the first trading day after the date when Designated Depository Banks make interest payments to the Exchange in March, June, September and December. The specific interest rates to apply shall be determined, adjusted and published by the Exchange.

Article 28 The term “trading margin” refers to the funds deposited by a Member into the dedicated settlement accounts of the Exchange to ensure the fulfillment of the contract and already used as margin for the position held by the Member. Once a futures trade is executed, the Exchange shall collect margin based on a prescribed percentage of the value of the open position or other methods as prescribed by the Exchange.
The Exchange may collect trading margin in accordance with the gross positions, net positions or the portfolio. Under the following circumstances, the Exchange may collect trading margin from one side only:
1. For a Client holding both long and short positions in the same product and on the books of the same Member or OSBP, the Exchange may collect trading margin solely from the side for which a larger amount of trading margin is required, except for the contract held after the closing of the fifth (5th) trading day prior to the last trading day;
2. For a Non-FF Member or an OSNBP holding both long and short positions in the same product, the Exchange may collect trading margin solely from the side for which a larger amount of trading margin is required, except for the contract held after the closing of the fifth (5th) trading day prior to the last trading day; and
3. Other circumstances the Exchange deems necessary.

Article 29 The minimum trading margin rate for each listed product is set forth in the futures contract specifications. The trading margin rates required at various periods of a contract are set forth in the provisions prescribed in the Risk Management Rules of the Shanghai International Energy Exchange.

Article 30 Margins paid by Clearing Delivery Principals to a Member belong to such Clearing Delivery Principals, and shall be deposited into the Member’s dedicated margin accounts.
Margins shall be used for trading and clearing only, and shall not be misappropriated.

Article 31 The level of trading margin that a Member imposes on a Clearing Delivery Principal shall not be lower than the level of trading margin that the Exchange imposes on the Member.

Article 32 The Exchange implements daily mark-to-market.
After the close of each trading day, the Exchange shall settle the profit or loss, trading margin, transaction fees, taxes and other fees for each Member based on the settlement price of each contract, and conduct a transfer of the net balance of the Member’s receivables and payables by increasing or decreasing the Member’s clearing deposit accordingly.

Article 33 The Exchange shall charge transaction fees based on the volume of contracts traded on that day and relevant specifications, and may, based on market conditions, charge filing fees, cancelling fees and other fees from specific Clients, and a part of or all of the Members and/or OSPs for listed products or contracts, unless otherwise prescribed by the Exchange.

Article 34 The daily settlement price for the futures contract that is traded on a particular day is the volume-weighted average price for contracts executed on that day.
For an untraded futures contract on that day, the settlement price is set as follows:
1. if, by the close of the trading day, there are bids or asks in the Exchange’s central order book, the median quote among the best bid, the best ask and the settlement price of the previous trading day will be the settlement price for the contract;
2. if, for the last five (5) minutes before the close of trading, there is only one-side quote for the contract in the Exchange’s central order book at the limit price of the day, that quote will be the settlement price for the contract; or
3. except for the above two (2) scenarios provided in Article 34-1 and Article 34-2, the settlement price for the untraded contract will be calculated in the following formulas:
(1) if the price variation (%) of the nearest contract on that trading day is no greater than the price limit of the untraded contract, the settlement price = the settlement price of the previous trading day of the untraded contract × (1 ± the price variation (%) of the nearest contract)；
(2) if the price variation (%) of the nearest contract is greater than the price limit of the untraded contract, the settlement price = the settlement price of the previous trading day of the untraded contract × (1 ± the price limit of the untraded contract);
(3) if no contract prior to the untraded contract is traded on that day, which implies that the price variation (%) of the nearest contract cannot be determined, the settlement price = the settlement price of the previous trading day of the untraded contract.
“nearest contract” is the contract which is traded for the day and is the nearest prior to the untraded contract.

Article 35 If any of the following circumstances occurs to futures market participants, the Exchange may adjust the daily settlement price and the final settlement price:
1. A futures market participant conducts wash trades through his/her own account or the accounts with actual affiliated relationships, which severely affects the final settlement price;
2. A futures market participant conducts other illegal activities that result in abnormal fluctuation or instantly severe deviation of the transaction price from the market price and severely affect the final settlement price.

Article 36 The settlement price of a futures contract on a trading day is the basis for computing the profit or loss of the day. The formula is as follows:
The profit or loss of the day = ∑ [ (the executed price of each sell order filled of the day － the settlement price of the day) × the volume of each sell order filled ] + ∑ [ (the settlement price of the day － the executed price of each buy order filled of the day) × the volume of each buy order filled ] + (the settlement price of the previous trading day － the settlement price of the day ) × (the short positions of the previous trading day － the long positions of the previous trading day)

Article 37 The profit or loss of the day shall be credited to or debited from the Member’s clearing deposit as part of the daily clearing process conducted by the Exchange.
The excess or deficiency in the trading margin of the day against that of the previous trading day shall be credited to or debited from the Member’s clearing deposit.
Expenses including transaction fees, taxes and other fees shall also be debited from the Member’s clearing deposit. All the payments including profit or loss, fees and delivery payments must be paid in cash in RMB.

Article 38 The balance of clearing deposit is computed as follows:
The clearing deposit balance of the day = the clearing deposit balance of the previous trading day + the trading margin of the previous trading day – the trading margin of the day + the actual available value of margin collaterals of the day – the actual available value of margin collaterals of the previous trading day + the profit or loss of the day + the deposit of funds – the withdrawal of funds – transaction fees and other expenses
The formula to calculate the value of margin collaterals is specified in Chapter 6 of these Clearing Rules.

Article 39 If, after the completion of daily clearing, the clearing deposit balance of any internal ledger of a Member with the Exchange is lower than the prescribed minimum requirement, such clearing result shall be deemed as the Exchange’s margin call to the Member, and the gap between the two amounts shall be the amount of additional funds required by the margin call.

Article 40 Following the margin call, the Exchange may instruct Designated Depository Banks to debit the funds from the Member’s dedicated fund account and credit the funds to the Exchange’s dedicated settlement account. If a deficiency still exists, the Member shall make it up prior to the market opening of the next trading day. In the event the Member fails to make it up, the following shall apply:
1. If the clearing deposit balance of any internal ledger of the Member with the Exchange is no less than zero, the corresponding Member or OSP of such internal ledger shall not open any new position;
2. If the clearing deposit balance of any internal ledger of the Member with the Exchange is lower than zero, the Exchange shall implement forced position liquidation or take other measures according to the Risk Management Rules of the Shanghai International Energy Exchange.

Article 41 The Exchange may, at its sole discretion, implement intraday clearing and call for additional margins according to market risk conditions and margin variations. The Member shall, within the time specified by the margin call, cover the margin shortfall; otherwise, the provisions of Article 40 of these Clearing Rules shall apply.

Article 42 After the completion of daily clearing, the clearing deposit balance in RMB of any internal ledger of a Member shall not be lower than the minimum clearing deposit; otherwise, the Exchange may debit corresponding funds in RMB from the Member’s dedicated fund account. If a deficiency still exists, the Member shall make it up prior to market opening of the next trading day. If the Member fails to make it up in time, the Exchange may impose forced foreign exchange conversion by converting the Member’s foreign currency funds in its dedicated fund account or in the Exchange’s dedicated settlement account into RMB.

Article 43 A Member may transfer fund in any of the following ways:
1. Bank transfer. A Member shall submit deposit or withdrawal applications through BECK system or by other means as prescribed by the Exchange.
Deposit applied before the market close shall be verified by the Exchange and released for execution of the transfers before the end of daily clearing; withdrawal applied before the market close shall be verified by the Exchange and released together for execution of the transfers after the daily clearing; deposit or withdrawal applied after the market close shall be verified by the Exchange and released for execution of the transfers on the following trading day.
During trading hours, unrealized profit/loss or related funds are not eligible for withdrawal, while other withdrawal applications may be submitted to the Exchange.
During continuous trading hours, the Exchange will not verify or approve any application to withdraw fund or margin collateral.
2. Bill payment. Subject to the Exchange’s approval, a Member may deposit funds by check, promissory note or credit voucher drawn on the Member’s dedicated margin account. Upon the confirmation of account credit, the Exchange shall increase the Member’s clearing deposit before the next trading session starts.

Article 44 Each Member shall comply with the Exchange’s rules when making withdrawal of funds. The maximum amount of funds that a Member may withdraw is as follows:
1. When the actual available value of margin collaterals is greater than or equal to 80% of the trading margin:
Withdrawable amount = the current cash balance – the trading margin × 20%－the minimum clearing deposit; or
2. When the actual available value of margin collaterals is lower than 80% of the trading margin:
Withdrawable amount = the current cash balance – (the trading margin – the actual available value of the margin collaterals) – the minimum clearing deposit.
The current cash balance refers to the total amount of the RMB cash balance and the RMB equivalent of the foreign currency cash collaterals after haircut. Details of the calculation are specified in Chapter 6 of these Clearing Rules.
According to market risk conditions and types of eligible foreign currencies, the Exchange may, in its sole discretion, make appropriate adjustments to the amount of funds that a Member may withdraw.

Article 45 Should any of the following circumstances occurs to a Member, an OSP, an Overseas Intermediary or a Client, the Exchange may restrict the withdrawal of funds by the Member, or require the Member to restrict the withdrawal of funds by the OSP or Overseas Intermediary, or require the Member, the OSBP or the Overseas Intermediary to cooperatively restrict the withdrawal of funds by its Clients:
1. being investigated by the Exchange for possible severe violation of the Exchange’s rules;
2. being investigated by any judicial authority, the Exchange, or any relevant agency due to complaints, whistle-blowing or any trade dispute, etc.;
3. under significant market risk conditions as determined by the Exchange;
4. other circumstances as deemed necessary by the Exchange.

Article 46 After the completion of daily clearing, each Member shall obtain the relevant clearing data from the member service system.

Article 47 In the event the Exchange fails to provide clearing data in time due to special conditions, the Exchange shall announce the time when the data will be delivered.

Article 48 Each Member shall promptly retrieve the clearing data provided by the Exchange and conduct reconciliation every day.
The clearing data shall be maintained for at least twenty (20) years, whereas those data relevant to any trading dispute shall be kept until the dispute is resolved.

Article 49 If a Member disagrees with the clearing data of the day, the Member shall notify the Exchange in writing no later than thirty (30) minutes prior to the opening of the next trading day. Under special circumstances, the Member may notify the Exchange of the disagreement in writing within two (2) hours following the opening of the next trading day. The Exchange will deal with such requests and provide feedbacks in time.
If no objection is raised to the Exchange within the aforementioned period of time, the Member shall be deemed to have acknowledged the accuracy of the clearing data.

Article 50 After the completion of daily clearing, the Exchange shall deliver the fund transfer data of each Member to the relevant Designated Depository Banks. Each Designated Depository Bank shall promptly execute the transfer of funds and provide feedbacks of the results to the Exchange in time.

Article 51 The Exchange shall provide to each Member, on the first trading day of every month, the Fund Settlement Statement (stamped with “INE CLEARING”) and the invoice of transaction fees for the previous month which can be cross-referenced by the Member for reconciliation.

Article 52 Should any of the following circumstances occur to a Member, the Member and its Clearing Delivery Principals may apply to the Exchange for position transfer approval:
1. being unable to continue the futures related business for certain reasons；
2. being involved in merger, division or bankruptcy;
3. change of the clearing authorization;
4. other circumstances prescribed by the Exchange.
The Exchange may require the Member to submit one or more application documents, including a declaration of consent to the position transfer by both the transferring Member and the receiving Member, declarations of consent to the position transfer by Clients, a declaration of change of clearing authorization, and a complete list of relevant positions.
Under special circumstances, such as when a Member goes bankrupt but has not yet applied for position transfer, the Exchange may, for the purpose to protect Clients’ interests, activate the contingency plan to transfer the positions for related Clients.

Article 53 After an application for position transfer is approved, the Exchange and related Members shall jointly specify a trading day as the position transfer settlement day.

Article 54 The process of position transfer shall only apply to the open position and the trading margin. Any other payables or receivables, such as profit or loss, transaction fees, taxes, or clearing deposits shall not be included, but shall be settled by the transferring Member.

Article 55 The Exchange shall transfer the positions for the Member after the daily clearing is completed on the position transfer settlement day, and provide relevant settlement statements before and after the transfer to the relevant Members.

Relevant settlement statements shall be verified and confirmed by the relevant Members, and once confirmed, shall not be changed.

Chapter 4 Physical Delivery Settlement

Article 56 The Exchange may charge delivery fees from Members (either as buyers or sellers) of physical delivery. The fee schedule is stipulated in the Delivery Rules of the Shanghai International Energy Exchange.

Article 57 The Exchange shall ensure the fulfilment of payment obligations from the Member as buyer before allowing the Member as seller to make the physical delivery. The payments may be made via either in-house transfer or bank transfer.
For a Member choosing in-house transfer, the in-house transfer applications shall be submitted to the Exchange by 14:00 on the third delivery day. If a Member as buyer fails to fulfil its payment obligations before 14:00 on the third delivery day, the Exchange may initiate an in-house transfer to debit the funds from the clearing deposit of the Member.
For a Member choosing bank transfer, the Member as buyer may send the delivery payment to the Exchange’s dedicated settlement account by credit voucher, check, promissory note, or other means deemed suitable by the Exchange; the Member as seller shall receive the delivery payment from the Exchange in the Member’s dedicated fund account.

Article 58 The final settlement price is the benchmark price for delivery settlement of a futures contract. Details of the calculation are specified in the Delivery Rules of the Shanghai International Energy Exchange.

Article 59 At the time of delivery settlement, the buyer and seller shall calculate payment based on the final settlement price of the futures contract with adjustments of premiums or discounts determined by the Exchange according to different grades, qualities, places of production, delivery venues, etc.

Article 60 The issuance of invoices during delivery settlement shall follow the relevant provisions of the People Republic of China (PRC).
The Exchange shall issue invoices to the Members as buyers, and receive invoices from the Members as sellers. Members as buyers shall issue invoices to their Clearing Delivery Principals and receive invoices from the Exchange; Members as sellers shall issue invoices to the Exchange and receive invoices from their Clearing Delivery Principals. Members as sellers shall submit the invoices to the Exchange no later than 15:00 on the last delivery day.

Article 61 If the submission of invoice is delayed by a Member as seller for three (3) to ten (10) days, a fine shall be imposed at a daily rate of 0.5 ‰ of the delivery payment amount; if the submission is delayed for eleven (11) to thirty (30) days, a fine shall be imposed at a daily rate of 1‰ of the delivery payment amount; if the submission is delayed for more than thirty (30) days, it shall be deemed an invoice failure and a default penalty of 15% of the delivery payment shall be imposed.

Article 62 If a Member as seller completes the submission of standard warrant as required before 15:00 on the first delivery day, the Exchange shall return the margin on the corresponding positions for delivery during the clearing of the day.
If a Member as buyer completes the payment for delivery before 14:00 on the third delivery day, the Exchange shall return the margin on the corresponding positions for delivery during the clearing of the day; whereas if such payment for delivery is completed after 14:00, the Exchange shall return the corresponding margin during the clearing of the next trading day.
If a Member as seller fails to submit the invoice to the Exchange by 14:00 on the third delivery day, the Exchange shall collect margin of no less than 15% on the corresponding positions for delivery at the final settlement price. If the Member submits the invoice before 14:00 on the fourth or fifth (last) delivery day, the Exchange shall return the corresponding margin during the clearing of the day; if the invoice is submitted after 14:00, the Exchange shall return the corresponding margin during the clearing on the next trading day.

Article 63 If there are separate provisions on the procedures of delivery settlement and invoice circulation in the Delivery Rules of the Shanghai International Energy Exchange, such provisions shall prevail.

Chapter 5 Authorized Clearing

Article 64 If an Overseas Intermediary authorizes an FF Member or an OSBP to conduct trading and clearing, a written carrying-brokerage agreement shall be entered into by both parties, and filed with the Exchange before the carrying-brokerage business.
The carrying-brokerage business conducted by an FF Member for an Overseas Intermediary shall be consistent with the relevant provisions stipulated in the Membership Management Rules of the Shanghai International Energy Exchange. The carrying-brokerage business conducted by an OSBP for an Overseas Intermediary shall be consistent with the relevant provisions stipulated in the Overseas Special Participants Management Rules of the Shanghai International Energy Exchange.

Article 65 Each OSP shall, and shall only authorize one Member to conduct clearing.

Article 66 The Authorized Clearing Agreement signed between a Member and an OSP shall include:
1. minimum clearing deposit and trading margin requirements;
2. assets that can be used as margin collateral and the related fee schedule;
3. the measures, conditions and procedures of risk management;
4. account type, business management mode and the clearing procedures, including the time and methods to retrieve, inquire and confirm the clearing data;
5. transaction fee schedule;
6. items, means and deadlines of notice;
7. circumstances of any loss not attributable to either party of the bilateral agreement and resolutions under such circumstances;
8. amendment to or termination of the agreement;
9. liabilities for breach of the contract;
10. dispute resolution; and
11. other matters.

Article 67 The transfer of funds related to futures business between an authorized clearing Member and the authorizing OSP, or between an authorized FF Member and the authorizing Overseas Intermediary, shall be executed between the dedicated margin account of the Member and the futures settlement account of the OSP or the Overseas Intermediary.
A Member who is authorized to conduct trading and clearing on behalf of its Overseas Intermediaries or is authorized to conduct clearing on behalf of its OSBPs, may open an omnibus margin account in each Overseas Intermediary’s or OSBP’s name so as to record funds and transactions of one or more overseas Clients of such Overseas Intermediary or OSBP. Such Member shall conduct unified clearing and risk control on the Overseas Intermediary or the OSBP via the omnibus margin account.

Article 68 Under any of the following circumstances, the Exchange may change the authorized clearing relationship for the authorized clearing Member and the authorizing OSP:
1. expiration of the Authorized Clearing Agreement without extension;
2. early termination of the Authorized Clearing Agreement;
3. the Member, for certain reasons, is unable to conduct clearing for the OSPs; or
4. other circumstances determined by the Exchange.

Article 69 Under the circumstances described in Article 68-1, the OSP, the previous authorized clearing Member and the newly authorized clearing Member, shall submit the following documents at least ten (10) trading days prior to the expiration of the Authorized Clearing Agreement for the change of clearing authorization:
1. an application letter for change of the authorized clearing relationship;
2. the Authorized Clearing Agreement signed by the OSP and the newly authorized clearing Member; and
3. other materials as prescribed by the Exchange.

Article 70 Under the circumstances as provided in Article 68-2 and Article 68-3, the OSP, the previous authorized clearing Member and the newly authorized clearing Member shall submit the documents as stipulated in Article 69, as well as the agreement to terminate the existing clearing authorization, to the Exchange at least ten (10) trading days prior to the expiration of the Authorized Clearing Agreement. After receiving complete application documents, the Exchange shall review the documents within ten (10) trading days.
After the application is approved, the Exchange shall specify a trading day as the settlement day for the change of authorized clearing.
After the clearing on the specified settlement day, the Exchange shall conduct the change of authorized clearing process, which includes the transfer of open positions, the corresponding trading margin, clearing deposits and other relevant funds, and issue detailed lists of such transfers. The previous authorized clearing Member and the newly authorized clearing Member shall verify and confirm such lists. The OSP shall authorize the previous authorized clearing Member and the newly authorized clearing Member to verify and confirm.
If, after the clearing on the specified settlement day, any significant market risk condition or other circumstances as prescribed by the Exchange occurs, the Exchange may temporarily suspend the change of authorized clearing process.

Article 71 The OSP, the previous authorized clearing Member and the newly authorized clearing Member shall cooperate with the Exchange on the change of authorized clearing process. Before the process is fully completed, the previous authorized clearing Member shall be responsible for the clearing of all open positions being authorized.

Chapter 6 Margin Collaterals

Article 72 A Non-FF Member, an OSNBP or a Client may, subject to the Exchange’s approval, use standard warrants, foreign exchange and other assets as margin.
A Non-FF Member, an OSNBP or a Client that uses securities other than standard warrants as margin shall be deemed to have authorized the Exchange to instruct the relevant custodians to carry out transfer or pledge registration of the corresponding securities in its declaration account. The transfer, pledge registration and administration of securities shall follow the relevant provisions stipulated by each custodian.

Article 73 The Clearing House of the Exchange shall be responsible for margin collateral business. The cutoff time for deposit or withdrawal application submission is 15:00 of each trading day. In a special cases, the Exchange may extend the processing time. .

Article 74 The margin collaterals referred to in these Clearing Rules are limited to the following assets:
1. standard warrants;
2. foreign exchange (types of currencies, haircuts and scopes of application shall be prescribed by the Exchange separately); or
3. other assets approved by the Exchange.

Article 75 A Non-FF Member or an OSNBP shall submit an application to the Exchange to apply margin collaterals. A Client shall authorize its FF Member, OSBP, or Overseas Intermediary to apply to the Exchange and complete relevant procedures.
The Exchange shall verify and deposit the margin collaterals.

Article 76 The value of the margin collateral shall be calculated as follows:
1. For standard warrants used as margin collateral, the settlement price of the day for the front-month futures contract of the underlying product shall be used as the benchmark price for calculating the market value of the standard warrants. Prior to the market close of the day, the market value shall be calculated based on the benchmark price of the previous trading day. The haircut for standard warrants as margin shall be set at least twenty per cent (20%).
2. The benchmark price for other margin collaterals shall be determined by the Exchange.
The term “discounted value” means the after-haircut value of the margin collaterals. During the daily clearing, the Exchange shall update the benchmark prices of the day and adjust the discounted values of margin collaterals according to the aforementioned methodology.

Article 77 For a Member using margin collaterals other than foreign exchange, the maximum available value of such margin collaterals shall not exceed four (4) times (the “allotting multiplier”) the total amount of the RMB cash balance plus the RMB equivalent of cash collateral in foreign currency after haircut, as calculated by respective internal ledgers of the Member with the Exchange. The Exchange, in its sole discretion, may determine the “allotting multiplier” according to the liquidity and risks of the collaterals, or adjust the “allotting multiplier” for any Member based on the market risks and the credit of the asset owner. The actual available value of such margin collaterals shall be equal to the lower one of the “discounted value” and the maximum available value.
Once a Member completes the deposit of assets used as margin collaterals, the Exchange will credit the actual available value to the Member’s clearing deposit.

Article 78 The Exchange shall set a validity period for each class of margin collateral. Upon expiration, the collateral shall be applied again as margin.

Article 79 Under any of the following circumstances, the Exchange may revoke the use of margin collateral:
1. the withdrawal or use of funds by a Member, an OSP or an Overseas Intermediary involves significant risks or even jeopardizes the legitimate rights and interests of the Exchange;
2. deficiencies or significant market risks occur to the underlying securities suffer ; or
3. other conditions as deemed necessary by the Exchange.
If the revoke of margin collateral by the Exchange leads to a shortfall in margin, relevant parties shall make it up.

Article 80 If the withdrawal of margin collaterals by a Member, an OSP, or an Overseas Intermediary results in any potential margin shortfall, the Member, OSP, or Overseas Intermediary shall make it up before proceeding to withdraw the margin collateral.
The application deadline for withdrawing margin collateral by a Member, an OSP or an Overseas Intermediary is 14:30 on each trading day.

Article 81 A Member shall pay for using margin collateral. Such payment shall be computed and collected by the Exchange on a monthly basis at the rate that is no greater than the current lending rate set by the PBOC. Details of the amounts and rates shall be determined, adjusted and published by the Exchange.
Any Member that uses securities other than standard warrants as margins shall also pay relevant fees to the custodians. Details of the amounts and rates shall conform to the relevant provisions of the custodians.

Article 82 In the event a Member fully or partially fails to perform its obligation to satisfy the trading margin requirements, the Exchange may convert the margin collateral of the Member into cash, and will have priority to cover the trading margin shortfall and any other indebtedness in connection with the Member’s trading activities with the cash assets realized therefrom. Any loss or expenses arising from such conversion of margin collateral shall be borne by the Member.

Chapter 7 Risks and Obligations

Article 83 A Member shall fulfil the relevant obligations and responsibilities and assume all the risks associated with the contracts it trades on the Exchange.
The Exchange shall organize futures trading in accordance with the General Exchange Rules. Completed settlement and delivery , cash deposited as margin, assets pledged as margin collateral, and the sanctions imposed by the Exchange against any default shall not be revoked or considered null and void due to the commence of bankruptcy proceedings against any Member.
In the event a Member enters into a bankruptcy proceeding, the Exchange may still conduct net settlement for such Member’s open positions in accordance with the General Exchange Rules and the related implementing rules.
In the event the Exchange is taken over or enters into bankruptcy for insolvency, Members may be entitled to conduct net settlement for all their open positions in accordance with the General Exchange Rules and the related implementing rules, or in accordance with the agreement entered into with the Exchange.

Article 84 The Exchange shall implement a tiered risk management structure, i.e., the Exchange shall monitor and manage the risks of the Members, each Member shall monitor and manage the risks of its Clearing Delivery Principals, and each FF Member, OSBP or Overseas Intermediary shall monitor and manage the risks of its Clients.

Article 85 In the event a Member fails to perform the obligations and responsibilities in relation to the contracts, the Exchange is entitled to take the following actions:
1. disposing of the clearing deposit of the Member;
2. suspending new position opening;
3. forced position liquidation as prescribed in the applicable rules of the Exchange, until the margin released is sufficient to fulfill the relevant obligations and responsibilities; and
4. converting the Member’s margin collateral into cash, and using the proceeds therefrom to fulfill relevant obligations and responsibilities.

Article 86 If the Member still fails to fulfill its obligations and responsibilities after the measures described in Article 85 are taken, the Exchange may take actions in the following order:
1. apply the Exchange’s risk reserve;
2. apply the Exchange’s own assets.
The Exchange shall, after fulfilling the obligations and responsibilities of contracts, exercise the right of recourse to the Member through legal proceedings.

Article 87 The Exchange implements risk reserve.
The risk reserve refers to the fund established by the Exchange to ensure smooth operations of the futures market, and to cover any loss arising from unforeseeable risks to the Exchange.
Article 88 Sources of the risk reserve include:
1. funds extracted by the Exchange from the management expenses which are equivalent to twenty per cent (20%) of the transaction fees; and
2. other revenues in compliance with the fiscal policies of the PRC.
When the balance of the risk reserve reaches the level as prescribed by the CSRC and other regulatory authorities, the Exchange may, with the approval of the CSRC, cease to make any further extraction.

Article 89 The risk reserve shall be maintained as a segregated class of assets, and shall be deposited in a dedicated account. It shall not be used for any purpose other than the coverage of losses arising from risks.

Article 90 The extraction of the risk reserve shall be approved by the Board, and be implemented in accordance with the prescribed purposes and procedures after such extraction is reported to the CSRC.

Article 91 Any violation of the Clearing Rules shall be subject to the relevant provisions of the Enforcement Rules of the Shanghai International Energy Exchange.

Chapter 8 Miscellaneous

Article 92 The Exchange reserves the right to interpret the Clearing Rules.

Article 93 The Clearing Rules shall take effective as of May 11th, 2017.

上海国际能源交易中心结算细则

目 录
第一章 总则 - 2-
第二章 结算机构 - 2-
第三章 日常结算 - 4-
第四章 实物交割结算 - 15 -
第五章 委托结算 - 17 -
第六章 作为保证金使用的资产 - 20-
第七章 风险与责任 - 23-
第八章 附则 - 25-
第一章 总则

第一条 为了规范上海国际能源交易中心（以下简称能源中心）期货交易的结算行为，保护期货交易当事人的合法权益和社会公共利益，防范和化解期货市场风险，根据《上海国际能源交易中心交易规则》制定本细则。

第二条 能源中心作为中央对手方，统一组织期货交易的结算，实行保证金制度、当日无负债结算制度和风险准备金制度等。

第三条 能源中心对会员进行结算。
会员对其客户、委托其结算的境外特殊参与者、委托其交易结算的境外中介机构（前述客户、境外特殊参与者、境外中介机构统称为结算交割委托人）进行结算。
境外特殊经纪参与者、境外中介机构对其客户进行结算。

第四条 本细则适用于能源中心的一切结算活动，能源中心、会员、境外特殊参与者、境外中介机构、客户、指定存管银行及相关工作人员应当遵守本细则。

第二章 结算机构

第五条 结算机构是指能源中心设置的结算部门。结算机构负责能源中心期货交易的统一结算、保证金管理及结算风险的防范。

第六条 结算机构具有下列主要职责：
（一）控制结算风险；
（二）登录和编制会员的结算账表；
（三）办理资金往来汇划业务；
（四）统计、登记和报告交易结算、结汇、购汇等情况；
（五）处理会员交易中的账款纠纷；
（六）办理交割结算业务；
（七）按规定管理保证金；
（八）按规定办理其他结算业务。

第七条 所有在能源中心成交的合约应当通过结算机构进行统一结算。

第八条 能源中心可以检查会员、境外特殊参与者、境外中介机构和客户涉及能源中心期货交易的相关资料，包括交易记录、结算资料、财务报表、凭证和账册等。会员、境外特殊参与者、境外中介机构和客户应当予以配合。

第九条 会员应当设有承担结算职能的部门，负责会员与能源中心、结算交割委托人之间的结算工作，并应当妥善保管交易记录、结算资料、财务报表及相关凭证、账册，以备查询和核实

第十条 每一会员应当指派两名以上办理结算、交割业务的人员（以下简称结算交割员）。结算交割员应当符合中国证券监督管理委员会（以下简称中国证监会）关于期货从业人员资格的有关规定，经能源中心培训，通过能源中心测试，并经所属机构授权后取得《上海国际能源交易中心结算交割员证》（以下简称《结算交割员证》）。

第十一条 结算交割员具有下列业务职责：
（一）办理所属机构出入金业务；
（二）获取并及时核对能源中心提供的结算数据；
（三）办理作为保证金使用的资产的交存与提取手续；
（四）办理实物交割手续；
（五）办理其他结算、交割业务。
第十二条 结算交割员在能源中心办理结算、交割业务时，应当出示《结算交割员证》，否则能源中心不予办理。
《结算交割员证》仅限本人使用，不得伪造、涂改、转借他人。

第十三条 会员应当制定结算交割员的业务操作规范。结算交割员应当妥善保管操作密码，因保管不善产生的后果由会员自行承担。

第十四条 结算相关主体及其工作人员应当保守与结算业务有关的商业秘密。

第三章 日常结算

第十五条 能源中心按照业务需要在各指定存管银行开设不同币种的专用结算账户，用于存放会员的保证金及相关款项。

第十六条 会员应当按照业务需要在指定存管银行开设不同币种的保证金专用账户，用于存放保证金及相关款项。其中，会员根据能源中心要求在指定存管银行指定网点开设的保证金专用账户为会员专用资金账户。

第十七条 能源中心与会员之间期货业务资金的往来通过能源中心专用结算账户和会员专用资金账户办理。

第十八条 能源中心对会员存入能源中心专用结算账户的保证金实行分账管理，为每一会员设立内部明细账户，按日序时登记核算每一会员出入金、盈亏、交易保证金、手续费等。
会员每接受一家境外特殊参与者委托结算的，能源中心为会员提供另行设立受托结算内部明细账户的服务，按日序时登记核算每一境外特殊参与者出入金、盈亏、交易保证金、手续费等。
第十九条 期货公司会员、境外特殊经纪参与者、境外中介机构应当对保证金实行分账管理，为每一客户设立内部明细账户，按日序时登记核算每一客户出入金、盈亏、交易保证金、手续费等。期货公司会员通过保证金专用账户与客户的期货结算账户进行期货业务资金往来。
会员应当按照前款要求，对委托其结算的境外特殊参与者、委托其交易结算的境外中介机构的保证金实行分账管理。

第二十条 能源中心根据本细则及其他业务规则的规定可以在不通知会员的情况下通过指定存管银行从会员的专用资金账户中扣划各项应收款项。
能源中心可以随时查询会员专用资金账户的资金余额和往来情况。
第二十一条 会员开立、更名、更换或者注销专用资金账户，应当向能源中心提出申请，经同意后凭能源中心结算机构签发的专用通知书（样本见能源中心官方网站）到指定存管银行办理。

第二十二条 会员转让会员资格的，受让方应当重新开立专用资金账户。

第二十三条 能源中心实行保证金制度。保证金分为结算准备金和交易保证金。
人民币作为能源中心结算币种。经能源中心同意，外汇资金和价值稳定、流动性强的标准仓单、国债等资产（以下统称作为保证金使用的资产）可以作为保证金。

第二十四条 结算准备金是指会员为了交易结算在能源中心专用结算账户中预先准备的资金，是未被合约占用的保证金。
期货公司会员结算准备金最低余额为人民币200万元；非期货公司会员结算准备金最低余额为人民币50万元。

第二十五条 会员结算准备金最低余额应当按照下列方式增加：
（一）会员每接受一家境外特殊经纪参与者委托结算的，会员相应的受托结算内部明细账户的结算准备金最低余额应当增加人民币200万元；境外特殊经纪参与者每接受一家境外中介机构委托交易结算的，会员相应的受托结算内部明细账户的结算准备金最低余额应当再增加人民币200万元；
（二）会员每接受一家境外特殊非经纪参与者委托结算的，会员相应的受托结算内部明细账户的结算准备金最低余额应当增加人民币50万元；
（三）会员每接受一家境外中介机构委托交易结算的，会员的内部明细账户的结算准备金最低余额应当增加人民币200万元。
第二十六条 会员结算准备金最低余额应当以人民币自有资金缴纳。

第二十七条 能源中心参考中国人民银行公布的同币种同期银行活期存款利率，计算会员当日结算准备金余额中的货币资金利息，并在每年3月、6月、9月、12月指定存管银行向能源中心支付利息后的下一个交易日内，将利息转入会员的结算准备金。具体执行利率由能源中心确定、调整并公布。

第二十八条 交易保证金是指会员存入能源中心专用结算账户中确保合约履行的资金，是已被合约占用的保证金。当期货交易成交后，能源中心按照持仓合约价值的一定比率或者能源中心规定的其他方式收取交易保证金。
能源中心可以按买卖双向持仓量、净持仓量或者持仓组合收取交易保证金。在下列情况下，能源中心可以单边收取交易保证金：
（一）同一客户在同一会员、境外特殊经纪参与者处的同品种双向持仓（合约进入最后交易日前第五个交易日闭市后除外），按照保证金金额较大的一边收取；
（二）非期货公司会员、境外特殊非经纪参与者同品种的双向持仓（合约进入最后交易日前第五个交易日闭市后除外），按照保证金金额较大的一边收取；
（三）能源中心认为必要的其他情况。

第二十九条 各上市品种交易保证金的最低收取标准在期货合约中规定，不同阶段交易保证金的收取标准按照《上海国际能源交易中心风险控制管理细则》的规定执行。

第三十条 会员向结算交割委托人收取的保证金属于结算交割委托人所有，应当存放于保证金专用账户。
保证金除用于交易结算外，严禁挪作他用。

第三十一条 会员向结算交割委托人收取交易保证金不得低于能源中心向会员收取的交易保证金标准。

第三十二条 能源中心实行当日无负债结算制度。
每一交易日闭市后，能源中心按照当日结算价结算所有合约的盈亏、交易保证金及手续费、税款等费用，对应收应付的款项实行净额划转，并相应增加或者减少会员的结算准备金。

第三十三条 能源中心根据会员当日成交合约数量按照相关标准计收交易手续费，并可以根据市场情况，按照上市品种或者合约，对特定客户、部分或者全部会员、境外特殊参与者收取申报费、撤单费等费用。能源中心另有规定的除外。
第三十四条 当日有成交价格的期货合约的当日结算价，是指该合约当日成交价格按照成交量的加权平均价。
当日无成交价格的期货合约的当日结算价，按照下列方法确定：
（一）当日闭市时能源中心计算机系统中该合约有买卖双方报价的，按照最优的买方报价、卖方报价和该合约上一交易日的结算价格三者中居中的一个价格为该合约的当日结算价；
（二）当日该合约闭市前连续五分钟报价保持停板价格，且能源中心计算机系统中只有单方报价的，以该停板价格为该合约的当日结算价；
（三）除上述第（一）、（二）项之外的其他情况，该合约的当日结算价按照下列方法确定：
1、该合约当日前一有成交的最近月份合约结算价的涨跌幅度（%）小于等于该合约当日涨跌停板的，该合约当日结算价＝该合约上一交易日的结算价×（1±该合约当日前一有成交的最近月份合约结算价的涨跌幅度）；
2、该合约当日前一有成交的最近月份合约结算价的涨跌幅度（%）大于该合约当日涨跌停板的，该合约当日结算价＝该合约上一交易日的结算价×（1±该合约的当日涨跌停板）；
3、该合约前面所有月份合约当日均无成交，且无法确定该合约当日前一有成交的最近月份合约结算价涨跌幅度的，则该合约当日结算价＝该合约上一交易日的结算价。

第三十五条 期货市场参与者具有下列情形之一的，能源中心可以调整当日结算价和交割结算价：
（一）期货市场参与者以自己或者实际控制关系账户为交易对象，自买自卖期货合约，严重影响交割结算价的；
（二）其他违规行为导致期货交易价格异常波动或者瞬间大幅度偏离市场价格、严重影响交割结算价的。、

第三十六条 期货合约以当日结算价作为计算当日盈亏的依据。具体计算公式如下：
当日盈亏=∑[（卖出成交价－当日结算价）×卖出量]+∑ [（当日结算价－买入成交价）× 买入量] +（上一交易日结算价－当日结算价）×（上一交易日卖出持仓量－上一交易日买入持仓量）

第三十七条 当日盈亏在每日结算时进行划转，当日盈利划入会员结算准备金，当日亏损从会员结算准备金中扣划。
当日结算时的交易保证金超过上一交易日结算时的交易保证金部分从会员结算准备金中扣划，当日结算时的交易保证金低于上一交易日结算时的交易保证金部分划入会员结算准备金。
手续费、税款等各项费用从会员结算准备金中扣划。盈亏、费用、交割货款等款项应当以人民币货币资金支付。
第三十八条 当日结算准备金余额的具体计算公式如下：
当日结算准备金余额=上一交易日结算准备金余额+上一交易日交易保证金－当日交易保证金+当日作为保证金使用的资产的实际可用金额－上一交易日作为保证金使用的资产的实际可用金额+当日盈亏+入金－出金－手续费等
作为保证金使用的资产的具体计算方法由本细则第六章规定。

第三十九条 当日结算完成后，会员在能源中心的任一内部明细账户的当日结算准备金余额低于最低余额要求时，结算结果即视为能源中心向会员发出的追加保证金通知，两者的差额即为追加保证金金额。

第四十条 能源中心发出追加保证金通知后，可以通过指定存管银行从会员的专用资金账户中扣划应当追加的保证金金额；未能全额扣款的，会员应当在下一交易日开市前补足至结算准备金最低余额；未补足的，按照下列方法处理：
（一）会员在能源中心的任一内部明细账户的结算准备金余额大于或者等于零的，该账户对应的会员或者境外特殊参与者不得开新仓；
（二）会员在能源中心的任一内部明细账户的结算准备金小于零的，能源中心按照《上海国际能源交易中心风险控制管理细则》的规定进行强行平仓等处理。

第四十一条 能源中心可以根据市场风险和保证金变动情况，在交易过程中进行结算并发出追加保证金通知，会员应当在通知规定的时间内补足保证金。未按时补足的，按本细则第四十条的规定处理。

第四十二条 当日结算完成后，会员在能源中心的任一内部明细账户内结算准备金中人民币资金不得低于结算准备金最低余额。低于最低余额要求的，能源中心可以从会员专用资金账户中扣划相应的人民币资金；未能全额扣划的，会员应当在下一交易日开市前将人民币资金补足至结算准备金最低余额；未补足的，能源中心可以对专用结算账户中该会员的外汇资金和会员专用资金账户中的外汇资金通过强制换汇的方式为其补足。
第四十三条 会员划拨资金的方式包括：
（一）银行扣划。会员应当通过期货资金管理系统或者能源中心规定的其他方式提交出入金申请。
会员在闭市前提交入金申请的，经能源中心审核后，于当日闭市结算前办理入金划转；在闭市前提交出金申请的，经能源中心审核后，于当日闭市结算后集中办理出金划转；在闭市结算后提交出入金申请的，经能源中心审核后，于下一个交易日办理出入金划转。
交易期间不予办理浮动盈亏及相关资金的出金划转，其他资金出金需求可向能源中心申请办理。
连续交易期间，能源中心不办理出金业务以及作为保证金使用的资产的提取业务。
（二）票据支付。经能源中心同意，会员可以使用基于保证金专用账户签发的支票、本票和贷记凭证入金。能源中心将在确认到账的下一节交易前增加会员结算准备金。

第四十四条 会员出金应当符合能源中心规定。出金标准为：
（一）作为保证金使用的资产的实际可用金额大于等于交易保证金的80%时：
可出金额=实有货币资金－交易保证金×20%－结算准备金最低余额
（二）作为保证金使用的资产的实际可用金额小于交易保证金的80%时：
可出金额=实有货币资金－（交易保证金－作为保证金使用的资产的实际可用金额）－结算准备金最低余额
实有货币资金是指实有人民币资金和折成人民币的外汇资金的合计数，外汇资金的折算方法由本细则第六章规定。
能源中心可以根据市场风险状况和允许使用的外汇种类对出金标准做适当调整。

第四十五条 会员、境外特殊参与者、境外中介机构和客户具有下列情形之一的，能源中心可以限制会员出金，要求会员限制境外特殊参与者、境外中介机构出金，以及要求会员、境外特殊经纪参与者、境外中介机构配合限制客户出金：
（一）涉嫌重大违规，经能源中心立案调查的；
（二）因投诉、举报、交易纠纷等被司法部门、能源中心或者其他有关部门正式立案调查，且正处于调查期间的；
（三）能源中心认为市场出现重大风险的；
（四）能源中心认为必要的其他情况。

第四十六条 当日结算完成后，会员应当通过会员服务系统获得相关的结算数据。

第四十七条 遇特殊情况造成能源中心不能按时提供结算数据的，能源中心将另行通知提供结算数据的时间。

第四十八条 会员每天应当及时获取能源中心提供的结算数据，做好核对工作。
结算数据应当至少保存20年，但对有关期货交易有争议的，应当保存至该争议消除时为止。

第四十九条 会员对结算数据的正确性有异议的，应当在不晚于下一交易日开市前三十分钟以书面形式通知能源中心。遇特殊情况的，会员可以在下一交易日开市后二小时内以书面形式通知能源中心。能源中心将及时予以处理和反馈。会员在规定时间内没有对结算数据提出异议的，视为该会员认可结算数据。

第五十条 结算完成后，能源中心将会员的资金划转数据传递给有关指定存管银行。指定存管银行应当及时进行处理并将划账结果反馈给能源中心。

第五十一条 能源中心在每月的第一个交易日向会员提供上月的资金结算表（加盖结算专用章）、手续费发票，作为会员核查交易账簿记录的依据。

第五十二条 会员具有以下情形之一的，该会员及其结算交割委托人可以申请移仓，经能源中心批准后予以办理：
（一）因故不能从事期货相关业务的；
（二）发生合并、分立、破产的；
（三）变更委托结算关系的；
（四）能源中心规定的其他情形。
能源中心可以要求提供移入和移出仓位的会员同意移仓的声明书、客户同意移仓的声明书、变更委托结算关系声明书、相关持仓的详细清单等一项或者多项移仓申请材料。
在会员破产但未提出申请等特殊情况下，为保护客户权益，能源中心可以启动应急预案，办理客户移仓。

第五十三条 移仓申请经批准后，能源中心与会员可以约定某一交易日为移仓结算日。

第五十四条 移仓内容限于持仓及交易保证金。当日的盈亏、手续费、税款、结算准备金等其他款项不属于移仓内容，应当由移出仓位的会员结清。

第五十五条 能源中心将在移仓结算日结算完成后办理移仓，并向相关会员提供移仓前和移仓后的相关结算报表。
相关会员应当核对并确认相关结算报表，一经确认，不得更改。

第四章 实物交割结算

第五十六条 能源中心可以向实物交割的买方会员、卖方会员收取交割手续费，具体标准由《上海国际能源交易中心交割细则》规定。

第五十七条 交割货款结算实行一收一付、先收后付的方法。交割货款的收付可以选择使用内转或者银行划转方式办理。
使用内转方式的会员应当在第三交割日14:00前向能源中心提交内转申请。买方会员未在第三交割日14:00前支付交割货款的，能源中心可以从其结算准备金中直接内转交割货款。
使用银行划转方式的会员，买方交割货款可以以贷记凭证、本票、支票或者能源中心认可的其他方式划入能源中心专用结算账户，卖方交割货款由能源中心划至会员专用资金账户。

第五十八条 交割结算价是期货合约交割结算的基准价，计算方式由《上海国际能源交易中心交割细则》规定。

第五十九条 买方、卖方以期货合约的交割结算价为基础，再加上因交割商品的品级、质量、产地、交割地等不同由能源中心确定的交割升贴水进行交割结算。

第六十条 交割结算时的发票开具应当执行国家有关规定。
能源中心向买方会员开具发票，向卖方会员收取发票。会员接受委托结算的，买方会员向其结算交割委托人开具发票，向能源中心收取发票；卖方会员向能源中心开具发票，向其结算交割委托人收取发票。卖方会员应当在最后交割日15:00前将发票交至能源中心。

第六十一条 卖方会员迟交发票3至10天的，每天应当缴纳货款金额0.5‰的滞纳金；迟交11至30天的，每天应当缴纳货款金额1‰的滞纳金；超过30天未交发票的，视为不交发票，应当缴纳货款金额15%的违约金。

第六十二条 卖方会员在第一交割日15:00前办妥标准仓单事宜的，能源中心当日结算时清退其相应的保证金。
买方会员在第三交割日14：00前办妥货款事宜的，能源中心当日结算时清退其相应的保证金；在14：00后办妥的，能源中心将在下一交易日结算时清退其相应的保证金。
卖方会员在第三交割日14:00前未办妥发票事宜的，能源中心当日对相应交割持仓以该合约交割结算价收取不低于15%的保证金。在第四、五交割日14：00前办妥发票事宜的，能源中心当日结算时清退其相应的保证金；在14：00后办妥的，能源中心将在下一交易日结算时清退其相应的保证金。

第六十三条 《上海国际能源交易中心交割细则》对交割结算和发票流程另有规定的，按照相关规定执行。

第五章 委托结算

第六十四条 境外中介机构委托期货公司会员或者境外特殊经纪参与者进行交易结算的，应当与其签订委托代理协议，并应当在办理业务前向能源中心备案。
期货公司会员与境外中介机构的委托代理业务应当遵守《上海国际能源交易中心会员管理细则》的相关规定。境外特殊经纪参与者与境外中介机构的委托代理业务应当遵守《上海国际能源交易中心境外特殊参与者管理细则》的相关规定。
第六十五条 境外特殊参与者应当且只能委托一家会员进行结算。
第六十六条 会员与委托其结算的境外特殊参与者应当签署包括下列内容的委托结算的协议：
（一）结算准备金最低余额和交易保证金收取标准；
（二）办理作为保证金使用的资产及其费用标准；
（三）风险管理措施、条件及程序；
（四）账户类型及管理模式、结算流程，包括结算数据收取、查询和确认的时间和方式；
（五）手续费标准；
（六）通知事项、方式及时限；
（七）不可归责于协议双方当事人所造成损失的情形及其处理方式；
（八）协议变更和解除；
（九）违约责任；
（十）争议处理方式；
（十一）其他事项。
第六十七条 会员通过保证金专用账户与委托其结算的境外特殊参与者、委托其交易结算的境外中介机构的期货结算账户进行期货业务资金往来。
会员受托为境外中介机构交易结算或者为境外特殊经纪参与者结算的，可以以境外中介机构或者境外特殊经纪参与者的名义在内部开设综合资金账户，允许其将一个及以上境外客户的资金合并在综合资金账户中。会员对境外中介机构或者境外特殊经纪参与者通过综合资金账户进行统一结算和风险控制。

第六十八条 具有下列情形之一的，能源中心可以为会员和委托其结算的境外特殊参与者办理委托结算关系变更手续：
（一）委托结算的协议期满后不再续约的；
（二）委托结算的协议提前解除的；
（三）会员因故不能为境外特殊参与者进行结算的；
（四）能源中心认定的其他情形。

第六十九条 具有第六十八条第一项情形的，境外特殊参与者、移入和移出委托结算的会员应当在协议期满前10个交易日内，向能源中心提交下列材料办理委托结算关系变更手续：
（一）变更委托结算关系申请书；
（二）境外特殊参与者和移入受托结算的会员签订的委托结算的协议；
（三）能源中心规定的其他材料。

第七十条 具有第六十八条第（二）、（三）项情形的，境外特殊参与者、移入和移出委托结算的会员应在约定变更结算关系日前10个交易日内向能源中心提交材料；除提交第六十九条规定的材料外，还应当提交解除原委托结算关系的协议。能源中心收到完整的变更委托结算关系材料后，在10个交易日内对申请材料进行审核。
审核通过的，能源中心通知变更委托结算关系的约定结算日。
能源中心在约定结算日结算后办理结算关系变更，对持仓、相应的交易保证金及结算准备金等其他款项进行移转，并提供移转清单。移入和移出受托的会员应当对移转清单核对确认，境外特殊参与者应当委托移入和移出的会员进行确认。
在约定结算日结算后，市场出现重大风险或者能源中心认定的其他情形的，能源中心可以暂停办理委托结算关系变更手续。

第七十一条 境外特殊参与者、移入和移出委托结算的会员应当配合办理委托结算关系变更手续。在委托结算关系变更完成之前，移出委托结算的会员对其代为结算的持仓负有履约义务。

第六章 作为保证金使用的资产

第七十二条 经能源中心批准，非期货公司会员、境外特殊非经纪参与者、客户可以将标准仓单、外汇资金等资产作为保证金使用。
非期货公司会员、境外特殊非经纪参与者、客户将标准仓单以外的有价证券作为保证金的，视为授权能源中心委托托管机构对其申报账户内的对应有价证券进行划转或者质押登记处理。有价证券的划转、质押登记以及管理等相关业务按照托管机构有关规定办理。
第七十三条 能源中心结算机构负责办理资产作为保证金使用的业务，受理截止时间为每一交易日15:00。遇有特殊情况的，能源中心可以延长受理时间。

第七十四条 本细则所指的作为保证金使用的资产限于以下种类：
（一）标准仓单；
（二）外汇资金（币种类别、折算方式和适用范围由能源中心另行公布）；
（三）能源中心另行确定的其他资产。

第七十五条 办理资产作为保证金使用业务的，非期货公司会员、境外特殊非经纪参与者应当向能源中心提出申请。客户应当授权期货公司会员、境外特殊经纪参与者、境外中介机构为其向能源中心提出申请，由后者办理相关业务手续。
能源中心对作为保证金使用的资产进行验证交存。

第七十六条 作为保证金使用的资产的市值按以下方法计算：
（一）以标准仓单作为保证金的，以该品种最近交割月份期货合约的当日结算价作为其市值核定的基准价，当日闭市前标准仓单的市值先按照前一交易日该品种最近交割月份期货合约的结算价核算。作为保证金的金额不高于标准仓单市值的80%。
（二）其他资产作为保证金使用的基准价由能源中心核定。
作为保证金使用的资产市值折算以后用作保证金的金额称为折后金额。能源中心每日结算时按上述规定的方法重新确定作为保证金使用的资产的基准价并调整折后金额。

第七十七条 除外汇资金以外的其他资产作为保证金的，该资产的最大配比金额不超过会员在能源中心相应的内部明细账户或受托结算内部明细账户的实有货币资金的4倍（配比乘数）。能源中心可根据资产的流动性和风险性确定其配比乘数，并可以根据市场风险和资产所有人的资信调整资产配比乘数。资产折后金额和最大配比金额中的较低金额是作为保证金使用的资产的实际可用金额。
会员办妥作为保证金使用的资产交存手续的，能源中心将该笔资产的实际可用金额划入结算准备金。

第七十八条 作为保证金使用的资产每次折算使用的期限不得超过能源中心规定的有效期，届满后仍需作为保证金使用的，应当重新办理手续。

第七十九条 具有下列情况之一的，能源中心可以取消以资产作为保证金使用：
（一）会员、境外特殊参与者、境外中介机构提取和运用资金出现较大风险并有可能危及能源中心合法权益的；
（二）有价证券对应的标的物出现瑕疵或者发生重大风险的；
（三）由于其他原因需要取消的。
能源中心取消以资产作为保证金使用后，保证金不足的，相关主体应当予以补足。

第八十条 会员、境外特殊参与者、境外中介机构在折算期限内提取作为保证金使用的资产会造成保证金不足的，应当在补足相应的保证金后，方可办理提取手续，取回作为保证金使用的资产。
会员、境外特殊参与者、境外中介机构提取作为保证金使用的资产的申请截止时间为每一交易日14:30。

第八十一条 以资产作为保证金使用的，会员应当交纳手续费。作为保证金使用的资产的手续费由能源中心按不高于中国人民银行公布的同期贷款利率计算并按月收取。具体计费金额和收费标准由能源中心确定、调整并公布。
将标准仓单以外的有价证券作为保证金使用的，会员还应当承担有价证券作为保证金业务中托管机构收取的有关费用；具体计费金额和收费标准按照托管机构的有关规定执行。

第八十二条 会员不履行或者不能完全履行交易保证金债务的，能源中心可以将作为保证金使用的资产兑现或者提货后变现，从所得的款项中优先受偿交易保证金债务和其他相关债务。会员应当承担作为保证金使用的资产兑现或者变现时发生的损失或费用。

第七章 风险与责任

第八十三条 会员应当履行其在能源中心成交的合约相关义务和责任，承担相关风险。
能源中心按照交易规则组织期货交易，完成的结算交割、收取的保证金或其他作为保证金使用的资产，以及采取的违约处理措施，不因会员进入破产程序而被撤销或者无效。
会员进入破产程序，能源中心仍可以按照交易规则及其实施细则，对该会员未了结的合约进行净额结算。
能源中心因资不抵债被接管或者进入破产程序的，会员可按照能源中心交易规则及其实施细则或者依据其与能源中心的合同约定，终止所有未了结的合约，并进行净额结算。

第八十四条 风险防范实行分级负责制。能源中心对会员进行风险管理；会员对其结算交割委托人进行风险管理；期货公司会员、境外特殊经纪参与者、境外中介机构对其客户进行风险管理。
第八十五条 会员不能履行合约相关义务和责任的，能源中心可以对其采取下列保障措施：
（一）动用会员的结算准备金；
（二）暂停开仓交易；
（三）按规定强行平仓，直至强行平仓后释放的保证金能够履行合约相关义务和责任为止；
（四）将作为保证金使用的资产处置变现，用变现所得履行合约相关义务和责任。

第八十六条 采取本细则第八十五条措施后会员仍无法履行合约相关义务和责任的，能源中心按以下步骤履行合约相关义务和责任：
（一）动用风险准备金；
（二）动用能源中心的自有资产。
能源中心履行合约相关义务和责任后，通过法律程序对会员进行追偿。

第八十七条 能源中心实行风险准备金制度。
风险准备金由能源中心设立，用于为维护期货市场正常运转、提供财务担保以及弥补因能源中心不可预见的风险所带来的损失。
第八十八条 风险准备金的来源包括：
（一）能源中心按照手续费收入20%的比例，从管理费用中提取；
（二）符合国家财政政策规定的其他收入。
当风险准备金余额达到中国证监会和其他监管机构规定的标准时，经中国证监会批准后可以不再提取。

第八十九条 风险准备金应当单独核算，专户存储，除用于弥补风险损失外，不得挪作他用。
第九十条 风险准备金的动用应当经能源中心董事会批准，报告中国证监会后按规定的用途和程序进行。

第九十一条 违反本细则规定的，能源中心按《上海国际能源交易中心违规处理实施细则》的有关规定处理。

第八章 附则

第九十二条 本细则解释权属能源中心。

第九十三条 本细则自2017年5月11日起实施。