FangQuant › Rules
| Forced Liquidation Mechanism | ||||||||
| Exchange | the clearing deposit balance falls below zero (0) | the open interest exceeds the applicable position limit | round the positions held in a futures contract to multiples as required within the specified time limit, or is not qualified to conduct delivery for matured contracts in its possession; | positions in the delivery month are held by individual clients | a violation of the Exchange’s rules occurs | any emergency happens | any other conditions exist | Note |
| DCE | the Member fails to meet the margin requirement within the specified time limit | √ | - | √ | √ | √ | √ | The forced position liquidation shall be firstly carried out by the Member itself; and unless otherwise specially provided by the Exchange, the time limits shall be the night trading sessions, the first session and the second session trading time for any product to which the night trading applies, or shall be the first session and second session trading time for any product to which the night trading does not apply. In case the Member fails to fully complete forced position liquidation during the time limits, the forced position liquidation shall be coercively carried out by the Exchange from the third session. With respect to those which are required to carry out forced position liquidation due to their clearing deposit being less than zero, the relevant Member's position opening for trading will be prohibited until the full payment of the margins to the balance of the minimum clearing deposit. |
| ZCE | the Member fails to meet the margin requirement within the specified time limit | √ | - | √ | √ | √ | √ | A member shall complete forced liquidation by itself before 10:15 a.m. except as otherwise the Exchange has specified time limit for forced liquidation. If the member fails to close out relevant positions before 10:15 a.m., the positions shall be forcibly liquidated by the Exchange. |
| INE | the Member fails to meet the margin requirement within the specified time limit | √ | √ | - | √ | √ | √ | Members and OSPs shall, in the first place, exercise forced position liquidation as required by the Exchange by the end of the first trading session on each trading day or within the time limit prescribed by the Exchange. If a Member or an OSP fails to complete the execution within the prescribed time limit, the Exchange shall enforce the forced position liquidation. If a Member is required to exercise forced position liquidation because its clearing deposit balance recorded on any of its internal ledgers at the Exchange falls below zero (0), opening new position by such Member, related Overseas Intermediaries, OSPs or Clients that are associated with the corresponding internal legers, which are whether to serve the Member’s own Clients or its authorized clearing entities, shall be prohibited before the margin requirements are met. |
交易所强平情况
交易所
会员结算准备金余额小于零
持仓量超出限仓规定
相关品种持仓没有在规定时间内按要求调整为相应整倍数的
进入交割月份的自然人持仓
违规
紧急措施
其他
备注
大商所
未能在规定时限内补足的
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强行平仓先由会员自己执行，除交易所特别规定外，对开设夜盘交易的品种，其时限为夜盘交易小节、第一节和第二节交易时间内；对未开设夜盘交易的品种，其时限为第一节和第二节交易时间内。若时限内会员未执行完毕，则第三节起由交易所强制执行。因结算准备金小于零而被要求强行平仓的，在保证金补足至最低结算准备金余额前，禁止相关会员的开仓交易。
郑商所
未能在规定时间内补足的
√
-
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强行平仓前先由会员自行实施，除交易所特别规定的时限外，会员未在
10 时 15 分平仓完毕的，交易所强制执行。
能源中心
未能在规定时限内补足的
√
√
-
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强行平仓先由会员、境外特殊参与者执行；执行的时限除能源中心特别规定外，应当为每个交易日开市后第一节交易时间内。规定时限内未执行完毕的，由能源中心强制执行。会员在能源中心的任一内部明细账户或者受托结算内部明细账户的结算准备金小于零而被要求强行平仓的，在保证金补足前，禁止该内部明细账户对应的会员、境外中介机构、客户或者该受托结算内部明细账户对应的境外特殊参与者、境外中介机构、客户开新仓。
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