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Measures for Trading Management of Dalian Commodity Exchange

Fang submitted 2019-10-15 14:35:45

Measures for Trading Management of Dalian Commodity Exchange


Chapter I General Provisions

Article 1 The Measures for Trading Management of Dalian Commodity Exchange (the "Measures ") are formulated pursuant to the Trading Rules of Dalian Commodity Exchange for the purposes of standardizing the futures trading conducts, protecting the lawful rights and interests of the parties to the futures trading and ensuring the smooth conduction of the futures trading of Dalian Commodity Exchange (the "Exchange").

Article 2 The Exchange, its Members, the overseas brokers and the clients shall comply with the Measures.

Chapter II Seat Management

Article 3 The trading seat is the channel where the Member inputs the trading orders into the Exchange's computer trading system to participate in the trading.

The trading seats shall be divided into the floor trading seats and the remote trading seats. The remote trading means the trading manner which the Member directly inputs the trading orders through the telecommunication system connected with the Exchange's computer trading system at its own business premise to participate in the trading of the Exchange.

Article 4 The Member will obtain one (1) floor trading seat after obtaining its membership. The number of the trading seats may be increased after being approved by the Exchange.

The Member shall be obligated to pay the usage fee of seat to the Exchange in case of the increase of trading seats, the charging standards shall be formulated and promulgated by the Exchange.

Article 5 The increase of trading seats for a Member merely refers to the increase of the Member's trading channels. The Exchange's management rules for such Member's position limit, risk control and otherwise shall remain unchanged.

Article 6 The Member which applies for increasing floor trading seats shall satisfy the following conditions:

(1) having good operation status;

(2) ranking the top fifty (50) members which have the most trading volume within three (3) consecutive months as of the application date, or having a larger number of the Exchange's futures trading; and

(3) other conditions required by the Exchange.

Article 7 The Member which applies for increasing the floor trading seats shall sign an agreement with the Exchange through the Member service system and file an application for increasing trading seats to the Exchange. The contents of the application shall mainly include the types of the seat(s), the scope of execution report and others.

The Exchange may require the Member to provide other materials, if necessary.

Article 8 The Member shall complete the relevant entrance formalities at the Exchange within ten (10) days after the Exchange approves the application for increasing floor trading seat(s). The Exchange is entitled to cancel the floor trading seats applied for by the Member when there is a delay on the entrance formalities without due reason.

Article 9 The Member which applies for a remote trading seat shall satisfy the following conditions:

(1) its business operation being in good conditions;

(2) the communication and fund transfer conditions of the place where the applicant institution is located satisfying the Exchange's requirements for futures trading operation;

(3) having a well-established remote trading management system; and

(4) the construction and management of the remote trading system shall comply with the relevant requirements for technical management norms of the China Securities Regulatory Commission ("CSRC") and the Exchange.

Article 10 The Member which applies for a remote trading seat shall sign an agreement with the Exchange through the Member service system and submit the following materials to the Exchange:

(1) the application for increasing the trading seat(s), the contents of which shall include the type of the seats, the scope of execution report, the installation address, the business license number and others;

(2) the photocopy of the business license of the applicant institution that intends to apply for operation;

(3) the information of infrastructures and staffing of the remote trading system; and

(4) other materials required by the Exchange.

Article 11 The Exchange shall make a reply within twenty (20) days after receiving the application materials for the remote trading seat which are submitted by the Member.

Article 12 The Member shall pay the usage fee of seat to the Exchange within ten (10) trading days after receipt of the reply that the Exchange approves the application for conducting the remote trading. The Exchange is entitled to cancel the remote trading seats which applied for by the Member when there is a delay on payment of the usage fee without due reason.

Article 13 The Exchange shall notify the specific opening date to the Member after the Member files an application for opening the remote trading system.

Article 14 When the Member has opened the remote trading, its floor trading seat(s) shall still be reserved. During the trading period, when the Member's remote trading seat fails to operate normally, the Member shall conduct trading through its floor trading seat.

The Member shall be solely liable for any consequences arising out of or in connection with the abnormal use of the remote trading seat under the circumstance of its failure to send a Floor Trader to be at the floor.

Article 15 The Members shall strengthen the management of their remote trading and the maintenance of the remote trading system. In addition, the Members shall be obligated to keep confidential the software interface, documents and materials provided by the Exchange. The Exchange's prior consent shall be obtained for any replacement or technical readjustment related to the main facilities. The relocation of the remote trading seat from the original registered place shall be subject to the Exchange's examination and approval. The Exchange shall have the right to supervise and inspect the usage of the remote trading seats.

Article 16 The Exchange is entitled to cancel the Member's increased trading seats under any of the following circumstances:

(1) any inaccuracy in the application materials provided by the Member;

(2) wholly or partially leasing, contracting or otherwise transferring the seat(s) to any other institution or individual;

(3) having disordered management or material irregularities;

(4) failing to satisfy the conditions for using the increased trading seats;

(5) using the increased trading seats to engage in other activities other than trading;

(6) the Member applying for the cancellation itself; or

(7) other circumstances which will result in cancellation as held by the Exchange.

Article 17 The usage fee of seat will not be refunded in case the Member terminates to use the trading seat or the increased trading seats are cancelled by the Exchange.

Article 18 In case a Member loses its membership of the Exchange, all of its trading seat(s) shall be terminated for use accordingly.

Article 19 In case ten percent (10%) or more Members are not able to trade due to the failure in any of the computer terminals, communication systems or other trading facilities, the Exchange shall temporarily suspend trading until the failure is eliminated.

Article 20 The Exchange will not handle any application, modification and cancellation of the trading seats during the night trading session.

Chapter III Management of Floor Traders

Article 21 A Floor Trader is the person who is appointed by a Member and accepts such Member's trading orders to conduct futures trading on behalf of the Member in the trading floor. The Member shall be liable for any trading activities conducted by the Floor Trader on the trading floor.

Article 22 For application of a Floor Trader's certificate, the applicant shall upload the information of identity, futures practicing qualification certificate and other relevant information as required by the Exchange to the Member service system.

Article 23 Each trading seat only allows two (2) Floor Traders to enter the trading floor unless otherwise approved by the Exchange under special circumstances.

Article 24 The Floor Traders may enter the trading floor to prepare for the market opening thirty (30) minutes prior to the market opening on each trading day and shall leave the trading floor within thirty (30) minutes after the market close. The Floor Traders shall not enter or leave the trading floor without permission unless otherwise approved by the floor affairs managers under special circumstances.

The Floor Traders shall not be absent during the trading sessions, and the Members shall be solely liable for any consequences arising out of in connection with their Floor Traders' absence.

Article 25 The Floor Traders shall wear the effective badge and designated uniform on the trading floor.

Article 26 The Floor Traders shall protect any and all facilities on the trading floor and shall operate the computer equipment and devices on the trading floor in strict accordance with the Exchange's management provisions. Otherwise, the Floor Traders shall be obligated to pay the compensation for any damage thereto as per the prices for any damage thereto and will be punished pursuant to the applicable rules.

Article 27 The Floor Trader's entering or leaving the trading floor with any trading equipment or devices shall be subject to the approval by the Exchange.

Article 28 The Floor Traders shall comply with the management by the Exchange's floor affairs managers.

Article 29 The Floor Traders shall timely deliver the Exchange's documents, notices or other materials to the Member who appoints them.

Article 30 The Floor Trader shall keep the trading passwords in a proper manner. The Member shall be solely liable for any consequences arising out of or in connection with the disclosure of the trading passwords.

Article 31 The Floor Trader shall not commit any of the following acts:

(1) accepting the trading orders from any other entity or individual;

(2) offering any consultancy opinions to any other entity or individual;

(3) conducting futures trading for himself or herself;

(4) borrowing, or using without permission, any other Member's telephone or trading terminal;

(5) falsifying the Floor Trader's certificate or lending his or her Floor Trader's certificate to others; or

(6) any other acts prohibited by the Exchange.

Article 32 In case of a Floor Trader is dismissed or replaced by the Member, or the Floor Trader resigns from the former Member, the Member shall handle the formalities of cancelling authorization in the Exchange promptly, and the Floor Trader's certificate shall be returned. If the Member fails to timely collect the Floor Trader's certificate, it shall notify the relevant division of the Exchange and the Member's liability shall be exempted after receiving the Exchange's acknowledgement of receipt thereof. The Member shall be solely liable for any consequences arising out or in connection with delay in completion of the cancellation formalities or returning the Floor Trader's certificate.

Article 33 For the person whose authorization as a Floor Trader has been cancelled, the Exchange shall not accept his or her registration application for acting as a Floor Trader for other Members within three (3) months except for the circumstances of the consolidation, division or insolvency of the Member or the consent by his or her former Member.

Chapter IV Trading Sessions, Market Quotation Information, Trading Orders and Bidding Principles

Article 34 There shall be five (5) trading days (except for the national statutory holidays) with respect to the futures trading in each week. Each trading day shall be divided into the night trading period and day trading period. The night trading period has one (1) night trading session of which the specific trading time to be separately notified by the Exchange. The day trading period which has three (3) trading sessions, respectively the first session from 9:00 through 10:15, the second session from 10:30 through 11:30 and the third session from 13:30 through 15:00. The products which can be traded in the night trading period will be separately published by the Exchange.

The Member may conduct the night trading only after it completes any and all preparation work with respect to the personnel allocation, trading facilities and business policies. The night trading shall be conducted solely through the remote trading seats.

Article 35 The Exchange shall timely release the following information related to the trading:

(1) Opening Price. In respect of a certain futures contract, the opening price means the trade price generated from the call auction within five (5) minutes prior to the market-opening. In case no trade price is generated from the call auction, the first trade price after the market opens shall be the opening price. The first trade price shall be determined pursuant to Article 45, and then the current price shall be the closing price of the immediately previous trading day, and the current price of the newly listed contract shall be the listing price;

(2) Closing Price. In respect of a certain futures contract, the closing price means the last trade price of the then-current trading day. The closing price of the contracts with no transaction shall be the then-current settlement price;

(3) Highest Price. In respect of a certain futures contract, the highest price means the highest trade price during a certain period;

(4) Lowest Price. In respect of a certain futures contract, the lowest price means the lowest trade price during a certain period;

(5) Last Price. In respect of a certain futures contract, the last price means the real-time trade price during the trading period on a certain trading day;

(6) Price Change. In respect of a certain futures contract, the price change means the difference between the last price during the trading period on a certain trading day and the settlement price of the immediately previous trading day;

(7) Highest Bid Price. In respect of a certain futures contract, the highest bid price means the real-time highest price when the buyer applies for purchase on the then-current day;

(8) Lowest Offer Price. In respect of a certain futures contract, the lowest offer price means the real-time lowest price when the seller applies for selling on the then-current day;

(9) Bid Quantity. In respect of a certain futures contract, the bid quantity means the order-placing quantity being applied for purchase at the highest but unclosed price in the Exchange's trading system on the then-current day;

(10) Offer Quantity. In respect of a certain futures contract, the offer quantity means to the order-placing quantity being applied for selling at the lowest but unclosed price in the Exchange's trading system on the then-current day;

(11) Settlement Price. In respect of a certain futures contract, the settlement price means the weighted average price of the trade prices during the trading period of the then-current day on the basis of the trading volume. In case of contracts with no transaction, the then-current settlement price shall be determined pursuant to the applicable provisions of the Measures for Clearing Management of Dalian Commodity Exchange. The settlement price shall be the basis for settling the profit and loss of the open contracts of the then-current day and for determining the price limits of the immediately following trading day;

(12) Trading Volume. In respect of a certain futures contract, the trading volume means the bilateral quantities of all the concluded contracts on the then-current day; and

(13) Open Interest. The open interest means the bilateral quantities of the open contracts held by the futures traders.

Article 36 The listing price of a newly listed contract shall be determined and released in advance by the Exchange. The listing price shall be the basis for determining the price limits of the immediately following trading day.

Article 37 The price limits of the newly listed contract shall be two times as the price limits prescribed for the contract. In case there is transaction concluded on the first trading day, the original price limits prescribed for the contract shall apply on the immediately following trading day, otherwise, the price limits of the immediately previous trading day shall continue to apply on the immediately following trading day. In case there is no transaction concluded for three (3) consecutive trading days, the Exchange may properly adjust the listing price.

With respect to the contract which was once concluded but currently without any open interest, the Exchange may release a new benchmark price for it.

Article 38 The types of the trading orders are as follows:

(1) Limit Order: the order that is executed to conclude a transaction at a limited price or a better price through the Exchange's computer order-matching system;

(2) Market Order: the purchase/sale order that is placed at the prices of the price limits in order to participate in the trading through the Exchange's computer order-matching system;

(3) Stop Order: the order that when the market price reaches the triggering price preset by the client, the Exchange's computer order-matching system will promptly transfer it to be the market order;

(4) Stop Limit Order: the order that when the market price reaches the triggering price preset by the client, the Exchange's computer order-matching system will promptly transfer it to be the limit order;

(5) Spread Order: the spread order for the designated contract is provided by the Exchange, and the Exchange's computer order-matching system will conduct the transaction conclusion for all the component contracts within the order subject to the prescribed proportions concurrently after receipt of such order. The spread orders shall be divided into the calendar spread order and the inter-commodities order, with the specific contents listed below:

Name

Trading Mode (From buyer's perspective)

Quotation Mode

Calendar spread order

Long nearby month contract and short back month contract of the same quantity

Long (short) spread price = Bid (offer) price of the nearby month contract - Offer (bid) price of the back month contract

Inter-commodities spread order

Long contracts of a certain type of products and a certain month and short the contracts of another commodity and of the same or different month

Long (short) spread price = Bid (offer) price of the first commodity – Offer (bid) price of the second commodity

Crush spread order

Short soybean contracts, long soybean meal contracts and soybean oil contracts of the same or different month

Long (short) spread price = Bid (offer) price of the soybean meal contracts + Bid (offer) price of the soybean oil contracts – Offer (bid) price of the soybean contracts


(6) Other Orders Prescribed by the Exchange.

The maximum quantity of orders placed each time for futures contracts is stipulated in the detailed rules of the specific futures products.

Article 39 The market order and the limit order may be inputted with two additional characteristics which include FOK (Fill or Kill) and FAK (Fill and Kill).

Article 40 With respect to any product which can be traded during the night trading period, its opening call auction shall be conducted within the first five (5) minutes prior to the opening of the night trading period, and the day trading period for such product shall have no call auction. With respect to any product to which the night trading does not apply, its opening call auction shall be conducted within the first five (5) minutes prior to the opening of the day trading period, of which the first four (4) minutes of the call auction shall be the time of declaration of the buy and sell orders, and the last one (1) minute shall be the call auction matching time.

Article 41 During the call auction declaration period and the continuous trading period after the market opening, the Exchange's computer order-matching system shall accept the declaration for trading orders, the types of which shall be prescribed by the Exchange and released to the market.

During the call auction order-matching period and the suspension period of continuous trading, the Exchange's computer order-matching system will not accept any declaration for trading orders.

Article 42 The Exchange's computer order-matching system shall order the buying and selling declaration orders under the principle of price priority and time priority, and the transaction will be concluded by automatic order-matching when the buying price is higher than or equal to the selling price. The liquidation order for the same open contracts under the same trading code shall be concluded based on the opening time and follow the principle of "first open, first closed".

In case the price of the price limits is declared in respect of a certain futures contract, the order-matching shall be conducted under the principle of liquidation priority and time priority, and the Exchange's forced liquidation declaration forms shall prevail over other liquidation declaration forms.

Article 43 The call auction shall be subject to the principle of trading volume maximization, i.e., the price generated during the call auction shall result in the maximum trading volume. All of the buying declarations which are higher than the price generated from the call auction will be concluded; all of the selling declarations which are lower than the price generated from the call auction will be concluded; and in respect of the buying or selling declarations which are equal to the price generated from the call auction, the declared quantity of at least one party will be concluded. In case there are more than one prices which satisfies the principle of trading volume maximization, the opening price shall be the price most proximate to the settlement price of the immediately previous trading day, and the opening price of the newly listed contract shall be the price proximate to the listing price.

Article 44 The unconcluded declaration forms in the opening call auction shall automatically participate in the continuous trading after the market opens.

Article 45 The trade price shall be equal to the middle one of the buying price ("bp"), the selling price ("sp") and the current price ("cp") after the market opens, that is,

Where bp≥sp≥cp, the last price = sp;

Where bp≥cp≥sp, the last price = cp; or

Where cp≥bp≥sp, the last price = bp.

Chapter V Trading Code

Article 46 The Exchange implements the trading code mechanism. The trading code means the special code which is distributed by the Exchange to the Non-Futures Company Members and/or the clients.

Article 47 A domestic client that intends to conduct futures trading shall complete the account-opening formalities at the Futures Company Member in advance.

An overseas client that intends to conduct futures trading may complete the account-opening formalities through the following two methods:

(1) in case the client entrusts a Futures Company Member to conduct the trading, the account-opening formalities shall be handled by the Futures Company Member and the application for a trading code shall be filed thereto; or

(2) in case the client entrusts an overseas broker to conduct the trading through the sub-entrustment of a Futures Company Member, the account-opening formalities shall be handled by the overseas broker and the application for a trading code shall be filed thereto. The Futures Company Member that accepts entrustment by the overseas broker shall offer necessary assistance for the overseas broker to handle the foregoing formalities.

An overseas client that opens accounts through both the above methods shall not conduct the futures trading through the same Futures Company Member. The one that opens accounts through different overseas brokers shall not entrust the same Futures Company Member with the futures trading either.

The Futures Company Member and/or the overseas broker which intends to accept a client's entrustment shall present to the client a risk statement and enter into a written agreement with the client.

Article 48 The Futures Company Members and overseas brokers shall process the account-opening formalities such as trading code application for the clients according to the requirements of CSRC, the China Futures Market Monitoring Center Co., Ltd. ("CFMMC") and the Exchange.

Pursuant to the Chinese laws, regulations, rules and relevant provisions, the companies whose assets are subject to the management under different segregate accounts, such as futures companies, securities companies, fund management companies, trust companies and other financial institutions, as well as any special entity clients such as companies in the category of social security, may each apply for opening a trading code according to the provisions of CFMMC.

Article 49 The trading codes shall be divided into the Non-Futures Company Member trading codes and the client trading codes. The trading code is comprised of the member number and the client number.

Article 50 The client trading code consists of a 12-digit number, with the first four digits being the Member number and the remaining eight digits being the client number. For instance, if a client trading code is 000100001535, then the Member number is 0001 and the client number is 00001535.

Article 51 The number of the digits of the Non-Futures Company Member trading code shall be the same with that of the client trading code, however, with the last eight digits being its Member number. For instance, if the Member number of a Non-Futures Company Member is 120, then its Non-Futures Company Member trading code shall be 012000000120.

Article 52 A Non-Futures Company Member trading code shall not be identical to a client trading code.

Article 53 One client can only have one client number in the Exchange but may open different accounts at different Futures Company Members and overseas brokers. In respect of the trading codes of the same client, only the Member numbers will be different and the client numbers must be the same.

Article 54 Any Futures Company Member or oversea broker which, on behalf of the clients, applies for or deregister the trading code and/or modifies the client data related to the trading code shall submit the application through CFMMC pursuant to the applicable rules with respect to the futures market client account-opening management.

The Exchange shall distribute, issue and manage the trading codes after it receives the client trading code application materials forwarded by CFMMC, and shall provide the handling results of all kinds of applications to the Futures Company Members and the oversea brokers.

The client trading codes may only be used after being examined and verified by the Exchange.

Article 55 The Futures Company Members and the oversea brokers shall ensure that the clients' data and information are true, legitimate, valid and accurate, and shall properly preserve the files of the data and information of the clients' account-opening, change and deregistration for the examination of the Exchange.

The Futures Company Member and the overseas brokers must keep the aforesaid data and information for a period of no less than twenty (20) years.

Article 56 The client trading code will be deregistered under any of the following circumstances:

(1) any of the client data or information is inaccurate;

(2) the client is determined to be a "prohibited market accessor";

(3) the client has completed the deregistration formalities at the Futures Company Member and/or the overseas broker; or

(4) any other circumstance which will result in the deregistration.

Article 57 In case a Member loses its membership of the Exchange, all of its trading codes will be deregistered.

Article 58 In case the client provides any false account-opening data or information or the Futures Company Member and/or the overseas broker assists the client to use any false data or information to open an account, the Exchange may order the Futures Company Member to conduct close-out within designated time limit, and the client trading code shall be deregistered after the close-out, and the applicable provisions in the Measures against Rule Violations of Dalian Commodity Exchange shall concurrently apply.

Article 59 The Members, the overseas brokers and the clients shall properly manage the trading codes under the good faith principle. In case any Member, overseas broker or client manages the trading codes improperly, due to which the trading code is used by others to commit any rule violation, the Exchange will handle such matter in accordance with the applicable rules.

Chapter VI Supplementary Provisions

Article 60 The time herein shall be Beijing time; and the "day" herein shall refer to the trading day unless otherwise explicitly provided herein.

Article 61 Any violation of the Measures will be handled by the Exchange in accordance with the applicable provisions of the Measures against Rule Violations of Dalian Commodity Exchange.

Article 62 In case there are special provisions in the detailed rules of the specific futures products, or the Exchange has any other special provisions on options trading, such provisions shall prevail.

Article 63 The Exchange reserves the right to interpret the Measures.

Article 64 The Measures shall come into force on the date of promulgation.


Disclaimer: This English translation may be used for reference only. In cases there is any discrepancy between the English version and the original Chinese version, the original Chinese version shall prevail. Dalian Commodity Exchange may change or update this English translation without any prior notice and shall accept no responsibility or liability for damage or loss caused by any error, inaccuracy, misunderstanding, or change with regard to this English translation.


大商所交易管理办法

第一章 总则

第一条 为了规范期货交易行为,保护期货交易各方的合法权益,保障大连商品交易所(以下简称交易所)期货交易的顺利进行,根据《大连商品交易所交易规则》,制定本办法。

第二条 交易所、会员、境外经纪机构、客户应当遵守本办法。

第二章 席位管理

第三条 交易席位是会员将交易指令输入交易所计算机交易系统参与交易的通道。

交易席位分为场内交易席位和远程交易席位。远程交易是指会员在其营业场所,通过与交易所计算机交易系统联网的通信系统直接输入交易指令、参与交易所交易的一种交易方式。

第四条 会员在取得会员资格后,即取得一个场内交易席位。经交易所批准,可以增加交易席位。

会员增加交易席位应当向交易所缴纳席位使用费,具体标准由交易所制定并公布。

第五条 会员增加交易席位仅是增加该会员的交易通道,交易所对会员的持仓限额、风险控制及其他有关方面的管理规定不变。

第六条 会员申请增加场内交易席位,应当具备以下条件:

(一)经营状况良好;

(二)自申请之日起前三个月成交量连续排名前50位,或者从事交易所期货交易的单量较多;

(三)交易所要求应具备的其他条件。

第七条 会员申请增加场内交易席位, 应当通过会员服务系统与交易所签订协议,并向交易所提交增加交易席位申请,申请内容主要包括席位类型、接受回报范围等。

必要时,交易所可以要求会员提供其他资料。

第八条 增加场内交易席位申请经交易所同意后,会员应当在10个交易日内到交易所办理有关入场手续。无故逾期的,交易所有权取消其申请增加的场内交易席位。

第九条 会员申请远程交易席位,应当具备下列条件:

(一)经营状况良好;

(二)申请经营机构所在地的通讯、资金划拨条件能满足交易所期货交易运作要求;

(三)有健全的远程交易管理制度;

(四)远程交易系统的建设和管理应符合中国证监会和交易所相关技术管理规范的要求。

第十条 会员申请远程交易席位,应当通过会员服务系统与交易所签订协议,并向交易所提交下列材料:

(一)增加交易席位申请,申请内容主要包括席位类型、接受回报范围、安装地址、营业执照号等;

(二)申请经营机构营业执照复印件;

(三)远程交易系统基础设施及人员情况表;

(四)交易所要求提供的其他资料。

第十一条 交易所应当自收到会员提交的远程交易席位申请材料之日起20个交易日内作出批复。

第十二条 会员应当在收到交易所同意其进行远程交易的批复后10个交易日内,向交易所缴纳席位使用费。无故逾期的,交易所有权取消其申请的远程交易席位。

第十三条 会员提出远程交易系统开通申请后,由交易所通知会员具体开通日期。

第十四条 开通远程交易的会员,其场内交易席位继续保留,在交易时间内,会员远程交易席位不能正常使用时,会员应当通过场内交易席位进行交易。

会员如不委派出市代表进场,远程交易席位不能正常使用时,后果自负。

第十五条 会员应当加强对其远程交易的管理和远程交易系统的维护,并对交易所提供的软件接口和文档资料负有保密义务。主要设施需要更换或作技术调整时,应当事先征得交易所的同意。远程交易席位迁移出原登记备案地,应当事先报交易所审批。交易所有权对远程交易席位的使用情况进行监督检查。

第十六条 有下列情况之一的,交易所可以取消会员增加的交易席位:

(一)申请材料不真实的;

(二)将席位全部或者部分以出租或者承包等形式交由其他机构和个人使用的;

(三)管理混乱或者有严重违规行为的;

(四)已不具备使用增加交易席位条件的;

(五)利用增加交易席位从事交易以外的其他活动的;

(六)会员申请取消的;

(七)交易所认为应予取消的其他情况。

第十七条 会员终止使用或者被交易所取消增加交易席位的,使用费不予返还。

第十八条 如会员丧失交易所会员资格,则其拥有的交易席位全部终止使用。

第十九条 由于计算机终端、通讯系统等交易设施发生故障,致使10%以上的会员不能交易时,交易所应暂停交易,直至故障消除为止。

第二十条 交易所在夜盘交易小节不办理席位申请、变更和撤销业务。

第三章 出市代表管理

第二十一条 出市代表是受会员委派并代表会员在交易大厅接受本会员的交易指令进行期货交易的人员,其在交易大厅与交易有关的行为由会员负责。

第二十二条 办理出市代表证件应当通过会员服务系统录入交易所要求的身份证、期货从业资格证等相关信息。

第二十三条 每个交易席位限两名出市代表进场,特殊情况应当经交易所批准。

第二十四条 出市代表可在每个交易日开市前30分钟内进入交易大厅做开市准备,收市后30分钟内离开交易大厅。出市代表不得随意出入交易大厅,特殊情况应当经场务管理人员批准。

交易期间出市代表不能空缺,因空缺出现的后果由会员负责。

第二十五条 出市代表应当佩带有效证件、着指定的专用服装出入交易大厅。

第二十六条 出市代表应当爱护交易大厅内的各种设施,严格按照交易所有关交易大厅计算机设备管理规定操作,损坏者要照价赔偿并按有关规定处罚。

第二十七条 出市代表携带交易设备进出交易大厅应当经交易所批准。

第二十八条 出市代表应当服从交易所场务管理人员的管理。

第二十九条 出市代表应当将交易所文件、通知等材料及时送交所在会员。

第三十条 会员应当妥善管理交易密码,因交易密码泄露造成的后果由会员承担。

第三十一条 出市代表不得有下列行为:

(一)接受其他单位、个人的交易指令;

(二)为其他单位、个人提供咨询意见;

(三)为自己进行期货交易;

(四)借用、盗用其他会员的电话或交易终端;

(五)伪造、转借出市代表证;

(六)交易所禁止的其他行为。

第三十二条 会员辞退、更换出市代表或者出市代表离开原会员应当及时到交易所办理撤销委托手续,并交还出市代表证。会员如未能及时收回出市代表证,应当通知交易所有关部门,得到回执后,即可免除会员责任。因未及时办理撤销手续或者退回出市代表证所造成的后果由会员承担。

第三十三条 除会员合并、分立、破产以及经原会员同意外,被撤销出市代表授权的人员,交易所在三个月内不受理其到其他会员处任出市代表的注册申请。

第四章 交易时间、行情信息、交易指令和竞价原则

第三十四条 期货交易每周设5个交易日(遇国家法定假日除外),每一个交易日分为夜盘和日盘交易时段,夜盘交易设一个夜盘交易小节,具体交易时间由交易所另行通知;日盘交易分三个交易小节,分别为第一节9:00-10:15、第二节10:30-11:30和第三节13:30-15:00。开展夜盘交易的品种由交易所另行公布。

会员在完成人员配备、交易设施和业务制度等各项准备工作后,方可开展夜盘交易。夜盘交易只能通过远程交易席位进行。

第三十五条 交易所应当及时发布以下与交易有关的信息:

(一)开盘价。开盘价是指某一期货合约开市前五分钟内经集合竞价产生的成交价格。集合竞价未产生成交价格的,以开市后竞价交易第一笔成交价为开盘价。第一笔成交价格按第四十五条规定确定,此时前一成交价为上一交易日收盘价,新上市合约前一成交价为挂盘基准价。

(二)收盘价。收盘价是指某一期货合约当日交易的最后一笔成交价格。无成交合约当日收盘价为当日结算价。

(三)最高价。最高价是指一定时间内某一期货合约成交价中的最高成交价格。

(四)最低价。最低价是指一定时间内某一期货合约成交价中的最低成交价格。

(五)最新价。最新价是指某交易日某一期货合约交易期间的即时成交价格。

(六)涨跌。涨跌是指某交易日某一期货合约交易期间的最新价与上一交易日结算价之差。

(七)最高买价。最高买价是指某一期货合约当日买方申请买入的即时最高价格。

(八)最低卖价。最低卖价是指某一期货合约当日卖方申请卖出的即时最低价格。

(九)申买量。申买量是指某一期货合约当日交易所交易系统中未成交的最高价位申请买入的下单数量。

(十)申卖量。申卖量是指某一期货合约当日交易所交易系统中未成交的最低价位申请卖出的下单数量。

(十一)结算价。结算价是指某一期货合约当日交易期间成交价格按成交量的加权平均价。无成交合约当日结算价按照《大连商品交易所结算管理办法》相关规定确定。结算价是进行当日未平仓合约盈亏结算和确定下一交易日涨跌停板幅度的依据。

(十二)成交量。成交量是指某一合约在当日所有成交合约的双边数量。

(十三)持仓量。持仓量是指期货交易者所持有的未平仓合约的双边数量。

第三十六条 新上市合约的挂盘基准价由交易所确定并提前公布。挂盘基准价是确定新上市合约第一个交易日涨(跌)停板的依据。

第三十七条 新上市合约的涨跌停板为合约规定的涨跌停板的两倍,如有成交,于下一交易日恢复到合约规定的涨跌停板;如当日无成交,下一交易日继续执行前一交易日涨跌停板。如连续三个交易日无成交,交易所可以对挂盘基准价作适当调整。

对曾经有成交而目前无持仓的合约,交易所可以公布新的基准价。

第三十八条 交易指令的种类:

(一)限价指令:指交易所计算机撮合系统执行指令时按限定价格或更好价格成交的指令。

(二)市价指令:指交易所计算机撮合系统执行指令时以涨(跌)停板价格参与交易的买(卖)指令。

(三)市价止损(盈)指令:指当市场价格触及客户预先设定触发价格时,交易所计算机撮合系统将其立即转为市价指令的指令。

(四)限价止损(盈)指令:指当市场价格触及客户预先设定触发价格时,交易所计算机撮合系统将其立即转为限价指令的指令。

(五)套利交易指令:交易所对指定合约提供套利交易指令,交易所计算机撮合系统收到指令后将指令内各成分合约按规定比例同时成交。套利交易指令分为同品种跨期套利和跨品种套利交易指令,各指令具体内容如下:

名 称

交易方式(从买方角度)

报价方式

同品种跨期套利交易指令

买入近月份合约,卖出同等数量远月份合约。

买(卖)套利价格 = 近月合约买(卖)申报价格 – 远月合约卖(买)申报价格

两个品种间套利交易指令

买入某品种某月份合约,卖出另一品种相同或不同月份合约。

买(卖)套利价格 = 第一品种买(卖)申报价格-第二品种卖(买)申报价格

压榨利润套利交易指令

卖大豆合约、买相同月份或不同月份豆粕和豆油合约

买(卖)套利价格 = 豆粕合约买(卖)申报价格+豆油合约买(卖)申报价格-大豆合约卖(买)申报价格

(六)交易所规定的其他指令。

期货合约交易指令每次最大下单数量见各品种期货业务细则。

第三十九条 市价指令和限价指令可以附加立即全部成交否则自动撤销和立即成交剩余指令自动撤销两种指令属性。

第四十条 开设夜盘交易的品种,其开盘集合竞价在夜盘交易时段开市前5分钟内进行,日盘交易时段不再集合竞价。未开设夜盘交易的品种,其开盘集合竞价在日盘交易时段开市前5分钟内进行。集合竞价前4分钟为期货合约买、卖指令申报时间,后1分钟为集合竞价撮合时间。

第四十一条 在集合竞价申报和开市后竞价交易期间,交易所计算机撮合系统接受交易指令申报,交易指令的种类由交易所规定,并向市场公布。

在集合竞价撮合和竞价交易暂停期间,交易所计算机撮合系统不接受交易指令申报。

第四十二条 交易所计算机撮合系统自动将买卖申报指令按价格优先、时间优先的原则进行排序,当买入价大于、等于卖出价则自动撮合成交。同一交易编码同一合约持仓平仓顺序按开仓时间先开先平。

当某期货合约以涨(跌)停板价格申报时,成交撮合原则实行平仓优先和时间优先的原则,交易所强行平仓申报单优先其他平仓申报单。

第四十三条 集合竞价采用最大成交量原则,即以此价格成交能够得到最大成交量。高于集合竞价产生的价格的买入申报全部成交;低于集合竞价产生的价格的卖出申报全部成交;等于集合竞价产生的价格的买入或者卖出申报,至少有一方申报量完全成交。若有多个价位满足最大成交量原则,则开盘价取与前一交易日结算价最近的价格;新上市合约开盘价取与挂盘基准价最近的价格。

第四十四条 开盘集合竞价中的未成交申报单自动参与开市后竞价交易。

第四十五条 开市后撮合成交价等于买入价(bp)、卖出价(sp)和前一成交价(cp)三者中居中的一个价格。即:

当bp≥sp≥cp,则最新成交价=sp;

当bp≥cp≥sp,则最新成交价=cp;

当cp≥bp≥sp,则最新成交价=bp。

第五章 交易编码制度

第四十六条 交易所实行交易编码制度。交易编码是指由交易所分配给非期货公司会员和客户进行期货交易的专用代码。

第四十七条 境内客户进行期货交易,应当事先在期货公司会员处办理开户手续。

境外客户进行期货交易,可以通过以下两种方式办理开户手续:

(一)委托期货公司会员进行交易的,由期货公司会员为其办理开户手续,申请交易编码;

(二)委托境外经纪机构进行交易,境外经纪机构再委托期货公司会员交易的,由境外经纪机构为其办理开户手续,申请交易编码,接受境外经纪机构委托交易的期货公司会员,应当为境外经纪机构办理开户手续提供必要的协助。

同时采取以上两种方式开户的境外客户或者在不同境外经纪机构开户的境外客户,不得通过同一家期货公司会员进行期货交易。

期货公司会员、境外经纪机构接受客户委托,应当事先向客户出示风险说明书,经客户签字确认后,与客户签订书面合同。

第四十八条 期货公司会员、境外经纪机构应当按照中国证监会、中国期货市场监控中心有限责任公司(以下简称监控中心)和交易所的要求,为客户办理交易编码申请等开户手续。

根据中国法律、法规和规章规定,需要对资产进行分户管理的期货公司、证券公司、基金管理公司、信托公司和其他金融机构,以及社会保障类公司等特殊单位客户,可以按照监控中心的规定申请交易编码。

第四十九条 交易编码分非期货公司会员交易编码和客户交易编码。交易编码由会员号和客户号两部分组成。

第五十条 客户交易编码由十二位数字构成,前四位数是会员号,后八位数是客户号。如客户交易编码为000100001535,则会员号为0001,客户号为00001535。

第五十一条 非期货公司会员交易编码和客户交易编码位数相同,但后八位是其会员号,如非期货公司会员的会员号为120,则其非期货公司会员交易编码为012000000120。

第五十二条 非期货公司会员交易编码与客户交易编码互不占用。

第五十三条 一个客户在交易所内只能有一个客户号,但可以在不同的期货公司会员、境外经纪机构开户。交易编码只能是会员号不同,而客户号必须相同。

第五十四条 期货公司会员、境外经纪机构为客户申请、注销交易编码,以及修改与交易编码相关的客户资料,应当根据期货市场客户开户管理的相关规定,统一通过监控中心提交申请。

交易所收到监控中心转发的客户交易编码申请资料后,对交易编码进行分配、发放和管理,并将各类申请的处理结果通过监控中心反馈给期货公司会员、境外经纪机构。

客户交易编码经交易所审核确认后方可使用。

第五十五条 期货公司会员、境外经纪机构应当保证客户资料的真实、合法、有效和准确,妥善保存客户开户、变更及销户资料档案,以备交易所核查。

期货公司会员、境外经纪机构对上述资料的保管期限不得少于20年。

第五十六条 有下列情况之一的,客户交易编码予以注销:

(一)客户资料不真实的;

(二)客户被认定为市场禁入者的;

(三)客户在期货公司、境外经纪机构已办理销户手续的;

(四)其他应予以注销的情形。

第五十七条 如会员丧失交易所会员资格,则该会员处的交易编码全部予以注销。

第五十八条 客户提供虚假的开户资料或者期货公司会员、境外经纪机构协助客户使用虚假资料开户的,交易所可以责令期货公司会员、境外经纪机构限期平仓,平仓后注销该客户交易编码,同时按《大连商品交易所违规处理办法》的有关规定进行处理。

第五十九条 会员、境外经纪机构或者客户应当本着诚实信用原则,妥善管理交易编码。会员、境外经纪机构或者客户因交易编码管理不当,导致交易编码被他人利用实施违规行为的,交易所将根据有关规定进行处理。

第六章 附则

第六十条 本办法中所称时间均为北京时间,除本办法有明确的规定外,“日”均指交易日。

第六十一条 违反本办法规定的,交易所按《大连商品交易所违规处理办法》的有关规定处理。

第六十二条 各品种期货业务细则有特别规定或者交易所对期权交易业务有特别规定的,适用其规定。

第六十三条 本办法解释权属于大连商品交易所。

第六十四条 本办法自公布之日起实施。



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