trading-买球app排行网站

updated on:dec 11,2013

q1: what products on shfe are open to continuous trading?

 

a1: now the products open to continuous trading are silver and gold.

 

q2: why does shfe choose silver and gold for continuous trading?

 

a2: shfe chooses sliver and gold for continuous trading for the following considerations. for one thing, the spot pricing of gold, silver and other precious metals is in nighttime beijing time. the futures market, since it is to provide risk management tools for the spot market, should cover the pricing period of the spot market, so that its function of providing the clients and investors with risk aversion tools can come to full play. for anther thing, the gold and silver market is moderate in scale and adaptability, its prices are closely linked with the international prices, its market conditions are the most mature and it has the loudest demand for continuous trading.

 

q3: how do the members participate in continuous trading?

 

a3: the exchange has established a registration system for continuous trading. the members need to submit registration form for continuous trading in shanghai futures exchange before being engaged in continuous trading. to carry out trading, settlement, regulation and other work, the participating members need to designate at least two business contacts during the continuous trading period, and inform the exchange of their contact information.

 

q4: how should the members contact the exchange during the continuous trading period?

 

a4: to guarantee the orderly proceedings during the continuous trading period, shfe will set up a frontline operation and maintenance office for continuous trading which will comprise of a trading department, a settlement department, a regulation department and a technical team. the telephone number for trading business contact is 021-68400313, the number for settlement business is 021-68400587, the number for regulation business is 021-68400716 and the number for technical services is 021-68400802.

 

q5: what is the continuous trading period for gold and silver?

 

a5: the continuous trading period for gold and silver is 21:00 to 2:30 the next morning, every monday to friday.

 

q6: is continuous trading continued the first work day before the official holidays (not including two-day weekends)?

 

a6: continuous trading is closed the first work day before the official holidays (not including two-day weekends).

 

q7: why is the continuous trading period set as from 21:00 of the previous work day to 2:30am of the current work day?

 

a7: in the choice of the continuous trading period, shfe has taken into consideration the features of the products, the market conditions and the trading hours of related markets etc. as to gold and silver, it is necessary, first to guarantee that the futures companies normally carry out daytime settlement, and second, to cover largely the major trading periods of precious metal futures in new york mercantile exchange, and the publishing time of spot gold and silver fixings by london bullion market association. all things considered, shfe has set the continuous trading period of gold and silver at 21:00 to 2:30 the next morning, from monday to friday.

 

q8: is continuous trading counted as the trading of the next work day?

 

a8: continuous trading is counted as the trading of the next work day. for futures products that are open to continuous trading, the “trading day” starts from the continuous trading of the previous work day to the end of the daytime trading of the current day. for gold and silver specifically, the “trading day” starts from 21:00 of the previous work day to 15:00 of the current day.

 

q9: is continuous trading open to floor trading?

 

a9: during the continuous trading period, shfe will not open floor trading. members can only trade through long-distant trading seats.

 

q10: can accounts be opened during the continuous trading period?

 

a10: no accounts can be opened during the continuous trading period.

 

q11: can the clients who have opened accounts before the end of the daytime trading of the current day be engaged in the continuous trading of the next trading day?

 

a11: those clients who have successfully opened accounts before the end of the daytime trading of the current day (i.e. before 15:00) will be given a trading code, and will be allowed to use it in the continuous trading of the next trading day.

 

q12: is continuous trading counted as an independent trading session?

 

a12: continuous trading is not counted as an independent trading session. the continuous trading period of the previous work day is counted together with the first session of the daytime trading of the current work day as the first session of the current trading day. for gold and silver in specifics, the first session of the trading day consists of the period from 21:00 of the previous work day to 2:30 of the current work day, and the period from 9:00 to 10:15 of the current work day.

 

q13: is continuous trading open to call auctions?

 

a13: the call auction of gold and silver is carried out 5 minutes before the opening of continuous trading, i.e. from 20:55 to 21:00. no call auction is carried out in daytime trading. if no trading is done in continuous trading period, then accordingly the call auction will be postponed till 5 minutes before the opening of the daytime trading of the next trading day, i.e. from 8:55 to 9:00. for the products that are not yet open to continuous trading, the call auctions are carried out according to the already existing rules.

 

q14: for the products that are open to continuous trading, how are their opening prices decided?

 

a14: the price set by the call auction is the opening price of the trading day. if the current trading day includes a continuous trading period, then the opening price is decided by the price set by the call auction in the continuous trading period. if there is no continuous trading, then the opening price is set by the call auction in daytime trading.

 

q15: is the quotation of prices not yet traded in the continuous trading period valid in the daytime trading of the next work day?

 

a15: yes. the quotation not traded in the opening call auction is automatically engaged in bidding after the opening. the quoted prices of the clients remain valid within the trading day, and the quotation not traded in continuous trading period will be directly transferred to daytime trading of the current trading day until all quoted prices are hit or cancelled. if clients do not want the quotation not yet traded in the continuous trading period to be engaged in the daytime trading of the next work day, he should cancel the untraded quotation before the end of the continuous trading period. 

 

q16: after the implementation of continuous trading, are there any changes in the forced liquidation mechanism?

 

a16: after the implementation of continuous trading, the forced liquidation mechanism is executed as before. as continuous trading is counted together with the first session of the daytime trading of the next work day as the first session of the next trading day, the members and clients are allowed to execute forced liquidation in the continuous trading period or in the first session of the daytime trading of the next work day. if the members are unable to finish the execution within the time limit, the exchange will enforce it. for the members who are requested to close out their positions because their settlement reserve is less than zero, they are forbidden from opening new positions before reinstating the margin.

q17: what emergency plans has shfe made for continuous trading?

 

a17: during the continuous trading period, the market may encounter some emergency circumstances such as technical failures, delays in settlement and failures of deposits by the members etc. to handle these emergencies, shfe has made emergency provisions in detailed rules of shanghai futures exchange on continuous trading, which are based on article 12 of regulations of futures trading and article 88 of regulations of futures exchange. the provisions supplement and improve the original emergency plans of the exchange, and guarantee the safe and smooth functioning of the market in the continuous trading period. in addition, article 100 of trading rules of shanghai futures exchange and article 14 of detailed trading rules of shanghai futures exchange in the existing regulation system, both of which stipulate about emergency handling, are applicable to continuous trading.

 

q18: how does shfe deal with abnormal functioning of continuous trading resulting from technical failures?

 

a18: if continuous trading does not function normally due to technical failures, shfe will deal with the situation according to article 100 of trading rules of shanghai futures exchange, article 14 of detailed trading rules of shanghai futures exchange, article 7 of detailed rules of shanghai futures exchange on continuous trading and emergency plan for market emergencies of shanghai futures exchange. if more than 10% of the members can not trade normally, shfe will halt the trading until the failures are cleared.

q19: how does shfe deal with the abnormal functioning of continuous trading resulting from delays in settlement?

 

a19: if the continuous trading can not function normally because of delays in settlement, shfe will handle it based on article 7 of detailed rules of shanghai futures exchange on continuous trading. if more than 30% of registered members who are engaged in continuous trading can not complete the settlement of the whole futures market or the initialization of the trading systems within 30 minutes before the opening of continuous trading, shfe will adjust the opening and closing time of continuous trading or temporarily halt the trading according to article 7 of detailed rules of shanghai futures exchange on continuous trading.

 

to implement the emergency plan, shfe has added a settlement reporting section in the member service system, so that members who haven’t completed settlement can report through that system half an hour before the opening of continuous trading. those who haven’t reported will be viewed as having completed normal settlement. if the settlement reporting section fails to function, members should contact the operator in charge of continuous trading in shfe and submit a failure report by faxing.

 

q20: how does shfe deal with failures of deposits by the members?

 

a20: the members should prepare capital in advance so as not to impair normal trading in case of failures of deposits in the continuous trading period. if there is such a failure, members should proceed with trading according to their own financial conditions. if the influence is substantial to a certain extent, shfe will deal with it according to article 7 of detailed rules of shanghai futures exchange on continuous trading.