settlement-买球app排行网站

updated on:dec 11,2013

i. capital transfer

q1: how do the members deposit in the continuous trading period? does the exchange support the withdrawal of capital by members in the continuous trading period?

a1: the members are allowed to deposit through the futures capital management system in continuous trading period, but the exchange does not handle the withdrawal of capital by members in the continuous trading period.

q2: how do the members deposit capital in cases of emergencies?

a2: in cases of emergencies, if the futures capital management system fails, members can deposit capital to the designated settlement accounts of the exchange and at the same time contact the operator in charge of continuous trading in the exchange, who will then confirm the arrival of capital to the account and log in the capital in the settlement system.

q3: how do the clients deposit in the continuous trading period?

a3: clients can deposit through the bank-to-futures transfer system in the continuous trading period, in which case the members should log on the system before the opening of the continuous trading of the same day. besides, the clients can also deposit through on-line banking, but the members need to communicate with the bank in advance to make sure of the deposit process of on-line banking.

q4: do the members need to open accounts in more than one depositary bank for capital transfer?

a4: yes. as depositary banks do not support nighttime cross-bank capital transfer, the members are advised to choose at least two depositary banks for capital transfer in order to guard against the risk of the malfunction of the banking systems. meanwhile, members should allocate and transfer the capital beforehand. 

q5: is the exchange open to deposit and withdrawal until 17:00 in the daytime?

a5: no. the exchange’s deadline for deposit and withdrawal remains 15:00. if the exchange is open to deposit and withdrawal until 17:00 in the daytime, the time of daily settlement and reporting will be delayed accordingly, which will eventually influence the time of settlement of the members.

q6: are there now five depositary banks that support on-line transfer 24/7? can they guarantee real time and smooth transfer of capital by the clients?

a6: yes, there are now five depositary banks that support on-line transfer 24/7, but after 17:00, on-line transfer is limited to the internal systems of the banks but not cross-bank systems.

ii. data report

q7: in order to delimitate trading days, what is the switching time point of capital deposit and withdrawal?

a7: to delimitate trading days, the switching time point of capital deposit and withdrawal is 17:00.

q8: how to understand that the switching time point of capital deposit and withdrawal is 17:00?

a8: the switching time point of deposit and withdrawal at which time all parties report data to margin monitoring center is 17:00. that means that the deposit and withdrawal before 17:00 is included in the data of the previous trading day, while the deposit and withdrawal after 17:00 is included in the data of the next trading day.

q9: as the switching time point of deposit and withdrawal is 17:00, does it mean that the exchange will release the final settlement data after 17:00?

a9: 17:00 serves only as the switching time point that delimitates trading days. the exchange will release the final settlement data after daytime settlement on the same day and normally the data will be sent to the members before 16:00.

iii. other businesses

q10: can negotiable securities be used as margins or withdrawn in the continuous trading period? can exchange for physicals be carried out in the period?

a10: negotiable securities can be converted in the continuous trading period, but withdrawal of negotiable securities and exchange for physicals can not be executed in the period.

q11: what is the process of forced liquidation for members short of capital in the continuous trading period?

a11: after the daytime settlement, if the settlement reserves of the members are below the minimal maintenance margin, the exchange will send a margin call, after which it can deduct the margin from the designated accounts of the members through the depositary banks. if the deduction can not be made in full, the members should make up for the deficiency to meet the minimal maintenance margin demand. if not, if the settlement reserves are above zero but below the minimal maintenance margin, then the members can not open new positions after the beginning of the continuous trading of the same day. if the settlement reserves are below zero, the exchange will handle the situation according to the guidelines for risk control of shanghai futures exchange. 

q12: what can be done if members can not finish settlement or the initialization of the systems at the end of the daytime trading of the same day?

a12: if the members can not complete settlement of the whole market or the initialization of the trading systems within half an hour before the opening of the continuous trading, they should report in time to the exchange through the member service system. when more than 30% of the participating members can not complete the settlement of the whole market or the initialization of the trading systems, the exchange can adjust the opening and closing time of continuous trading or temporarily halt the trading.

q13: the banks usually deliver reconciliation files at 16:00 every day, but what if the clients carry out transfers between 16:00 and 17:00?

a13: each bank has its own time and method of delivering reconciliation files. if the members and the depositary banks have agreed on 16:00 as the delivery time of the reconciliation files of bank-to-futures transfers, then the members have to log on again to the bank-to-futures system, as the members will have already logged off by 16:00, and the transfers that take place between 16:00 to 17:00 will be included in the trading data of the next day. if the clients initiate transfers through on-line banking or the counter between 16:00 to 17:00, the transfers are not included in the bank-to-futures reconciliation files. given the differences among depositary banks and among the systems of the members, the clients may have different dealings with different depositary banks and different members when carrying out bank-to-futures transfers, and it is thus advisable that the members should communicate with the clients in advance.