Lead futures standard contracts and rules for comments
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According to the standard contract solicitation draft, the trading symbol for lead futures is PB, the contract size is set at 25 tons/hand, the minimum margin for trading is 8% of the contract value, and the maximum daily price fluctuation limit does not exceed the previous day's settlement price. The plus or minus 5%, the 15th of the contract delivery month is set as the last trading day, and will be postponed on statutory holidays.
At the same time, the revised draft "Shanghai Futures Exchange Risk Management Regulations" announced that the ratio of lead futures trading margin will be adjusted according to the customer's open interest and the different stages of the contract listing operation, from the first month of the third month before entering the delivery month. From the trading day, when the total amount of lead futures holdings is less than or equal to 30,000 contracts, the ratio of trade margin is 8%, and when the total amount of holdings exceeds 30,000 hands and is less than or equal to 40,000 contracts, the ratio of trade margins is increased to 10%, and the total number of positions held If it is greater than 40,000 hands, the margin ratio will increase to 12%. At the same time, according to the different stages of the listing operation, the trading margin ratio will also be adjusted between 8% and 30%.
The plan also stipulates that, like the gold futures contract, the cumulative increase or decrease of the lead futures contract for three consecutive trading days will reach 10%; or the cumulative increase or decrease for the four consecutive trading days will reach 12%; or for five consecutive trading days. When the cumulative increase and decrease reaches 14%, the Exchange can adopt unilateral or bilateral, proportionate or different ratios, increase the margin for some members or all members according to market conditions, restrict the withdrawal of some members or all members, and suspend some members or All members to open new positions, adjust the range of ups and downs, deadlines to close positions, forced open positions and other measures, but the adjusted range of ups and downs does not exceed 20%.