Risk control
The Exchange shall implement the margin requirement, and other requirements of price limit, position limit, trading limit, large position reporting and forced liquidation.
1.Margin Requirement Standard
The minimum rates of trading margin for PTA futures contract is 5%
| Trading Date | Margins |
| From the 15th calendar day of the month preceding the delivery month | 5% of contract value |
| From the 16th calendar day to the last calendar day of the month preceding the delivery month | 10% of contract value |
| The first trading day of the delivery month | 20% of contract value |
2. price limit
The Exchange shall implement price limit. The daily maximum price fluctuation of each listed futures contract shall be stipulated by the Exchange.
The daily price limit of the PTA futures contract shall be ±4% of the settlement price of the previous trading day.
3. Position limit
| Product | Open Interests (Single Side) | Maximum positions held by non-FB members and clients (Single Side) |
| PTA | ＜250,000 | 25,000 |
| ≥250,000 | Single-sided positions in futures contracts×10% |
4. trading limit
The Exchange shall apply trading limit. Trading limit shall refer to the maximum quantity of positions in a futures contract that can be opened by a member or a client within a certain period. The Exchange may, according to the market conditions, set trading limits for different listed products and contracts on all or some of members or clients, and the specific standards of the trading limits shall be published by the Exchange separately.
5. large position reporting Mechanism
The Exchange shall adopt large position reporting mechanism.
In case that the positions in a futures contract held by a non-FB member or a client reaches 80% (including 80%) of the position limit prescribed by the Exchange or the limit under which positions are required to be reported to the Exchange, the non-FB member or the client shall report its fund and positions to the Exchange. The Exchange may adjust the reporting levels of positions according to market risk. A client shall make the report through an FB member. A client who appoints an overseas broker to engage in futures trading of the Exchange shall appoint the overseas broker to make the report, and then the overseas broker shall appoint an FB member to make the report.
6. Forced Liquidation Mechanism
Forced liquidation shall refer to the measures taken by the Exchange to forcedly liquidate a member’s or a client’s positions when the member or client violates relevant business rules of the Exchange.
The Exchange shall have the right to conduct forced liquidation under any of the following circumstances:
1. a member or a client fails to make up the amount of clearing reserve fund when it is below zero;
2. positions held by a member or a client exceed the position limit;
3. positions in the delivery month are held by individual clients;
4. the Exchange conducts forced liquidation on a member or a client as a punishment for any violation of relevant provisions;
5. a situation in which forced liquidation shall be adopted by the Exchange as an emergency responding measure;
6. other circumstances prescribed by the Exchange
7.Risk warning
The Exchange may, as it deems necessary, separately or concurrently adopt measures such as requiring relevant participants to report information, conversation notification and issuing risk warning letters to warn market participants of risks and eliminate risks.
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