Day trading hours:
Shanghai Futures Exchange, Energy Center, Guangfu Exchange, DCE, Zheng Commercial Exchange) morning: 30-11:30 a.m., 1:30-3:00 p.m.
CFFEX) stock index: 9:30-11:30 a.m., 1:00-3:00 p.m.;Treasury bonds: 9:30-11:30 a.m., 1:00-3:15 p.m. (Trading hours on the last trading day of Treasury bonds:
9:30-11:30 a.m., no more trading in the afternoon).
2. Night trading hours:
Natural rubber, rebar, hot-rolled coil, pulp, petroleum asphalt, fuel oil, butadiene rubber, natural rubber options, rebar options, butadiene rubber period.
Right: 21:00-23:00;Copper, aluminum, zinc, lead, nickel, tin, stainless steel, alumina, copper options, aluminum options, zinc options: 21:00-1:00;*Options, **Options: 21:00-2:30.
Energy Center)**Options: 21:00-2:30;No. 20 rubber, low sulfur fuel oil: 21:00-23:00;Copper cathode 21:00-1:00.
LCG, styrene, japonica rice, palm oil, coke, coking coal, iron ore, soybean meal, soybean oil, yellow soybean No. 1, yellow soybean No. 2, linear low-density poly.
Ethylene, PVC, Polypropylene, Ethylene Glycol, Corn, Corn Starch, Corn Options, Soybean Meal Options, Iron Ore Options, LPG Options, Linear Low Density Polyethylene Options, PVC Options, Polypropylene Options, Ethylene Glycol Options, Styrene Options, Palm Oil Options, Soybean Oil Options, Yellow Soybean No. 1 Options, Yellow Soybean No. 2 Options: 21:00-23:00.
Zhengshang) staple fiber, soda ash, sugar, cotton yarn, cotton, rapeseed meal, methanol, PTA, rapeseed oil, glass, thermal coal, caustic soda, paraxylene, caustic soda options, paraxylene.
Options, thermal coal options, rapeseed meal options, sugar options, cotton options, PTA options, methanol options, rapeseed oil options: 21:00-23:00.
3. **Maximum order quantity:
The maximum number of orders placed each time is: 500 lots.
The maximum number of orders to be placed at each time is: 500 lots.
The maximum order size is 1000 lots.
The maximum number of orders per time is: 300 lots of eggs, 500 lots of coke, 2,000 lots of corn, 50 lots of live pigs, and 1,000 lots of other varieties.
The maximum order quantity for each time is: 1000 lots for limit orders, 200 lots for market orders (100 lots for jujube limit orders, 20 lots for market orders; Thermal Coal Price Limit Order.
50 lots, 10 lots for market orders).
CFFEX) The maximum order quantity for each time is: CSI 300 Index, SSE 50 Index, CSI 500 Index, CSI 1000 Index: 20 lots for limit orders, 10 market orders
Hand; 2-year Treasury, 5-year Treasury, 10-year, 30-year: 50 lots for limit orders, 30 lots for market orders.
4. Minimum order quantity:
Zheng Shang Exchange): The minimum order size for each opening position of thermal coal is 4 lots; Soda ash 2401-2408 The minimum order size for each open position is 4 lots; Pumai, strong wheat, early indica, japonica, late.
The minimum order size for indica is 10 per openingUrea** 2401-2405 The minimum order size for each open position is 4 lots.
5. Delivery unit:
5 hands of copper, aluminum, zinc and lead, 6 hands of nickel, 30 hands of rebar, wire rod and hot-rolled coil, 12 hands of stainless steel, **3 hands, **tin, pulp and butadiene.
2 lots for rubber, 15 lots for alumina, and 1 lot for other varieties.
1 lot (the minimum amount of 200,000 barrels of rubber in and out of the warehouse is 10 hands, 1 lot of low-sulfur fuel oil, and 5 lots of copper cathode.)
Guangfu Institute) industrial silicon, lithium carbonate 1 lot.
DCE) coke 10 lots, coking coal, iron ore, yellow soybean No. 2 100 lots, other varieties 1 lot.
Zhengshang) 8 hands of cotton, 4 hands of cotton yarn, 200 hands of thermal coal, and 1 lot of other varieties.
CFFEX) 2-year treasury bonds, 5-year treasury bonds, 10-year treasury bonds, and 30-year treasury bonds 1 lot.
6. Position adjustment regulations near the delivery month:
Client's positions (speculative and hedged positions are adjusted separately) should be adjusted to 5 lots for copper, aluminum, zinc and lead before the last trading day of the first month before the delivery month**.
Integer multiples, nickel is adjusted to 6 lot integer multiples, rebar, wire rod, hot-rolled coil is adjusted to 30 lot integer multiples, stainless steel is adjusted to 12 lot integer multiples, ** adjusted to 3 lot integer multiples, **tin, pulp, butadiene rubber are adjusted to 2 lot integer multiples, alumina is adjusted to 15 lot integer multiples (natural rubber, fuel oil, petroleum asphalt do not need to be adjusted). If the above-mentioned positions enter the delivery month without adjusting the integer multiple, the exchange will directly liquidate them on the first trading day of the delivery month, and the profitable exchange will confiscate them, and the losses will be borne by themselves.
Before the last trading day** of the first month before the delivery month, the customer's position (speculative and hedging positions shall be adjusted to an integer multiple of 5 lots) and the 20-lot rubber should be adjusted to an integer multiple of 10 lots.
Starting from the first trading day of the delivery month, the Exchange will force the positions of individual customers in the delivery month to be liquidated.
DCE) Individual customers' positions are not allowed to enter the delivery month, and from the first trading day of the delivery month, the exchange will force the positions of individual customers in the delivery month (Section 2).
After the end of the holiday, the exchange will liquidate it) Unit customers who do not have the qualifications for the production, operation or use of styrene or liquefied petroleum gas are not allowed to participate in the delivery of the corresponding varieties (for styrene and liquefied petroleum gas contracts, if the positions of the unit customers who do not have the qualifications for the production, operation or use of the corresponding varieties are matched under the rolling delivery and one-time delivery process, the exchange will impose a fine of 20% of the contract value calculated according to the delivery settlement price after the market closes on the settlement day).
ZCE) Individual clients should close their positions in the delivery month before entering the delivery month. From the first trading day of the delivery month, the trading right to the individual customer of the delivery month.
Forced liquidation of positions (the exchange liquidates them after 10:15);The corporate customer shall adjust the position of the delivery month of the relevant variety to an integer multiple of the delivery unit before entering the delivery month, and the base of the integer multiple of the delivery unit of the relevant variety is: 8 lots for cotton, 4 lots for cotton yarn, and 200 lots for thermal coal (if the integer multiple is not adjusted, there is no forced liquidation provision for ZCE);Customers who do not have the qualifications for the production, storage, use, operation or transportation of methanol, caustic soda and paraxylene are not allowed to participate in the delivery, and the customers who are not allowed to deliver should close their positions before the delivery month (if the positions are not closed, ZCEE does not have a forced liquidation provision).
For reference only, subject to the exchange trading rules and the latest notice, the content of this table will not be subject to change notice).
CFFEX) Clients who hold positions in the delivery month of treasury bonds shall have a treasury bond custodian account approved by the exchange on the two trading days before the delivery month (if they have, they can be used in subsequent delivery months), and if they do not, from the trading day before the delivery month to the last trading day, the position of the customer in the delivery month contract shall be 0 lots, and the exchange will forcibly close the customer's position in the delivery month contract from the trading day before the delivery month;From the two trading days before the delivery month to the trading day before the last trading day, after the market closes each day, the two-way positions of the delivery month contracts with the same trading code are hedged and closed.
7. Provisions related to position adjustment and delivery in the delivery month:
Clients who cannot deliver or receive special VAT invoices are not allowed to deliver, and all contracts of the Shanghai Futures Exchange are on the fifth trading day before the last trading day.
Previously, the position of an individual client should be 0 lots.
Exchange) *Before the eighth trading day** before the last trading day of the contract, the position of individual customers who cannot deliver or receive the invoice specified by the exchange shall be 0 lots;
Before the fifth trading day before the last trading day of the low-sulfur fuel oil, No. 20 rubber and copper cathode** contracts, the positions of individual customers who cannot deliver or receive invoices stipulated by the exchange shall be 0 lots, and after the market closes on the third trading day before the last trading day of the No. 20 rubber** contract, the customer's selling position shall not exceed the number of standard warehouse receipts held by the customer. The European line is a cash delivery variety.
Positions held by corporate clients who are unable to receive or issue VAT invoices shall not be deliveredPositions with an integer multiple of the non-deliverable unit shall not be delivered. Palm oil, yellow soybean No. 1, yellow soybean No. 2, soybean meal and soybean oil varieties of corporate customers who cannot receive or issue VAT invoices shall not be delivered. (If the positions of customers who cannot receive or issue VAT invoices for palm oil, yellow soybean No. 1, yellow soybean No. 2, soybean meal and soybean oil contracts are matched under the rolling delivery and one-time delivery process, the exchange will impose a fine of 20% of the contract value calculated according to the delivery settlement price after the market closes on the settlement day) Individual customers' positions and positions of coke, coking coal, iron ore and yellow soybean No. 2 non-deliverable units are not allowed to be delivered. Before the market closes on the last trading day, the client shall adjust the coke position to an integer multiple of 10 lots (delivery unit), and the position of coking coal, iron ore and yellow soybean No. 2 to an integer multiple of 100 lots (delivery unit).
Zheng Shang Exchange) customers who cannot deliver or receive VAT special (ordinary) invoices shall not be delivered;Positions with an integer multiple of the non-deliverable unit shall not be delivered. Clients participating in the delivery of treasury bonds should have a treasury bond custodian account approved by the exchange on the two trading days before the delivery month, otherwise, they cannot participate in the delivery of treasury bonds. 8. There are varieties and regulations for passive early delivery of buy positions in delivery month:
The long positions of industrial silicon and lithium carbonate may be delivered in advance after entering the delivery month and before the last trading day.
DCE) Yellow Soybean No. 1, Yellow Soybean No. 2, Soybean Meal, Soybean Oil, Corn, Corn Starch, Japonica Rice, Ethylene Glycol, Styrene, Iron Ore, Coke, Coking Coal, Fiberboard,
Eggs, LPG, and hogs may be delivered early by buyers (i.e., between the first trading day of the delivery month and the trading day before the last trading day, buyers may be delivered early. The above-mentioned varieties other than eggs and live pigs are subject to rolling delivery, in which the fiberboard buyer is not strongly matched, and eggs and live pigs can be delivered daily throughout the month.
Zheng Shang Exchange) apples, jujubes, peanuts, caustic soda, and paraxylene may be passively delivered after entering the delivery month and before the last trading day.
CFFEX) treasury bonds may be passively delivered after entering the delivery month and before the last trading day.
9. The principle of trading when the price limit is reached: when the price limit is traded, the transaction implements the principle of closing priority and time priority (this principle does not apply to the closing position in Shanghai).
10. Price limit in delivery month: The price limit of all varieties in the delivery month is 6%.
11. Special reminder on the last trading day of the variety:
*, the last trading day of fuel oil is the last trading day of the month before the delivery month of the contract, and the last trading day of the European line is the last Monday of the delivery month of the contract.
Handling of trading positions after the last trading day** by each exchange:
SSE and Energy Exchange) must be settled after the last trading day of the same client account.
After the last trading day, only the net position in the same client account will be delivered, and the corresponding part of the position will be closed by the exchange.
CFFEX) stock index: Positions within the same client account must be cashed after the last trading dayTreasury Bonds: Only net positions in the same client account after the last trading day.
In the case of delivery, the position of the corresponding part of its trading is closed by the exchange.
After the last trading day, only the net position in the same client account will be delivered, and the corresponding part of the position will be closed by the exchange.
Zheng Commercial Exchange) on the last trading day of the same member of the same trading code of the customer held in the delivery month, if the customer does not submit an application for non-automatic liquidation, the market will be closed.
The corresponding part of the buying and selling positions is automatically closed by the computer, and only the net positions enter the delivery position.
12. Others:
CFFEX) The settlement price of all ** varieties on the day is the weighted average price of the last hour of the contract** according to the trading volume; All equity index** contracts are cash-settled at the arithmetic average price of the underlying index for the last 2 hours of the last trading day.
Each exchange may temporarily adjust the minimum margin standard and suspension range (the temporary adjustment content is not in this table, please refer to the notice of the exchange for details), and if there is a suspension during the temporary adjustment period, the margin after the suspension and the continuous suspension range in the same direction shall be implemented in accordance with the risk control management measures of the exchange.
For ** contracts that are subject to two or more trading margin ratios (price limits) as stipulated in the Exchange's Risk Control Management Measures, the trading margin (price limit) shall be charged (determined) in accordance with the highest value of the specified trading margin ratio (price limit).
Eggs** unit: 500 kg.
Note: The varieties in the table with "*" before are the night varieties.
Customer's trading margin ratio = exchange margin ratio + company's additional margin ratio.
Fee for opening a new ** accountExchange base +1 point intraday** high return; 