CFFEX Makes Risk Control Moves as Futures Indices Consecutively Hit Limit Down

Date:August 26, 2015
Source:Securities Daily


Futures indices again hit limit down across the board yesterday. Last night, China Financial Futures Exchange (CFFEX) announced higher margin of the transaction of non-hedging open positions of stock index futures, as well as higher transaction fee, in a bid to ensure the regulated and stable functioning of the stock index futures market by containing excessive speculation, and preventing and controlling market risk.
According to notices released by CCFEX, the measures include:
Firstly, higher margin will be charged of the transaction of non-hedging open positions of stock index futures. From the settlement on August 26 onwards, the margins required of the transaction of non-hedging open positions of CSI 300 and SSE 50 contracts, and the margin required of the transaction of buy positions of non-hedging open positions of CSI 500 contracts will be raised from 10% to 12% of contract value.
From the settlement on August 27 onwards, the margins required of the transaction of non-hedging open positions of CSI 300 and SSE 50 contracts, and the margin required of the transaction of buy positions of non-hedging open positions of CSI 500 contracts will be raised to 15% of contract value.
From the settlement on August 27 onwards, the margins required of the transaction of non-hedging open positions of CSI 300 and SSE 50 contracts, and the margin required of the transaction of buy positions of non-hedging open positions of CSI 500 contracts will be raised to 20% of contract value.
Secondly, intraday open positions limits of CSI300, SSE 50 and CSI 500 will be adjusted. To strengthen management of abnormal trading behavior, from August 26, open positions trading of over 600 contracts of a single stock index futures product on a single day will be considered an abnormal trading behavior that is of “relatively larger intraday open positions trading volume”. Intraday open positions trading volume refers to the combination of intraday buying and selling open positions of the contract(s) of a single product. But the definition is not applicable to hedging trading. Thirdly, from August 26, 0.115‰ will be charged as the closing fee of stock index futures that is open and closed on the same day.
CFFEX said it will continue to strengthen monitoring of market risks and regulation of trading behavior, and prevent excessive speculation and other irrational trading behaviors, so as to ensure the market functions orderly and stably.




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