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JR/T 0181-2020: Futures contract elements
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Basic data | Standard ID | JR/T 0181-2020 (JR/T0181-2020) | | Description (Translated English) | Futures contract elements | | Sector / Industry | Finance Industry Standard (Recommended) | | Classification of Chinese Standard | A11 | | Word Count Estimation | 9,944 | | Date of Issue | 2020-02-26 | | Date of Implementation | 2020-02-26 | | Regulation (derived from) | China Securities Regulatory Commission Announcement (2020) No. 15 | | Issuing agency(ies) | People's Bank of China | JR/T 0181-2020: Futures contract elements---This is a DRAFT version for illustration, not a final translation. Full copy of true-PDF in English version (including equations, symbols, images, flow-chart, tables, and figures etc.) will be manually/carefully translated upon your order.
Futures contract elements
ICS 03.060
A 11
JR
People's Republic of China Financial Industry Standards
Elements of futures contracts
2020-02-26 release
2020-02-26 Implementation
Issued by China Securities Regulatory Commission
Table of contents
Foreword...II
1 Scope...1
2 Normative references...1
3 Terms and definitions...1
4 Elements of a futures contract...1
References...5
Foreword
This standard was drafted in accordance with the rules given in GB/T 1.1-2009.
This standard was proposed by the Securities Technical Committee of the National Financial Standardization Technical Committee (SAC/TC180/SC4).
This standard is under the jurisdiction of the National Financial Standardization Technical Committee (SAC/TC180).
Drafting organizations of this standard. Information Center of China Securities Regulatory Commission, Shanghai Futures Exchange, Zhengzhou Commodity Exchange, Dalian Commercial
Commodities Exchange, China Securities Information Technology Service Co., Ltd., China Financial Futures Exchange.
The main drafters of this standard. Yao Qian, Liu Tiebin, Zhou Yunhui, Han Shiman, He Yanlei, Lu Xiao, Tang Yunlong, Zhang Yifei, Pulifen,
Chang Xinxin, Li Xiangdong, Bai Limin, Lan Xiaowei, Hao Jingyi, Wu Junwei.
Elements of futures contracts
1 Scope
This standard specifies requirements for the design and preparation of various elements involved in futures contracts.
This standard applies to futures contracts formulated by futures trading venues, including. commodity futures contracts and financial futures contracts.
2 Normative references
The following documents are indispensable for the application of this document. For dated reference documents, only the dated version applies to this
file. For undated references, the latest version (including all amendments) applies to this document.
"Administrative Regulations on Futures Trading"
"Administrative Measures on Futures Exchanges"
3 Terms and definitions
The following terms and definitions apply to this document.
3.1
Futures contract
A standardized contract formulated uniformly by a futures trading venue that stipulates the delivery of a certain amount of subject matter at a specific time and place in the future.
Note. Futures contracts include commodity futures contracts, financial futures contracts and other futures contracts.
3.2
Commodity futures contract
Futures contracts based on agricultural products, industrial products, energy and other commodities and related index products.
3.3
Financial futures contract
Futures contracts based on financial products such as securities, interest rates, exchange rates, and related index products.
4 Elements of a futures contract
4.1 Contract name
Contract Name (Contract Name) refers to the title of a futures contract.
Expression of contract name. The full name of the listed trading place is the futures contract of the underlying asset name of the contract.
4.2 Basic assets
Underlying Assets refers to the subject matter of futures contracts, which can also be referred to as transaction varieties and contract subject matter.
Expression of basic assets. accurately, completely and concisely summarize the name of the basic assets, which are mandatory or recommended by the state
If it is a standard, the normative expression in its standard shall be used.
Take the futures contract as an example. The subject of the contract is "nominal long-term treasury bonds with a face value of RMB 1 million and a coupon rate of 3%."
4.3 Trading Unit
Contract Size refers to the collective name of the futures contract unit and the futures contract measurement unit specified by the trading venue.
Called the contract size.
The expression of trading units can be divided into two situations.
a) Unit quantity quantity unit/lot. Among them, the unit quantity is expressed in Arabic numerals; in principle, the quantity unit should be internationally accepted
b) The number of units in currency. Among them, the number of units is expressed in Arabic numerals; in principle, the currency unit should use the international standard
Standard, such as. RMB, US dollar, Euro, Japanese yen, etc.
4.4 Quotation Unit
The unit of quotation (Price Quotation) refers to the unit used in the quotation of the futures contract, which can also be called the quotation method.
The expression of the quotation unit can be divided into two situations.
4.5 Minimum price change
Minimum Price Fluctuation refers to the minimum value of changes in the unit price of a futures contract.
In cargo transactions, the change value of each quotation should be an integer multiple of the minimum change price.
The expression of the minimum price change can be divided into two situations.
Take the exchange's CSI 300 index futures contract as an example, the minimum price change is "0.2 point".
4.6 Price limit
Daily Price Limit means that the trading price of a futures contract in a trading day shall not be higher or lower than
The specified rate of increase or decrease, and the quotation that exceeds the rate of increase or decrease will be deemed invalid and cannot be traded. Generally based on the end of the previous trading day of the futures contract
The calculation price is determined on the basis, and it can also be called the maximum daily price fluctuation limit.
4.7 Contract month
Contract Months (Contract Months) refer to the months in which the futures contract is marked for delivery.
The expression of the contract month should accurately describe the futures contract month according to the nature and characteristics of the underlying asset to avoid ambiguity, specifically.
The copies are "current month, next month and the next two quarter months".
4.8 Trading Hours
Trading Hours (Trading Hours) refers to the starting and ending time periods for trading activities with futures contracts as the subject matter.
Expression of trading hours. Time period (Beijing time) Other trading hours specified by the trading venue. Such as. 9.00-11.30 in the morning
1.30 to 3.00 noon (Beijing time), and other trading hours specified by the trading venue.
4.9 Last trading day
Last Trading Day (Last Trading Day) refers to the last trading day on which a futures contract is traded. After the close of the trading day
The outstanding futures contracts shall be delivered in physical or cash according to regulations.
As an example, the last trading day is "the 10th trading day of the delivery month of the futures contract".
4.10 Delivery date
Delivery Period (Delivery Period) refers to the time when the open futures contract is settled by physical delivery or cash delivery. It can also be
Use the last delivery day method to specify the delivery date of the futures contract.
Take the goods contract as an example, the delivery date is "five consecutive working days after the last trading day".
4.11 Delivery grade
Delivery grade (Grade and Quality Specifications) refers to the uniformly stipulated by the futures trading
The quality requirements for the subject matter of futures contracts listed and traded on the e-commerce site apply to commodity futures contracts.
The expression of delivery grade includes direct expression method or indirect pointing method, as follows.
a) The direct expression method refers to the direct description of the quality level of the delivered product in the futures contract, generally including the standard product level and substitutes
Standard product. cathode copper, in line with GB/T 467-2010 No. 1 standard copper (Cu-CATH-2) regulations, of which the main component copper plus silver content
Not less than 99.95%. Substitution. Cathode copper, in line with GB/T 467-2010 grade A copper (Cu-CATH-1) regulations.
b) The indirect pointing method refers to the indirect specification of the applicable delivery quality requirements in the futures contract, so as to transfer to the application of the requirements, mainly applicable to
Commodity Exchange Yellow Soybean No. 2 Delivery Quality Standard (F/DCE B003-2017) "".
4.12 Delivery location
Delivery location (Delivery Venue) refers to the designated location for physical delivery specified by the futures trading place.
Product futures contracts.
Take the goods contract as an example, the delivery location is the "exchange designated delivery warehouse".
4.13 Delivery unit
Delivery Unit (Delivery Size) refers to the smallest unit of the subject matter for physical delivery or cash delivery at a futures trading venue.
That is, the smallest delivery unit.
4.14 Minimum trading margin
The minimum trade margin (Minimum Trade Margin) means that members ensure that futures contracts are fulfilled in a settlement account dedicated to trading venues.
OK, and the minimum amount of margin that has been occupied by futures contracts.
The easy margin is "6% of the value of the futures contract", that is, if the value of one lot of the futures contract is 1,300 yuan, the minimum trading margin is
1300*6%=78 (yuan).
4.15 Delivery method
Settlement Method means that when the futures contract expires, according to the rules and procedures of the futures trading place, the settlement
The method of open futures contracts constitutes one of the terms of the futures contract. There are two types of delivery methods, physical delivery and cash delivery. In kind
Delivery refers to the delivery by the transfer of the ownership of the subject matter, which is mainly used for commodity futures; cash delivery refers to the cash difference based on the settlement price
The settlement method is mainly used for financial futures such as stock indexes.
4.16 Transaction code
Contract Code refers to the abbreviation of the English letters or Pinyin letters of the futures product.
4.17 Listing and trading venues
Exchange refers to the futures trading place where the futures contract is listed and traded.
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