Margins & Guideline

1） Self trades

Type	INE	DCE	ZCE	CFFE
Self-trades	Five (5) or more self-trades in the same contract in one (1) trading day.	Five (5) or more self-trades in the same contract in one (1) trading day; multiple trades between one's own accounts by acting as its own counterparty.	Five (5) or more self-trades in the same contract in one (1) trading day.	Five (5) or more self-trades in the same contract in one (1) trading day. multiple trades between one's own accounts by acting as its own counterparty.
	Trades executed among Clients within a group of accounts with actual control relationship will constitute self-trades.	Trades executed among Clients within a group of accounts with actual control relationship will constitute self-trades.	Trades executed among Clients within a group of accounts with actual control relationship will constitute self-trades	Trades executed among Clients within a group of accounts with actual control relationship will constitute an abnormal trading behavior.
			Five (5) or more self-trades in the same contract in one (1) trading day within a group of accounts with actual control relationship.

2）Frequent cancellation of orders within the same day

Type	INE	DCE	ZCE	CFFE
Frequent cancellation of orders within the same day	Five hundred (500) or more order cancellations in the same contract in one (1) trading day.	Five hundred (500) or more order cancellations in the same contract in one (1) trading day.	Five hundred (500) or more order cancellations in the same contract in one (1) trading day; One hundred (100) or more order cancellations in the same contract in one (1) trading day after the contract price hit price limit.	Five hundred (500) or more order cancellations in the same treasury bond futures contract in one (1) trading day;?Four hundred (400) or more order cancellations in the same index futures contract in one (1) trading day.

3）Frequent cancellation of large-amount orders within the same day

Frequent cancellation of large-amount orders within the same day	Fifty (50) or more large-amount order cancellations in the same contract in one (1) trading day.	Four hundred (400) or more times of order cancellations in the same contract on a single day by a client or Non-Futures Company Member, with the lots of a single cancelled order exceeding eighty percent (80%) of the largest order placed under this contract, shall constitute the abnormal trading behavior of "cancellation of large-amount orders".	Fifty?(50) or more times of order cancellations in the same contract on a single day and a single cancelled order exceeding eight hundred (800) or more lots.	One hundred (100) or more times of order cancellations in the same contract on a single day by a client or Non-Futures Company Member, with the lots of a single cancelled order exceeding eighty percent (80%) of the largest order placed under this contract, shall constitute the abnormal trading behavior of "cancellation of large-amount orders".
	One “l(fā)arge-amount order cancellation” means cancellation of three hundred (300) lots or more in a single instruction.

4） Excessive?trading within the same day

Type

CFFE

Excessive trading within the same day

Investors could place limit order of index futures including CSI 300, SSE 50 and CSI 500 for up to 20 lots each time and place market order for up to 10 lots each time since April 5, 2017.

Investors could place limit orders of treasury bond futures including 5-year treasury bond futures and 10-year treasury bond futures for up to 50 lots each time and place market order for up to 30 lots each time since April 5, 2017.

Clients who open over 500 lots of contract will constitute abnormal trading behavior. The number of lots consists of buy open and sell open of a futures contract. Number of order placements for hedging is not included in the calculation.

? ? ? ? 5） Position opening volume of the aggregate position opening volume of a group of accounts

? ? ? ? with actual control relationship in a single trading day exceeds the intraday open position volume

Type	INE	DCE	ZCE	CFFE
Position opening volume of the aggregate position opening volume of a group of accounts with actual control relationship in a single trading day exceeds the intraday open position volume	Multiple trades between Clients within a group of accounts with actual control relationship exceeds the intraday open position volume prescribed by INE.	Position opening volume of the aggregate position opening volume of a group of accounts with actual control relationship in a single trading day exceeds the intraday open position volume?prescribed by DCE.	Position opening volume of the aggregate position opening volume of a group of accounts with actual control relationship in a single trading day exceeds the intraday open position volume?prescribed by ZCE.	Aggregate position volume of two or more accounts with actual control relationship exceeds the position volume prescribed by CFFE.

5.1）Abnormal behavior

Type	INE	DCE	ZCE	CFFE
Abnormal behavior	If on a single trading day a group of accounts with actual control relationship meets the criteria of the Exchange to take actions for combined position over-limit with respect to its positions in two (2) or more contracts, the combined position over-limit in all these contracts will be deemed as a single occurrence of abnormal trading behavior.	If on a single trading day, a group of accounts with actual control relationship on an aggregate basis exceeds the position limit prescribed by the Exchange, will be deemed as abnormal trading behavior.	If on a single trading day, a client who meets the criteria of the Exchange to take actions for self-trades, frequent order cancellation, large-amount order cancellation or a group of accounts with actual control relationship on an aggregate basis exceeds the position limit prescribed by the Exchange, will be deemed as abnormal trading behavior.	If on a single trading day, a group of accounts with actual control relationship on an aggregate basis exceeds the position limit prescribed by the Exchange, will be deemed as abnormal trading behavior.

5.2）Times of occurrence

Type	INE	DCE	ZCE	CFFE
Times of occurrence	If on a single trading day a Client or a group of accounts with actual control relationship on an aggregate basis meets the criteria of the Exchange to take actions for self-trade, frequent order cancellation, or large-amount order cancellation with respect to its activities in two (2) or more contracts, the same kind of abnormal trading behavior in relation to these different contracts will be deemed as a single occurrence of that abnormal trading behavior.	If on a single trading day, a Client meets the criteria of the Exchange to take actions for self-trade, frequent order cancellation, or large-amount order cancellation, the same kind of abnormal trading behavior in relation to these different contracts will be deemed as a single occurrence of that abnormal trading behavior.	If?on a single trading day, a Client or a group of accounts with actual control relationship meets the criteria of the Exchange to take actions for self-trade, frequent order cancellation or other behaviors, the same kind of abnormal trading behavior in relation to these different contracts will be deemed as a single occurrence per contract of that abnormal trading behavior.	If on a single trading day, a Client meets the criteria of the Exchange to take actions for self-trade, frequent order cancellation, or large-amount order cancellation with respect to its activities in two (2) or more contracts of the same futures product, the same kind of abnormal trading behavior in relation to these different contracts will be deemed as a single occurrence of that abnormal trading behavior.
	Activities such as self-trades, frequent order cancellation, and large-amount order cancellation resulting from such transactions as fill-or-kill (FOK) orders, fill-and-kill (FAK) orders, and hedging trades will not be deemed as abnormal trading behaviors.	Activities such as self-trades, frequent order cancellation, large-amount order cancellation resulting from such transactions as market order, limit order, FOK, FAK and hedging trades will not be deemed as abnormal trading behaviors.	Accounts in a group of accounts with actual control relationship will be separately calculated for each abnormal trading behavior.
			Activities such as self-trades, frequent order cancellation, large-amount order cancellation resulting from such transactions as market order, FOK, FAK and hedging trades will not be deemed as abnormal trading behaviors.
			The Exchange may take self-regulatory measures against the client such as requiring the client to submit written explanation, issuing a warning letter, arranging an interview, restricting fund withdrawal, requesting to liquidate positions within a prescribed time period, suspending the client from establishing new positions and conducting forced liquidation, etc., if the circumstances of the client’s abnormal behaviors are serious.

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