The cotton yarn futures business rules system includes delivery system and transaction risk control management methods, which cover the rules of spot and futures conversion, the management of futures commodities in the warehouse and the risk control measures of futures trading. According to the principle of close to the spot market, following the rules of the futures market, strictly controlling the risk of transaction delivery, and reducing the cost of transaction delivery, the Zhengzhou Commodity Exchange (hereinafter referred to as “Zhengshang Instituteâ€) has designed the following relevant business rules.
First, cotton yarn futures delivery system design description
The spot market is the basis of the futures market. As a link between the two markets, physical delivery plays a "bridge" role in promoting the close integration of the futures market and the spot market, and achieving the two functions of price discovery and hedging. Through in-depth spot market research, extensively listened to the opinions and suggestions of spot enterprises, based on the characteristics of cotton yarn spot supply, trade, consumption, circulation, quality inspection, etc., based on the existing delivery framework, the cotton yarn futures delivery system, including delivery Rules and standard warehouse receipt management methods are two parts.
(1) Design of relevant provisions of the delivery rules
1. Delivery method: the factory delivery is implemented at the initial stage of the listing; after the market runs smoothly, the warehouse delivery is enabled in due course.
[Description] Cotton yarn is suitable for warehouse delivery. First, warehouse delivery can meet the delivery needs of multiple business entities of cotton yarn. Second, the cotton yarn is easier to store, and the storage conditions for the warehouse are simple, and it can be kept dry and ventilated. Third, the warehouse resources that meet the delivery requirements for cotton yarn futures are sufficient. Cotton spinning enterprises generally have self-built warehouses, which can provide professional warehousing management services; and the storage requirements and logistics nodes of cotton yarns are basically the same as cotton. Zhengshang can choose cotton spinning enterprises to build their own warehouses or cotton futures designated delivery warehouses. Cotton yarn futures delivery warehouse.
At this stage, China's cotton textile enterprises mostly produce orders, and implement the delivery system. The spot storage and the stock of textile enterprises are lower. In the development environment of this industry, it is of great significance to adopt cotton factory yarn delivery. First, it can provide the specifications of the delivery side benchmark delivery products and alternative delivery products to meet their individual delivery requirements, and indirectly expand the range of delivery varieties. The pick-up party only needs to agree with the factory warehouse before picking up the goods, and settle the difference according to the agreed varieties. Second, the cost of registering warehouse receipts is low. The warehouse can form a warehouse receipt by providing a bank guarantee or other form of guarantee recognized by the exchange. It is not necessary to produce the goods in advance, reducing the capital and resources of the enterprise. Third, reduce the warehousing process and reduce the delivery cost. The delivery can directly pick up the goods from the production warehouse, reducing the intermediate movement from the manufacturer to the warehouse and the loading and unloading of the warehouse. Fourth, it is conducive to ensuring the safety of futures delivery. When the futures market has a delivery risk due to insufficient spot resources, the factory warehouse can effectively prevent the risk of the warehouse due to its low cost, short time and fast speed.
In order to ensure the quality of delivered goods and effectively prevent the occurrence of delivery risks, the cotton yarn futures will be delivered at the initial stage of the market. After the market runs smoothly, warehouse delivery will be enabled in due course. The design reasons are as follows:
On the one hand, the initial factory warehouse delivery is the main one, which can effectively supervise the delivery quality and ensure the smooth delivery. First, there are many cotton yarn production enterprises. Due to their different production techniques and management levels, there are certain quality differences in cotton yarns of the same specifications. Zhengshang Institute will strictly select reputable manufacturers as the delivery factory warehouse, which is conducive to supervising the quality of cotton yarn delivery and enhancing the credibility of the futures market. Second, cotton yarns are prone to wear during handling, and factory delivery can reduce the number of relocations, thereby reducing quality. Loss, reducing delivery costs.
On the other hand, the initial warehouse delivery is ready to create conditions for the later import of cotton yarn to participate in delivery. According to the data of the General Administration of Customs, in 2016, China's cotton yarn imports amounted to 1.785 million tons, accounting for 27% of the domestic consumption of cotton yarn, which made the risk evasion of imported cotton yarns become the risk of domestic cotton yarn traders and consumers. An important part of. However, the imported cotton yarn has the characteristics of low quality, low price and poor quality stability. If it is allowed to flow into the futures market through the registered warehouse warehouse receipts, it will bring more uncertainty to the futures delivery and affect the quality of downstream products. Therefore, cotton yarn futures will be considered for warehouse delivery in the early stage of listing. First, it can ensure the stable quality of the initial cotton yarn delivery and smooth delivery. Second, after the market has been running smoothly for a period of time, it will create conditions for third-party cotton yarn and imported cotton yarn to participate in delivery.
2. Delivery process: cotton yarn futures follow the current “three-day delivery method†of Zhengshang, and the delivery process is consistent with the varieties of other non-common standard warehouse receipts.
The delivery process is clear and smooth, which facilitates the smooth development of the delivery business between buyers and sellers. At the same time, it is consistent with the cotton futures delivery process, which helps the industrial chain enterprises to participate in the transaction and delivery efficiently, and realize the return of the spot price of the delivery month.
The first is the matching principle before the last trading day of cotton yarn futures: from the first trading day of the delivery month to the previous trading day of the last trading day, the seller member holding the delivery month contract and the standard warehouse receipt can be on each trading day. Before 2:30 pm, the application for delivery is submitted through the member service system. When the seller submits a standard warehouse receipt delivery application, the corresponding standard warehouse receipt information shall be submitted.
The buyer member responds to the delivery request of the seller member in the member service system. If the buyer's member responds, it shall be deemed as confirmation, and neither the buyer nor the buyer may cancel. If the buyer's member does not receive a response, the seller member may cancel the delivery application before 2:30 pm on the day of the application; if it is not revoked, the computer system shall determine it as invalid.
After the market closes on the day, the exchange will match the results of the confirmation.
The second is the matching principle of the last trading day of cotton yarn futures: no trading will be conducted on the afternoon of the same day. After the market closes, the counterparty of the same transaction code customer held by the same member is automatically closed by the computer, and the closing price is calculated based on the settlement price of the day. Other open positions are considered as delivery contracts.
Before 1:30 pm on the same day, the seller shall proactively announce the warehouse receipt information for delivery. If it is not proactively announced, the exchange shall publish the information of all valid standard warehouse receipts of the corresponding varieties of the seller for the buyer at 1:30 pm; the buyer selects the seller. The total number of standard warehouse orders does not exceed the seller's position in the contract.
From 1:30 pm to 2:30 pm on the same day, the buyer independently selected and confirmed the warehouse receipt information submitted by the seller.
After the market closes on the day, the exchanges are paired according to the confirmed results; other positions that are still not paired are paired by the computer according to the principle of quantity rounding and minimum number of pairs.
In addition, in order to adapt to the characteristics of cotton yarn variety and individualized demand, after entering the delivery month, before the last trading day, cotton yarn futures allow the seller to use other specifications of cotton yarn for independent matching, self-reported delivery quality and other information and promotion. Water, the buyer responds to meet the multi-standard delivery and receiving needs of the buyer and the seller; if the buyer does not respond, the seller must use the standard warehouse receipt to participate in the centralized matching of the last trading day to ensure the consistency of the delivery target. At the same time, in order to effectively supervise the settlement of other specifications cotton yarn, prevent the seller from maliciously misrepresenting the information, and protect the buyer's enthusiasm for personalized delivery, the regulations only allow the seller to use the non-standard warehouse receipt cotton yarn delivery, that is, the delivery factory designated by the exchange, but Cotton yarns that are not registered with the exchange to produce standard warehouse receipts are subject to the factory's storage.
After entering the delivery month, before the last trading day, the matching process of the non-standard warehouse receipt cotton yarn of the factory warehouse is consistent with the standard warehouse receipt; during this period, the delivery request for the non-standard warehouse receipt cotton yarn of the factory warehouse has not been responded by the buyer, and finally enters the final On the trading day, the seller must carry out a matching delivery with a standard warehouse receipt to ensure the consistency of the delivery target. The buyer and seller who use the non-standard warehouse receipt cotton yarn delivery of the factory warehouse have the right to negotiate and choose the entrusted exchange settlement, and the relevant delivery settlement process refers to the delivery of the vehicle (ship) board.
3. Delivery location: Shandong, Henan, Jiangsu and Zhejiang
[Explanation] First, to meet the delivery demand of China's cotton yarn main production area and the main sales area, it is conducive to the effective return of the spot market price of the delivery month. Shandong, Henan, Jiangsu and Zhejiang are not only regions with high yarn production capacity, but also regions with strong yarn consumption capacity, and are mainly cotton yarn. According to the data of the National Bureau of Statistics, in 2016, the ratio of yarn and cloth production in the above four provinces to the total national output was 56% and 54% respectively (see Table 1). Therefore, the above four provinces will be set as cotton yarn futures delivery locations, which can meet the delivery demand of China's cotton yarn main production areas and the main sales areas, and promote the effective return of the spot market price in the delivery month.
Table 1 shows the proportion of yarn and cloth production in China in 2016 (by province)
Second, fully reflect the flow of cotton yarn spot trade in China and promote the rational and effective flow of market resources. In general, Shandong, Jiangsu and Henan cotton yarns flow to Zhejiang, Guangdong, Fujian and other coastal areas except for their own use; other major producing provinces set up distribution points in cotton textile industry clusters in Jiangsu and Zhejiang, and the trading terminal is Zhejiang. , Guangdong, Fujian and other coastal areas. Therefore, setting Shandong, Jiangsu, Henan and Zhejiang as cotton yarn futures delivery locations can fully reflect the domestic spot trade circulation pattern, and promote the rational and effective flow of market resources by means of mature and convenient trade circulation.
Third, cotton textile enterprises in the region have strong representation, which is conducive to guaranteeing the quality of delivered cotton yarn and reducing the risk of default. According to the analysis of the data released by China Cotton Textile Industry Association, among the top 100 enterprises in the cotton textile industry in 2015/2016, there are 29 in Shandong Province, 23 in Jiangsu Province, 8 in Henan Province and 11 in Zhejiang Province. The total number of top 100 enterprises in the four provinces is as high as 71%. These enterprises are the backbone and leader in the industry. The company has good reputation and good operating conditions, and its quality and consistency of cotton yarn production are good. Therefore, setting the above four provinces as cotton yarn futures delivery locations will help to ensure the quality of the delivered cotton yarn and reduce the default risk of delivery.
4. Delivery benchmark price: The delivery benchmark price of the cotton yarn futures contract is the tax-included price (including packaging) of the delivery of the automobile board at the time of delivery of the benchmark delivery of the futures contract.
[Explanation] Cotton yarn spot trade through Hong Kong stock 00536 is often used to pick up the goods in the factory, the transportation method is mainly based on cars, that is, the cost of the goods before loading the board is borne by the seller, which is consistent with most of Zhengshang. In addition, in the spot trade of cotton yarn, the packaging is usually the responsibility of the manufacturer (except for special requirements). Therefore, the benchmark price of cotton yarn futures delivery is the tax-included price (including packaging) of the delivery of the automobile sheet at the time of delivery of the benchmark delivery goods, which is consistent with the spot market and is convenient for the buyer to pick up the goods.
5. Delivery unit: 20 tons (unique weight). Delivery goods within the same delivery unit shall meet the requirements of the same manufacturer and the same production batch
[Explanation] First, matching with the procurement and production habits of cotton yarn consumers above the scale, it can guarantee the stability of the quality of the delivered cotton yarn, and is conducive to attracting industrial customers to participate in delivery. On the one hand, the batch purchase volume of cotton yarn consumption and trading enterprises above designated size is generally based on 10 tons and increased in tons; on the other hand, the dyeing amount of single batch cotton yarn of weaving and dyeing enterprises is 4-5 cylinders, according to The average dyeing yarn is 4 tons/cylinder and the contract is 20 tons/batch. The above-mentioned spot purchase and consumption practices are to ensure the stability of downstream product production. Therefore, the cotton yarn futures delivery unit is set to 20 tons, and the delivery goods within the same delivery unit are required to be the same manufacturer and the same production batch, in line with the spot trade practice, which is beneficial to the industrial customers to participate in futures trading and delivery, and promote the spot market. The effective return of prices.
Second, it matches the mainstream transportation mode of spot trade, which is convenient for buyers to pick up goods and organize delivery. China's cotton yarn trade pattern mainly flows from Shandong, Jiangsu, Henan and other major producing provinces to Jiangsu, Zhejiang, Guangdong and other southeast coastal areas. Road transportation is smooth, there is no logistics bottleneck, and transportation mode is mainly based on motor transportation. According to field research and analysis, cotton yarns are mainly 9.6m, 12.5m and 17.5m trucks, and the actual carrying capacity ranges from 17-40 tons/car (see Table 2). Therefore, the cotton yarn futures delivery unit is set at 20 tons, which is convenient for the buyer to pick up the goods and organize the delivery.
Table 2 shows the classification and characteristics of cotton yarn transportation
6. Packaging
The cotton yarn futures delivery packaging regulations are as follows:
The cotton yarn delivery package shall carry out the "mark and packaging of cotton and chemical fiber pure spinning and blended natural yarns" (FZ/T10008-2009). The specifications of cotton yarn packaging delivered by the same customer in the same batch shall be uniform.
The cotton yarn delivery adopts a combination of paper tube, plastic inner film bag and plastic woven bag, which is bundled by the packing rope seam and the middle waistband is reinforced. The yarn is packaged according to the fixed weight and determined according to the net weight at the specified moisture regain rate. The net weight of each package is 25kg, and the error does not exceed ±0.2%. The hardness of the paper tube is not subject to deformation. The color of the tube head of each batch is the same, and it is not easy to fade the contaminated yarn; the plastic inner film bag and the plastic woven bag are required to be damaged after the yarn is loaded. The package of the package requires tight binding and the yarn is not exposed, meeting the handling and transportation requirements.
[Description] On the one hand, it conforms to the mainstream packaging method of domestic cotton yarn. The main packaging method of cotton yarn adopts the combination of paper tube, plastic inner film bag and plastic woven bag, which is bundled by the packing rope seam, and the middle reinforcement belt is wrapped in the waist; and it is packaged with a public weight of 25kg. On the other hand, cotton yarn futures regulate the key points of packaging, which can avoid cotton yarn pollution and damage caused by damage to packaging during storage and transportation, to meet the requirements of safe handling, transportation and storage.
(II) Design of relevant provisions of the standard warehouse receipt management method
The design of cotton yarn futures standard warehouse receipt management method is consistent with the existing mature futures varieties. It is close to the actual spot, reduce the warehouse receipt cost and the needs of service enterprises. At the same time, it follows the law of futures operation, avoids the default risk of delivery and guarantees the smooth delivery. The design related to warehouse receipts mainly includes the registration of warehouse and warehouse warehouse receipts, warehouse receipt cancellation and delivery, quality inspection, dispute handling and other aspects.
1. Registration of warehouse receipts
The cotton yarn factory warehouse should submit the warehouse registration application by 3 pm on the three trading days before the last trading day of the contract delivery month. When applying for registration, you must provide a bank performance bond, cash, or other payment guarantee method approved by the exchange.
[Description] In the registration process, the factory warehouse usually has to issue a cash deposit of not less than 100% of the value of the goods or a bank guarantee of 130% to cover the risk of fluctuations in the price of the goods and ensure the performance of the factory. When the market value of the commodity fluctuates greatly, the exchange may require the factory to adjust the bank performance bond, cash or other payment guarantee method approved by the exchange according to market changes.
The warehouse warehouse order registration process is the same as the existing factory warehouse delivery.
2. Registration and storage of warehouse warehouse receipts
The warehouse warehouse receipt registration mainly includes delivery forecast, storage weight and quality inspection, registration, etc. The main process is basically the same as other existing industrial products.
(1) The cotton yarn "incoming notice" is valid for 40 days.
[Explanation] Cotton yarn can be continuously produced and sold throughout the year, and is not subject to seasonal factors. It is convenient and quick to organize the storage of physical orders of cotton yarn. The warehousing notice is valid for 40 days, and the time is sufficient to meet the needs of the seller to organize the goods. First, in terms of production, textile enterprises can produce 32 carded cotton yarns of 4 tons per day per 10,000 spindles. For medium-sized (100,000 spindles) textile enterprises, the production of one standard warehouse receipt can be completed in one day. . Second, in terms of transportation, domestic cotton yarn is mainly driven by steam, and the road capacity between the main production and sales areas is loose. Under normal circumstances, it can be transported from the place of origin to the warehouse for three days. Even in Xinjiang, where transportation capacity is tight, transportation tasks from Xinjiang to Henan and Guangdong can be completed within 7 days. Third, it is consistent with cotton varieties, which is convenient for enterprises and investors to hedge and arbitrage.
(2) The weight, quality and packaging of the cotton yarn into the warehouse shall comply with the futures delivery standard. The inspection of the weight of the storage is the responsibility of the warehouse; the sampling, sample preparation and quality inspection of the inlaid cotton yarn are the responsibility of the quality inspection organization, and the warehouse shall be assisted according to the relevant national standards. The inspection fee and the relevant warehouse coordination costs shall be borne by the owner. Within 10 working days from the date of completion of the sampling, the quality inspection agency shall issue the inspection results and notify the warehouse.
[Description] The weight acceptance of cotton yarn is carried out with reference to the spot trade practice; sampling, sample preparation, and quality inspection all have corresponding national standards, and there are laws to be followed, and the quality inspection organization conducts inspections, and the authority is fair. After the cotton yarn sampling is completed, it takes 7-10 days for the quality inspection organization to carry out sample preparation, quality inspection and report release. The time limit for issuing inspection results by the quality inspection organization is set to 10 days, which not only conforms to the spot quality inspection practice, but also alleviates the time for quality inspection when large batch delivery occurs.
The warehouse warehouse order registration process is the same as the existing warehouse delivery.
3. Standard warehouse order is not universal
[Description] Cotton yarns of different manufacturers have certain differences in price, brand effect and quality stability. The cotton yarn standard warehouse receipts are not universal. On the one hand, it can ensure that the goods received by the warehouse receipt holders are consistent with the warehouse receipt information, reducing the uncertainty of the buyer's receipt of goods, and at the same time facilitating the downstream consumer enterprises according to their own needs and the factory warehouse according to their own processes. The level and ability are negotiated and delivered; on the other hand, it helps the trading entities such as spot enterprises and investment institutions to accurately grasp the situation of cotton yarns and meet the financing requirements of warehouse receipts.
4. Standard warehouse receipt validity period
Cotton yarn factory warehouse and warehouse standard warehouse receipts are valid for a maximum of 4 months, as specified below:
Factory warehouse and warehouse standard warehouse receipts registered before the 12th trading day of February, June and October (excluding that day) shall be cancelled before the 15th trading day of the month (including that date). The cotton warehouse standard warehouse receipt that has been cancelled, if the goods have not been shipped out and the production date still meets the registration conditions, the application can be re-applied for registration.
[Description] The cotton warehouse warehouse warehouse receipt is valid for 4 months. First, after the warehouse warehouse receipts are issued, the factory warehouse faces the risk of price fluctuations. The longer the warehouse order period, the greater the risk of accumulation in the factory warehouse. The validity period of the warehouse receipt is set to 4 months, which is beneficial to release and resolve the price change risk faced by the factory warehouse. It is also beneficial to release the warehouse receipt quantity and avoid the impact of the factory warehouse credit quota. Second, the warehouse warehouse has a certain warehouse receipt. The cost of funds. Forcing the warehouse receipt holder to cancel the warehouse receipt within a certain period of time is conducive to reducing the capital occupation of the warehouse warehouse receipt, recovering the funds early, and encouraging the warehouse to issue warehouse receipts. Third, the cotton yarn has production and consumption demand throughout the year. Most of the domestic futures varieties are active in January, May and September. Therefore, the delivery volume in January, May and September is also large. In order to facilitate the factory to withdraw funds early, the warehouse exit time is set to the next month of the active month, that is, February, June, and October.
Cotton yarn warehouse warehouse receipts are valid for 4 months. Normally, the cotton yarn is safely stored for one year. Exceeding this period, if stored improperly, the cotton yarn is exposed to moisture, mildew, and decreased strength. According to the opinions of the spot enterprises, according to the principle of strict risk control, the validity period of the cotton yarn warehouse warehouse receipts is set to 4 months, and the cotton yarns are required to be shipped within 3 months, and the cotton yarns are shipped from the warehouse. Not more than 7 months long, the risk of changes in storage quality can be avoided to the greatest extent possible.
5. Factory warehouse receipt and delivery check
(1) When the cotton yarn factory goods are shipped out of the warehouse, the factory warehouse provides the goods owner with the "Product Quality Certificate" and the "Product Inspection Report" that meet the delivery standards. The weight acceptance is implemented jointly by the shipper and the factory warehouse, and the factory inspection weight is taken as the standard, and the quantity is out of the warehouse. The quality inspection is subject to the factory inspection report and will not be accepted.
[Explanation] In the spot trade, the cotton yarn is picked up by the owner to organize the transport vehicle to the manufacturer. The weight acceptance before shipment is subject to the factory inspection, and the quantity is out of the warehouse; the quality inspection is subject to the factory inspection report, and no additional acceptance is accepted. When the cotton yarn futures factory delivers goods, the weight and quality acceptance methods are consistent with the spot trade practices.
(2) The holder of the cotton yarn “drawing notice†can select the corresponding specifications, grades, etc. according to the information of the factory announcement. The factory warehouse should be satisfied within the scope of the premium and discount water provided by the exchange; Outside the scope, the parties will negotiate and settle their own.
[Description] Through the above provisions, on the one hand, the pick-up party holding the warehouse warehouse receipt has the right to choose between the benchmark delivery and the alternative delivery, and determines the warehouse receipt value as the mainstream specification with the greatest demand in the spot market; On the one hand, the delivery party can negotiate with the factory warehouse and reach an agreement to pick up the goods with the agreed variety and settle the price at the agreed difference, thus satisfying the individualized demand of the delivery party and indirectly expanding the scope of the delivery variety.
(3) Re-examination of the goods in the cotton yarn factory: The weight objection shall be submitted before the goods are delivered or at the time of delivery. Quality objections (except for foreign fiber content) should be submitted before the goods are shipped out of the warehouse. Objections of heterosexual fiber content may be raised before the goods are shipped out of the warehouse; samples may be reserved, and the right to apply for re-examination shall be retained and submitted within 30 calendar days from the date of shipment.
[Explanation] The weight re-inspection is the same as that of the existing factory warehouse delivery. It is proposed before or during delivery, which is in line with the spot trading habits.
The quality objection other than the foreign yarn content of cotton yarn is set before the warehouse, mainly because of the following two reasons: On the one hand, the cotton yarn quality re-examination of a delivery unit needs to sample 36 yarns, according to the average price of 32 carded cotton yarns in recent years 21000 Calculated by yuan/ton, the sample value is about 1,300 yuan / share, which is at a high level. Through the outsourcing premise objection, only one sample is sent to the quality inspection organization, which can effectively reduce the cost of re-inspection and improve the delivery efficiency. On the other hand, the cotton yarn of the same delivery unit needs to meet the requirements of the same manufacturer and the same production batch. The quality of the sample can represent the quality of the cotton yarn. Through the objection of the premise of the warehouse, not only will it not affect the quality representativeness, but also shorten the re-examination time and improve the efficiency of re-inspection.
Cotton yarn futures will extend the application re-examination period for the heterogeneous fiber content index to 30 calendar days from the date of shipment, which is in line with the spot trading habits. Since the discovery of cotton yarns with heterogeneous fibers has the characteristics of “testing and weaving after weaving, and checking after weavingâ€, by extending the application for re-inspection period, the pick-up can test the cotton yarn after the goods are received or directly into production, through the actual fabric effect. After observing the content of the heterosexual fiber, it is more objective and reasonable to decide whether to apply for re-examination. On this basis, the cotton yarn futures can ensure the right of complaints through the establishment of a sound dispute resolution mechanism to ensure the right to complain, and to recover the owner, thus effectively controlling the delivery risk. According to the current complaint handling system, the re-inspection results of cotton yarn heterogeneous fiber content increase the discount, mainly based on the traditional negotiation of spot; if the negotiation is inconsistent, the execution of the futures system will effectively control the delivery risk, that is, the exchange will supervise and coordinate the plant. The library compensates the owner of the goods, and the compensation amount = the highest delivery settlement price of the futures delivery month of the variety futures × the quantity of goods added to the discounted part of the re-inspection × the proportion of discounted water.
6. Warehouse warehouse receipts and outbound re-examination
(1) When the cotton yarn warehouse goods are shipped out, the owner can check the cotton yarn manufacturer, production date, batch and quantity before the goods are shipped. The acceptance result should be approved by both the owner and the warehouse.
If there is any objection to the quality of the goods, within 10 working days from the date of issuance of the "Notice of Delivery", the holder of the warehouse receipt may apply for an inspection to the Exchange; if the objection is not filed within the prescribed time, it shall be deemed as confirmed. Product quality.
[Explanation] The cotton yarn warehouse warehouse receipt cancellation and delivery process is the same as the existing warehouse delivery.
(2) The Exchange does not accept the re-examination of the foreign fiber content index of the cotton yarn warehouse warehouse.
[Explanation] First, the foreign fibers in cotton yarn are mostly from cotton, and their appearance has certain randomness. The re-examination of the warehouse is of little significance; secondly, the sample value of the cotton yarn heterogeneous fiber test is higher, and after the test, the sample property changes from yarn to cloth, which is irreversible. The economic benefits of re-examination of the warehouse are low. Thirdly, the index of heterogeneous fiber content of cotton yarn futures must be checked at the time of registration of the warehouse receipt. If it does not meet the delivery standard, it cannot be registered as a warehouse receipt. This has controlled the quality risk to a certain extent. Delivery front end. Comprehensive consideration, the cotton fiber futures heterogeneous fiber content is not listed as a re-inspection indicator.
Second, cotton yarn futures trading risk management management design instructions
A reasonable risk control management method is an important guarantee for the stable operation of the futures market and the effective use of market functions. According to the "Zhengzhou Commodity Exchange Trading Rules" and "Zhengzhou Commodity Exchange Futures Trading Risk Control Management Measures", fully draw on the risk control design scheme of mature futures varieties in China, Zhengshang Institute implements the price limit system and the margin system for cotton yarn futures trading. Risk control measures such as the limit system, the large-scale reporting system, the forced liquidation system, the abnormal situation handling, and the risk warning system, so as to achieve the purpose of preventing and mitigating risks. Cotton yarn futures are consistent with current varieties, except as noted below.
(1) Design principles for risk management management methods
1. Ensure the future market is running smoothly
The futures market is a market with risk dispersion and transfer, but the futures market itself also contains risks. Identifying the risk points of the futures market from various links and adopting an effective rule system to manage risks and control the occurrence of risk events is to ensure that the futures market is stable and healthy. The root of development. Zheng Shang has ensured the smooth operation of the market as the first principle and designed the risk control management method for cotton yarn futures.
2. Promote the effective functioning of the futures market
Price discovery and hedging are the two basic functions of the futures market and the basis for the existence of the futures market. The design of the system and rules should adhere to the principle of promoting the effective functioning of market functions on the basis of ensuring the smooth operation of the market. Cotton yarn futures are positioned to meet the actual needs of the spot enterprises in the industrial chain, in the middle and lower reaches. To ensure the function of the market, the design of the risk control management method fully considers the characteristics of the cotton yarn varieties, and under the premise of strictly controlling the risk of the delivery month, guarantee Market liquidity makes it easy for industrial customers to participate in hedging and ensure the normal function of the market.
3. Maintain institutional continuity and consistency
After more than 20 years of development, China's futures market has formed a relatively complete risk control system. After long-term market practice test, it proves that it is effective for the healthy development and stable operation of China's futures market, and is compatible with the development stage of China's futures market. Therefore, the continuity and consistency of basic institutional rules such as risk control management methods should be maintained, which is also beneficial to members and investors.
4. Improve risk control parameters
While reflecting the commonality, the risk control management method should also design different risk parameters according to different attributes of the varieties to reflect individuality. According to the actual situation of the spot market of cotton yarn production, trade, consumption, transportation, quality inspection, etc., combined with the formulation of Zhengshang Institute's risk control management method, the risk control parameters of cotton yarn futures trading are determined in a targeted manner.
(2) Margin system
The trading margin system is an important means of risk control in the futures market. For different contract months, different positions and different stages of the delivery month, the minimum margin setting level is different, which can effectively guarantee the margin system against market risks under different circumstances. Ability.
The trading margin standard for cotton yarn futures contracts is managed in accordance with the time period of the contract's listing and trading, and the three-stage system is implemented, which is consistent with the existing other varieties of contracts, that is, from the contract listing to the 15th calendar day of January before the delivery month, delivery From the 16th calendar day of the month before the month to the last calendar day and the delivery month of the month prior to the delivery month, the minimum trading margin is 5%, 10% and 20% of the contract value respectively (see Table 3).
Table 3 is the cotton yarn futures contract trading margin standard
[Description] The trading margin standard from the contract listing to the 15th calendar day of the month before the delivery month is set to 5%: first, it can cover 99.9% cotton yarn price index fluctuation, trading risk is controllable; second, it is close to The monthly activity is helpful for the function of the futures market; thirdly, it is consistent with the cotton varieties and is easy for investors to remember.
The trading margin standard for the first calendar day from the 16th calendar day of the month before the delivery month to the last calendar day of the delivery month is set to 10%: First, the trading margin is moderately increased before the delivery month, which can prevent excessive price fluctuations in the delivery month. The market runs smoothly; secondly, in the case of risk control, a modest increase in margin can remind investors to move or close positions in time.
The delivery monthly trading margin is set to 20%: First, if the price of the delivery month cotton yarn futures contract fluctuates greatly, 20% of the trading margin can effectively prevent the risk of insufficient trading funds; second, when the cotton yarn futures defaults, the defaulting party pays 20%. The liquidated damages will terminate the delivery, and the 20% guarantee will guarantee the defaulting party to pay the liquidated damages. Third, it will help to reduce the cost of the industrial customers. In particular, industrial customers who register warehouse receipts not only bear the warehouse order organization, registration costs, but also the cost of futures trading margin. Moderately increasing the delivery monthly transaction margin standard can help alleviate industrial customers while preventing transaction and delivery risks. Funding pressure.
(3) The price limit system
The contract stipulates that the daily price limit shall not exceed ±4% of the settlement price of the previous trading day. In the case of continuous ups and downs, the method of increasing the stop range and margin level is the same as the existing varieties. The risk control measures of the three unilateral cities in the same direction are the same as the existing ones.
[Explanation] First, the daily limit of the daily limit is ±4% than the settlement price of the previous trading day, and with the minimum margin collection level of 5%, it can effectively cover the intraday fluctuation range of the cotton yarn spot price.
Second, the daily ups and downs and margin system are consistent with cotton futures, facilitating hedging and arbitrage between cotton and cotton yarn futures contracts. In the face of extreme trading conditions, the exchange can coordinate with other wind control systems to improve market risk by increasing the margin and adjusting the range of the price limit.
(4) Limiting system
The design of the cotton yarn futures limit system is based on the existing varieties: on the one hand, the futures company is not limited, and the non-futures company members and customers are restricted; on the other hand, the general month limit is wide, and the delivery month is limited. strict. This can not only meet the needs of hedging of trading entities and industrial customers in various markets, but also strictly control the positions held in the near delivery month, effectively preventing market operation risks (see Table 4).
Table 4 is the standard for the members and customers of cotton yarn futures contracts for non-futures companies (unit: hand)
[Explanation] The general monthly limit is wide, and the delivery month is strict, which can meet the hedging and investment needs, and take into account the risk of delivery.
First, from the contract listing to the 1,500th limit on the 15th calendar day of the month before the delivery month, it can meet the needs of most cotton yarn spot enterprises in China. Domestic large-scale cotton textile enterprises are mostly operated in the whole industry chain, both spinning and weaving. After the listing of cotton yarn futures, such enterprises can maintain the value of cotton yarn and grey cloth stock through the futures market. Therefore, the amount of hedging usually exceeds the output of cotton yarn. At present, the largest cotton spinning company in China, Weiqiao Textile Port Co., Ltd. 02698 Group produces 330,000 tons of cotton yarn per year. In addition, it maintains its grey cloth inventory, and the limit of 10,000 hands can basically meet the needs. In addition, China's cotton yarn industry has a low concentration, and a single company has little impact on prices. The level of this limit will not cause market manipulation risks.
Second, the limit of 1,000 lots from the 16th calendar day to the last calendar day of the month before the delivery month can not only improve the efficiency of enterprise hedging, but also meet the market investment demand, so that the market can smoothly transition to the delivery month. On the one hand, the level of the restricted warehouse meets the monthly demand for a large-scale (400,000 spindle) cotton spinning enterprise with an annual output of 55,000 tons. The monthly position of cotton yarn futures is only 900 hands, which helps the trading entity to reduce the frequency of positions and improve the set. Guarantee efficiency. On the other hand, according to the average price of 32 carded cotton yarns of 21,000 yuan/ton and the trading margin standard of 10% in recent years, the limit level is equivalent to a guarantee deposit of 10.5 million yuan, lower than cotton futures (22.68 million) and PTA futures (24.21 million). , higher than natural rubber (1.9 million), vegetable meal futures (4.54 million) and coking coal futures (9.11 million), etc., can basically meet market investment needs.
Third, the delivery month limit of 200 hands, strict control, prevent the risk of delivery month, highlight the futures market to find the price, avoid risk as the main purpose of the regulatory thinking. The level of the restricted warehouse can basically meet the single-month hedging demand of 14,000 tons of medium-sized (100,000 spindles) cotton spinning enterprises in China, which is equivalent to 230 hands of cotton yarn futures. After repeatedly consulting the spot enterprises and industry associations, the level of the restricted position has been unanimously recognized, which not only prevents the delivery risk, but also does not affect the hedging efficiency due to strict restrictions.
(5) Large household reporting system
Cotton yarn futures are consistent with other existing varieties.
(6) Forced liquidation system
Cotton yarn futures are consistent with other existing varieties.
(7) Risk warning system
Cotton yarn futures are consistent with other existing varieties.
Silicone Cover and Rubber Sleeves
Rubber Silicone Bottle Sleeve, also known as Silicon Sleeve, silicone Sheath, Rubber Sleeve, etc, produced by compress mold, working in wrapping, insulating, holding. Rubber Silicone Bottle Sleeves are is mainly used for Glass Bottle and Coffee Cup to prevent heat, breaking, slipping, leakage, etc.
Silicone Cover ,Rubber Sleeves,Colorful Silicone Cover ,Silicone Case
Xiamen The Answers Trade Co.,Ltd. , https://www.xmanswerss.com