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Guide to Daily Clearing
2010-03-05

I.Introduction

After daily market closes, China Financial Futures Exchange (“Exchange”) uses the daily settlement price to clear all contracts held by each Clearing Member for the profits and losses, trading margin, exchange fees and other fees and charges. The Exchange then makes a one-off transfer of the net receivables and payables, and credits or debits members’ Clearing Reserve accordingly.

II.Clearing Procedures

1. After daily market close, the Clearing Department of the Exchange conducts clearing based on the execution data of that day and publishes the clearing data via the Member Service System. Clearing Members may download the clearing data through the system for check and verification.

2. The Clearing Department processes margin calls, funds and collateral withdrawal for Clearing Members.

3. After processing the funds, the Clearing Department conducts funds clearing and publishes the clearing data.

4. Clearing Members receive the officially released clearing data to conduct daily clearing.