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Guide to Dedicated Guarantee Fund Account
2022-06-10

Ⅰ. Introduction

A Clearing Member shall open a Dedicated Guarantee Fund Account at the bank designated by China Financial Futures Exchange (the Exchange”) to facilitate Guarantee Fund transfer and adjustment. 

A Clearing Member can open the Dedicated Guarantee Fund Account at one of the following bank outlets according to their own business needs, the Industrial and Commercial Bank of China Shanghai Futures Building Sub-branch, Agricultural Bank of China Shanghai Futures Building Sub-branch, Bank of China Shanghai Futures Building Sub-branch, China Construction Bank Shanghai Futures Branch and Bank of Communications Shanghai Futures Building Sub-branch .

Ⅱ. Procedures for Opening a Dedicated Guarantee Fund Account

1. A Clearing Member shall submit an application for Dedicated Guarantee Fund Account through the “Member - Dedicated Guarantee Fund Account” section on the CFFEX Participant Service Platform.

2. The Clearing Department will issue a “Notice on the Management of Clearing Member Dedicated Guarantee Fund Accounts” to the Clearing Members after review and approval.

3. The Clearing Member can then open a Dedicated Guarantee Fund Account at one of the bank outlets designated by the Exchange based on the “Notice on the Management of Clearing Member Dedicated Guarantee Fund Accounts” issued by the Clearing Department of the Exchange, and reach an agreement with the bank on a start date for the account.

4. The bank will then open the Dedicated Guarantee Fund Account for Clearing Members in accordance with the “Notice on the Management of Clearing Member Dedicated Guarantee Fund Accounts” issued by the Clearing Department of the Exchange, and return the notification receipt to the Clearing Department.

5. The Clearing Department of the Exchange will handle the relevant account settings according to the bank receipt. Once the account is activated, the Clearing Member can use the newly opened Dedicated Guarantee Fund Account to handle Guarantee Fund transactions with the exchange. 

Ⅲ. Procedures for Changing a Dedicated Guarantee Fund Account

1. A Clearing Member may submit an application for changing the Dedicated Margin Account through the “Member - Dedicated Guarantee Fund Accountsection on CFFEX Participant Service Platform.

2. The Clearing Department will issue a “Notice on the Management of Clearing Member Dedicated Guarantee Fund Accounts” to the Clearing Member after review and approval.

3. The Clearing Member can then change the Dedicated Guarantee Fund Account at the relevant bank based on the “Notice on the Management of Clearing Member Dedicated Guarantee Fund Accounts” issued by the Clearing Department of the Exchange, and reach an agreement with the relevant bank on a start date for the account.

4. The bank will then change the Dedicated Guarantee Fund Account for the Clearing Members in accordance with the “Notice on the Management of Clearing Member Dedicated Guarantee Fund Accounts” issued by the Clearing Department of the Exchange, and return the notification receipt to the Clearing Department.

5. The Clearing Department of the Exchange will handle the relevant account settings according to the bank receipt. Once the account is activated, the Clearing Member can use the newly changed Dedicated Guarantee Fund Account to handle Guarantee Fund transactions with the exchange. 

Ⅳ.  Procedures for Closing a Dedicated Guarantee Fund Account

1. A Clearing Member may submit an application for cancellation of its Dedicated Guarantee Fund Account through the “Member - Dedicated Guarantee Fund Accountsection on the CFFEX Participant Service Platform.

2. The Clearing Department will issue a “Notice on the Management of Clearing Member Dedicated Guarantee Fund Accounts” to the clearing members after review and approval.

3. The Clearing Member can then go to the relevant bank to close the Dedicated Guarantee Fund Account with the “Notice on the Management of Clearing Member Dedicated Guarantee Fund Accounts” issued by the Clearing Department.

4. The bank shall handle the closing procedures for the Clearing Member's Dedicated Guarantee Fund Account in accordance with the “Notice on the Management of Clearing Member Dedicated Guarantee Fund Accounts” issued by the Clearing Department of the Exchange, and return the notification receipt to the Clearing Department.

5. The Clearing Department handles relevant account settings according to the bank receipt.