Member Rating settlement system is the international practice most futures exchanges, market-risk management and resolve hierarchical, and promoting market Specialization and industry consolidation. Currently, the China Financial Futures Exchange membership classification has been used settlement system. Clearing system in the Member grade, the Futures Exchange Clearing Clearing Members only, non-clearing members need for the clearing members and exchanges on behalf of its settlement, market players increased between members and non-clearing members clearing the agency level between the legal relationship is more complex. To do this, Meanwhile, legislation is technically the scope and implementation of the provisions, expressed more clearly, the administration of justice for the people's court to provide a more specific basis.
the securities and futures markets with special properties and functions of the settlement funds to implement judicial protection, both with international practice, in line with people's court to maintain financial market stability and normal operation of judicial policy. In 2008, the Supreme People's Court issued an Securities minimum amount of self-settlement provisions and other special properties and functions of securities settlement and delivery of property preservation and enforcement carried out special provisions to special judicial protection. 2003's To meet the settlement guarantee fund system of innovation needs to ensure the functioning of the balance sheet guarantees and risk prevention capacity Futures, was not to freeze or transfer requirements.
that guarantee compliance with, the nature of risk control of funds can not be frozen, transfer, and only in compliance with the statutory conditions can only be executed. Specific to, the relevant laws applicable to the interface problems. In the provision of design, we try to be brief, clear, easy to understand and operate.
A: June 18, 2003, the Supreme Court issued a , provides a more comprehensive and systematic futures companies and customers, futures exchanges between the rights and obligations, as well as subject to civil liability, the futures market for preventing and resolving disputes between the relevant body, to protect investors and maintain the legitimate rights and interests of future order of the normal operation of the market played a positive role. Section II and XII, respectively, which provides for jurisdiction issues and the preservation and implementation issues. Only because at the time commodities futures market, it only provides part of the jurisdiction of the Commodity Futures Trading Jurisdiction disputes and level of jurisdiction. And implementation of security is only part of the commodity futures margin requirements, clearing other items of property, preservation of the reserve and implementation issues. In recent years, China's futures market to obtain the smooth operation of the rapid development of institutional infrastructure market, continuous improvement, institutional innovation and orderly manner. February 7, 2007, the State Council promulgated the Futures Exchange, the new risk management system to increase the settlement guarantee fund system (Article XI). Also two new settlement system, securities or used to offset the deposit system (the thirty-second) and the members under the clearing settlement system classification deposit system (第四十一条). April 2010 the introduction of stock index futures, Member rating guarantee payment clearing system and settlement of such innovative system is in operation. To meet the new developments in the futures market, the objective needs of the current In the judicial interpretation of the drafting process, we listen to the court system, regulators and the futures industry's views and recommendations, the NPC Law Committee has consulted the State Council Legislative Affairs Office and the China Securities Regulatory Commission's view, the basis of reasonable suggestions in the absorption on the system design.
Answer: 2003's requirements. 2007 amendments to the State Council issued the price of securities. To this end, the objective need for
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Second, the Supreme Court of the people responsible to the Supreme
Court issued a Provisions on Several Issues Disputes In this connection, the Supreme Court is responsible for two people who answered questions from reporters.
1, does the development of Recommended Reading was in the fifth wave form of goods
· sugar fundamentals have reversed face style change in the domestic price of copper on the market more staggered walking upstream a reasonable price of sugar by 2011 under the 5800 yuan central support of a strong PTA to run high profile campaign Copper & adjourned to the New Year to see the million mark Jingchuang: strong metal will be adjusted upward again [the domestic futures market] [position analysis system]
cash. To this end, in the its preservation and implementation of justice apply the same principles.
Answer: 2003's Futures Exchange futures market as the organizer and first-line supervisors, the central position in the market, futures for the organization, control, market risk and maintaining market order to play a crucial role. Moreover, the Futures Exchange to develop the business rules generally applicable to members and investors across the country, performing duties once Futures Litigation, the respondent may face the situation of the country. More importantly, the duties involved in the case of futures and market influence sensitivity, much higher than ordinary futures disputes, with higher professional and technical, the trial difficult. Taking into account the development of China's futures market area differences, all over the court rules on the futures exchange regulations and the understanding may be quite different if the cases disposed of improperly, may lead to misleading effects of systemic risk caused by the futures market, thereby affecting the futures market security and stability. Earlier, the Supreme Court in 2005 and 2007 have been on the Stock Exchange and China Securities Depository and Clearing Co., Ltd. for performing the functions specified in the relevant jurisdiction of court cases published a special judicial interpretation of the designated jurisdiction to determine the specific principles and received good results. Taking into account the status of the Futures Exchange, the nature, functions and stock exchanges, securities registration and settlement company is basically the same, so learn from securities markets and the principles of judicial interpretation of useful experience, specify the location of the Futures Exchange Intermediate People's Court's jurisdiction in such cases, application of the law to ensure uniformity and accuracy. Needs to be noted that the location specified by the Intermediate People's Court Futures Exchange under the jurisdiction of the case subject only futures exchange, the status of the proceedings is limited to the case of the defendant or a third person, limited to the types of cases caused by futures exchanges to perform their duties commercial litigation.
A: The development of suitable place in the the provisions of the problem and further improve the fit with the futures market, supporting environmental justice.
A: In order to protect the legitimate interests of creditors to avoid the futures exchanges, futures companies, the main futures market when the abuse of judicial protection for the debtor to avoid debt performance, interpretation of the court can legally freeze the funds allocated within the account or securities. In addition, to ensure that the Should assist the refusal of assistance, specifically in accordance with the
A: The 2007 revision of the Clearing members clearing guarantee fund is paid to the futures exchange clearing members default risk for the response to the common security funds. According to regulations, when a clearing member default, breach of contract exchange clearing members of the open positions to force the release of the deposit is still not enough after the performance, the Exchange will use the default clearing members to pay the settlement guarantee fund; when using the default settlement Member of the settlement guarantee fund is still insufficient after the performance, the Exchange will use the settlement of other clearing members to pay security deposit. The primary purpose of settlement guarantee fund is to ensure that clearing member compliance, the nature and function is similar to the clearing member to pay the reserve at any time may enter the settlement process. Therefore, if the settlement guarantee fund is judicial enforcement, which may affect the function of settlement guarantee fund to play against the futures market and exchange risks, and even affect the entire futures market, security and stability.
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