1. Futures companies are the first choice for individuals to open accounts. (The choice of futures companies is mainly based on the company's market judgment ability, transaction server speed and transaction cost. )

2. After selecting the futures company, make an appointment to open an account with the company account manager.

3. According to the agreed time, bring my ID card and bank card (diplomatic relations between workers and peasants) to the futures company to open an account. If only commodity futures accounts are opened, the futures company can send account opening personnel to open accounts at home.

4. After opening an account, go to the bank to handle banking business (three-party depository).

5. Download quotation software and trading software from the website of the futures company; After the deposit, you can trade.

Information required for thermal coal futures account.

1. Original valid ID card of the customer.

2. Provide personal bank debit cards as futures settlement accounts (choose one or more of China Industrial and Commercial Bank, China Construction Bank, China Agricultural Bank, China Bank and Bank of Communications).

3. If the account holder is not the same person as the fund distributor and the instruction issuer, copies of the ID cards of the fund distributor, the instruction issuer and the statement confirmer shall also be provided.

Trading rules of thermal coal futures

First, the deposit system.

The minimum trading margin standard for thermal coal futures contracts is 5%. The trading margin standard of futures contracts is managed in turn according to the three periods of futures contracts, namely "general month" (the month before the delivery month), "the month before the delivery month" and "the delivery month". The trading margin standards of thermal coal futures contracts in three periods are shown in the following table:

In the course of trading, the trading margin of the corresponding target is charged according to the settlement price of the futures contract on the previous trading day. At the time of settlement on the same day, all positions of the futures contract shall be charged the corresponding standard trading margin according to the settlement price on the same day.

If the term of the futures contract meets the requirements of adjusting the trading margin, all positions of the futures contract will be charged the corresponding trading margin according to the new trading margin standard at the close of the trading day before the first day of the term.

The price change of a futures contract calculated according to the settlement price has accumulated (fallen) for four consecutive trading days (i.e. D 1, D2, D3 and D4) (n) has reached three times the price increase (fall) specified in the futures contract or accumulated (fallen) for five consecutive trading days (i.e. D 1, D2, D3, D4 and D5). The increase of the trading margin standard is not higher than 3 times of the trading margin standard applicable to futures contracts at that time.

The calculation formula of n is as follows:

N=(Pt—P0)/P0× 100% t=4，5

P0 is the settlement price of D 1 trading day.

Pt is the settlement price of t trading days, t = 4,5.

In case of long holidays, the exchange may adjust the trading margin standard and price limit of futures contracts before the holidays.

When the market risk of futures contracts increases obviously due to special trading conditions, the Exchange may take the following measures according to the market risk of futures contracts:

(1) Limited access;

(2) Restrict opening and closing positions;

(3) Adjusting the trading margin standard of futures contracts;

(4) Adjust the scope of restrictions on futures contracts.

When the market of a futures contract tends to be flat, the exchange can restore the above measures to the normal level.

If the exchange adjusts the trading margin standard or the range of price limit, it shall make an announcement and report to the China Securities Regulatory Commission for the record.

At the same time, two or more futures contracts related to the adjustment of the trading margin standards stipulated in these Measures shall be applied, and the trading margin standards shall be charged according to the highest value.

If a member fails to pay the trading margin in full and on time, the trading ownership will force the liquidation of its relevant futures contract positions until the margin can maintain its position level.

Second, the price limit system.

Futures trading adopts the price limit system, and the exchange stipulates the daily maximum price fluctuation range of each listed futures contract.

The price of each futures contract is limited to 4% of the settlement price of the previous trading day.

On the day when the new futures contract is listed, the price limit is 2 times (8%) of the actual price limit of the futures contract.

If there is a transaction on the same day, the next trading day will be restored to the prescribed price limit.

If there is no transaction on that day, the next trading day will continue to implement the price limit range of the previous trading day.

If a futures contract is closed at the price of the price limit, the principle of closing is to close the position first and time first.

When a futures contract has a buy (sell) declaration with a stop-loss price, a sell (buy) declaration without a stop-loss price, or a deal is made as soon as a sell (buy) declaration is made, but the stop-loss price is not offered within 5 minutes before the closing of the trading day, it is called a unilateral market without a stop-loss price (hereinafter referred to as a unilateral market).

If a futures contract is unilaterally quoted on a certain trading day (this trading day is called D 1 trading day, and the subsequent trading days are called D2, D3 and D4 trading days respectively), when the futures contract is settled on D 1 trading day and D2 trading day, the trading margin standard will be increased by 50% on the basis of the original trading margin standard; On D2 trading day, the daily limit of futures contracts is increased by 50% on the basis of the original daily limit.

If there is no unilateral market in the same direction in the futures contract on D2 trading day, the trading margin standard will be restored to the pre-adjustment level at the time of settlement on that day; On the D3 trading day, the daily limit returned to the level before adjustment. If there is a unilateral market in the same direction on the D2 trading day, the improved trading margin standard will remain unchanged on the settlement date and the D3 trading day, and the price limit of the D3 trading day will remain unchanged.

If there is no unilateral quotation in the same direction in the futures contract on the D3 trading day, the trading margin standard will be restored to the pre-adjustment level at the settlement of that day; The daily limit of D4 trading day returned to the pre-adjustment level. If the futures contract still has the same unilateral market on the D3 trading day (that is, the same unilateral market appears for three consecutive trading days), the futures contract will be suspended for one day on the D4 trading day.

According to the market situation, the Exchange decided to take corresponding measures for the selection of futures contracts on D4 trading day or D5 trading day.

D4 trading day forced lightening.

Take the following measures on D5 trading day:

(1) Raising the trading margin standard;

(2) Adjust the range of price limit;

(3) Suspension of opening and closing positions;

(4) Restrict the withdrawal of funds.

(5) Closing positions within a time limit.

(6) Other risk control measures.

Forced lightening refers to all positions of customers (including non-futures company members, the same below) whose unit position loss declared by the closing price of D3 trading day is greater than or equal to a certain proportion of the settlement price of D3 trading day (the minimum trading margin standard stipulated in futures contracts), and automatically matched with the profitable positions of futures contracts according to the prescribed ways and methods.

Before compulsory lightening, the two-way positions of the same customer in the futures contract are automatically hedged first.

After the compulsory lightening, the trading margin standard and the price limit range of the futures contract on the next trading day shall be implemented according to the pre-adjustment level. The economic losses caused by compulsory lightning shall be borne by members and their customers.

Methods and procedures of forced lighting:

(1) Determination of the declared quantity

After the closing of trading day D3, the stop-loss price has been reported in the computer system, but the transaction has not been completed, and the unit position loss of the customer's futures contract is greater than or equal to the sum of all declared positions that have been closed under a certain proportion of the settlement price of trading day D3 (the minimum trading margin standard stipulated in futures contracts). When the customer's position is less than the quotation number of the closing order due to the automatic hedging of the customer's two-way position, the system will automatically adjust the closing quantity. If the customer is unwilling to close the position according to the above method, he can cancel the order before the market closes, and it will not be declared as closing the position. Calculation method of profit and loss of customer unit position;

Sum of profit and loss of customer positions in this futures contract (yuan) = profit and loss unit of customer positions in this futures contract/customer positions in this futures contract (hand)

The total profit and loss of customers' positions in the futures contract refers to the total profit and loss of customers' positions in the futures contract, which is calculated according to the difference between the actual transaction price and the settlement price of the day.

(2) Determination of the liquidation scope of profitable customers.

Speculative positions (including intertemporal arbitrage positions) and hedging positions with customer unit position profits calculated according to the above methods are included in the liquidation scope.

(3) Principles and methods for the distribution of closed positions.

1。 Distribution principle of liquidation amount

(1) Within the scope of liquidation, it is divided into four levels according to the size of profit and the difference between speculation and hedging, and distributed step by step.

It is first allocated to speculative positions (hereinafter referred to as speculative positions with twice the profit) whose profit is greater than or equal to the price range specified in the futures contract (calculated at the settlement price of D3 trading day, the same below).

Secondly, it is allocated to speculative positions whose profit is greater than or equal to the specified price range of futures contracts 1 times (hereinafter referred to as speculative positions with profit 1 times).

Redistribute to speculative positions with profit greater than or equal to the specified price range of futures contracts 1 times (hereinafter referred to as speculative positions with profit less than 1 times).

Finally, it is allocated to a hedging position with a profit greater than or equal to 2 times the contract price range (hereinafter referred to as a hedging position with 2 times the profit).

(2) The distribution ratio of the above levels is based on the ratio of the declared liquidation quantity (remaining declared liquidation quantity) to the closeable profit positions at all levels.

2。 Distribution method and steps of liquidation amount

If the number of speculative positions with twice profit is greater than or equal to the declared closed position, the declared closed position will be distributed to speculative customers with twice profit according to the ratio of the declared closed position to the speculative positions with twice profit. If the number of speculative positions with twice profit is less than the declared liquidation number, the actual liquidation number will be distributed to the declared liquidation customers according to the ratio of speculative positions with twice profit to the declared liquidation number; Then the remaining declared positions are allocated to speculative positions with profit 1 times according to the above allocation method; There is still the rest, and then it will be profitable.

1 times the allocation of speculative positions below profit; If there is a surplus, it will be allocated to the hedging position with 2 times the profit; If there is any left, I won't send it. For specific methods and steps, see the annex to the present Measures. The number of positions closed shall be in "hands", and those less than one hand shall be calculated as follows. First, the integer part of the closed position quantity is allocated to each transaction code, and then the decimal part is allocated in the order of "rounding".

If the futures contract risk has not been released after taking the above measures, the Exchange will declare that it has entered an abnormal situation and take risk control measures according to relevant regulations.

Where a futures contract has a unilateral market on the first day of a new futures contract, the price limit and trading margin standards of the futures contract are not subject to the above provisions in this chapter. Except for thermal coal, if the futures contract has a unilateral market since the middle of one month before the delivery month, the trading margin standard of the futures contract is not restricted by the above provisions in this chapter.

If the futures contract shows the third consecutive unilateral market in the same direction on the last trading day of the delivery month, after the market closes on that day, the exchange will decide to implement compulsory lightening of the futures contract first, and then conduct paired delivery or direct paired delivery.

Third, the warehouse quota system

Futures trading implements the position limit system. Limited position refers to the maximum number of speculative positions that members or customers can hold in a futures contract calculated unilaterally by the exchange.

According to the difference of the general month, the month before the delivery month and the delivery month of futures contracts, different warehouse limit standards are applied to the number of futures contracts.

See the following table for the unified provisions on the position limit of futures contracts of various varieties of futures company members in three periods:

See the following table for the position limits of various futures contracts that are not members of futures companies:

Please refer to the following table for the position limit of various futures contracts of customers:

For customers who are not allowed to deliver, please refer to the relevant provisions of the Detailed Rules for Futures Delivery of Zhengzhou Commodity Exchange.

Before the closing of the last trading day one month before the delivery month, members and customers shall adjust their futures contract positions to an integer multiple of the minimum delivery unit; Since the delivery month, the positions of members and customers should be an integer multiple of the minimum delivery unit.

The exchange may adjust the position limit according to the net assets and operating conditions of the members of the futures company.

Position limit = base ×( 1+ credit coefficient+business coefficient)

Base number: it is the minimum level of the position limit of futures company members, which is stipulated by the exchange.

Credit coefficient: based on the net assets of futures company members (at this time, the credit coefficient is 0). On this basis, for every net asset increase of100000 yuan, the credit coefficient will increase by 0. 1, and the maximum credit coefficient will not exceed 0.5;

Business coefficient: the business coefficient of futures company members is based on the annual transaction volume of 80 billion yuan and the number of customers 1 000 (at this time, the business coefficient is 0). On this basis, if the annual transaction amount and the number of customers of futures company members reach the specified level, the business coefficient will be improved accordingly. The maximum value of the utilization factor shall not exceed 0.5. See the table below for details:

The position limit of futures company members shall be approved by the exchange once a year.

A member of a futures company shall provide the certificate of the net assets at the end of the previous year (the audit report of an accounting firm) to the Exchange on April 15 of that year. The Exchange counts the trading volume of futures company members in the previous year from 65438+1 October1to 65438+February 3 1, and notifies the futures company members on April 20th of that year after verifying the position limit, and makes an announcement; This position limit is applicable to the trading of various futures contracts from April 2 1 day of the current year to April 20 (inclusive) of the following year.

If the supporting documents and statistical data are not provided or the supporting documents and statistical data provided are invalid, the base number shall prevail.

The Exchange shall adjust the position limit and report it to the China Securities Regulatory Commission for the record before implementation.

The total amount of all positions held by all customers under the name of a member of a futures company (long positions and short positions are calculated separately, the same below) shall not exceed the position limit of the member.

The same customer has multiple trading codes among members of different futures companies, and the total number of all positions in each trading code shall not exceed the position limit of one customer.

The number of positions held by members or customers shall not exceed the position limit stipulated by the exchange.

If a non-futures company member or customer exceeds the position limit, the exchange will implement compulsory liquidation according to relevant regulations. Where a member of a futures company reaches or exceeds the position limit, it may not open new positions in the same direction.

Fourth, the large household reporting system.

Futures trading implements the bulk declaration system. If the number of members or customers holding futures contracts reaches more than 80% (inclusive) of the position limit stipulated by the Exchange or the Exchange requires reporting, it shall report their funds and positions to the Exchange. According to the market risk situation, the exchange can adjust the level of position declaration.

In the course of trading, if a member or customer meets the requirements of large amount declaration, it shall report to the Exchange on the next trading day. If a member or customer needs to report again or supplement the report after fulfilling the obligation of reporting for the first time, the Exchange shall notify the relevant member.

A member of a futures company that meets the requirements for reporting large households shall provide the following materials to the Exchange:

(1) Zhengzhou Commodity Exchange Report;

(two) the account opening information of the top ten customers and the settlement documents of the day;

(3) Other materials required by the Exchange.

Non-futures company members or customers who report large households shall provide the following materials to the Exchange:

(1) Zhengzhou Commodity Exchange Report;

(two) the account opening information and settlement documents of the day;

(3) Other materials required by the Exchange.

Customers who meet the requirements of large household declaration shall provide copies of business licenses or natural person ID cards (copies) respectively according to the unit or natural person attribute categories. A member of a futures company shall conduct a preliminary examination of the relevant materials provided by customers and ensure the authenticity of the application materials.

Verb (abbreviation for verb) compulsory liquidation system

Futures trading implements the system of forced liquidation. Forced liquidation refers to the compulsory measures taken by the exchange to close the relevant futures contracts held by members and customers in violation of the relevant business regulations of the exchange.

In any of the following circumstances, the ownership of the transaction will be forced to close:

(1) The balance of the settlement reserve is less than zero and has not been replenished within the specified time;

(2) The position exceeds the position limit (if a member of a futures company reaches or exceeds the position limit, it shall be implemented in accordance with the relevant provisions in Chapter IV of these Measures);

(3) Natural person positions in the delivery month;

(4) Due to violation of