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��ࡱ�>�� o?7a7�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6�6777777777 7 7 7 7 7777777777777777777 7!7"7#7$7%7&7'7(7)7*7 7,7-7.7/707172737475767778797:7;7<7��)` �r��bjbj�u�u[��?�?��fm�������~~~~j1j1j1~3:::8>=$bb�~3�:.bf6�g�g�gfh<�<�<��9�9�9�9�9�9�9$<hl>:�9�j1 ����x  �9~~�gfh���:~~~ �~��gl(��g��9~ �9~~v� @4� �.��!�gvf ��gj���:��)! e5t�:0�:5!x�>t��>�!�>j1�!�<�p�~^� j� <�<�<��9�9d<�<�<��:    ~3~3~3��#�~3~3~3�#~3~3~3~~~~~~����    silver futures contract trade operations manual (2012 edition) the contents of this manual are for reference only. for the latest information, please consult the relevant departments of the shanghai futures exchange (tel: 86-21-68400000) or visit the website of the shanghai futures exchange (http://www.shfe.com.cn).  contents product overview /01 natural properties and applications /01 natural properties of silver /01 main applications of silver /02 international silver market /03 global silver production /03 global silver consumption /04 global silver trading /05 domestic silver market /05 silver production /05 silver consumption /06 import and export of silver /07 main factors affecting silver price /08 shfe silver futures contract and relevant regulations }v��g'�h�qt�~�e silver futures contract text and appendixes /10 shfe detailed business rules and relevant regulations /12 key points of detailed trading rules/12key points of detailed settlement rules/13key points of detailed delivery rules/14key points of risk control systems /17 key points of hedging business management /22 appendixes /25 appendix i: list of certified delivery warehouses for silver futures /25 appendix ii: fee levels of certified delivery warehouses for silver futures /25 appendix iii: certified silver inspection organizations /26 appendix  = 4 \* roman iv: price chart of silver futures contract on comex since 2000 /2 product overview natural properties and applications of silver natural properties of silver silver has the chemical symbol of ag, with the atomic number of 47, relative atomic mass 107.870, melting point 960.8!, boiling point 2210 !, and density 10.50 g/cm3 (20!). silver is soft, with good flexibility and ductility just next to gold. it can be pressed into thin slices or pulled into filaments. one gram of silver can be pulled into a 1,800m-long filament, or rolled into a silver foil with thickness of 1/100,000 mm. silver is the metal with the best electrical and thermal conductivities. it also has very good light reflection, with the reflection rate up to 91%. with an inert chemical property (does not react with oxygen at room temperature), silver is a stable element. exposed to the air for a long time, silver chemically combines with the hydrogen sulfide in the air, and the surface becomes black, forming black silver sulfide. at room temperature, halogen may slowly combine with silver to generate silver halide. silver may react with the acids with strong oxidizability (e.g., concentrated nitric acid and concentrated hydrochloric acid). silver powder is soluble in oxygen-containing cyanide solution and oxygen-containing acidic thiourea solution. silver has an excellent alkali resistance. silver exists in the monovalent form in the compounds, and can form compounds with a variety of substances.  hyperlink "http://www.shfe.com.cn"http://www.shfe.com.cn main applications of silver features of money like gold, silver has a currency attribute and worked as money in a long period of history. in international monetary history, in addition to the gold standard, there also appeared the silver standard. with the reform of the monetary system and the generation of credit currency, silver coins gradually withdrew from circulation. currently, the cast silver coins are mainly for investment and commemoration. industrial applications silver has excellent electric and thermal conductivities, flexibility, ductility and reflectivity, etc. the industrial applications and decorative features of silver have been constantly expanded. silver is mainly used in electrical and electronic industry, photographic industry, solar energy, medicine and other fields as well as jewelry, silverware and silver coin productions. silver's versatility makes it an irreplaceable substance applied in most industries, especially those high-tech industries requiring high reliability, high accuracy and security. silver is widely used in the electronics industry, particularly in the productions of conductors, switches, contacts and fuses. silver can also be used in thick-film pastes. mesh-like and crystalline silver can be used as catalyst for chemical reactions. silver nitrate can be used for silvering and making silver mirrors. silver iodide can be used for artificial rain. like mercury and lead, silver ions and silver-containing compound can kill or inhibit the growth of bacteria, viruses, algae and fungi. because of the effect of fighting diseases, silver is also known as a pro-biotic metal. international silver market global silver production silver production is mainly divided into mineral silver and recycled silver. because most silver mineral resources are associated, so mineral silver is divided into independent silver mine�s primary mineral silver and byproduct mineral silver associated with copper, lead, zinc and other basic metals. recycled silver is mainly recycled from silver-containing solid waste (such as valuable waste residues, components, etc.), plating solution for surface treatment of precious metals, waste fixer and developer of photographic industry and other waste solutions. the world's mineral silver production is mainly concentrated in countries and regions with silver resources relatively abundant, while the recycled silver production is mainly concentrated in some major silver-consuming countries. currently, china, peru, mexico, australia, bolivia, russia, chile, the united states, poland, kazakhstan are the 10 world's largest silver producers. according to the statistics from world silver institute and china nonferrous metals industry association, in 2010 the total mineral silver output of the 10 countries was 19,268 tons, accounting for more than 80% of global mineral silver output. 2001-2010 global mineral silver and recycled silver outputs (unit: ton) year 2001 2002 2003 2004 2005 mineral silver output 18856 18472 18557 19068 19,817 recycled silver output 5684 5830 5721 5713 5786 total output 24540 24302 24278 24781 25603 year 2006 2007 2008 2009 2010 mineral silver output 19945 20660 21179 22072 22,889 recycled silver output 5849 5659 5494 5155 6687 total output 25794 26319 26673 27227 29576 source: gfms hyperlink "http://www.shfe.com.cn"http://www.shfe.com.cn global silver consumption global silver in kind is mainly consumed in industrial manufacturing sectors, photographic industry, jewelry, silverware, coins and seal manufacturing sectors (excluding the demand for silver derived from financial investments). due to the development of digital technology, photographic industry belonging to traditional silver consumption sectors sees a declined demand for silver, but still occupying a certain proportion. driven by the economic growth, the silver consumption of industrial sectors and jewelry industry show an overall increase situation, and industrial demand is significantly affected by periodic economic fluctuations. because the traditional silver halide process is gradually replaced by digital technology, the silver consumption of photographic industry is expected to keep a continuous downward trend. in 2010, global demand of jewelry industry for silver saw an overall decline of 2.2%, of which the demands of the united states and european developed countries dropped significantly, while that of china, india and other emerging economies increased. 2010 was a very auspicious year in the indian traditional culture, so the wedding ceremonies increased, significantly promoting the consumption of silver. 2001-2010 global silver demand conditions (unit: ton) manufacturing industry 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 industrial usage 10876 11052 11459 12050 13432 14127 15274 15323 12559 15160 photographic usage 6628 6353 5999 5562 4987 4423 3657 3150 2465 2261 jewelry 5420 5252 5573 5437 5406 5172 5084 4922 4943 5194 silverware 3299 2596 2610 2089 2101 1899 1819 1776 1811 1566 coins and badges 948 983 1110 1318 1246 1237 1235 2035 2457 3151 total consumption 27171 26237 26751 26456 27172 26858 27070 27206 24234 27333 total consumption growth rate % -5.24% -3.44% 1.96% -1.10% 2.71% -1.16% 0.79% 0.50% -10.92% 12.79% source: gfms global silver trading global silver trade occurs mainly in the united states, britain, japan, india, italy, china�s hong kong and mainland and other countries and regions. the two current major global silver trading centers are in london and new york. the london bullion market association (lbma) is the world's largest silver spot trading market. cme group's comex is the world's most influential trading silver futures exchange. as european countries have small mineral silver and recycled silver outputs, and european countries such as italy have developed silver jewelry industries with a large annual silver consumption, so europe has become one of the world's largest importers of silver. the existence of lbma and other markets promotes the frequent silver flow and trade in the region. at present, china is the world's largest silver producer, and over the years china has been one of the world's leading exporters of silver. domestic silver market silver production most of china's silver output comes from the byproducts of copper, lead, zinc and other metals, and the rest comes from recycled and independent silver mines. as the outputs of domestic copper, lead and zinc increase significantly, the output of domestic silver also increases. at present, china's major lead and zinc producing provinces are henan, hunan and yunnan, while the main copper producing provinces are jiangxi, anhui and yunnan. therefore, the major domestic silver production is still concentrated in the provinces of hunan, henan, yunnan and jiangxi and other regions. in recent years, china's silver output saw a sustained growth. according to the statistics from china nonferrous metals industry association, in 2001 china's silver output was only 1,908 tons, compared with 11,617 tons in 2010. according to the statistics of total output (based on non-foreign institutions� native mineral silver output statistics caliber), china's total silver output has been ranked first in the world. 2001-2010 china�s silver output (unit: ton) year 2001 2002 2003 2004 2005 china�s silver output 1908 3217 4305 5637 6754 2006 2007 2008 2009 2010 china�s silver output 8252 9092 9587 10348 11617 source: china nonferrous metals industry association silver consumption the traditional uses of silver are as currencies and to manufacture handicrafts and jewelry. with the rise of modern industry, the application areas of silver expand from the industries of jewelry, utensils and coins making to photography, electronics, and even defense, aerospace, medicine and other industries, becoming an important member of the family of industrial metals, playing a pivotal role in the national economy. in recent years, china's rapid economic growth has promoted the sustained growth of silver demand, making china one of the countries with the greatest potential of silver demand in the world. in 2001, china's total silver consumption was 1,525 tons. in 2010, it reached about 5,700 tons. in recent years, due to the advances in digital technology, the most traditional industrial application of silver, namely, the silver consumption in photosensitive material is decreasing year by year. with the continuous development of electronics industry, the industry of silver deep processing is developing rapidly. at present, china's silver consumption structure is roughly as follows: electrical and electronics: 37%; silver-based alloys and brazing materials: 23%; silver handicrafts, jewelry and coins: 31%; photosensitive materials: 4%; antibacterial and other areas: 5%. 2001-2010 china's silver consumption (estimated amount, unit: ton) year 2001 2002 2003 2004 2005 china�s silver consumption 1525 1790 2050 2300 2600 2006 2007 2008 2009 2010 china�s silver consumption 3000 3600 4500 4980 5700 source: china nonferrous metals industry association gold and silver branch / antaike import and export of silver after the opening of the silver market on january 1, 2000, china's silver industry policy is mainly reflected in the trade circulation, and the specific policies are of import-export trade policies. currently, the silver import is liberalized in china. the imports of silver ore and silver products are levied 17% vat. silver export is involved in quota management in china. from july 1, 2007 onwards, the export tax rebate rate of silver and related products was reduced from 13% to 5%. from august 1, 2008 onwards, the silver export tax rebate of 5% was abolished. china mainly imports processed silver products, and exports primary silver products such as silver ingots. the rapid development of lead, zinc and copper industry has led to the substantial growth in by-product silver output, so the surplus silver needs to be exported. from 2001 to 2009, silver ingot (unwrought silver) export capacity increased from 1,199 tons to 3,554 tons, seeing an increase range of 196%. china has become one of the world's most important silver suppliers. after the abolition of silver export tax rebate policy in 2008, silver export presented a falling trend. in 2010, silver ingots exported were 1,422 tons, down 60% year on year, while imports of semi-finished silver were 3,174 tons, down 8.79%. 2001-2010 china silver import-export situation (unit: ton) major import -export silver products  2001 2002 2003 2004 2005 import export import export import export import export import export unwrought silver (silver ingot) 147 1199 201 2022 262 2892 278 3520 350 4125 silver powder 50 25 56 6 100 25 159 - 306 1 semi-manufactured silver (physical quantity, non-metal content) major import- export silver products  118 1 147 186 176 49 240 58 686 160 2006 2007 2008 2009 2010 import export import export import export import export import export unwrought silver (silver ingot) 687 4478 521 4484 941 4043 738 3554 590 1422 silver powder 776 7 979 7 1511 18 1412 65 1395 16 semi-manufactured silver (physical quantity, non-metal content)  2164 227 4241 183 3709 124 3480 109 3174 138 source: national customs administration / antaike hyperlink "http://www.shfe.com.cn"http://www.shfe.com.cn main factors affecting silver price supply-demand relation supply-demand relation is the fundamental factor affecting the price of silver. typically, when supply exceeds demand, the price will fall; when demand exceeds supply, the price will rise. price fluctuations in turn affect supply and demand. that is, when prices rise, supply will increase and demand will decrease; and when prices fall, demand will increase and supply will decrease. the discovery and exploitation of new mineral reserves, application of new technologies, overhauls and strikes of production companies, import and export policies will affect the yield and supply of silver, while the silver application development trends, silver investment preference changes and other factors will affect the demand for silver. import and export policies import and export policies are the important aspects affecting the relationship between supply and demand. for example, china reduced the export tax rebate rate of silver and its related products from 13% to 5% since july 1, 2007, and further canceled the silver export tax rebate of 5% since august 1 2008. all these policies directly affected the silver export, and thus the supply and price of silver in the domestic and international markets. international and domestic political and economic situations silver is an important industrial raw material, but also a safe-haven asset. its demand is closely related to the economic and political situations. during an economic growth, the growth in demand for silver stimulates the rise in silver prices; during an economic recession, the shrinking demand for silver urges the price of silver to fall. in recent years, countries have introduced in succession loose monetary policies and active fiscal policies in response to the financial crisis, and injected massive liquidity into the market. as one of the assets against inflation, silver experienced a continued price raise driven by investment demand. currently, euro zone sovereign debt crisis has not yet been effectively resolved; the emerging economies generally face high inflationary pressure; the earthquake and tsunami in japan caused nuclear accident; wana region is still under instability. all this has added a lot of uncertainties to the global economy, and will ultimately have a direct or indirect impact on silver price. world's major monetary exchange rates and gold price trend internationally, silver trade is generally denominated in u.s. dollar. currently, several major currencies implement floating exchange rate system. according to the related experience, the changes in the exchange rate of u.s. dollar against other major currencies will lead to some short-term fluctuations of the price of silver, but will not change the general trend of the silver market. silver and gold have historically been used as currencies. the two have similar financial attributes. so, silver price is positively correlated with gold price to a certain extent, but only on the long-term trend line. in the short run, the positive correlation between silver price and gold price is not very prominent. usually, silver price volatility is wilder than gold price volatility. fund investment direction with the substantial increase in the degree of funds participating in commodity futures trades, funds play a role of fueling volatility in silver price. with advantages of technology and information, funds have a certain degree of foresight and forward-looking. in recent years, silver etfs have experienced a rapid expansion with high positions. the direction of the transactions between the fund and other funds has become one of the factors affecting price volatility of silver. the analysis of changes in funds� net positions conduces to the judgment of silver price trends.  hyperlink http://www.shfe.com.cn http://www.shfe.com.cn  shfe silver futures contract and relevant regulations silver futures contract text and appendixes silver futures contract text shanghai futures exchange silver futures contract product sliver trading unit 15kg/contract price quote cny/kg tick size 1cny/kg daily price limit no more than 4% of last settlement price contract months monthly contracts (12 contracts per year) trading hours 9:00 am - 11:30 am, 1:30 pm - 3:00 pm beijing time, monday - friday last trading day 15th day of the delivery month (postponed in the event of statutory holidays) delivery days 5 consecutive trading days after the last trading day delivery grades standard product: with no less than 99.99% silver content as prescribed in gb/t 4135-2002 ic-ag99.99 delivery location the warehouses certified by the exchange minimum trading margin 7% of the contract value delivery form physical delivery delivery unit 30kg tick symbol ag exchange shfe silver contract appendixes delivery unit the trading unit of a standard silver futures contract is 15kg/contract, with the delivery unit of 30kg/warrant. the delivery should be made in integral multiples of a warrant. quality specifications 1. silver ingots used in physical delivery should meet the national standard of gb/t 4135-2002 ic-ag99.99, with no less than 99.9% of fineness. 2. the silver ingots in each warrant should be of a registered trademark approved by the exchange, and come with product quality proof issued by the producer. 3. the warrant should be issued by the certified delivery warehouse after it carries out the inspection stipulated by the exchange. exchange-registered trademark silver ingots used in physical delivery should be of exchange-registered trademarks. the specific exchange-registered trademarks and levels of premiums and discounts will be subject to further stipulation and announcement by the exchange. certified delivery warehouses the list of certified delivery warehouses will be subject to further announcement.  hyperlink http://www.shfe.com.cn http://www.shfe.com.cn shfe detailed business rules and relevant regulations key points of detailed trading rules the futures transactions are the centralized trading activities with respect to a certain futures contract in the exchange. 1. the trading price is the price automatically matched by the exchange�s computer when the bidding price is higher than or equal to the asking price. the offered bidding and asking orders are ranked in the automatic matching system of the exchange�s computer according to the principle of �price priority and time priority�. the matched price is the middle price of the bidding price, the asking price and the previous strike price. 2. trading orders are categorized into limit order, cancel order and other orders specified by the exchange. the maximum quantity in each limit order is 500 contracts, while the minimum quantity in each trading order is 1 contract. the quoted price of a trading order must be within the price fluctuation range. 3. the exchange adopts a trading code registration system. trading codes refer to the special codes of the members and clients for futures trading, and are classified into trading codes of non-futures company members and trading codes of clients. 4. the exchange provides members, clients and the public with the following real-time futures trading information on a daily, weekly, monthly and annual basis: the opening price, the closing price, the highest price, the lowest price, the latest price, the price fluctuation, the highest bidding price, the lowest asking price, offered bidding price, offered asking price, offered bidding volume, offered asking volume, settlement price, trading volume, and open interest. none of the members, information providers, mass media or individuals shall release false or misleading information. 5. at the end of each trading day, the exchange releases information about the total trading volumes, the open interests of futures company members and non-futures company members in the active months of the silver futures contract, as well as the trading volumes and the open interests of the top 20 futures company members in the active months. key points of detailed settlement rules settlement refers to the business activities of calculating and transferring members� margins, profits and losses, transaction fees, delivery payments and other funds, conducted by the exchange, and subject to the results of transactions and the relevant rules and regulations of the exchange. 1. the exchange opens a special settlement account in each depositary bank to deposit members� margins and other related funds. the members should open a special capital account in the depositary banks to deposit margins and other related funds. funds transfer between the exchange and members shall go through the special settlement account of the exchange and the special capital account of members. 2. the exchange manages the margins deposited in the exchange�s special settlement accounts by members separately. one subsidiary ledger is available to each member, and the deposit and withdrawal, profits and losses, margins, handling charges etc. are recorded in daily order. futures company members manage the margins deposited in the members� special capital accounts by their clients separately. one subsidiary ledger is available to each client, and the deposit and withdrawal, profits and losses, margins, handling charges etc. are recorded in daily order. 3. the exchange adopts a system of margins. the margin is classified into settlement reserve and trading margin. the settlement reserve is the capital deposited by members in the special settlement account ahead of the transaction. it is not occupied by contracts. the trading margin is the capital deposited by members in the special settlement account to ensure the performance of the contracts. it is occupied by the contracts. 4. the exchange adopts a mark to market system. that is, at the end of a trading day, the exchange clears the profits and losses, margins, transaction fees, taxes and other funds on the basis of the daily settlement price; and transfers the receivables and payables in net amounts and accordingly increases or decreases the settlement reserves of the members. 5. at the end of each trading day, if the settlement reserve of a member is below the minimum level after the daily settlement, it should be supplemented before the opening of the next trading day. if the margin is not supplemented in due time, and if the settlement reserve is above zero and below the specific minimum, no new position is allowed to open; if the settlement reserve is less than zero, the exchange will close out the member�s position by force in accordance with relevant regulations on risk control management.  hyperlink http://www.shfe.com.cn http://www.shfe.com.cn key points of detailed delivery rules physical delivery refers to the process of exchanging the ownership of the commodity underlying a futures contract since its expiration by closing out its outstanding positions. 1. all the outstanding positions of a matured futures contract shall be closed out by physical delivery since the last trading day for its holder to perform the obligations. physical delivery on the part of a client shall be dealt by its member, in whose name it is processed on the exchange. a client unable to provide or accept vat invoice is not approved of physical delivery. since the closing of the nearest trading day but two prior to the last trading day of a futures contract, a natural person client shall hold nil outstanding position. 2. deliverable commodity: deliverable commodity is what is trademarked by producers that are registered with the exchange. the silver ingots in each warrant shall be of the same grade, the same registered trademark, the same shape and by the same producer. delivery unit: 30kg. specifications of deliverable silver ingots: 15kg�1kg or 30kg�2kg weight difference and difference in scale weighing: weight difference of silver ingots underlying each standard warrant should be no more than � 2kg, and the difference in scale weighing should be no more than � 1gram. 3. delivery workflow on the 1st delivery day: the buyer calls for delivery. the buyer submits to the exchange a letter of intent for the desired commodity, which includes product, trademarks, quantity and name of the certified delivery warehouse etc. the seller submits a standard warrant. the seller, through the standard warehouse management system, transfers to the exchange a valid standard warrant of which the storage fees have been cleared. on the 2nd delivery day: the exchange allocates the standard warrants. the exchange allocates the standard warrants to the buyer according to the principle of �time priority, rounding of quantity, matching in the vicinity, and resource availability�. on the 3rd delivery day: the buyer pays for the delivery and collects warrants. the buyer shall pay for the delivery by 14:00 to the exchange and obtains the standard warrants. the seller collects the payment. the exchange shall extend the payment by 16:00 to the seller. on the 4th and 5th delivery days: the seller submits vat invoice. 4. for a physical delivery on the exchange, a standard warrant changes hand in the following order: (1) the seller client entrusts the standard warrant to the seller futures company member which deals with the physical delivery on the seller client�s behalf. (2) the seller member submits the standard warrant to the exchange. (3) the exchange allocates the standard warrant to the buyer member. (4) the buyer futures company member allocates the standard warrant to the buyer client. such physical delivery completed, should the buyer have any dispute over the quality and quantity of the delivered commodity, it shall appeal to the exchange in written form by or on the 15th business day of the month succeeding the spot month (in the event of a statutory holiday it is postponed to the first business day succeeding the holiday). with the written appeal it shall present the quality appraisal that is issued by the exchange designated quality supervision and inspection organization. (the list of certified quality supervision and inspection organizations will be subject to further announcement by the exchange.) beyond the grace period herein, the exchange will properly assume that the buyers do not have dispute over the delivered commodity and therefore will not accept any dispute appeal henceforth. 5. delivery in and out (1) before entering commodities for delivery to the certified delivery warehouse, the owner shall submit an entry delivery notice to the exchange. contents including product, grade (brand), trademark, quantity, deliverer, intended warehouse shall be indicated in the notice. relevant documents should also be submitted. (2) given the availability of stocking capacity, taking the will of the owner into account, the exchange shall determine within 3 trading days whether the entry be approved of. the owner shall deliver to the warehouse that is indicated in the entry notice within the time prescribed by the exchange. commodities without the approval of the exchange or entry incomplete within the time prescribed can not be used for futures delivery. (3) upon arrival of commodities at the location of the certified delivery warehouse, the warehouse shall examine the commodities in accordance with the rules prescribed by the exchange. during the entry inspection, the owner shall inspect it in person at the warehousing location; otherwise, it is regarded as the owner fully consents to the inspection results. (4) the legitimate holder of a standard warrant shall, on its own account, take the delivery in person or authorize the warehouse to make delivery on its behalf. in the latter case, however, the owner shall inspect it in person at the warehousing location; otherwise, it is regarded as the owner fully consents to the dealings of warehouse in that respect. (5) when the certified delivery warehouse deals in the delivery-out, it shall fill in the confirmation on standard warrant delivery-out (in double duplicates, each of which is held by the owner and the certified delivery warehouse), and keep it properly for further inspection. 6. certificates required for the deliverable commodity (1) domestic product: product quality proof issued by the registered producer. (2)imported product: relevant documents required will be proclaimed by the exchange separately.  hyperlink http://www.shfe.com.cn http://www.shfe.com.cn 7. exchange of futures for physicals an exchange of futures for physicals (efp) is the process that members (clients), who hold the same month contracts with opposite directions, apply to the exchange after forming an agreement, and under the approval of the exchange, mutually offset the positions on the price that is prescribed by the exchange and exchange the warrants that bear the same amounts, same products and the same direction with the underlying futures contracts on the price that is agreed by the two sides. the warrants exchanged can be both standard and non-standard warrants. for the delivery by the non-standard warrants, photocopies of relevant purchase contract and delivery statement shall be provided. an efp shall not apply to any new open positions on the application date but only to the historical positions of all the listed products on the exchange. duration of efp: an efp shall last from the first trading day after the last trading day of the previous month of the contract month to the second trading day (included) prior to the last trading day of the contract month. the handling of futures positions applying for an efp: the original positions of the futures contracts matured in the corresponding month, and held by both sides applying for an efp should be closed out by the exchange before 15:00 of the day of application, on the basis of the settlement price of the delivery month�s futures contract on the trading day before the day of application. delivery settlement price of an efp: negotiated and agreed on by members (clients) on both sides of the transaction. the margins for an efp shall be calculated on the basis of the settlement price of the delivery month�s futures contract on the trading day before the day of application.  1 key points of risk control systems system of margin the exchange adopts a system of margin. the minimum trading margin for the silver futures contract is 7% of the contract value. 1. the exchange adjusts the levels of margin according to the different sizes of positions of the sliver futures contract. margins of silver futures contracts with different sizes of positions  from the first trading day of the third month before the delivery month, if the total positions (x) reach the following amount: levels of margins xd"300,0007%300,000�xd"600,00010%x�600,00012%note: x represents the bilateral total positions of contracts matured in a certain month. unit: contract 2. the exchange adjusts the levels of trading margins at different phases of a futures contract (near the delivery period). margins of silver futures contracts in different phases trading datelevels of marginsfrom the day of listing7%from the first trading day of the previous month before the delivery month10%from the first trading day of the delivery month15%from the second trading day before the last trading day20%  hyperlink http://www.shfe.com.cn http://www.shfe.com.cn 3. in the event that the accumulated fluctuation range of silver futures contracts in three consecutive trading days reaches 12%; or the accumulated fluctuation range in four consecutive trading days reaches 14%; or the accumulated fluctuation range in five consecutive trading days reaches 16%, the exchange may take one or several of the following measures according to the market condition: increasing some or all members� unilateral or bilateral margins with the same or different proportion, restricting some or all members from withdrawing capital, suspending new positions opening of some or all members, adjusting price limits, setting a deadline for liquidation, forced liquidation and so on. but the adjusted price limit shall not be over 20%. 4. if two or more levels of margins are applicable to some contracts, margins will be charged at the highest level. 5. when a certain kind of futures contracts reaches the interface of two levels of margins, the exchange shall settle the total positions at the new level on the day before the new level is adopted. the margins shall be supplemented, if necessary, before the opening of the next trading day. within the delivery month, sellers may use standard warrants as guaranty of performance of futures contracts with the same quantity and delivery month. and in this case, no margins are charged on the open interest. 6. any adjustment of levels of margins by the exchange shall be implemented according to the announcement of the exchange.  system of price limits the exchange adopts the system of price limits and set daily price limit for each listed futures contract. 1. in the trading of a certain futures contract, the exchange may adjust the price limit according to the market risks in the following situations: (1) the price limits in the same direction are touched consecutively; (2) in the case of official long holidays; (3) the exchange deems that the market risks have changed dramatically; (4) other situations the exchange deems necessary. 2. when the situation of one-sided market occurs in the trading of certain futures contracts on one trading day (d1, and the next trading days are called d20d30d40d50d6 and so on respectively), the range of price limit of the futures contracts on d2 is increased by 3% on the basis of that on d1. in the settlement of d1, the rate of margin of silver futures contracts is increased by 2% on the basis of the range of price limit on d2. if the new rate of margin is lower than that in the settlement of d0, the margins will be charged at the level of d0. if d1 is the first trading day since the listing of the futures contract, the level of margin on the very day of listing is deemed as the level of margin on d0. 3. if no one-sided market occurs on d2, the price limit and the rate of margins return to the normal level on d3. if reverse one-sided market occurs on d2, it is regarded as a new one-sided market and the day becomes d1. the margins and price limit of the next trading day are set according to article 12 of guidelines for risk control of shanghai futures exchange. if one-sided market in the same direction occurs on d2, the range of price limit of the silver futures contract is increased by 6% on the basis of that on d1. in the settlement of d2, the rate of margin of silver futures contracts is increased by 3% on the basis of the range of price limit on d3. if the new rate of margin is lower than that in the settlement of d0, the margins will be charged at the level of d0. 4. if no one-sided market occurs on d3, the price limit and the rate of margins return to the normal level on d4. if reverse one-sided market occurs on d3, it is regarded as a new one-sided market and the day becomes d1. the margins and price limit of the next trading day are set according to article 12 of guidelines for risk control of shanghai futures exchange. if one-sided market in the same direction occurs on d3 (i.e. the price limit is reached in three consecutive days), then at the closing of d3, the margins of silver futures contracts are still charged at the level of d2 and the exchange may suspend the capital withdrawal of some or all members. in the event that one-sided market in the same direction occurs on d3 (the price limit is reached in three consecutive days), physical delivery in conducted, if d3 is the last trading day of the contracts; or the trading continues on d4 at the price limits and margins level of d3, if d4 is the last trading day; otherwise, the trading of the futures contract will be suspended on d4 and the exchange may decide to take either one of the following two measures according to the market situation. measure i: on d4, the exchange decides and announces that one or several of the following measures may be taken according to the market situation on d5 to release market risks: increasing some or all members� unilateral or bilateral margins with the same or different proportion, suspending new positions of some or all members, adjusting price limits, restricting withdrawing capital, setting a deadline for liquidation, forced liquidation and so on. the adjusted price limit shall not be over 20%. the margins shall be increased to the adjusted level, if it is necessary, before the opening of the market on d5. if the price limit is not reached on d5, the price limit and the rate of margins return to the normal level on d6; if the price limit is reached on d5 in the same direction as that on d3, the exchange may announce the situation of emergency and irregularities and take risk control measures according to related stipulations; if the price limit is reached on d5 in the reverse direction as that on d3, it is regarded as a new one-sided market and the day becomes d1. the margins and price limit of the next trading day are set according to article 12 of guidelines for risk control of shanghai futures exchange.   hyperlink http://www.shfe.com.cn http://www.shfe.com.cn measure ii: in the settlement of d4, the exchange will automatically match the liquidation application, which is unmatched at the close of the market on d3 at the price limit, with the positions of clients (or non-futures company members, the same in the following contents) who gain profit from their net positions according to the proposition of held positions, at the price limit of d3. if one client holds positions in both directions, the positions shall be offset by its own opposite positions first, and then the liquidation is carried out following the above methods. for specific method of operations, please refer to article 14 of guidelines for risk control of shanghai futures exchange.  system of position limit position limit refers to the exchange-set limit on the maximum quantities of speculative positions of a certain contract held by a member or a client unilaterally. the detailed proportions and amounts of position limits on futures company members, non-futures company members and clients at different phases of the silver futures contract are as follows: the proportion and position limit of silver future contracts at different stages (unit: contract) silver from the listing day to the delivery monthfrom the listing day to the lasting trading day of the second month before the delivery month the previous month before the delivery month delivery month open interestproportion limit�% �position limit (contract)position limit (contract)position limit (contract)futures company membersnon-futures company membersclientsnon-futures company membersclientsnon-futures company membersclientse"300,000 contracts206,0006,0001,8001,800600600 note: the open interests of a certain futures contract in the table are calculated bilaterally, while the position limits on futures company members, non-futures company members and clients are calculated unilaterally. the position limits on futures company members are the base. in the event that one client has more than one trading code at different futures company members, the total positions of all the trading codes shall not be beyond the position limit of one client. on the closing of the last trading day of the first month before the delivery month, the speculative positions of silver futures contracts held by members and clients shall be adjusted to the integral times of 2 contracts. during the delivery month, the speculative positions of silver futures contracts held by members and clients shall be integral times of 2 contracts. the newly-opened and close-out positions shall also be integral times of 2 contracts.  system of large position reporting the exchange adopts the system of large positions reporting. when the speculative positions of a futures contract reach or surpass 80% of the speculative positions limit, members or clients shall report the status of capital and position to the exchange and clients shall make such reports through futures company members. the exchange may stipulate or adjust the reporting level according to the risk status of the market.  system of forced liquidation forced liquidation refers to the forcible measure the exchange takes to close out the positions of members or clients forcibly in the event that regulation noncompliance occurs. 1. in one of the following situations, the exchange shall forcibly close out the positions of members or clients: 2. the balance of settlement reserve is negative and the deficiency is not made up within the prescribed time. 3. the open interest exceeds the position limit. 4. the open interest of a certain contract is not adjusted to integral multiples within the prescribed time. 5. forced liquidation is imposed as the punishment of regulation noncompliance. force liquidation has to be imposed subject to the emergency measures of the exchange. 6. other situations where forced liquidation is necessary. system of risk alert the exchange adopts the system of risk alert. if it is necessary, the exchange may take one or several of the following measures separately or simultaneously to signal and avert risks: require reports of situation, talk to remind members or clients of potential risks, give warnings in written form, criticize in public, make announcement of risk alert and so on.  hyperlink http://www.shfe.com.cn http://www.shfe.com.cn key points of hedging business management hedging positions of silver contracts are classified into general month (from the day of listing to the last trading day of the second month before the delivery month) hedging positions (henceforth �general month hedging positions�), and near delivery month (the previous month before the delivery month and the delivery month) hedging positions (henceforth �near delivery month hedging positions�). 1. procedures of applying for general month hedging positions the application for general month hedging positions of silver contracts should be made before the last trading day of the second month before the delivery month of hedging contracts. otherwise, the exchange will not accept any such application. the members or clients may apply for the hedging positions of more than one contract matured in various months. members or clients applying for general month hedging positions should fill in the application (evaluation) form of hedging of shanghai futures exchange, and submit the following evidence documents: (1) one copy of the enterprise�s duplicate business license; (2) operational performance of the previous year; (3) business plan for spot goods in the same year or the next year; (4) purchasing and selling contract for hedging products or other valid certificates; (5) the hedging plan (including the analysis of risk sources, goals of hedging, expected quantity of delivery or liquidation); (6) other documents required by the exchange. 2. the procedures of applying for near delivery month hedging positions the application for near delivery month hedging positions should be made between the first trading day of the third month before the delivery month of hedging contract and the last trading day of the previous month before the delivery month. otherwise, the exchange will not accept any such application. for non-futures company members or clients not approved for near delivery month hedging positions, their general month hedging positions will be converted into near delivery month hedging positions upon entering the previous month before the delivery month and the delivery month. the conversion is subject to the lower standard between the position limit of the approved general month hedging positions and that of the futures contract. upon entering near delivery month, if the application for near delivery month hedging positions is approved, the hedging positions will be implemented as such. clients or members applying for near delivery month hedging positions should fill in the application (evaluation) form of hedging of shanghai futures exchange, and submit the following evidence documents: nature of clientsproduction enterprisesproduction plan of the very year or previous year; warrants of hedging products or other valid certificates proving the stock of physical products. processing enterprisesproduction plan of the very year or previous year; long hedging clients need to provide the processing orders or purchasing and selling contracts of hedging products; short hedging clients need to provide warrants or other valid certificates proving the stock of physical products (purchasing and selling contracts or invoice). trading enterprises and otherslong hedging clients need to provide the purchasing and selling contracts of hedging products or other valid certificates; short hedging clients need to provide warrants, purchasing and selling contracts or other valid certificates. 3. hedging business the approved hedging member or clients shall set up positions with approved direction and limit before the closing of the third trading day before the last trading day of the futures contracts for hedging. if positions are not set up within the specified time limit, they will be deemed as waiving the hedging positions. the hedging positions shall not be used repetitively form the first trading day of the delivery month. upon entering the delivery month, members or clients approved for near delivery month hedging positions, as short hedgers, may use standard warrants as guaranty of performance of futures contracts with the same quantity and delivery month. in this case, no margins are charged on the open interest. 4. supervision and management of hedging business in the hedging period, any major change in the enterprises of hedging clients and members should be reported to the exchange. the exchange is entitled to adjust the hedging positions of the members or clients based on the market conditions and the production and operation conditions of the hedging enterprises. if the members or clients need to adjust the hedging positions, they should file for changes to the exchange in time. if the positions of members or clients exceed the approved hedging positions (or position limit set by the exchange), they should be adjusted before the end of the first session of the next trading day; if they are not adjusted in due time or still noncompliant with the regulations, the exchange may forcibly close out the positions.  hyperlink http://www.shfe.com.cn http://www.shfe.com.cn when the exchange decreases the positions in accordance with relevant regulations to avert market risks, the speculative positions should be decreased prior to the hedging positions.   appendix i: list of certified delivery warehouses for silver futures  name storage address tel. contact zip code arrival station/port cmst development co., ltd.  2069 baoyang road, baoshan district, shanghai  021-33791452 021-33792410  cao quanjiang ding simin 201999  yangxing station of shanghai; designated line: designated logistics line for no.5 steel co. of baosteel sinotrans eastern co., ltd.  865 hongjing road, shanghai 021-63757870 ding yan 201103  appendix  = 2 \* roman ii: fee levels of certified delivery warehouses for silver futures items fee level storage fee rmb0.011/kg *day entry fee rmb0.09/kg departure fee rmb0.09/kg note: shanghai futures exchange will adjust the fee levels of certified delivery warehouses for silver futures according to the market situations, and will make written announcements separately.  hyperlink http://www.shfe.com.cn http://www.shfe.com.cn  appendix iii. certified silver inspection organizations no.name of organizationcontacttel.1china certification & inspection group inspection co., ltd.ou wenbing 020-382902572 national center of quality supervision & inspection fang mingshu 021-64701390 on gold-silver products (shanghai)  the registered trademarks, packaging specifications and levels of premiums and discounts of silver futures will be announced on the website.   hyperlink http://www.shfe.com.cn http://www.shfe.com.cn    appendix  = 4 \* roman iv: price chart of silver futures contract on comex since 2000   hyperlink http://www.shfe.com.cn http://www.shfe.com.cn the contents of this manual are for reference only. for the latest information, please consult the relevant departments of the shanghai futures exchange (tel: 86-21-68400000) or visit the website of the shanghai futures exchange (http://www.shfe.com.cn).           silver futures contract trade operations manual    silver futures contract trade operations manual                                                                                          #$bstuyzabc����������vcqac�qch��b*cjeh��khajph���"h_b*cjeh��khajo(ph���%h�{h��b*cjeh��khajph���%h�{h _b*cjeh��khajph���(h�{h�{b*cjeh��khajo(ph���h��cjkhajh��cjkhajjh��umhnhujh4:�umhnhujh�,fumhnhu$h�*�h�wdb*cjkhajo(ph jhvchvcumhnhu     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