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ReturnCircular dated on Dec. 14,2005 regarding promulgation of relative resolutions
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2005-12-15 11:14:00
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Circular dated on Dec. 14,2005 regarding promulgation of relative resolutions on the 2nd Extraordinary Members’ Meeting 2005
China Cocoon & Silk Exchange
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Circular to all members
Date：December 14,2005
Subject: Promulgation of relative resolutions passed on the 2nd Extraordinary Members’ Meeting 2005
China Cocoon & Silk Exchange held the 2nd Extraordinary Members’ Meeting 2005 in Jiaxing, Zhejiang on Nov. 24. The meeting passed relative resolutions as follows. The resolutions hereof shall come into effect as of the date of promulgation.
1.The supplemented clause of Article 15 under Trial Implementing Regulations on Contract Transaction Clearing of Jiaxing China Cocoon & Silk Exchange Clearing Co., Ltd. is described as below:
Clearing Co. shall adjust the ratio of Trading Margin of the month hereof if the number of contracts of one month reaches to a certain level：
1.1Number of both-side contracts of each month for Dried Cocoon (X) Ratio of Trading Margin
X≤2000Hands 5%
2000＜X≤2500 Hands 10%
2500＜X≤3000 Hands 15%
3000＜X≤3500 Hands 20%
X＞3500 Hands 25%
The maximum number of contracts of each month for Dried Cocoon Category A is 4000 hands.
Number of both-side contracts of each month for Raw Silk Category B (X) Ratio of Trading Margin
X≤3000Hands 5%
3000＜X≤4000 Hands 10%
4000＜X≤4500 Hands 15%
4500＜X≤5000 Hands 20%
X＞5000 Hands 25%
The maximum number of both-side contracts of each month for Raw Silk Category B is 5500 hands.
Number of both-side contracts of each month for Raw Silk Category A (X) Ratio of Trading Margin
X≤1000Hands 5%
1000＜X≤1500 Hands 10%
1500＜X≤1800 Hands 15%
1800＜X≤2000 Hands 20%
2000＜X≤2500 Hands 25%
The maximum number of contracts of each month for Raw Silk Category A is 2500 hands.
Clearing Co. shall collect trading margins for all contracts in accordance the standard set forth for the corresponding level.
1.2 Clearing Co. shall collect trading margins from each member in accordance with the standard set forth for the corresponding level as the number of contracts on one side of a commodity of each member changes：
Number of one-side contracts of each month for Dried Cocoon Category A Ratio of Trading Margin
X≤100Hands 5%
100＜X≤200 Hands 10%
200＜X≤300 Hands 15%
300＜X≤400 Hands 25%
Number of one-side contracts of each month for Raw Silk Category B Ratio of Trading Margin
X≤200Hands 5%
200＜X≤300 Hands 10%
300＜X≤400 Hands 15%
400＜X≤500 Hands 25%
Number of one-side contracts of each month for Raw Silk Category A Ratio of Trading Margin
X≤100Hands 5%
100＜X≤150 Hands 10%
150＜X≤200 Hands 15%
200＜X≤250 Hands 25%
Clearing Co. shall collect trading margins from the member hereof in accordance with the higher ratio if a member’s situation satisfies both 1.1 and 1.2.
2.Rules on number limit of contracts of each member
The maximum number of contracts a new member can hold in his first trading year is determined in accordance with the principle of self-application and approval by the Exchange.
The number of one-side contracts of each month held by each member shall not exceed 400 hands for Dried Cocoon Category A, 500 hands for Raw Silk Category B and 250 hands for Raw Silk Category A. The total number of contracts on one side of all months held by each member shall not exceed 800 hands for Dried Cocoon Category A, 1200 hands for Raw Silk Category B and 400 hands for Raw Silk Category A.
3.Methods on mandatory contract transfer.
In cases that the Clearing Reserve on a member’s account is insufficient to pay trading margins as stipulated and the member hereof hasn’t deposited such deficiency in stipulated time, Clearing Co. shall notify the member hereof to transfer contracts within stipulated time limit (except special regulations as for time limit); in cases that the member hereof is not willing to transfer positions or an order has been quoted in the electronic system by the member hereof and remains outstanding, Clearing Co. shall notify the Exchange to automatically match the outstanding quoted orders.
3.1 To determine the amount of contracts to be transferred
Amount of the quoted contracts to be transferred＝Sum equal to such deficiency÷Trading margin per contract, until Clearing Reserve≥0.
Contracts are to be transferred in accordance with the descending order of ratio of Trading Margin if ratios of trading margins keep unequal.
3.2 Methods of contract transfer allocation
A＝Number of reverse net-holding of each member upon the closing of last trading session÷ number of total net-holding upon the closing of last trading session×100%；
B＝Contract price differentials between contract value and closing price of reverse net-holding of each member upon the closing of last trading session÷total Contract price differentials upon the close of last trading session×100%；
C＝(A+B)/2
Amount of the quoted contracts to be transferred allocated to each member＝C×Amount of contracts to be transferred under 3.1
Amendment to the Articles and Association of China Cocoon & Silk Exchange
Article 38：
Clause1 The parties to a dispute between members or spot traders or between a member and his customer or between a customer and a spot trader may petition the Council for arbitration of said dispute, provided, however, that said disputes can not be settled by self-negotiation and mediation.
Clause 2. Disputes occurred in transactions between members, spot traders and clients and the Exchange shall be arbitrated by Jiaxing Arbitration Committee.
The Exchange hereof includes Jiaxing China Cocoon & Silk Exchange Clearing Co., Ltd. that serves China Cocoon & Silk exchange.
(The information published in this website is authentic in Chinese. English is provided for reference only. )
China Cocoon & Silk Exchange
------------------------------------------------
Circular to all members
Date：December 14,2005
Subject: Promulgation of relative resolutions passed on the 2nd Extraordinary Members’ Meeting 2005
China Cocoon & Silk Exchange held the 2nd Extraordinary Members’ Meeting 2005 in Jiaxing, Zhejiang on Nov. 24. The meeting passed relative resolutions as follows. The resolutions hereof shall come into effect as of the date of promulgation.
1.The supplemented clause of Article 15 under Trial Implementing Regulations on Contract Transaction Clearing of Jiaxing China Cocoon & Silk Exchange Clearing Co., Ltd. is described as below:
Clearing Co. shall adjust the ratio of Trading Margin of the month hereof if the number of contracts of one month reaches to a certain level：
1.1Number of both-side contracts of each month for Dried Cocoon (X) Ratio of Trading Margin
X≤2000Hands 5%
2000＜X≤2500 Hands 10%
2500＜X≤3000 Hands 15%
3000＜X≤3500 Hands 20%
X＞3500 Hands 25%
The maximum number of contracts of each month for Dried Cocoon Category A is 4000 hands.
Number of both-side contracts of each month for Raw Silk Category B (X) Ratio of Trading Margin
X≤3000Hands 5%
3000＜X≤4000 Hands 10%
4000＜X≤4500 Hands 15%
4500＜X≤5000 Hands 20%
X＞5000 Hands 25%
The maximum number of both-side contracts of each month for Raw Silk Category B is 5500 hands.
Number of both-side contracts of each month for Raw Silk Category A (X) Ratio of Trading Margin
X≤1000Hands 5%
1000＜X≤1500 Hands 10%
1500＜X≤1800 Hands 15%
1800＜X≤2000 Hands 20%
2000＜X≤2500 Hands 25%
The maximum number of contracts of each month for Raw Silk Category A is 2500 hands.
Clearing Co. shall collect trading margins for all contracts in accordance the standard set forth for the corresponding level.
1.2 Clearing Co. shall collect trading margins from each member in accordance with the standard set forth for the corresponding level as the number of contracts on one side of a commodity of each member changes：
Number of one-side contracts of each month for Dried Cocoon Category A Ratio of Trading Margin
X≤100Hands 5%
100＜X≤200 Hands 10%
200＜X≤300 Hands 15%
300＜X≤400 Hands 25%
Number of one-side contracts of each month for Raw Silk Category B Ratio of Trading Margin
X≤200Hands 5%
200＜X≤300 Hands 10%
300＜X≤400 Hands 15%
400＜X≤500 Hands 25%
Number of one-side contracts of each month for Raw Silk Category A Ratio of Trading Margin
X≤100Hands 5%
100＜X≤150 Hands 10%
150＜X≤200 Hands 15%
200＜X≤250 Hands 25%
Clearing Co. shall collect trading margins from the member hereof in accordance with the higher ratio if a member’s situation satisfies both 1.1 and 1.2.
2.Rules on number limit of contracts of each member
The maximum number of contracts a new member can hold in his first trading year is determined in accordance with the principle of self-application and approval by the Exchange.
The number of one-side contracts of each month held by each member shall not exceed 400 hands for Dried Cocoon Category A, 500 hands for Raw Silk Category B and 250 hands for Raw Silk Category A. The total number of contracts on one side of all months held by each member shall not exceed 800 hands for Dried Cocoon Category A, 1200 hands for Raw Silk Category B and 400 hands for Raw Silk Category A.
3.Methods on mandatory contract transfer.
In cases that the Clearing Reserve on a member’s account is insufficient to pay trading margins as stipulated and the member hereof hasn’t deposited such deficiency in stipulated time, Clearing Co. shall notify the member hereof to transfer contracts within stipulated time limit (except special regulations as for time limit); in cases that the member hereof is not willing to transfer positions or an order has been quoted in the electronic system by the member hereof and remains outstanding, Clearing Co. shall notify the Exchange to automatically match the outstanding quoted orders.
3.1 To determine the amount of contracts to be transferred
Amount of the quoted contracts to be transferred＝Sum equal to such deficiency÷Trading margin per contract, until Clearing Reserve≥0.
Contracts are to be transferred in accordance with the descending order of ratio of Trading Margin if ratios of trading margins keep unequal.
3.2 Methods of contract transfer allocation
A＝Number of reverse net-holding of each member upon the closing of last trading session÷ number of total net-holding upon the closing of last trading session×100%；
B＝Contract price differentials between contract value and closing price of reverse net-holding of each member upon the closing of last trading session÷total Contract price differentials upon the close of last trading session×100%；
C＝(A+B)/2
Amount of the quoted contracts to be transferred allocated to each member＝C×Amount of contracts to be transferred under 3.1
Amendment to the Articles and Association of China Cocoon & Silk Exchange
Article 38：
Clause1 The parties to a dispute between members or spot traders or between a member and his customer or between a customer and a spot trader may petition the Council for arbitration of said dispute, provided, however, that said disputes can not be settled by self-negotiation and mediation.
Clause 2. Disputes occurred in transactions between members, spot traders and clients and the Exchange shall be arbitrated by Jiaxing Arbitration Committee.
The Exchange hereof includes Jiaxing China Cocoon & Silk Exchange Clearing Co., Ltd. that serves China Cocoon & Silk exchange.
(The information published in this website is authentic in Chinese. English is provided for reference only. )
