广州期货交易所结算管理办法

　　外汇资金折算的人民币金额不可以人民币方式出金，外汇可出金额以交存的外汇资金为限。

The amount of the renminbi converted from foreign exchange funds may not be paid in the form of the renminbi, which may be limited to the amount of the foreign exchange funds deposited.

　　交易所可根据市场风险状况和允许使用的外汇种类对会员出金标准做适当调整。

The exchange may make appropriate adjustments to the member's criteria for payment based on the market risk profile and the type of foreign exchange permitted.

　　第五十三条?有下列情况之一的会员、境外特殊参与者、境外中介机构和客户，交易所可限制会员出金，要求会员限制其结算交割委托人出金，以及要求会员、境外特殊经纪参与者、境外中介机构配合限制客户出金：

Article 53? An exchange may restrict the payment of funds by a member, a special offshore participant, an offshore intermediary and a customer in one of the following cases:

　　（一）涉嫌重大违规，经交易所立案调查的；

(i) Suspected of serious violations that have been investigated by the exchange;

　　（二）因投诉、举报、交易纠纷等被司法部门、交易所或其他有关部门正式立案调查，且正处在调查期间的；

(ii) Has been formally opened by the judiciary, the exchange or other relevant authorities for complaints, reports, transaction disputes, etc., and is in the process of being investigated;

　　（三）会员未在规定的时间内补足人民币至结算准备金最低余额或不配合交易所为其客户、境外特殊经纪参与者、境外中介机构进行结购汇的；

(iii) If the member has not made up the minimum balance from the yuan to the settlement reserve within the prescribed period of time or has failed to cooperate with the exchange in carrying out the transfer of funds for its clients, foreign special brokerage participants and offshore intermediaries;

　　（四）交易所认为市场出现重大风险的；

(iv) where the exchange considers the market to be at significant risk;

　　（五）交易所认为必要的其他情况。

(v) Such other information as the exchange considers necessary.

　　第五十四条?当日交易结束后，交易所对每一会员的盈亏、交易手续费、交易保证金、期权权利金等款项进行结算。交易所采用发放结算单据或电子传输等方式向会员提供当日结算数据。

Article 54. At the end of the transaction, the exchange settles each member’s gains, losses, transaction charges, transaction bonds, options, etc.

　　第五十五条?遇特殊情况造成交易所不能按时提供结算数据，交易所将另行通知提供结算数据的时间。

Article 55? Where special circumstances prevent the exchange from providing the settlement data on time, the exchange will notify the time at which the settlement data will be made available.

　　第五十六条 会员每日应及时地取得交易所提供的结算数据，做好核对工作，并将之妥善保存，该数据至少保存20年，但对有关期货交易有争议的，应当保存至该争议消除时为止。

Article 56 Members shall obtain, on a daily basis and in a timely manner, the settlement data provided by the transaction, perform reconciliations and keep it properly for at least 20 years, except that disputes over futures transactions shall be preserved until the dispute is resolved.

　　第五十七条?会员如对结算数据有异议，应不迟于下一交易日开市前30分钟以书面形式通知交易所。遇特殊情况，会员可在下一交易日开市后2小时内以书面形式通知交易所。如在规定时间内会员没有对结算数据提出异议，则视作会员已认可结算数据的正确性。

Article 57: If a member disputes the settlement data, it shall notify the exchange in writing not later than 30 minutes before the next day of the transaction. In exceptional cases, the member may notify the exchange in writing within two hours of the date of the next transaction.

　　第五十八条 交易所将在每月的第一个交易日向会员提供上月的《广州期货交易所资金结算核对单》（加盖结算专用章），作为会员核查交易账簿记录的依据。

Article 58 The Exchange will provide members on the first day of each month with the last month's Guangzhou Futures Exchange Financial Settlement Checklist (with a special closure stamp) as a basis for members'verification of the records of the transaction books.

　　第五十九条 会员具有以下情形之一的，该会员及其结算交割委托人可以申请移仓，经交易所批准后予以办理：

Article 59 A member may apply for transfer to the warehouse and, subject to the approval of the exchange, if he or she has any of the following circumstances:

　　（一）发生合并、分立、破产的；

(i) In the case of consolidation, separation or insolvency;

　　（二）因故不能从事期货经纪业务的；

(ii) Is unable to engage in futures brokering for any reason;

　　（三）变更委托结算关系的；

(iii) Changes in the entrustment settlement relationship;

　　（四）交易所认可的其他移仓情况。

(iv) Other relocations recognized by the exchange.

　　交易所可以要求提供移入和移出仓位的会员同意移仓的声明书、客户同意移仓的声明书、变更委托结算关系声明书、相关持仓的详细清单等一项或者多项移仓申请材料。

The exchange may request a statement of consent to the transfer of the warehouse by the member moving to and from the warehouse, a statement of consent of the client to the transfer, a statement of the change in the trust settlement relationship, a detailed list of the relevant warehouse holdings, etc.

　　在期货公司会员出现破产等重大经营危机但未提出申请的特殊情况下，为保护客户权益，交易所可以启动应急预案，办理客户移仓。

In exceptional cases where there is a major business crisis, such as bankruptcy of futures company members, but no application has been made, for the protection of customer interests, the exchange may initiate contingency plans and process the transfer of customers.

　　第六十条?移仓申请经批准后，交易所将与会员约定某一交易日为客户移仓结算日。

Article 60: Once a transfer request has been approved, the exchange will agree with its members that a transaction date will be the date of settlement of the customer's transfer.

　　第六十一条 移仓内容仅包括客户的持仓及相应的交易保证金，不包括当日的盈亏、手续费、结算准备金、期权权利金等其他款项。

Article 61 The contents of the transfer include only the customer's holdings and the corresponding transaction deposits, excluding such other items as current gains and losses, fees, settlement reserves and options.

　　第六十二条?交易所将在约定日期的当日结算完成后，为会员实施移仓，并提供客户移仓前和移仓后的持仓清单由会员确认。期货公司会员应仔细核对移仓前后客户的移仓情况，一经确认，不得更改。

Article 62: The exchange will carry out the transfer of warehouses for its members upon completion of the settlement on the day of the agreed date, and will provide a list of the warehouse holdings before and after the transfer of the customers to be confirmed by the members.

　　第六十三条 会员当日结算准备金余额低于零或者持有有价证券作为保证金的，不得办理移仓。

Article 63 A member whose balance in the settlement reserve at that date is less than zero or who holds marketable securities as a bond may not be removed.

　　第四章 期权行权与履约

　　第六十四条?行权是指期权合约的买方按照规定行使权利，以最后交易日的结算价进行现金交割，或者以合约规定的行权价格买入或者卖出期权合约标的物，了结期权合约的方式。

Article 64? Right to move refers to the manner in which a buyer of an option contract exercises its right to pay off cash at the settlement price on the final date of the transaction, or to buy or sell the subject matter of the option contract at the price of the right under the contract and terminate the option contract.

　　履约是指期权合约买方行权时，期权合约卖方应当以最后交易日的结算价进行现金交割，或者以合约规定的行权价格买入或者卖出期权合约标的物，了结期权合约的方式。

Performance is defined as the right of the buyer of the option contract to make a cash cut at the settlement price on the final date of the transaction, or to buy or sell the subject matter of the option contract at the price specified in the contract, in such a way as to terminate the option contract.

　　第六十五条?客户的行权与履约应当通过会员，并以会员名义在交易所办理。

Article 65: Customer rights and performance shall be exercised through and on an exchange in the name of a member.

　　第六十六条?在交易所规定时间内，期权买方可以提出行权申请，具体方式由交易所另行规定。

Article 66: During the period specified by the exchange, the right to move may be requested by the buyer of the right of option, in a manner to be specified separately by the exchange.

　　期权卖方有履约义务。

The right seller has an obligation to perform.

　　每日交易闭市后，交易所按照随机均匀抽取原则进行行权配对。

Once the daily trade is closed, the exchange performs the right pairing on the basis of the principle of random even extraction.

　　第六十七条?期权买卖双方可以申请对其同一交易编码下的双向期权持仓进行对冲平仓。对冲结果从当日期权持仓量中扣除，并计入成交量。

Article 67? Buyers and sellers of options may apply for a two-way silo of their options under the same transaction code.

　　期权买方可以申请对其同一交易编码下行权后的双向期货持仓进行对冲平仓，对冲数量不超过行权获得的期货持仓量。对冲结果从当日期货持仓量中扣除，并计入成交量。

A options buyer may apply for a two-way futures hold under the same transaction code to level-up the hold of the futures, the amount of which does not exceed the amount of futures that the right of movement acquires. The hedge result is deducted from the stock of the goods on that date and accounted for in the transaction.

　　期权卖方可以申请对其同一交易编码下履约后的双向期货持仓进行对冲平仓，对冲数量不超过履约获得的期货持仓量。对冲结果从当日期货持仓量中扣除，并计入成交量。

The options seller may apply for a two-way stock of futures after performance under the same transaction code to level-up the stock, which does not exceed the amount of futures for which performance was obtained. The hedge result is deducted from the stock of goods held on that date and accounted for in the transaction.

　　上述业务的申请时间和具体方式由交易所另行公布。

The application times and modalities of these operations are published separately by the Exchange.

　　第六十八条?行权与履约后，交易所在当日结算时调整相应期货合约持仓或者进行行权盈亏划转。

Article 68: After the exercise of rights and performance, the exchange adjusts the holding of the corresponding futures contract at the time of settlement on the same day or makes a profit or loss transfer of rights.

　　采用现金交割方式的，行权盈亏=∑（最后交易日的结算价×买入看涨期权合约行权数量×合约乘数）+ ∑（最后交易日的结算价×买入看跌期权合约行权数量×合约乘数）- ∑（最后交易日的结算价×卖出看涨期权合约行权数量×合约乘数）- ∑（最后交易日的结算价×卖出看跌期权合约行权数量×合约乘数）。

In the case of cash delivery, the surplus or loss of rights = (final transaction date settlement price x number of rights to purchase interest contracts multiplied by contract multipliers) + (final transaction date settlement price x number of rights to purchase interest contracts multiplied by contract multipliers) ~ (final transaction date settlement price x number of rights to sell interest contracts multiplied by contract multipliers) ~ (final transaction date settlement price x number of rights to sell interest contracts multiplied by contract multipliers).

　　第六十九条 交易所根据当日合约行权（履约）数量按照规定标准向会员收取行权（履约）手续费。交易所有权对行权（履约）手续费标准进行调整。

The exchange charges its members for the right to move (performance) according to the number of contractual rights (performance) on the day in question, according to the prescribed criteria.

　　第七十条?期权合约到期前，期货公司会员、境外特殊经纪参与者和境外中介机构应当提醒客户妥善处理期权持仓。

Article 70? Prior to the expiry of the options contract, futures company members, offshore special broker participants and offshore intermediaries should alert customers to the proper handling of options.

　　第七十一条?到期日闭市后，交易所对采用实物交割方式的期权进行如下处理：

Article 71? After the closing of the market, the exchange deals with options for the use of physical delivery as follows:

　　（一）行权价格小于当日标的期货合约结算价的看涨期权持仓自动申请行权；

(i) The right of option to increase the price of the futures contract, which is less than that of the day on which it is set, automatically to apply for it;

　　（二）行权价格大于当日标的期货合约结算价的看跌期权持仓自动申请行权。

(ii) The right to fall over the price of the futures contract, which is greater than the date of the bid, has the automatic right to apply for it.

　　期权买方也可以取消自动申请行权，具体时间和方式由交易所另行公布。

A right-of-occupancy buyer may also cancel the automatic right to apply, at a time and in a manner to be disclosed separately by the exchange.

　　交易所对采用现金交割方式的期权进行如下处理：

The exchange deals with options for cash delivery as follows:

　　（一）买方提交行权最低盈利金额的，合约实值额大于买方提交的行权最低盈利金额和交易所规定的行权（履约）手续费两者中的较大值的买方持仓自动行权；

(i) If the buyer submits the minimum profit amount for the right to move, the buyer has the automatic right to move in storage if the actual value of the contract is greater than both the minimum profit amount for the right to move and the higher value of the right to move (performance) fee provided for in the transaction;

　　（二）买方未提交行权最低盈利金额的，合约实值额大于交易所规定的行权（履约）手续费的买方持仓自动行权。

(ii) If the buyer has not submitted the lowest profit value of the right to engage, the buyer whose contract value is greater than the fee for the right to move (performance) under the transaction has the right to move automatically.

　　不符合前款自动行权条件的买方持仓，视为放弃行权。

A buyer who does not fulfil the terms of the right to move automatically in the preceding paragraph holds a warehouse and is deemed to have waived the right to do so.

　　第七十二条?采用实物交割方式的期权买方行权时，其资金余额应当满足期货交易保证金要求。

Article 72: When the right of a future buyer to move by way of physical delivery is exercised, the balance of the funds shall satisfy the guarantee of the futures transaction.

　　买方会员的境外特殊参与者、境外中介机构、客户资金不足的，买方会员不得接受其行权申请。符合第七十一条第一款第（一）、（二）项，第二款第（一）、（二）项但买方会员的境外特殊参与者、境外中介机构、客户资金不足的，买方会员应当代其向交易所提交放弃行权申请。

A buyer’s member may not accept an application for the right to travel if the buyer’s member has a special outside participant, an offshore intermediary, or a customer who has insufficient funds.

　　第五章 交割结算

　　第七十三条?合约采用实物交割方式或者现金交割方式。

Article 73? Contracts are made either in kind or in cash.

　　采用实物交割方式的，交易双方按照交易所的规则和程序，通过该合约所载标的物所有权的转移，了结到期未平仓合约。

In the case of physical delivery, the parties to the transaction, in accordance with the rules and procedures of the exchange and through the transfer of ownership of the subject matter contained in the contract, settle the unsettled contract as it matures.

　　采用现金交割方式的，合约最后交易日收市后，交易所以交割结算价为基准，划付持仓双方的盈亏，了结到期未平仓合约。

In the case of cash delivery, after the date of receipt of the final contract transaction, the exchange uses the cut-off settlement price as the basis for the payment of the surplus or loss on both sides of the warehouse and settles the outstanding contract when it matures.

　　第七十四条?会员进行交割，应当按规定向交易所交纳交割手续费，具体标准由交易所另行规定。

Article 74. When a member makes a delivery, he or she shall pay the required fees to the exchange, with specific criteria to be specified separately by the exchange.

　　交割手续费从会员的结算准备金中扣划。

Cut-off fees are deducted from the member's settlement reserve.

　　第七十五条?期货合约采取实物交割的，交割结算价为该期货合约交割结算的基准价。滚动交割的交割结算价采用该期货合约滚动交割配对日的当日结算价。一次性交割的交割结算价采用该期货合约自交割月第一个交易日起至最后交易日所有成交价格的加权平均价。期转现结算价采用买卖双方协议价格。

If the futures contract is delivered in kind, the delivery settlement price is the benchmark price for the delivery of the futures contract. The delivery settlement price for the rolling delivery is the same day as the date of the contract for the rolling delivery of the futures.

　　期货合约采取现金交割的，交割结算价以相关机构公布的价格为依据制定。

Futures contracts are made on the basis of cash deliveries, which are settled on the basis of prices published by the institutions concerned.

　　其他交割方式或个别品种另有规定的，适用其规定。

Where other modes of delivery or individual varieties provide otherwise, their provisions apply.

　　第七十六条 期货合约采取实物交割的，交割货款按交割结算价加上非基准交割仓库与基准交割仓库的升贴水结算，交易所另有规定的，适用其规定。

Article 76. If the futures contract is delivered in kind, the payment for the delivery of the goods is settled at the delivery settlement price plus the premium water of the non-base delivery warehouse and the base delivery warehouse, the exchange shall apply its provisions, if otherwise provided for by the exchange.

　　第七十七条?期货合约采取实物交割的，发票或者交易所认可的其他单据由交割的卖方向相对应的买方开具，并由双方会员转交、领取并协助核实，交易所根据双方会员确认结果结清相应的余款。

Article 77? If the futures contract is delivered in kind, the invoice or other documents approved by the exchange are issued by the seller who delivers it to the corresponding buyer and handed over, received and assisted in verification by both members, and the exchange settles the corresponding balance on the basis of confirmation by both members.

　　各品种应当开具的发票类型或者交易所认可的其他单据见相应品种期货业务细则。

The types of invoices that should be issued for each species or other documents recognized by the exchange may be found in the futures operations rules for the respective varieties.

　　第七十八条 期货合约采取实物交割的，卖方会员未在规定时间提交增值税专用（普通）发票的，自应交而未交增值税专用（普通）发票次日起，交易所向卖方会员按货款金额每日0.5‰的比例收取滞纳金，补偿给买方会员；超过30个自然日，卖方会员仍未提交增值税专用（普通）发票的，视作不交增值税专用（普通）发票，交易所按国家税收政策规定计算的增值税税额收取赔偿金，与滞纳金一并补偿给买方会员。上述款项从该会员在交易所预留的交割货款金额中扣除，剩余货款属于卖方会员。买卖双方另有约定的，遵其约定。

If the futures contract is delivered in kind and the seller's member does not submit a special (general) value added tax invoice at the required time, the seller's exchange collects from the seller's member a demurrage at the rate of 0.5 per cent per day of the value of the goods; if, for more than 30 natural days, the seller's member has not submitted a special (general) value added tax invoice, it is considered to be a non-payment of a special (general) value added tax invoice, and the exchange receives compensation for the value added tax amount calculated in accordance with the provisions of the State's tax policy, together with the deferred payment to the buyer's member.

　　第七十九条?期货合约采取实物交割的，一次性交割的结算业务按以下规定办理：

Article 79: In the case of a futures contract in which physical delivery takes place, the settlement of a single sex cut is governed by the following provisions:

　　（一）最后交易日闭市后，买方会员交割月份买持仓的交易保证金转为交割预付款，卖方会员交割月份卖持仓的交易保证金转为交割保证金；卖方会员按时将标准仓单交到交易所后，交易所清退卖方会员交割保证金；

(i) After the closing day of the final transaction, the buyer's member turned the trading bond for the month of purchase of the warehouse into the advance payment, the seller's member's trading bond for the month of sale of the warehouse into the cut bond; after the seller's member had delivered the standard warehouse order to the exchange on time, the exchange cleared the seller's bond;

　　（二）最后交易日结算时，交易所对会员该交割月份持仓按交割结算价进行结算处理，产生的盈亏计入当日平仓盈亏；

(ii) When the final transaction date is settled, the exchange settles the member's share of the cut-off month on the basis of the delivery settlement price, resulting in a gain or loss being recorded as a surplus or loss on that day;

　　（三）最后交易日结算时，交易所从会员的结算准备金中扣划交割手续费；

(iii) When the final transaction date is settled, the exchange deducts the cut-off fee from the member's settlement reserve;

　　（四）最后交易日后第1个交易日闭市前，卖方会员应当将与其交割月份卖持仓相对应的全部标准仓单交到交易所；

(iv) Before the closing day of the first transaction after the final transaction, the seller member shall hand over to the exchange all standard warehouse receipts corresponding to the month in which it was sold;

　　（五）最后交割日闭市前，买方会员应当将与其交割月份买持仓相对应的货款与交割预付款的差额部分划入交易所的专用结算账户；

(v) Before the final closing of the market, the buyer member shall transfer to the special clearing account of the exchange the portion of the difference between the sum corresponding to the purchase of the warehouse and the advance payment of the cut;

　　（六）在规定时间内，卖方会员未能如数交付标准仓单，买方会员未能如数解付货款的，构成交割违约；

(vi) The failure of the seller's member to deliver the standard warehouse receipt at the required time, and the failure of the buyer's member to pay the purchase price at the required time, constitute a breach of delivery;

　　（七）最后交割日闭市后，交易所将卖方会员提交的标准仓单交付给买方会员，将货款的80%付给卖方会员，余款在卖方会员提交了发票后结清；

(vii) After the final closing day, the exchange delivers to the buyer the standard warehouse bill submitted by the seller's member and pays 80 per cent of the purchase price to the seller's member, the balance of which is settled upon the submission of the invoice by the seller's member;

　　（八）配对日后1个交易日内，买方会员应按税务机关的规定将开具发票的具体事项，包括购货单位名称、购货单位地址、金额、纳税人登记号等信息通知卖方会员。

(viii) Within one day of the matching transaction, the buyer member shall inform the seller of the particulars for which the invoice is issued, including the name of the purchase unit, the address of the purchase unit, the amount, the taxpayer's registration number, etc., in accordance with the provisions of the tax authority.

　　（九）配对日后7个交易日内，卖方会员应当将发票交付买方会员。

(ix) Within seven days of the match, the seller member shall deliver the invoice to the buyer member.

　　第八十条?期货合约采取实物交割的，滚动交割的结算业务按以下规定办理：

Article 80: When futures contracts are delivered in kind, the clearing of rolling deliveries is governed by the following provisions:

　　（一）配对日闭市后，买方会员配对买持仓的交易保证金转为交割预付款；

(i) After day-to-day closure, the buyer's member's share of the purchase warehouse's transaction bond was converted into an advance payment;

　　（二）配对日结算时，交易所对会员该交割月份持仓按交割结算价进行结算处理，产生的盈亏计入当日平仓盈亏；

(ii) When matching-day settlements are made, the exchange settles the member's share of the cut-off month at the delivery settlement price, resulting in gains and losses being recorded as gains and losses on that day;

　　（三）配对日结算时，交易所从会员的结算准备金中扣划交割手续费；

(iii) When matching days are settled, the exchange deducts the cut-off fee from the member's settlement reserve;

　　（四）交收日闭市前，买方会员须将与其交割买持仓相对应的货款与交割预付款的差额部分划入交易所的专用结算账户；

(iv) Prior to the closing day of the receipt, the buyer member is required to transfer the portion of the difference between the sum corresponding to the purchase of the warehouse and the advance payment of the cut-off into the special clearing account of the exchange;

　　（五）交收日闭市时，买方会员未能如数解付货款的，构成交割违约；

(v) When the day of delivery closes, the buyer's member's failure to pay for the goods constitutes a breach of the delivery contract;

　　（六）交收日闭市后，交易所将卖方会员提交的标准仓单交付买方会员，将货款的80%付给卖方会员，余款在卖方会员提交了增值税专用发票后结清；

(vi) After closing the day of receipt, the exchange delivers the standard warehouse bill submitted by the seller's members to the buyer and pays 80 per cent of the purchase price to the seller's members, the balance of which is settled after the seller's members have submitted a special invoice for value added tax;

　　（七）配对日后1个交易日内，买方会员应按税务机关的规定将开具增值税专用发票的具体事项，如购货单位名称、购货单位地址、纳税人登记号、金额等信息通知卖方会员；

(vii) Within one day of the matching transaction, the buyer member shall notify the seller member of the particulars for which a special invoice for value added tax is issued, such as the name of the purchase unit, the address of the purchase unit, the taxpayer's registration number, the amount, etc., as prescribed by the tax authority;

　　（八）配对日后7个交易日内，卖方会员向买方会员提交增值税专用发票。

(viii) Within the next seven days of the matching transaction, the seller member submitted to the buyer a special invoice for value added tax (VAT).

　　第八十一条?期货合约采取实物交割的，期转现的结算业务按以下规定办理：

Article 81? If the futures contract is delivered in kind, the liquidating settlement operation is governed by the following provisions:

　　（一）标准仓单期转现的仓单交收和货款支付由交易所负责办理；

(i) Payment and receipt of warehouse receipts and payments of goods transferred from the standard warehouse receipt period are handled by the exchange;

　　（二）非标准仓单期转现的货物交收和货款收付通过交易双方自行办理的，由交易双方自行协商确定；货款收付委托交易所办理的，由交易所代为收付货款，交易所不负责非标准仓单的交收；

(ii) The delivery and payment of goods transferred from non-standard warehouse receipt periods is made by the parties to the transaction on their own initiative and is determined by the parties to the transaction in consultation with the parties to the transaction; the receipt and payment of goods is entrusted to an exchange, which is not responsible for the receipt of non-standard warehouse receipts;

　　（三）期转现批准日结算时，交易所将交易双方的期转现持仓按协议价格进行结算处理，产生的盈亏计入当日平仓盈亏；

(iii) At the closing date of the transfer, the exchange transfers the period of the parties to the transaction to the warehouse for settlement at the agreed price, and the resulting gain or loss is accounted for in the balance of the day;

　　（四）期转现批准日结算时，交易所从会员结算准备金中扣划期转现手续费，标准仓单的期转现手续费按该品种交割手续费标准收取，非标准仓单的期转现手续费按该品种交易手续费标准收取；

(iv) At the closing date of the transfer, the exchange deducts the transfer fee from the member settlement reserve, the transfer fee for the period of the standard warehouse receipt is charged against the cut-off fee for the variety and the transfer fee for the period of the non-standard warehouse receipt is charged against the transaction fee for the variety;

　　（五）期转现批准日11：30前，买方会员将全额货款划入交易所的专用结算账户，标准仓单期转现的卖方会员将相应数量的标准仓单交到交易所；

(v) Prior to the date of transfer of approval, the buyer's member transferred the full amount of the goods to the special clearing account of the exchange and the seller's member's transfer of the standard warehouse period to the exchange the corresponding quantity of the standard warehouse;

　　（六）期转现批准日闭市后，交易所将货款的80%付给卖方会员，余款在卖方会员提交了发票后结清；对于标准仓单期转现，交易所还应当将卖方会员提交的标准仓单交付买方会员；

(vi) After the closing of the period of approval, the exchange pays 80 per cent of the purchase price to the seller's member, the balance of which is settled after the seller's member has submitted the invoice; in the case of the transfer of the standard warehouse period, the exchange shall also deliver the standard warehouse receipt submitted by the seller's member to the buyer's member;

　　（七）期转现批准日后7个交易日内，卖方会员应向买方会员提交发票。

(vii) Within seven trading days from the date of transfer, the seller member shall submit the invoice to the buyer member.

　　第六章 委托结算

　　第八十二条?境外中介机构委托期货公司会员或者境外特殊经纪参与者进行交易结算的，应当与其签订委托代理协议，并应当在办理业务前向交易所备案。

Article 82: If an intermediary abroad entrusts a member of a futures company or a special broker participant abroad with the settlement of a transaction, it shall enter into a trust agency agreement with him and shall file the transaction with the exchange prior to the processing of the business.

　　期货公司会员与境外中介机构的委托代理业务应当遵守《广州期货交易所期货公司会员接受境外中介机构委托开展特定品种期货交易业务管理办法》的相关规定。境外特殊经纪参与者与境外中介机构的委托代理业务应当遵守《广州期货交易所境外特殊参与者管理办法》的相关规定。

A member of a futures company and an agent of a foreign intermediary shall comply with the provisions of the Regulations governing the operation of a particular type of futures transaction by a member of the Guangzhou Futures Exchange to a foreign intermediary.

　　第八十三条?境外特殊参与者应当且只能委托一家会员进行结算。

Article 83. Special participants abroad shall and may only entrust a member with the settlement.

　　第八十四条?会员与委托其结算的境外特殊参与者应当签署包括下列内容的委托结算的协议：

Article 84? A member and a special outside participant entrusted with the settlement shall sign an agreement on the commissioning of the settlement, which shall include the following:

　　（一）结算准备金最低余额和交易保证金收取标准；

(i) The minimum balance of the settlement reserve and the rate of receipt of the transaction bond;

　　（二）办理作为保证金使用的资产及其费用标准；

(ii) Processing of assets used as security and their cost standards;

　　（三）风险管理措施、条件及程序；

(iii) Risk management measures, conditions and procedures;

　　（四）账户类型及管理模式、结算流程，包括结算数据收取、查询和确认的时间和方式；

(iv) Account type and management model, closing process, including timing and manner of clearing data collection, querying and confirmation;

　　（五）手续费标准；

(v) Standards of fees and charges;

　　（六）通知事项、方式及时限；

(vi) Notifications, modalities and time limits;

　　（七）不可归责于协议双方当事人所造成损失的情形及其处理方式；

(vii) The circumstances in which the losses caused by the parties to the agreement are not attributable and the manner in which they are dealt with;

　　（八）协议变更和解除；

(viii) Variation and release of agreement;

　　（九）违约责任；

(ix) Liability for default;

　　（十）争议处理方式；

(x) The manner in which the dispute is dealt with;

　　（十一）其他事项。

(xi) Other matters.

　　第八十五条?具有下列情形之一的，交易所可以为会员和委托其结算的境外特殊参与者办理委托结算关系变更手续：

Article 85? An exchange may process a change in the trust settlement relationship between a member and a special foreign participant entrusted with its settlement if:

　　（一）委托结算的协议期满后不再续约的；

(i) The agreement entrusted to the settlement does not renew after the expiry of the agreement;

　　（二）委托结算的协议提前解除的；

(ii) The agreement to entrust the settlement is earlier terminated;

　　（三）会员因故不能为境外特殊参与者进行结算的；

(iii) If the member is unable to settle for special participants abroad;

　　（四）交易所认定的其他情形。

(iv) Other circumstances determined by the exchange.

　　第八十六条?具有第八十五条第（一）项情形的，境外特殊参与者、移入和移出委托结算的会员应当在协议期满前10个交易日以前，向交易所提交下列材料办理委托结算关系变更手续：

Article 86? In the case of article 85, subparagraph (a), a special participant abroad, a member who moves in and out of the territory of the State, shall submit to the exchange, 10 transactions days before the expiry of the agreement, the following material for the change of the trust settlement relationship:

　　（一）变更委托结算关系申请书；

(i) An application for a change in the entrustment settlement relationship;

　　（二）境外特殊参与者和移入受托结算的会员签订的委托结算的协议；

(ii) Agreements of trust settlements between special participants abroad and members transferred to trust settlements;

　　（三）交易所规定的其他材料。

(iii) Other materials specified in the transaction.

　　交易所收到完整材料后，在10个交易日内对申请材料进行审核。审核通过的，交易所通知变更委托结算关系的约定结算日。

After receiving the complete information, the application is reviewed within 10 trading days.

　　第八十七条 具有第八十五条第（二）、（三）项情形的，境外特殊参与者、移入和移出委托结算的会员除提交第八十六条规定的材料外，还应当提交解除原委托结算关系的协议。交易所收到完整材料后，在10个交易日内对申请材料进行审核。审核通过的，交易所通知变更委托结算关系的约定结算日。

Article 87 In the case of article 85, subparagraphs (b) and (c), a special participant abroad, a member who moves in or out of the place of settlement shall submit, in addition to the material provided for in article 86, an agreement for the dissolution of the originally entrusted settlement.

　　第八十八条?交易所在约定结算日结算后办理委托结算关系变更，对持仓、相应明细账户中的保证金等其他款项进行移转，并提供移转清单。移入和移出受托的会员应当对移转清单核对确认，境外特殊参与者应当委托移入和移出的会员进行确认。

Article 88: After the agreed settlement date is settled, the exchange undertakes a change in the trusting relationship, transfers other funds such as the deposit in the warehouse and the corresponding detailed account, and provides a transfer list. The transferring and transferring member shall check the transfer list and the foreign special participant shall commission the transfer and transfer member.

　　在约定结算日结算后，市场出现重大风险或者交易所认定的其他情形的，交易所可以暂停办理委托结算关系变更手续。

If, after the agreed settlement date, there is a significant risk on the market or other circumstances identified by the exchange, the exchange may suspend the process of changing the trust settlement relationship.

　　境外特殊参与者、移入和移出委托结算的会员应当配合办理委托结算关系变更手续。在委托结算关系变更完成之前，移出委托结算的会员对其代为结算的持仓负有履约义务。

Before the change is completed, the transferring member has an obligation to perform the settlement on his or her behalf.

　　第七章 资产作为保证金

　　第八十九条?经交易所批准，以下资产可以作为保证金：

Article 89: With the approval of the exchange, the following assets may be used as security:

　　（一）标准仓单；

(i) Standard warehouse receipts;

　　（二）中华人民共和国财政部在境内发行的记账式国债；

(ii) Accountable State debt issued in the territory of the Ministry of Finance of the People's Republic of China;

　　（三）外汇资金（币种类别、折算方式和适用范围由交易所另行公布）；

(iii) Foreign exchange funds (type of currency, mode of conversion and scope of application to be disclosed separately by the exchange);

　　（四）交易所认定的其他资产。

(iv) Other assets identified by the exchange.

　　作为保证金的资产具体由交易所确定并向市场公布。

Assets that serve as security are specifically identified by the exchange and disclosed to the market.

　　第九十条?以标准仓单作为保证金的，作为保证金的金额单笔不得低于10万元人民币。

Article 90: When a standard warehouse receipt is used as a bond, the amount of the bond may not be less than RMB 100,000.

　　以国债作为保证金的，每次提交的国债面值不得低于100万元人民币。

When state debt is used as a guarantee, the nominal value of the state debt submitted may not be less than RMB 1 million each time.

　　第九十一条?作为保证金的资产的市值按以下方法计算：

Article 91? The market value of the assets as security is calculated as follows:

　　（一）标准仓单作为保证金的，每日结算时，交易所以该标准仓单对应品种最近交割月份期货合约的当日结算价为基准价计算其市值。当日闭市前，先以该标准仓单对应品种最近交割月份期货合约的前一交易日结算价为基准价计算其市值。

(i) When a standard warehouse receipt is settled on a daily basis, the exchange calculates its market value at the price of the settlement price on the date of the latest delivery of the contract for the release of the monthly futures from the standard warehouse order.

　　（二）国债作为保证金的，国债的基准价取托管机构估值数据的较小值，交易所每日结算时以前一交易日该国债基准价的净价确定其市值。交易所有权对国债的基准计算价值进行调整。

(ii) In the case of State debt as a bond, the base price of the State debt is the smaller value of the host agency’s valuation data, and the net price of the base price of the State’s debt at the date of the exchange’s daily settlement determines its market value. The ownership of the transaction is adjusted for the base calculation value of the State debt.

　　（三）其他资产作为保证金的，其市值计算的基准价由交易所核定。

(iii) If other assets are used as security, the base price calculated for their market value is approved by the exchange.

　　实行保税交割相关品种期货业务细则对保税标准仓单作为保证金使用的基准价另有规定的，适用其规定。

The rules governing the operation of bonds for the release of related varieties of futures are applicable to the extent that they provide for the standard warehouse receipt of bonds to be used as the base price for bonds.

　　第九十二条?作为保证金的资产的市值按照折扣比率计算后的金额称为折后金额，具体的折扣比率由交易所确定、调整并公布。

Article 92. The market value of the asset as a bond is referred to as the discount rate at which the specific discount rate is determined, adjusted and disclosed by the exchange.

　　交易所每日结算时，按规定的基准价调整作为保证金的资产市值和折后金额。

When the exchange settles on a daily basis, the market value and the depreciated amount of the assets as security are adjusted at the specified base price.

　　第九十三条?交易所按照会员在交易所相应的内部明细账户或受托结算内部明细账户的实有货币资金的4倍（配比乘数）确定会员有价证券作为保证金的最大配比金额。交易所按照有价证券的折后金额和最大配比金额中的较低金额作为会员有价证券作为保证金的实际可用金额。

Article 93: The exchange determines the maximum value of the member’s marketable securities as a bond according to the member’s corresponding internal details account or the trust account’s actual monetary funds (with a multiplier). The exchange determines the actual amount available as a bond for the member’s marketable securities on the basis of the discounted amount of the security and the lower amount of the maximum assigned amount.

　　会员办妥作为保证金使用的有价证券交存手续后，交易所将该笔有价证券的实际可用金额计入会员结算准备金。

Upon the completion of the deposit of a marketable security used as a bond by a member, the actual amount available for that security is credited to the member settlement reserve.

　　交易所在每日结算时，根据以上原则自动调整会员有价证券作为保证金的实际可用金额。

On the basis of the above principles, the exchange automatically adjusts the actual amount available as a bond for its members'securities on a daily basis.

　　第九十四条?交易所有权根据市场状况调整资产作为保证金的基准价、折扣比率、配比乘数，由交易所另行通知。

Article 94: Ownership of the transaction adjusts the base price of the asset as a bond, discount rates, multipliers to market conditions, to be notified separately by the exchange.

　　第九十五条?客户、境外特殊参与者、境外中介机构以资产作为保证金的，视为同意期货公司会员将其资产提交交易所作为保证金。

Article 95? Clients, special participants abroad, and offshore intermediaries who use assets as security are deemed to agree that futures company members submit their assets to the exchange as security.

　　客户、境外特殊参与者、境外中介机构、会员以资产作为保证金的，视为授权交易所对相应资产进行划转或者作质押处理。

Clients, special participants abroad, offshore intermediaries, members who use assets as security are deemed to be authorized by the exchange to transfer or pledge the corresponding assets.

　　第九十六条?办理有价证券作为保证金的手续：

Article 96: Processing of securities as security:

　　（一）申请

(i) Application

　　客户、境外特殊参与者、境外中介机构应当通过会员办理有价证券作为保证金业务。会员办理有价证券作为保证金业务时，应当向交易所提出申请。具体办理时间由交易所另行通知。

Customers, special foreign participants, and offshore intermediaries should have access to securities as collateral through their members.

　　会员以客户、境外特殊非经纪参与者的标准仓单办理作为保证金业务时，应同时提交经客户、境外特殊非经纪参与者签章的《专项授权书》，并与交易所签订相关协议。

When a member operates as a bond on the basis of a standard warehouse receipt from a client or a special non-brokering participant abroad, he or she shall submit a special authorization signed by the client or a special non-brokering participant abroad and enter into a relevant agreement with the exchange.

　　（二）验证交存

(ii) Validation deposits

　　1．会员将标准仓单提交交易所办理交存手续，获交易所批准后，完成标准仓单作为保证金交存业务。

1. Members submit the standard warehouse receipt to the exchange for deposit and, upon approval by the exchange, complete the deposit of the standard warehouse receipt as a bond.

　　2．以国债作为保证金的，客户、境外特殊非经纪参与者、非期货公司会员应当确保托管账户中存有数量足够的、无其他权利瑕疵的国债。交易所按照会员的申请委托托管机构进行国债划转或者质押登记，托管机构对国债进行划转或者质押登记后视为办理完成。

2. In the case of State bonds, the client, a special non-brokering participant abroad, and a member of a non-foresee company shall ensure that a sufficient number of State bonds are kept in a trust account, free of any defects in other rights.

　　3．其他有价证券的验证交存应当符合交易所的规定。

3. The deposit of certification of other marketable securities shall conform to the requirements of the exchange.

　　第九十七条?国债作为保证金期间发生兑息的，利息归国债所有人所有，并按照托管机构有关规定办理。

Article 97: In the case of a bond in which interest takes place, the interest is held by the owner of the bond and is processed in accordance with the relevant provisions of the Trust Agency.

　　第九十八条?有价证券作为保证金的，期限不得超过该有价证券的有效期。

Article 98: When a security is used as a bond, the period of time shall not exceed the period of validity of that security.

　　国债作为保证金的，国债到期日前一个月的第一个交易日结算时起，交易所不再将该国债计入实际可用金额计算。会员应当在国债到期日之前办理提取或者解除质押手续。

If the bond is used as a bond, the exchange ceases to account for the country’s debt on the first transaction day of the month preceding the maturity date.

　　第九十九条?会员办理资产提取或者解除质押，应当弥补相应的保证金。具体办理时间由交易所另行通知。

Article 99: A member who processes the withdrawal of assets or discharges the pledge shall make up for the corresponding bond.

　　第一百条?出现下列情况之一的，交易所可以取消有关会员资产作为保证金的额度：

Article 100: An exchange may cancel the member's assets as security if:

　　（一）会员、境外特殊参与者、境外中介机构提取和运用资金出现较大风险并有可能危及交易所合法权益的；

(i) where there is a greater risk that members, special participants abroad, offshore intermediaries will be exposed to the extraction and use of funds and may endanger the legitimate interests of the exchange;

　　（二）作为保证金的资产出现瑕疵或者发生重大风险的；

(ii) In the case of defective assets or significant risks arising as security;

　　（三）交易所认为必要的其他情形。

(iii) Such other circumstances as the exchange considers necessary.

　　交易所取消会员资产作为保证金的额度后，会员保证金不足的，应当给予补足。

If the exchange cancels the member's assets as a bond, the member's bond is insufficient, it should be replenished.

　　第一百零一条?办理资产作为保证金的，会员应当向交易所缴纳手续费。具体计费金额和收费标准由交易所确定、调整并公布。

Article 101: If an asset is treated as a bond, the member shall pay a fee to the exchange.

　　资产在作为保证金期内发生的仓储费等其他费用按有关规定缴纳。

Other charges, such as storage charges incurred during the period in which the assets are held as a bond, are paid in accordance with the relevant provisions.

　　有价证券作为保证金业务中托管机构收取的有关费用，按照托管机构的有关规定执行。

The securities in question are executed in accordance with the relevant provisions of the custodian agency as charges incurred by the custodian in the course of the bond operations.

　　第一百零二条?当会员不履行或不能完全履行交易保证金债务时，交易所有权处置作为保证金的资产，从所得的款项中优先受偿交易保证金债务和相关债务。会员应当承担处置作为保证金的资产时产生的损失及费用。

Article 102: When a member fails to perform or is unable to fully perform a bond obligation for a transaction, the title to the transaction disposes of the asset as a bond, with priority given to the bond obligation and the related obligation to be paid out of the money received. The member shall bear the loss and expense incurred in disposing of the asset as a bond.

　　第一百零三条?夜盘交易小节，交易所不受理有价证券作为保证金相关业务申请、不办理相关业务。遇有特殊情况的，交易所可以延长受理有价证券等资产作为保证金相关业务申请的时间。

In exceptional cases, the exchange may extend the time for processing applications for securities, such as securities, as bonds.

　　第一百零四条?按照交易所业务规则达成的交易即具有法律效力，不因交易者主体资格瑕疵、意思表示不真实或者保证金来源的权属争议而无效或者可变更可撤销，交易产生的损失由该交易者自行承担。

Article 104: A transaction concluded in accordance with the rules governing the operation of an exchange shall have the force of law and shall not be void or reversible by a dispute over the ownership of the subject matter of the transaction, the expression of authenticity or the source of the bond, and the loss arising from the transaction shall be borne by the person making the transaction itself.

　　第八章 风险与责任

　　第一百零五条?会员应当履行其在交易所成交的合约相关义务和责任，承担相关风险。

Article 105? Members should fulfil their obligations and responsibilities in relation to contracts entered into on an exchange and assume the associated risks.

　　交易所组织期货交易，已经成交的交易指令、了结的期货交易持仓、收取的保证金、已经划转或者完成质押处理的作为保证金的资产、配对完成的标准仓单等交易、结算和交割行为或者财产的法律属性，以及采取的违约处理措施，不因会员进入破产程序而使得相关行为或者财产的法律属性被撤销或者无效。

The exchange organizes futures transactions, concluded transaction orders, closed futures transactions in storage, collected bonds, transferred or pledged assets as security deposits, transactions such as matching completed standard warehouse receipt, settlement and delivery or the legal attributes of property, and the measures taken to address default do not invalidate or invalidate the legal attributes of the act or property as a result of a member's entry into insolvency proceedings.

　　会员进入破产程序，交易所仍可以按照交易规则及其实施细则，对该会员未了结的合约进行净额结算。

A member is subject to insolvency proceedings and the exchange may still make a net settlement of the member's outstanding contract in accordance with the transaction rules and their implementing rules.

　　第一百零六条?存管银行发生破产或者其他债权债务纠纷的，保证金不属于其破产财产，不属于冻结或者划拨的财产范围。

Article 106: In the event of an insolvency or other debt dispute between the depositary bank, the bond does not belong to its estate and does not fall within the scope of the property frozen or transferred.

　　第一百零七条?交割仓库发生破产或者其他债权债务纠纷的，期货市场参与者存放的非指定交割仓库所有的期货商品，不属于指定交割仓库的破产财产和查封、扣押的财产范围。

Article 107? In the case of insolvency or other debt disputes in respect of the delivery warehouse, the deposit of futures in the futures market by the participants in the futures market that is not assigned to the disposal of futures in the warehouse does not fall within the scope of the estate designated for the disposal of the warehouse and of the property that has been seized or seized.

　　第一百零八条?风险防范实行分级负责制。交易所防范会员的风险，会员防范其结算交割委托人的风险。境外特殊经纪参与者、境外中介机构防范其客户的风险。

The exchange protects its members against the risk of clearing their clients.

　　第一百零九条?会员不能履行合约相关义务和责任时，交易所有权对其采取下列保障措施：

Article 109? Where a member is unable to fulfil its contractual obligations and responsibilities, the following safeguards apply to the ownership of the transaction:

　　（一）动用会员的结算准备金；

(i) Utilize the member's settlement reserve;

　　（二）暂停开仓交易；

(ii) Suspension of opening transactions;

　　（三）按规定强行平仓，直至用平仓后释放的保证金能够履行合约相关义务和责任为止；

(iii) Coercion, as required, until such time as the bond released after the silo is capable of meeting the obligations and responsibilities associated with the contract;

　　（四）将交存的作为保证金的资产处置变现，用变现所得履行合约相关义务和责任。

(iv) Dispose the assets deposited as bonds and use the realized proceeds to meet contractual obligations and responsibilities.

　　第一百一十条?如采取前条措施会员仍欠资金，交易所将按以下步骤履行合约相关义务和责任：

Article 110? If a member of the preceding measure still owes money, the exchange will fulfil its contractual obligations and responsibilities as follows:

　　（一）动用风险准备金进行履约赔偿；

(i) Application of the risk reserve for performance compensation;

　　（二）动用交易所的自有资产进行履约赔偿。

(ii) Making use of the exchange's own assets for performance compensation.

　　交易所履行合约相关义务和责任后，通过法律程序对会员进行追偿。

Once the exchange fulfils its contractual obligations and responsibilities, it recovers its members through a legal process.

　　第一百一十一条?交易所实行风险准备金制度。风险准备金是指由交易所设立，用于为维护期货市场正常运转提供财务担保和弥补因交易所不可预见风险带来的亏损的资金。

A risk reserve is a fund established by the exchange to provide financial security for the proper functioning of futures markets and to cover losses resulting from unforeseen risks to the exchange.

　　第一百一十二条?风险准备金的来源：

Article 112: Sources of the risk reserve:

　　（一）交易所按向会员收取手续费收入20%的比例，从管理费用中提取；

(i) The exchange is drawn from the administrative fee at the rate of 20 per cent of the income from fees charged to its members;

　　（二）符合国家财政政策规定的其他收入。

(ii) Other income in accordance with the provisions of the State's fiscal policy.

　　当风险准备金余额达到一定规模时，经中国证监会批准可不再提取。

When the risk reserve balance reaches a certain level, it can no longer be withdrawn with the approval of the CVM.

　　第一百一十三条?风险准备金应当单独核算，专户存储，除用于弥补风险损失外，不得挪作他用。

Article 113: The risk reserve shall be accounted for separately and stored exclusively and shall not be diverted except to cover loss of risk.

　　第一百一十四条?风险准备金的动用应当经交易所董事会批准，报告中国证监会后按规定的用途和程序进行。

Article 114: The use of the risk reserve shall be authorized by the board of directors of the exchange and shall be reported to the CSRC in accordance with the prescribed purposes and procedures.

　　第九章 附则

　　第一百一十五条 本办法中所称时间均为北京时间，除本办法有明确的规定外，“日”均指交易日。

Article 115. All times referred to in this scheme shall be Beijing time, and “day” shall mean the day of the transaction, except as expressly provided in this scheme.

　　第一百一十六条?违反本办法规定的，交易所按《广州期货交易所违规违约处理办法》的有关规定处理。

Article 116: In violation of the provisions of this scheme, the exchange is dealt with in accordance with the relevant provisions of the Treatment of Infringements by the Guangzhou Futures Exchange.

　　第一百一十七条?各品种业务细则有特别规定的，适用其规定。

Article 117: The rules governing the operation of the various varieties are specific and apply.

　　第一百一十八条?本办法解释权属于广州期货交易所。

Article 118: The power of interpretation in this scheme is vested in the Guangzhou Futures Exchange.

　　第一百一十九条 本办法自公布之日起实施。

Article 119 This scheme shall be implemented from the date of its publication.

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