Since the beginning of this year, precious metals and copper and tin and other non-ferrous metals have increased significantly in the global context, attracting attention from all walks of life. As the May Day holiday is approaching, the relevant person in charge of the last session answered the reporter's questions on issues of concern to the market.
AskAbugarciaambassadeur6500c3Since the beginning of this year, due to the influence of international macro factors and overseas market transmission, the price fluctuations of domestic precious metals and some non-ferrous varieties have also intensified. What measures have the exchange taken in strengthening supervision, preventing risks and stabilizing the operation of the market?
A: this year, some non-ferrous varieties such as copper and precious metals have increased significantly. Especially since April, various uncertainties around the world have increased, and the volatility of commodity-related varieties has further intensified.
The last period attached great importance to it, conscientiously implemented the spirit of the central financial work conference, adhered to the supervision principle of stability as the tone and strict words, actively performed the main responsibility of supervision, and continuously followed and analyzed the market operation situation of hot varieties. Do a good job in price monitoring, position monitoring, behavior supervision, scientific decision-making and comprehensive policies within the framework of rules We will do a solid job in strengthening supervision, preventing and defusing risks, and promoting high-quality development, so as to maintain the bottom line that systemic risks do not occur, and maintain the stable operation of the market.
First, timely introduction of appropriate risk control measures to prevent excessive speculation and guide rational trading. First of all, a notice was issued on April 10, starting from April 12 to tighten the opening trading limits of copper and other three products within days. Then, in view of the changes in the external situation, a notice was issued on April 16, taking appropriate measures to increase the range of rising and falling limits and trading margin ratio for gold, silver, copper, international copper and aluminum futures varieties. at the same time, the handling fees for nickel futures 2405 to 2409 contracts, tin futures 2405 to 2407 contracts, and silver futures 2406 contracts were raised. After the implementation of the relevant measures, the market heat has dropped somewhat but is still at a relatively high level. The exchange has further carried out special research and issued measures on April 18 to increase the handling fees for gold futures 2406, 2408 contracts and silver futures 2408 contracts. At the same time, in view of the recent market fluctuations and many internal and external uncertain factors, a risk warning notice was issued to the whole market to remind all parties to take good risk prevention and rational investment. Today, we issued a notice to do a good job in risk prevention work related to the May Day holiday, and adjusted the limit range and trading margin level of various futures contracts before and after International Labour Day closed.
The second is to maintain high-handed supervision and resolutely maintain market order. Strengthen monitoring, strictly investigate violations of laws and regulations, strengthen actual control and investigation, carry out interviews with key customers in a timely manner, and do a good job in reminding member customers of risks. Since April 15, our company has handled a total of 19 abnormal transactions, and we have adopted self-regulatory measures to limit the opening of relevant accounts in respect of the excessive opening volume and repeated abnormal transactions in the account group.
The third is to optimize the layout of delivery warehouses and expand delivery resources to ensure the smooth operation of delivery. Since the beginning of this year, we have continuously optimized the layout of delivery warehouses for tin, alumina, copper and other varieties, and expanded the delivery warehouse capacity in an orderly and steady manner. China Central Reserve Dachang, Guangdong Jushen and Wuxi increased the tin delivery capacity by 14000 tons; Xinjiang Logistics and Guangdong Jushen increased the alumina storage capacity by 50, 000 tons; Luoyang alumina storage capacity increased by 50, 000 tons; Jiulong logistics hot volume storage capacity increased by 120000 tons. At the same time, this year, 12 registered and certified brands including Heilongjiang Zijin, Tongling Nonferrous Metals, Huludao Zinc Industry, Ganzhou Open Source Technology and other non-ferrous metals, ferrous metals and energetic varieties have been approved successively to steadily expand the delivery of commodity resources. help production enterprises to make use of the futures market for risk management, and are actively promoting the registration of cathode copper, electrolytic nickel, alumina and other non-ferrous metal brands. And timely increase the delivery capacity of various varieties according to market changes to meet the storage needs of entity enterprises.
Q: what is the effect of the relevant measures since they were implemented?
A: generally speaking, the measures taken by the exchange since April to increase the trading margin ratio, expand the limit, tighten the trading limit, and increase the handling fees of current positions are necessary measures to prevent systemic risks caused by sharp price fluctuations according to the operation of the market and the internal and external risk situation, to promote rational and prudent participation of all parties, and to promote the long-term and healthy development of varieties. At present, the heat of some varieties, such as precious metals, has dropped, and the delivery of various varieties in May has been carried out in a steady and orderly manner.
However, we should also see that the current external environment is complex, a variety of uncertain and unstable factors are intertwined, and the risk of price volatility in the futures market is still large. As the May Day holiday is approaching, it is suggested that all member units and market traders should do a good job in position management, reasonable control of positions, and rational participation in the futures market.
Q: in the face of follow-up market development and changes, what other measures will the exchange take to further stabilize the operation of the market and better serve the real economy?
A: the last period will further implement the instructions of the CPC Central Committee on financial work, adhere to the general tone of the work of striving for progress in the midst of stability, take strong supervision, risk prevention, and promoting high-quality development as the main line, and adhere to the principle of market-oriented rule of law. Guard against systemic risks caused by large price fluctuations, prevent transactions from overheating, and ensure the safe and stable operation of the market. Provide safe and reliable places for price discovery, risk management and resource allocation for the economy and society.
First, we should use scientific and technological means to enhance the efficiency of front-line supervision, strengthen the supervision of untruthfully declared actual control accounts, strictly investigate illegal clues that undermine the price formation mechanism and infringe upon the legitimate rights and interests of all parties, and severely crack down on violations of laws and regulations in accordance with the law.
Second, according to the market risk situation, adjust and optimize the risk control measures in time, implement policies according to quality and timing, and ensure the timeliness and validity of the measures to stabilize market expectations.
The third is to take the demand of risk management of entity enterprises as the driving force and source for the reform and innovation of the futures market, and further optimize the institutional mechanism, improve the operation quality, and enhance the service capacity of the exchange around the aspects of transaction convenience and delivery adequacy, so as to better promote the function of the futures market and help build a modern industrial system.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
