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Clearing Business Guide
Guide to Daily Clearing

I. Introduction

After daily market close, China Financial Futures Exchange (“Exchange”) uses the daily settlement price to clear all contracts held by each Clearing Member for the profits and losses, option premium, trading margin, exchange fees, taxes and other fees and charges. The Exchange then makes a one-off transfer of the net receivables and payables, and credits or debits members’ Settlement Reserve accordingly.

II. Clearing Procedures

1. After daily market close, the Clearing Department of the Exchange conducts clearing based on the execution data of that day and publishes the settlement data tagged as “Please check and verify” via the Member Service System. Clearing Members may download the settlement data through the system for check and verification.

2. The Clearing Department processes margin calls, funds and collateral withdrawal for Clearing Members.

3. After processing the funds, the Clearing Department conducts funds clearing and publishes the settlement data tagged as “Official release”.

4. Clearing Members receive the officially released settlement data to conduct daily clearing.

Copyright ©2010 CFFEX

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