The Shanghai Futures Exchange recently released the newly revised "Shanghai Futures Exchange Risk Management Regulations," which regulates the extent of the ups and downs of the relevant contracts, the consistency of trading units and delivery units, and the adjustment of margins in special circumstances. Revised. It is understood that the main contents of this amendment are: Since cu0507, al0507 and subsequent months of the contract, increase the margin of increase and gradient of copper margin close to the delivery date, cancel the copper and aluminum hedging positions in the margin on the partial concessions. Increase the copper margin increase to five, ie 7%, 10%, 15%, 20%, 30%. Canceled certain discounts on margin for copper and aluminum hedging positions. Close to the closing time, the speculative and hedging positions of copper and aluminum futures contracts are increased simultaneously. From March 1, 2005, the fluctuation limit of the copper futures contract is temporarily adjusted to 4%, and a moderate adjustment has occurred. Copper's ups and downs and the margin ratio when the direction is stopped. At the same time, it is clear that there can be no stoppage after three stoppages in two special circumstances. In order to adapt to the actual increase in the volatility of the current copper spot market, when the copper futures contract appeared in a unilateral market, the adjustments for the ups and downs on the D1, D2, and D3 trading days were revised from 3%, 4%, and 5% to 4% and 5 respectively. %, 6%, margin adjustment method for D2, D3 trading days changed from 6%, 8% to 7%, 9%; since cu0504, al0504, fu0504 and subsequent month contracts, members and investors are approaching the delivery date The positions should be adjusted to the multiples of the delivery units within the specified time; further clarify the situation of exchanges to increase the margin according to market conditions. Exchanges can adjust their trading margin levels based on market risk. For this revision, the person in charge of the legal department of the Shanghai Futures Exchange stated that there have been some new changes in the current futures market. The new changes pose a severe challenge to the exchange's risk control capabilities. The exchanges openly solicit comments from members through the Internet. Based on the above, the revised plan has been continuously improved, and more timely and relevant measures have been issued.