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Notification on Market Risk Control during the Chinese New Year Holiday in 2021

Date: 2021-02-04

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All Members,

According to the holiday schedule of SGE, the market will be closed from February 11th (Thursday) to February 17th (Wednesday), and there will be no night trading session on February 10th (Wednesday). The market will open for trading on February 18th (Thursday).

In case of volatile international gold and silver prices during the holiday, SGE will adjust the margin rates and price limits of gold and silver deferred contracts according to the Measures for the Administration of Risk Control of the Shanghai Gold Exchange. Detailed adjustments are as below:

1.As of after-hours clearing on February 9th 2021 (Tuesday), margin rates for Au(T+D), mAu(T+D), Au(T+N1), Au(T+N2), NYAuTN06, NYAuTN12 will be raised from 12% to 14%, and price limits will be raised from 11% to 13% starting from the following trading day. Margin rate for Ag(T+D) will be raised from 16% to 21%, and price limit will be raised from 15% to 19% starting from the following trading day.

If a limit-locked market occurs on February 9th, the higher level of margin rates and price limits will be adopted if the above adjustments are below the rates formulated in the Measures for the Administration of Risk Control of the Shanghai Gold Exchange.

2.After the trading resumes on February 18th 2021 (Thursday), as of the first trading day without a limit-locked market, margin rates for Au(T+D), mAu(T+D), Au(T+N1), Au(T+N2), NYAuTN06, NYAuTN12 will return to 12%, and price limits will return to 11% starting from the following trading day. Margin rate for Ag(T+D) will return to 16% and price limit will return to 15% starting from the following trading day.

Please properly control the market risk, duly adjust margin requirements based on your customers’ positions and risk profiles; remind your investors to keep prudent and rational during the trading, and appropriately manage positions so as to ensure the healthy and stable operation of the market.

Shanghai Gold Exchange 
February 4th 2021

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