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Financial venture conducts enlarge board to block period copper hard to drop con
From;    Author:Stand originally
Domestic option market is performed first days after the section after all fronts steeps fall, each big futures exchange in succession at morrow urgent issue an announcement, take " spread board " , " decreases a storehouse forcibly a series of step such as " will control market risk. But act of enlarge board " did not prevent the " that each bourse publishs it seems that of each futures contract drop impetus, a lot of breed trade in two subsequently continued to perform in day drop the one act that stop.

Shanghai futures exchange trades twice continuously to the part sunrise drops now stop board the futures contract of prices adopted " measure of enlarge board " . According to the regulation, shanghai copper, zinc, aluminium goes up normally drop stop board extent is 4% , successive the 2nd unilateral goes up drop stop board extent by 4% on move to 5% , the 3rd unilateral goes up continuously drop stop board rise to 6% . Yesterday, 3 agreement that Shanghai futures exchange has 10 copper contract and balata all are brushed together to brush the ground to seal in of 6% drop stop board on. Balata 0811 with 0901 agreement more appearing to drop 3 times continuously after stopping, be traded one day by time-out.

In 37 agreement trade twice continuously day drops stop, after unilateral does not have successive quote, dalian Commodity Exchange also gave out an announcement to say on October 7, basis " risk of Dalian Commodity Exchange runs way " the 3rd chapter sets the 18th times, if successive 3 trade day drops stop board unilateral does not have successive quote, bourse will undertake enforcing decreasing a storehouse after receiving city. Reduce a kind of protection that the storehouse is pair of deficit clients in fact forcibly, also be to maintain the stability of money market at the same time, because successive 3 drop stop, mean the 10% earnest money that make much client already all compensate is smooth.

Nevertheless, domestic each exchange is on guard the measure of the risk is not identical. What big business place adopts is to be in successive 3 days drop the measure that the storehouse decreases forcibly after stopping, and what Shanghai futures exchange adopts is " however the means of enlarge board " . Zhengzhou Commodity Exchange appears rarely successive 3 go up drop stop board circumstance, according to the practice previously, also be in the 4th unilateral goes up normally drop stop day to stop to relevant agreement trades and announce processing plan, but extent of the 5th day is not affirmatory, enlarge of possible meeting " board " , keep original range likely also, return meeting occurrence " to shrink even board " .

Publish lash-up act in succession besides exchange of 3 big futures besides, each futures firm also go up in succession the bail scale that tone futures trades, in order to control a venture. But the severe impact that the extreme prices that this domestic option market appears results from American banking crisis to be formed to hypostatic economy, bring about option market risk to magnify quickly, from go will look on situation, this one risk has not gotten be releasinged adequately.
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