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Notice on Market Risk Control during the Chinese New Year Holiday in 2022

Date: 2022-01-25

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All Members,

According to the holiday schedule of SGE, the market will be closed from January 31 (Monday) to February 6 (Sunday). It will also close on January 29 (Saturday) and January 30 (Sunday), and there will be no night trading session on January 28 (Friday). The market will open for trading on February 7 (Monday).

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 January 27, 2022 (Thursday), margin rates for Au(T+D), mAu(T+D), Au(T+N1), Au(T+N2), NYAuTN06, NYAuTN12 will be raised from 8% to 10%, and price limits will be raised from 7% to 9% starting from the following trading day. Margin rate for Ag(T+D) will be raised from 12% to 14%, and price limit will be raised from 11% to 13% starting from the following trading day. 
If a limit-locked market occurs on January 27, 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 resumption of trading on February 7, 2022 (Monday), from the after-hours clearing on the first trading day without happening limit-locked market, the margin rates for Au (T+D), mAu (T+D), Au (T +N1), Au(T+N2), NYAuTN06, NYAuTN12 will be restored to 8%, and price limits will be restored to 7% from the following trading day. Margin rates for Ag (T+D) contract will be restored to 12% and price limit will be restored to 11% from the following trading day
All members shall properly control market risk, duly adjust margin requirements based on customers’ open interests and risk profiles; remind investors to be prudent and rational during trading, and appropriately manage open interests so as to ensure healthy and stable operation of the market.

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