Measures for Trading Settlement and Fund Management (Trial)

Chapter I General Provisions

Article 1. In order to regulate the fund settlement and management of iron ore spot trading of Beijing Iron Ore Trading Center Corporation (hereinafter referred to as “COREX”), and to protect the lawful rights and interests of all trading parties, these Measures are formulated in accordance with the COREX Iron Ore Spot Trading Rules and other relevant laws and regulations, taking into account the actual market conditions.

Article 2. Settlement refers to business practices including calculating and transferring members' security deposits and payments for goods based on their trading results and the relevant provisions of COREX.

Article 3. Special fund settlement account refers to a dedicated bank account opened at a bank by a fund settlement institution recognized by the regulatory authority, which is used for supervising and settling the trading funds of COREX's members. To ensure its clear and transparent usage, the special fund settlement account is subject to separate account management, and various sub-accounts are established within it, including member fund custody accounts and interest accounts. Settlement banks refer to the banks where special fund settlement accounts are opened.

Article 4. Members shall open individual fund accounts at settlement banks. Each member’s fund account shall be linked to the special fund settlement account. Members can transfer fund withdrawals and deposits between the special fund settlement account and their respective fund accounts. They can select any settlement bank designated by the fund settlement institution to open their individual accounts.

Article 5. COREX implements a same-day settlement system. At 17:30 Beijing time on each trading day, the "Statement of Account for Iron Ore Spot Trading of Beijing Iron Ore Trading Center" is sent to members.

Article 6. Settlement adopts the principle of "one receipt and one payment, receipt before payment, and offsetting between receipts and expenditures".

Chapter II Definitions and Terms

Article 7. Security Deposits: Refers to funds deposited by members in the special fund settlement account in accordance with relevant regulations or agreements to ensure the performance of contractual obligations.

Article 8. Freeze: Refers to temporary retention by the settlement banks in accordance with relevant rules and instructions, including security deposits and payments for goods deposited in the special fund settlement account, which shall not be transferred prior to the completion of the transaction.

Article 9. Unfreeze: Refers to the release by the settlement bank of previously frozen funds in accordance with relevant rules and instructions.

Article 10. Deposit: Refers to the transfer of funds, including security deposits and payments for goods, by members from their individual fund accounts into the special fund settlement account.

Article 11. Withdrawal: Refers to the transfer of available funds by members from the special fund settlement account to their individual fund accounts.

Chapter III Trading Settlement

Article 12. When members place bids or offers, COREX's iron ore spot electronic trading system (hereinafter referred to as "the System") automatically calculates the corresponding security deposits or payments for goods. If the balance in the member's fund custody sub-account within the special fund settlement account is insufficient, the System will not allow the order to proceed and will issue a notification of insufficient funds.

Article 13. After a transaction is concluded, based on the buyer's payment instruction and both parties' confirmation of performance completion, the settlement bank will unfreeze and transfer the security deposits and payments for goods.

Article 14. COREX conducts same-day settlement of members' trading funds. At the end of each trading day, it calculates members' transactions and prepares the "Statement of Account for Iron Ore Spot Trading of Beijing Iron Ore Trading Center" (hereinafter referred to as the “State of Account”). Members should promptly download the "Statement of Account" and verify their transaction records and fund changes. Any objections to "Statement of Account" for that trading day require a written application for review, which should be submitted to COREX by 15:30 on the next trading day. COREX, together with the fund settlement institution, will promptly issue a review based on the records of the System and issue the conclusions accordingly; and if a member fails to submit a review application on time, it shall be deemed to indicate no objections.

Article 15. The security deposits ratio ranges from 0% to 100% of the transaction amount. When the security deposits ratio is set at 100%, it is considered as the payments for goods. Trading parties may set the security deposits ratio at their discretion on the basis of the counterparty's creditworthiness.

Chapter IV Deposit and Withdrawal Management

Article 16. Deposit Management:

1. After signing an agreement with a designated settlement bank, members can make deposits through the System or the settlement bank's transfer system, transferring funds from their individual fund accounts to the special fund settlement account for security deposits and payments for goods.

2. Under special circumstances where deposits cannot be made through the System or the settlement bank's transfer system, members may process deposits at a bank branch and fax the bank remittance (deposit) receipt to COREX. COREX will increase the funds upon confirming the receipt.

3. Funds transferred by members that are confirmed as received during market hours shall be immediately added to the special fund settlement account. Funds confirmed as received after daily settlement has been completed shall be credited in the special fund settlement account before the opening of the next trading day.

Article 17. Withdrawal Management:

1. To process withdrawal business, members should submit a withdrawal application to COREX through the System during trading hours.

2. After a member's withdrawal application is verified and approved by COREX, the corresponding funds will be transferred to the member's individual fund account.

3. COREX has the right to restrict withdrawals by members suspected of major violations and under investigation by COREX or relevant authorities. Such restrictions shall be limited to the amount of the frozen funds regarding the trading involved in the suspected violation.

Chapter V Supplementary Provisions

Article 18. COREX reserves the right to interpret and revise these Measures.

Article 19. Both Chinese and English versions are valid. In case of any inconsistency, the Chinese version shall prevail.

交易结算与资金管理办法（试行）

第一章 总则

第一条 为规范北京铁矿石交易中心股份有限公司（以下简称“北铁中心”）铁矿石现货交易资金结算与管理行为，保护交易各方的合法权益，根据《北京铁矿石交易中心铁矿石现货交易规则》等规则及有关法律法规，结合市场实际情况制定本办法。

第二条 结算是指根据会员的交易结果和北铁中心的有关规定，对会员保证金、货款进行计算、划拨的业务行为。

第三条 资金结算专用账户是指由监管部门认可的资金结算机构在银行开立用于监管、结算北铁中心会员交易资金的银行专属账户，资金结算专用账户实行分账管理，在资金结算专用账户中设立会员资金存管明细账户、利息等各类子账户，保证资金使用清晰透明。用于开立资金结算专用账户的银行统称为结算银行。

第四条 会员在结算银行开立自有资金账户，会员的自有资金账户与资金结算专用账户进行绑定，会员的出金或入金往来在资金结算专用账户和其自有资金账户之间划转。会员可在资金结算机构指定的结算银行中任选一家开设自有资金账户。

第五条 北铁中心实行当日结算制度，每个交易日北京时间17：30向会员发送《北京铁矿石交易中心铁矿石现货交易对账单》。

第六条 结算采用“一收一付、先收后付、收支相抵”的原则。

第二章 定义与术语

第七条 保证金：是指为保证会员按照合同条款履约，会员按相关规定或约定冻结于资金结算专用账户内的相应资金。

第八条 冻结：是指结算银行按相关规则和指令对已存入资金结算专用账户的保证金、货款等资金暂时保管，在交易完成前不予划转的行为。

第九条 解冻：是指结算银行按相关规则和指令对冻结资金解除冻结的行为。

第十条 入金：是指会员将其保证金、货款等资金从其自有资金账户划入到资金结算专用账户中的行为。

第十一条 出金：是指会员将其在资金结算专用账户上的可用资金划入到其自有资金账户的行为。

第三章 交易结算

第十二条 在会员发布买卖指令时，北铁中心铁矿石现货电子交易系统（以下简称“系统”）自动计算对应的保证金或货款，如资金结算专用账户中的会员资金存管明细账户额度不足，则系统不支持下单，系统将提示资金余额不足。

第十三条 交易达成后，根据买方付款指令及双方确认履约完成指令，结算银行对保证金和货款进行解冻和划转。

第十四条 北铁中心对会员的交易资金进行当日结算，在每日交易结束后对会员的成交进行核算并编制《北京铁矿石交易中心铁矿石现货交易对账单》。会员应及时下载《北京铁矿石交易中心铁矿石现货交易对账单》并核实其交易及资金变动情况，如对当天《北京铁矿石交易中心铁矿石现货交易对账单》有异议，应在下一交易日15：30时前以书面形式向北铁中心申请复核，北铁中心将会同资金结算机构以交易系统的记录为依据及时做出复核结论；会员未按时提出复核申请的，视为无异议。

第十五条 保证金比例为交易额的0%-100%，当保证金比例设置为100%时，即视为货款，交易双方可根据交易对手方的信用情况自行设定保证金比例。

第四章 出入金管理

第十六条 入金管理：

（一）会员签约指定结算银行后通过北铁中心铁矿石现货电子交易系统或结算银行的转账系统进行入金操作，把资金从其自有资金账户划转到资金结算专用账户，以便支付保证金、货款。

（二）如遇特殊情况，会员无法通过北铁中心铁矿石现货电子交易系统或结算银行的转账系统进行入金操作时，会员可在银行网点办理入金，并将银行汇款（存款）凭证传真给北铁中心，北铁中心在确认到账后给予增加资金。

（三）会员划入的资金在开市期间被确认到账的，即时增加到资金结算专用账户；如在当日结算完成后确认到账的，则在下一交易日开盘前计入资金结算专用账户。

第十七条 出金管理：

（一）会员办理出金业务，应在交易时间内通过北铁中心铁矿石现货电子交易系统向北铁中心发出出金申请。

（二）会员出金申请经北铁中心核对通过后，相应资金将划出到会员自有资金账户。

（三）涉嫌重大违规，北铁中心或有关部门正在调查的会员，北铁中心有权限制其出金。限制出金以会员涉嫌违法违规的交易项目下冻结的资金额度为限。

第五章 附则

第十八条 本办法由北铁中心负责解释和修订。