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Home » Announcements » OKCoin Futures ´Full Account Clawback´ System Update Add New Post

OKCoin Futures ´Full Account Clawback´ System Update

Moderator published on OKCoin Announcements Announcements 2015-04-01 12:30 4949

Thanks to user feedback, we’re going to be making the following changes to our futures platform:


1. The futures delivery price will now be calculated from the average index price between 3PM-4PM on the delivery date (the period used for the average price calculation has been reduced from two hours to one hour).



2. Margin call losses from BTC and LTC futures will now be processed according to a ‘full account clawback’ system – all three contracts’ margin call losses will be merged and clawbacks will be calculated according to a user’s entire account profit, instead of calculating each contract’s clawback separately.



Example: A user has a 10BTC profit in the weekly contract, and 8BTC losses in the quarterly contract. According to the old system, when the weekly contract was delivered and clawbacks were calculated, the final clawback on the weekly contract could exceed the account’s total profit of 2BTC (10BTC-8BTC). Under the ‘full account clawback’ system, the clawbacks will be calculated according to the account’s total profit at time of delivery (10BTC-8BTC) so that the clawback value cannot exceed 2BTC.



Original clawback rate = margin call losses for all users within one contract / total account profit for all profitable users within that contract * 100%
Adjusted clawback rate = margin call losses for all users across all contracts / total account profit for all profitable users across all contracts * 100%
The new clawback rules will be implemented for the delivery/settlement on 3rd April 2015.



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