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Home » Announcements » OKCOIN Futures Trading User Agreement Add New Post

OKCOIN Futures Trading User Agreement

Moderator published on OKCoin Announcements Announcements 2014-08-05 23:55 13012
1. Overview
1.1 Futures trading is a new servicelaunched by OKCOIN (a Singapore register company), and is managed andmaintained via OKCoin’s online trading platform.
1.2 When trading futures on OKCoin, allusers shall comply with relevant laws and OKCoin’s terms of service, as well asthe Futures trading rules.


2. Futures
2.1 Futures contracts are priced in US dollar terms, and traded interms of Bitcoin (BTC) or Litecoin (LTC), and any otherdigital currencies that may be accepted by OKCOIN in the future.
2.2 The par value of a contract is US$100. The smallest unit ofquotation is US$0.01
2.3 Contract types include weekly, fortnightly and monthly. Weeklycontracts will be settled on the coming Friday relative to the current day.Fortnightly contracts will be settled on the second Friday relevant to thecurrent day. Monthly contracts will be settled on the last Friday of thecurrent month. If the last Friday of the month is same due date as a weekly orfortnightly contract, then the monthly settlement date will be the last Fridayof the following month.
2.4 Delivery time will be at 16:00 Beijing time (08:00 UTC) on the due date. All open positions for the current week contract will be closed according to the delivery price. The delivery price will be calculated using the arithmetic average of the price index of the last hour before closing.


New contracts will commence trading at 08:30 UTC (16:30 CST) on settlement day.

3. Trading Rules


3.1 Orders can be placed using OKCoin’s online web platform,TradeStation PC Client, API, or any other method that is accepted by OKCOIN The order will include price, amount, direction, position, as well asother content required by OKCOIN
3.2 Once an order has been processed, the user will have thecorresponding futures position. Whilst a position is still open, the user willexperience unrealized gains and losses. Unrealized gains and losses can be usedas margin, but cannot be withdrawn.
Unrealized gains and losses:
Long position: (100/ average open positons – 100/currentprice)*Number of contracts
Short position: (100/current price – 100/average openposition)*Number of contracts
3.3 When a position is successfully closed, the correspondingposition will be removed from the user’s holding positions. Unrealized gainsand losses will subsequently be realized. Realized gains and losses can be usedas margin, but can only be withdrawn upon settlement.
Realized gains and losses:
Long position: (100/ average open positons – 100/currentprice)*Number of contracts
Short position: (100/current price – 100/average openposition)*Number of contracts
3.4 On the delivery date, thecontract will be settled at 16:00 Eastern Standard Time (08:00 UTC). All open positionswill be closed at the settlement price, and all unrealized gains and losseswill be realized. The realized gain and loss will be transferred into youraccount. This account balance can be used to open further futures contracts, orbe withdrawn.


4. Risk Management Rules
4.1 Account equity is the totalcurrent assets belonging to the user. It is equal to the account balance +unrealised gains and losses + realized gains and losses. Only the accountbalance can be withdrawn.
4.2 When a user holds a position, the required margin is calculatedas:
(100 / latest contract price / leverage ratio)*total value of thecontract
The total margin will be equal to the cumulative amount of marginrequired for each contract
4.3 When a user opens a position, the required margin is calculatedas:
(100 /open price / leverage ratio)*number of contracts.
If the opening position price is higher than the latest price, theorder will be opened at the latest price.
4.4 The total margin required for auser account is equal to holding margin + opening margin
4.4 The margin ratio of a customer’s account is equal to (Accountequity / total margin) – 0.1
4.5 When opening a contract,customers need to maintain a margin rate above 90%. If the opening of a newcontract will result in the margin rate being lower than 90%, the order will berefused.
4.6 When the margin rate falls below0%, all current positions will be automatically liquidated. All positions willbe closed at a price that will result in the customer account equity balancebeing zero. If the forced closed price is higher than the order price, theequity balance will be refunded back to the users account. If not all positionscannot be closed immediately, the unclosed positions will be placed in awaiting list until they can be closed at a forced price.
4.7 If there are pending forcedclosed orders at delivery time, such open positions will be closed at thedelivery price. The associated loss occurred will be credited into the contractgains & losses and will be deducted from the previous gains of thiscontract


5. Other
5.1 Users who trade in Futures shallcomply with the principles of fairness and impartiality
5.2 OKCOIN reserves theright to enact executive control over accounts if malicious price manipulationor any other malicious wrongdoing occurs. If required, OKCOIN reserves the right to close accounts, limit trading, halt trading, canceltransactions, and rollback transactions to eliminate any adverse effects in theFutures market
5.3 OKCOIN will not be responsiblefor any losses occurred due to internet network malfunctions, system failures, hacking attacks and force majeure: war, riots, floods, earthquakes or any other unexpected disruptions.
5.4network failures, system failures, hacking attacks, and other unforeseen factors have the potential to cause abnormal turnover, market interruptions and other possible anomalies. OKCOIN reserves the right to cancel and/or roll back transactions over a period of time in which it deems sufficient to mitigate any detrimental market effects.
5.5 OKCoin strictly prohibits unfair trading behaviour, including but not limited to exploitation of loopholes and malicious abuse through large or continuous commissions with the goal of manipulating price and volume. OKCOIN reserves the right to cancel and/or roll back transactions over a period of time in which it deems sufficient to mitigate any detrimental market effects.
5.6OKCOIN reserves theright to add, remove or modify any of the above rules at any time. Any suchchanges to the rules or product designs shall be made known in advance throughOKCoin’s website,the rules will be changed by the newest announcement .






综述
1.1虚拟合约是OKCOIN 推出的虚拟货币衍生品。由okcoin新负责产品的设计管理和交易平台的运营服务。
1.2 用户在参与OKCOIN 提供的虚拟合约交易时,应当遵守各国相应的法律,遵守OKCOIN 平台的交易规则和虚拟合约产品交易规则。


2.虚拟合约产品规则
2.1 虚拟合约合约的标的包括BTC,LTC,以及其他OKCoin认可的虚拟货币品种。在进行交易时以美元对虚拟合约标的进行计价。
2.2 虚拟合约合约的面值为100美元。报价时的最小变动单位为0.01美元。
2.3 合约分为当周合约,次周合约和月合约。当周合约将在距离当前日期最近的一个周五交割,次周合约将在当周合约交割日之后的下一个周五交割,月合约将在当月的最后一个周五交割。若当月的最后一个周五为当周或次周合约的交割日,则以下一个月的最后一个周五作为月合约的交割日。
2.4 合约的交割时间为合约到期日的下午四点钟,所有未平仓的到期合约仓位将按照交割价进行交割。交割价为对应虚拟货币价格指数的最后一小时算术平均价。新合约将于交割日当日下午四点半开始交易。


3.交易规则
3.1 投资者可以通过网页,客户端,api,以及OKCOIN认可的方式下达交易委托。委托内容包括委托价,委托数量,委托方向,开平仓方向,以及OKCoin要求的其他内容。
3.2 当投资者下达开仓委托并且成交时,投资者将会建立相应的虚拟合约仓位,在该仓位未被平仓时,随着价格的波动将会产生未实现盈亏。未实现盈亏可以充当虚拟合约合约的保证金,但不可提现。
未实现盈亏的计算公式:
多仓未实现盈亏=(100/开仓平均价格-100/当前价格)*持仓数量
空仓未实现盈亏=(100/当前价格-100/开仓平均价格)*持仓数量
3.3 当投资者下单平仓委托并且成交时,将会从投资者所持有的仓位中扣减相应的持仓数量,并且将未实现盈亏转化为已实现盈亏。已实现盈亏可以充当虚拟合约合约的保证金,但在获得盈利的虚拟合约合约交割前不可以提现。
已实现盈亏的计算公式:
多仓已实现盈亏=(100/开仓平均价格-100/平仓价格)*持仓数量
空仓已实现盈亏=(100/当前价格-100/开仓平均价格)*持仓数量
3.4 当某一虚拟合约合约到达交割日时,该合约将会在下午的四点钟进行交割,所有的持仓将会按照交割价平仓,所有的未实现盈亏转化为已实现盈亏,已实现盈亏扣除该合约盈亏差额后转为账户余额。账户余额可以充当虚拟合约合约的保证金,可以提现。


4.风控规则
4.1 账户权益指的是客户账户当前拥有的全部资产,=账户余额+未实现盈亏+已实现盈亏。其中账户余额可以提现,未实现盈亏和已实现盈亏不可提现。
4.2 当客户持有仓位时,需要相应数量的持仓保证金,某合约的持仓保证金=100/该合约最新价/杠杆倍数*该合约持仓数量。账户的持仓总保证金=各合约持仓保证金之和。
4.3 当客户进行开仓委托时,需要相应数量的委托保证金,委托保证金=100/委托价格/杠杆倍数*委托数量。当委托为买入开仓时且委托价格高于最新成交价时,以最新价代替委托价格进行保证金计算。
4.4 客户账户的保证金总额=持仓保证金+委托保证金。
4.4 客户账户的保证金率=客户账户权益/客户保证金总额-0.1。
4.5 客户进行开仓交易时需维持90%以上的保证金率。若客户的某一笔委托在委托成功后将导致其保证金率低于90%,该笔委托将被拒绝。
4.6 当客户的保证金率低于0%时,其账户的所有仓位将被强平。客户的所有持仓将会按照计算出的正好使得客户账户权益变为0的强平价格进行平仓委托。若最终强平成交价格高于委托价格,则剩余的权益将退回至客户账户。若在委托成功后强平委托未能立即成交,则未成交的部分视作用户已经按照强平价格平仓。未成交的委托将继续出于委托队列中等待成交直至交割。
4.7 若直至交割仍有强平委托未能成交,则在交割时该仓位将按照交割价进行交割,由此产生的亏损记作合约的盈亏差额。在合约进行交割时,将会按比例从该合约的盈利账户中扣除部分盈利,用于弥补盈亏差额。


5.其他
5.1 用户在参与虚拟合约交易时,应当遵守公平公正的原则。
5.2 OKCOIN 有权利对所有恶意操纵价格,恶意影响交易系统等不道德行为进行警告,限制交易,关停账户等措施。在有必要的时候,okcoin有权采用暂停交易,取消交易,回滚时段交易等手段以消除不良影响。
5.3 由于网络原因,系统故障,DDos等黑客攻击行为或战争,暴乱,洪水,地震等不可抗拒因素导致的行情中断,不能正常委托等意外事件导致客户损失的,OKCOIN 不负任何责任。
5.4 由于系统故障,网络原因,DDos等黑客攻击等意外因素可能导致的异常成交,行情中断,以及其他可能的异常情况,OKCOIN 有权根据实际情况取消异常成交结果,以及回滚某一段时间的所有成交。
5.5 okcoin交易平台将严厉禁止任何不正当的交易行为,包括但不限于用户利用可能存在的系统漏洞进行恶意委托,通过大额委托,连续委托,关联账户对倒成交等方式恶意操纵价格和成交量等行为,OKCOIN 平台有权根据实际情况取消异常成交结果,以及回滚某一段时间的部分或所有成交。
5.6 OKCOIN 在有必要的情况下有权利修改上述规则和产品设计。修改方案将在施行时进行公告,产品实际运作规则以最新公告为准。
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