Shanghai Gold Exchange Hikes Silver T+D Margins 20% (From 15% to18%)

As mentioned earlier, the Shanghai Gold Exchange 20% hike in silver margins at approx 2am induced a capitulation sell-off in silver down to $26.
For those unable to read Mandarin, we would like to thank Google Translate for its assistance:

On the adjustment of silver Ag (T + D) ratio and price limits margin contract notice

September 26, 2011:

     Silver Ag (T + D) contract close on September 23 sealed limit. According to "Shanghai Gold Exchange Risk Control Measures" of the relevant provisions, such as Ag (T + D) contract on September 26 日 (周一) close to limit the same direction (ie, a second consecutive unilateral City), end of the day from the date of liquidation from the Ag (T + D) contract margin rates from 15% to 18%, the next trading day Ag (T + D) contract price limits range limit from 12% to 15%.

     Please hold the contract to members and customers well in advance to prepare the corresponding margin calls.


Shanghai Gold Exchange
September 26, 2011

关于调整白银Ag（T+D）合约保证金比例及涨跌停板的通知

2011年09月26日        【字号　 大 中 小】

 

各会员单位：

    白银Ag(T+D) 合约9月23日收盘时封住跌停。根据《上海黄金交易所风险控制管理办法》的相关规定，如Ag(T+D)合约于9月26日（周一）收盘时继续同方向跌停（即出现第二个连续单边市），自当日日终清算时起Ag（T+D）合约的保证金比例从15%调整至18%，下一交易日起Ag（T+D）合约涨跌停板幅度限制从12%调整至15%。

    请持有该合约的会员和客户提前做好相应的保证金追加准备。

 
上海黄金交易所  
2011年9月26日 

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