Article 22 Settlement refers to the business activity of calculating and transferring the members’ funds, payments for traded goods and other related fees according to the trading results and relevant rules governing trading.

Article 23 The Settlement Department shall be responsible for all settlements, guarantee fund management and prevention of settlement risks at Sinoruex. Each member shall appoint their own staff to handle settlement and delivery.

Article 24 Each trading day is a trading period and settlements shall be conducted on a daily basis. Based on the trading and settlement results, Sinoruex shall transfer the net payables and receivables in lump-sum accordingly. 

Article 25 The guarantee fund placed by each member is used to make sure the honoring of contracts after the completion of deals as well as for compensation when the contract is breached. The guarantee fund shall be collected at a certain percentage of the total value involved in the trading. The specific percentage shall be determined according to membership grading and market risks. The Sinoruex may adjust the percentage as it deems necessary. 

All members engaged in transactions at Sinoruex must place the guarantee fund as required by Sinoruex.

Article 26 Sinoruex and each member shall open specialized settlement accounts respectively in a designated. Before engaging in trading, each member shall deposit sufficient money in the settlement account to make sure the smooth proceeding of trading. In the case that a member’s account has fund shortage after the closing of daily trading, Sinoruex would notify the member of the need to increase deposit to the required level before the next trading day starts.

Article 27 Sinoruex shall provide detailed information of settlement to members through the issuance of settlement bills or other channels. Members can retrieve settlement information through internet. A member is regarded as having received and endorsed the settlement if they do not raise any question in this regard thirty minutes before the opening of trading on the next day. 

When settlement information cannot be provided on time due to unexpected reasons, Sinoruex would inform members in a timely manner of the new time for providing the settlement information.

Article 28 The guarantee fund can be in forms of currency, rights certificate or commodity (The value of rights certificate or commodity shall be calculated at a certain discount).