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Chapter I General Provisions

 

Article 1 These Measures are formulated in accordance with applicable laws, administrative regulations, rules as well as the Trading Rules of China Financial Futures Exchange for the purpose of regulating the dissemination, operation, broadcast and use of information, ensuring full, timely and effective access to information and protecting the information right of China Financial Futures Exchange (hereinafter referred to as the Exchange).

 

Article 2 For the purpose of these Measures, information refers to all the information and data relating to the products traded on the Exchange as well as the descriptions in various forms that communicate in whole or in part the information and data aforesaid, including market quotations of all listed products generated in futures trading activities on the Exchange, various statistic trading data, all the announcements and notices released by the Exchange, and other relevant information with the disclosure required by China Securities Regulatory Commission (hereinafter referred to as the CSRC).

The information mentioned herein does not include all the information the disclosure of which is prohibited by laws, administrative regulations, rules or by the regulatory authority.

 

Article 3 The Exchange has proprietary right over information. Without the permission of the Exchange, no entity or individual may conduct any business in relation to the Exchange’s information, including but not limited to the dissemination, operation, value-added development or broadcast of the Exchange’s information.

 

Article 4 The Exchange may operate and manage its information independently or in cooperation with a third party, or appoint a third party for that purpose. 

 

Article 5 The Exchange provides information based on the principle of compensation. Nevertheless, such principle does not apply to the provision of information required by applicable laws, administrative regulations, rules or memorandums for the purpose of assisting the regulatory authority or other related organs in performing regulatory duties and responsibilities.

 

Article 6 The Exchange shall not be liable for the interruption in the transmission of trading information or the malfunction of the transmission equipment owing to force majeure or unexpected events. 

 

Article 7 The information disseminated by the Exchange is categorized into statutorily disclosed information and non-statutorily disclosed information. statutorily disclosed information refers to the information that must be disclosed by the exchange under applicable laws, administrative regulations and rules, while non-statutorily disclosed information refers to any information other than the statutorily disclosed information.

 

Article 8 These Measures shall be applicable to the dissemination, operation, broadcast and use of the Exchange’s information. The Exchange, members, information vendors, software developers, clients and other organizations and individuals that operate, broadcast, or make use of the Exchange’s information must comply with these Measures.

 

Chapter II Information Contents and Dissemination

 

Article 9 The Exchange disseminates various trading information on a real-time, delayed, daily, weekly and monthly basis as well as various statistic data and historical contract data in accordance with the relevant regulations and market needs.

 

Article 10 Real-time information refers to the market quotations that are almost synchronized with the displayed market quotations of centralized trading and are provided on a continuous basis, i.e., the real-time quotations. 

Real-time market quotations include: names of contracts, contract months, last prices, price changes, trading volumes, open interests, bid prices, offer prices, bid volumes, offer volumes, settlement prices, opening prices, closing prices, highest prices, lowest prices, and previous settlement prices.

 

Article 11 Daily information refers to the trading information of each trading day disseminated upon the closing of the market on that day.

 Daily information mainly includes:

(1) daily market quotations: names of contracts, contract months, opening prices, highest prices, lowest prices, closing prices, previous settlement prices, settlement prices, price changes, trading volumes, open interests, open interest changes, and trading value; and

(2) trading volumes and open interests of the top 20 members in the active month contracts.

 

Article 12 Weekly information refers to the trading information of each week disseminated upon the closing of the market on the last trading day of the week.

Weekly information mainly includes:

Weekly market quotations: names of contracts, contracts months, opening prices, highest prices and lowest prices of this week, closing prices of this week, price changes in this week (the differences between the closing prices of this week and the settlement prices at the end of the previous week), open interests, open interest changes (the difference between open interests at the end of this week and the open interests at the end of the previous week), settlement prices at the end of this week, trading volumes and values.

 

Article 13 Monthly information refers to the trading information of each month disseminated upon the closing of the market on the last trading day of the month.

 

Monthly information mainly includes: 

Monthly market quotations: names of contracts, contracts months, opening prices, highest prices and lowest prices of this month, price changes in this month (the differences between the closing prices of this month and the settlement prices at the end of the previous month), open interests, open interest changes (the difference between open interests at the end of this month and the open interests at the end of the previous month), settlement prices at the end of this month, trading volumes and values.

 

Article 14 The Exchange disseminates information through the Exchange’s system and website as well as member seats and broadcasts information through information vendors, public media and other institutions authorized by the Exchange for that purpose.

 

Article 15 Members, information vendors and software developers and other institutions shall be obligated to keep confidential the information they have obtained from the Exchange that is not suitable for publication. 

 

Article 16 Members, information vendors, public media and software developers and other institutions shall make a written undertaking not to disseminate false or misleading information.

 

Chapter III Information Service

 

Article 17 Information service business includes information broadcast service business and value-added information service business. In order to undertake information service business, the permission or authorization of the Exchange must be obtained and an agreement with the Exchange on the business license of information must be signed.

Information broadcast service business refers to the service business of transmitting to other institutions or communicating to information end users (hereinafter referred to as end users) and the public the information of the Exchange with the permission or authorization of the Exchange.

Value-added information service business refers to the service business of processing the Exchange’s information for added value with the permission or authorization of the Exchange.

 

Article 18 An applicant for information broadcast service business shall meet the following criteria:

(1) it must build its own information service system and can provide a market-oriented display application system;

(2) with experiences in the market operation of charging from terminals and a viable business plan to provide reliable services for the market;

(3) it must establish a monitoring center with control functions and provide with software and hardware engineers;

(4) possessing the necessary equipment and means for receiving or storing trading information and being able to effectively prevent unauthorized reception, broadcast and use of the trading information;

(5) sound financial position;

(6) no bad business records in the most recent two years; and

(7) other requirements prescribed by the Exchange.

The equipment or means mentioned in the subparagraph (4) of the preceding paragraph includes: the types, configurations, quantities, installation places of the receiving or storing facilities, relevant work procedures, rules and regulations.

 

Article 19 An applicant for value-added information service business shall, in addition to meeting the requirements enumerated in the sub-paragraph (4) through the sub-paragraph (7) of Article 18 hereof, shall have the capability of and qualification for value-added information development.

 

Article 20 An applicant for information service business shall submit the following documents to the Exchange as required by the Exchange:

(1) the application form for information service business at the Exchange, with a clear indication of the type of business applied for;

(2) ID card of the legal representative or the person in charge;

(3) the business license issued by the administrative department for industry and commerce;

(4) the certificate of organization code;

(5) the financial report for the most recent financial year audited by a CPA firm;

(6) the permit issued by the competent authority if the applicant is in an industry that requires special permission;

(7) an applicant for sub-broadcast status shall also submit the documentary proof that the information is from legal sources; and

(8) other documents as required by the Exchange.

 

Article 21 An applicant for direct connection to the Exchange’s system shall first pass the Exchange’s connection test. Its connection to the Exchange’s system shall not affect the trading activities on the Exchange. The Exchange may restrict such a connection if necessary.

Any information service institution intending to change its connection mode shall report to the Exchange in advance for approval.

 

Article 22 Information service institutions and the Exchange’s members shall enter into an information business license agreement with the Exchange. They shall, in strict accordance with the information business license agreement, receive, store, and broadcast within the authorized areas the trading information or undertake value-added development on the basis of the trading information, and fulfill the obligations stipulated in such agreement.

Without the permission of the Exchange, information service institutions shall not use the trading information for any purposes other than those authorized in the information business license agreement.

 

Article 23 In the process of broadcasting the Exchange’s information, information broadcast service institutions and the Exchange’s members shall ensure that the information is true, accurate, and complete, and shall clearly indicate the source of the information.

Whenever an information broadcast service institution or the Exchange’s member discovers any errors in the trading information transmitted or broadcasted or in the news broadcasted at the same time, it shall notify the Exchange promptly, and then make corrections and give a public explanation in a timely manner.

 

Article 24 Information broadcast service institutions and the Exchange’s members shall adopt necessary technical measures when transmitting or broadcasting the trading information so as to prevent  embezzlement, stealing or unauthorized external connection.

If any institution or member violates the provisions in the preceding paragraph, the Exchange shall be entitled to suspend or terminate on its own or require other information broadcast service institutions to suspend or terminate the provision of the trading information to the institution or member.

Without the consent of the Exchange, information broadcast service institutions and the Exchange’s members shall not sell or transfer the trading information to any other person, or relay the trading information to any other location.

 

Article 25 Any information broadcast service institution that transmits the trading information to other institutions for re-broadcast or value-added development shall notify the Exchange and require such other institutions to provide any proof that they have obtained the Exchange’s authorization or permission. If such institutions fail to provide the said proof, the information broadcast service institution shall not provide the trading information to such institutions.

 

Article 26 Information broadcast service institutions shall preserve their daily transmitted or broadcasted information for a minimum of 30 days for the inspection by the Exchange from time to time.

In the case of any change of the legal representative, contact person, business address, telephone number or fax number of an information broadcast service institution or of any other items thereof that must be reported as required by the Exchange, the institution in question shall report the change to the Exchange within 10 business days from the occurrence of such changes.

 

Article 27 Information broadcast service institutions shall accurately register their clients’ information as well as the records and materials in relation to fee collection. Such information, records and materials shall be preserved for a minimum of 20 years for the inspection of the Exchange.

 

Article 28 To facilitate the Exchange’s supervision, information broadcast service institutions shall, within 7 days after signing the agreement on the information business license, provide with the Exchange and install the user’s receiving terminal for normally receiving the information they broadcast.

 

Article 29 Value-added information service institutions shall ensure the truthfulness, accuracy and completeness of the information to be used for value-added development. With respect to the information processed by them, they shall clearly indicate their names, add notes, and bear legal liabilities.

Whenever a value-added information service institution discovers that the information it has processed contains errors or may mislead investors, it shall notify the Exchange promptly and make corrections and give a public explanation in a timely manner.

 

Article 30 Value-added information service institutions shall limit their value-added information development only to information service purposes. Without the prior written consent of the Exchange, value-added information service institutions shall not undertake value-added development for any purpose other than information services.

 

Chapter IV Use of Information

 

Article 31 End users refer to the end information receivers that subscribe for trading information services from information service institutions authorized by the Exchange. End users may only obtain the trading information from the information service institutions authorized by the Exchange.

 

Article 32 Information service institutions shall enter into a written agreement with end users. Such agreement shall stipulate that end users shall comply with the relevant provisions in these Measures, and specify the punishment measures against and the liabilities to be borne by the end users for unauthorized connection or relay of the trading information. Information service institutions shall file the user agreement they have signed with the end users to the Exchange for the record.

 

Article 33 When the Exchange inquiries of the information of end users, information service institutions shall promptly provide a counterpart of the agreement they have signed with end users as well as relevant information on the end users to the Exchange.

 

Article 34 Information service institutions shall prepare and file with the Exchange the list of information equipment in use and further report to the Exchange any new additions or changes not later than the seventh day of each month. Any information service institution that transmits the trading information to an overseas area shall prepare and submit to the Exchange a statement in respect of the use of trading information in overseas areas at such time as agreed upon with the Exchange.

 

Article 35 Information service institutions shall require their clients to make an undertaking in the user agreement that the clients shall receive information for their own use and shall not sell or transfer the trading information to any other person or re-broadcast the same by any means.

Information service institutions shall prevent their clients from unauthorized re-broadcast of the trading information by any means or providing the trading information to any other person for re-broadcast without the authorization of the Exchange.

Information service institutions shall assist the Exchange in the supervision and regulation of their clients and shall not evade or refuse to meet the obligation of cooperation.

 

Article 36 Whenever an information service institution discovers any infringement or believes there is any likely infringement of the Exchange’s information right, it shall notify the Exchange promptly, and furthermore, assist the Exchange in conducting an investigation, and provide cooperation to the Exchange in legal proceedings or other legal actions.

 

Chapter V Fee Levels

 

Article 37 Trading information broadcast providers and value-added information service providers shall pay fees in accordance with the fee levels prescribed by the Exchange.

 

Article 38 The Exchange may in its discretion alter the fee items and levels based on the actual situation.

 

Article 39 The Exchange will distinguish between statutorily disclosed information and non-statutorily disclosed information in accordance with relevant regulations and market conditions and establish a differential fee structure based on the various grades or depths of real-time, delayed, daily, weekly, monthly or yearly trading information, as well as all types of statistic information and historical contract database.

 

Chapter VI Supervision and Regulation

 

Article 40 If any entity or individual disseminates, transmits or broadcasts trading information without the permission of the Exchange, the Exchange may in its discretion terminate the reception, transmission and broadcast of the trading information by the entity or individual, require the information broadcast service institution to screen out the information provided thereto, and determine the legal liability thereof.

If any entity or individual undertakes value-added information development based on the trading information without the permission of the Exchange, the Exchange may in its discretion require the entity or individual to halt the value-added development, prohibit the entity or individual from using the results of the value-added development, require the information broadcast service institution to screen out the information provided thereto, and determine the legal liability thereof

When required by the Exchange, information broadcast service institutions shall promptly screen out the information provided to the abovementioned entity or individual.

 

Article 41 Information service institutions shall file the results of the specified value-added development with the Exchange for the record. Otherwise, the Exchange shall be entitled to terminate the provision of trading information thereto, require the information broadcast institution to screen out the information provided thereto, and may also in its discretion deal with the matter in accordance with the information business license agreement signed therewith.

 

Article 42 If an institution licensed by the Exchange for information broadcast or value-added information development violates these Measures, the Exchange will deal with such violation in accordance with the information business license agreement signed therewith.

 

Article 43 The Exchange’s members that use or broadcast the information of the Exchange must comply with these Measures as well as the Measures of China Financial Futures Exchange for Membership Management.

 

Article 44 Any member of the Exchange violating these Measures shall be dealt with by the Exchange in accordance with the Measures of China Financial Futures Exchange on Dealing with Violations of Rules and Regulations and Breaches of Contract and the relevant agreement.

 

Chapter VII Supplementary Provisions

 

Article 45 The power to interpret these Measures shall be vested in the Exchange.

 

Article 46 These Measures shall come into effect since June 27, 2007.

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