How should margin trading futures companies inform customers?

Article 37 of the Regulations on the Administration of Futures Trading stipulates: "... futures exchanges shall implement a debt-free settlement system on the same day. The futures exchange shall promptly notify the members of the settlement results on the same day. A futures company shall settle accounts with customers according to the settlement results of the futures exchange, and notify customers of the settlement results in a timely manner in the manner agreed with customers. Customers should promptly inquire and properly handle their trading positions. " From this, we can draw several points: first, customers are obliged to inquire about their margin and trading positions in time; Two, the futures company and customers can flexibly agree on the notification method through the brokerage contract; Three, the current settlement results are only published once a day. We believe that although the new Regulations on the Administration of Futures Trading stipulates that customers have the obligation to inquire about their margin and trading positions in time, how to make all customers fulfill their obligation of self-inquiry in a reasonable way remains to be discussed. Due to the large number of customers, futures companies sometimes don't have time to notify every customer who needs additional margin as agreed. It is generally believed that in the brokerage contract concluded between the futures company and the customer, it can be agreed that "the customer has the obligation to inquire about his margin and trading position in time", and through the agreement that "the customer should log in to the margin monitoring center to inquire", the notification obligation can be changed to be borne by the customer himself. But if customers don't know about online trading, such as some elderly investors, they are likely to participate in stock index futures trading. If the contract stipulates that they can log in and inquire by themselves, it is obviously impossible. The pre-drawn contract terms are also likely to be regarded as standard terms that exempt the futures company from its own obligations and increase the obligations of the other party, and are considered invalid. Therefore, it is necessary for futures companies to stipulate that "customers have the obligation to inquire about their margin and trading positions in time", and then agree with customers on supplementary notification methods, which generally include recorded telephone notification, fax notification, letter notification, email notification, SMS notification, etc. Among them, email notification and SMS notification have increasingly become the main notification methods in recent years. Although these two notification methods are fast and have a large number of people, there are problems in the retention of evidence. Although both the mass mailing notification and the mass SMS notification keep the sending records on this machine, it is very difficult to prove whether the customer really received them. Once the future customer files a lawsuit, claiming that he has not received the notice of additional margin at all, and it is difficult to prove that the other party has received it only by local delivery records, then the futures company will bear the responsibility of failing to fulfill the notification obligation. At the same time, only publishing the settlement results once a day will increase the risk of futures companies, because the futures trading price changes in real time, especially after the introduction of stock index futures, it is very likely that investors will flood in and the trading price will change greatly every day. In fact, this has already appeared in the previous simulation transaction. If the intraday trading price changes from the daily limit to the daily limit and then to the daily limit, some customers' deposits will also reach an agreement of compulsory liquidation. However, the futures company can't inform the customers who need to add margin, and the customers don't add margin themselves. In order to control risks, futures companies must carry out compulsory liquidation at this time. If the price reverses afterwards, it is very likely that the customer will file a lawsuit, and the futures company will be liable for the losses caused by the customer's forced liquidation due to his failure to fulfill the obligation to notify the additional margin. Because the judicial interpretation of futures stipulates that if the customer denies receiving the notice, the futures company shall bear the burden of proof. If the futures company can't prove that the customer has received the notice, the futures company will bear the burden of proof, which is likely to lead to losing the case. Therefore, it is necessary to establish an intra-day dynamic settlement mechanism. In fact, the relevant exchanges are also exploring this aspect, such as trying to settle accounts three times a day and finally publishing the results in the margin monitoring center. To sum up, we believe that futures companies should guard against the risk of failing to fulfill their disclosure obligations, which can be roughly started from the following points: First, it is clearly stipulated in the brokerage contract that "customers must check their margin and trading positions in time". 2. In the client statement attached to the brokerage contract, the client can clearly state that he has fully understood that the client must inquire and add the margin by himself, and there may be cases where the margin must be added in intraday trading. 3. The customer must promise in the brokerage contract and its annex "Customer Statement" that if the intraday price changes sharply (the specific situation can be determined through consultation), the futures company can no longer perform the obligation of notifying the customer to add the margin, and the customer should inquire and add it in time, otherwise the futures company has the right to close the position in time. Four, the futures company shall provide at least two notification methods for backup. Five, the futures company shall keep the notice evidence, and promptly notify the customer to sign the transaction documents such as the transaction slip.