The Shanghai Futures Exchange announced new regulations for trading of fuel oil contracts. New regulations require a minimum margin deposit of 8% of the total contact value. The deposit can be increased to a maximum of 40% depending on the length of time the contract is held. The exchange also sets daily price fluctuation limits, which trigger a freeze on trading if passed. The Beijing and Shanghai Futures exchanges were shut down in 1995 after speculation and fraud caused large financial losses. The Shanghai exchange reopened this year. Risk management analysts said that internal improvements in corporate governance will be vital to the successful development of the newly reopened futures exchange.