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What are the characteristics of commodity exchanges?
(1) The transactions of commodity exchanges are organized. A commodity exchange is a place where buyers and sellers get together for futures trading. It is a non-profit organization, which aims to provide places and trading facilities for futures trading, formulate trading rules and act as the organizer of trading. It does not interfere with futures trading activities or the formation of futures prices. Commodity exchanges have strict and detailed regulations on trading methods, settlement and guarantee, contract transfer or hedging, risk treatment and physical delivery, and no individual or organization may violate them.

(2) The transactions of commodity exchanges are characterized by brokers. Instead of buyers and sellers who actually need to buy and sell futures contracts meeting directly at the exchange, floor brokers, that is, market representatives, trade on behalf of all buyers and sellers at the futures exchange. Traders give orders, and all trading orders are finally executed by market representatives.

(3) The transactions of commodity exchanges are characterized by standardization and simplification. Trading in a commodity exchange is carried out by buying and selling futures contracts. Both parties to the transaction do not rely on spot, but on established standardized futures contracts. This standardization means that the grade, quantity and specifications of the traded goods are all predetermined, and only the price is changed.

(4) The objects of commodity exchange transactions have the characteristics of specialization. Trading in a commodity exchange is a special way of trading. Not all commodities can enter the commodity exchange for futures trading. The goods listed on the exchange are usually those that "meet the recognized quality standards, are suitable for bulk trading, can be stored for a long time and can be traded freely".

⑤ Concentration of transactions in commodity exchanges. Futures trading is conducted in an organized and orderly trading place, which can provide open trading prices and unified trading rules. Through this centralization, information flow, price fairness and transaction fairness can be realized.