In China, the settlement system of futures exchange is divided into two types, and the full settlement system is one of them. Among the four major domestic futures exchanges, Zhengzhou Commodity Futures Exchange, Dalian Commodity Futures Exchange and Shanghai Futures Exchange implement the full settlement system. So, what is a full settlement system?

What is the futures trading of full settlement system?

The members of a fully settled futures exchange are composed of futures companies and non-futures companies, and their members can carry out related business according to the business scope approved by the CSRC and can trade on behalf of customers.

In addition, unlike the member grading settlement system, which is divided into trading members, trading settlement members, comprehensive settlement members and special settlement members, the members of the futures exchange under the full settlement system are both trading members and settlement members, that is, the fully settled exchange members are eligible to settle with the futures exchange, and there is no distinction between settlement members and non-settlement members. Under this system, futures exchanges settle accounts with futures members, and futures members settle accounts with their clients.

Whether it is a member-level settlement system or a full-member settlement system, there is no need to worry about risks, because the futures exchange serves both trading and settlement. First, the establishment of China Futures Exchange was approved by the State Council, and the documents will be approved and supervised. Another is that the futures exchange carries out corresponding control-the futures exchange organizes and supervises the delivery and settlement; Supervise the trading behavior of members; Supervise the delivery warehouse.