As can be seen from the above, the commission merchant is the link between the customer and the exchange, and the customer can only participate in futures trading through the commission merchant. Since the commission agent trades on behalf of the customer and collects deposits from the customer, the commission agent also has the responsibility to keep the customer's funds. In order to protect the interests of investors and increase the ability of futures brokers to resist risks, the futures regulatory departments of various governments and futures exchanges have formulated corresponding rules; Restrict and standardize the behavior of agents.
Qualification of commission agent
According to the relevant regulations of the State Council, China implements a licensing system for futures brokerage companies, and all institutions engaged in futures agency must undergo strict examination by the China Securities Regulatory Commission and obtain a futures brokerage business license. At present, a futures brokerage company that has obtained the qualification of futures agency business must meet the following conditions:
1, which complies with the provisions of the Company Law of People's Republic of China (PRC); There are standard articles of association.
2. Having a fixed business place and qualified communication facilities.
3. The registered capital is more than 30 million yuan.
4. There are a certain number of qualified professionals and managers.
5. Have a sound business system and financial system.
Function of commission agent
As a bridge between traders and futures exchanges, futures brokerage companies have the following functions:
1. Acting as an agent to buy and sell futures contracts and handle settlement and delivery procedures according to customers' instructions.
2. Manage customer accounts and control customer transaction risks.
3. Provide customers with futures market information, conduct futures trading consultation and act as trading consultant for customers.