Introduction: Zhengzhou Commodity Exchange is the first pilot futures market in China. It started with forward spot trading, and officially launched standardized futures contract trading on May 28th, 1993, realizing the goal of developing from spot market to futures market set by the State Council. In August 1998, it was confirmed by the State Council as one of the three futures exchanges in China. The Exchange, which is affiliated to China Securities Regulatory Commission, is a legal person who provides places, facilities and related services for centralized bidding transactions of futures contracts, performs the functions stipulated in the Provisional Regulations on the Administration of Futures Trading and the Measures for the Administration of Futures Exchanges, and implements self-discipline management in accordance with the Articles of Association of Zhengzhou Commodity Exchange. Zhengzhou Commodity Exchange (hereinafter referred to as Zhengshang Institute) was established on October 12, 199, and was the first pilot unit of futures market approved by the State Council, China. After two years of successful operation of spot forward trading, futures trading was officially launched on May 28, 1993.