Are futures companies basically subsidiaries of securities companies?
No, a futures company can be an independent legal person. Some securities companies have IB business, that is, securities companies can introduce customers to the corresponding futures companies to engage in futures trading. Large domestic securities companies have corresponding futures companies, some of which are subsidiaries of securities companies and some are holding subsidiaries. You can search the ranking of futures companies. Futures and securities belong to the financial field and have a reciprocal relationship.