There are two organizational forms of futures settlement. One is a clearing company that is independent of the futures exchange. For example, London Clearing House (LondonClcaringHouse) conducts futures settlement for the three futures exchanges in London at the same time; the other is a settlement company that is independent of the futures exchange. It is the settlement department within the exchange. For example, futures exchanges in Japan, the United States and other countries have their own settlement departments (hereinafter collectively referred to as "settlement institutions"). Our country adopts the form of settlement institution within the exchange. The difference between an independent clearing house and an exchange's internal settlement institution is mainly reflected in the fact that the clearing house is independent of the exchange in terms of performance guarantee, control and settlement risk bearing, while the exchange's internal settlement institutions are all concentrated in the exchange. Independent clearing houses are generally jointly owned by banks and other financial institutions as well as exchanges. Compared with exchanges bearing the risks alone, the risks are more dispersed.