It does not mean that traders participating in transactions must have warehouses, but that exchanges must set up delivery warehouses. These warehouses do not have to be built by the exchange itself. They can be built through cooperation with existing warehouses in society. If the exchange does not set up a delivery warehouse, it cannot guarantee the delivery of goods, or the exchange is not prepared to carry out physical delivery, so it cannot serve spot trade at all and is a purely speculative transaction. Such a market is illegal. will be closed.