Futures exchange-the intermediary of futures trading. All futures trading must be conducted through the futures exchange. \ x0d \ x0d \ futures company-the agency between the futures exchange and the final customer, that is, the intermediary of futures trading. The futures company accepts the client's entrustment, sends the client's trading instructions to the exchange, and then returns the trading results to the client. Futures companies provide customers with settlement and capital access services to control their trading risks. \ x0d \ x0d \ Non-futures company settlement members-settlement banks, also known as "special settlement members", provide settlement services for futures companies without (direct) settlement qualification (settlement qualification of China Financial Futures Exchange) and bear settlement risks. \ x0d \ x0d \ General settlement member-directly settles with the exchange, and also provides settlement services for other futures companies that are not qualified for settlement (of course, they also bear the corresponding settlement risks).