(I) Characteristics of risk management in the futures market As mentioned above, different subjects in the futures market are faced with the risks transmitted by futures price fluctuations. But the risks faced by various stakeholders are different. Therefore, for all stakeholders, the content, emphasis and measures of risk management are different. 1. Futures traders. For futures traders, there are controllable risks and uncontrollable risks: the most important controllable risks are caused by unfamiliar trading rules and regulations, and for institutional investors, there are also risks caused by improper internal management. In addition, choosing a legal and compliant futures company is also risk-controllable. The most direct uncontrollable risk faced by futures traders is the risk of price fluctuation. The purpose of speculative trading is to obtain risk reward. It is unrealistic for them not to take risks. The problem is that we must achieve an equal ranking between risk and return, and we should not only consider return but ignore risk. Some speculators with strong risk tolerance may choose more radical speculation, while others with weak risk tolerance will choose less risky speculation, such as arbitrage trading. For hedgers, there is a risk that hedging will fail or the effect will be extremely poor. In addition to basis risk, other reasons such as positions, funds, delivery and unfamiliar trading rules can be classified as controllable risks, which can be avoided by strengthening risk management. 2. Futures companies and futures exchanges. For futures companies and futures exchanges, the main problem is to manage risks. Management risks are manifested in two aspects, one is the management of customers by futures companies and the management of members by futures exchanges. Although the fluctuation of futures price is uncontrollable risk, it only constitutes the risk of futures company after the fluctuation of futures price leads to the risk overflow of traders (such as short positions). Similarly, it is only after the risk spillover of futures companies that the risk of futures exchanges is formed. Therefore, for futures companies and futures exchanges, strict risk control and prevention of spillover risks have become the top priority of risk management. Another important content of risk management is to prevent its lax management from disturbing the normal trading order, thus becoming a risk factor in the futures industry: for example, there are serious problems in the computer room of futures companies or futures exchanges, which affect customers' transactions in a large area. (II) Necessity of futures market supervision The futures market is a high-risk market. The high risk not only comes from the fluctuation of futures prices, but also may come from the possible irregular operation of various stakeholders in the futures industry, thus aggravating the degree of risk. Generally speaking, all stakeholders in the futures market will be aware of the high risks of futures trading. The problem is that the amount involved in futures trading is high and the income is attractive. Without constraints, stakeholders tend to weaken risk management in the process of cost-benefit balance, and more seriously, they pursue illegal interests by maliciously violating laws and regulations, leading to greater risks. For example, before the domestic futures market was cleaned up and rectified, some futures speculators took risks in pursuit of excess profits, which far exceeded their ability. In the event of huge losses or short positions, in order to reduce losses, they ignored honesty and made use of the omissions of laws and regulations at that time to try their best to pass the responsibility on to futures companies. There are also some speculators with greater financial strength who take advantage of loopholes in trading rules and take risks. 0? 3 vertical market, which leads to risk accidents. For futures companies, although they know that relaxing customer margin management and overdraft trading contains great risks, the impulse to pursue fees virtually offsets the desire for strict risk management. The most serious thing is that some futures companies not only misappropriate customers' funds, but even take them away, which has a very bad impact on the market. For the futures exchange, when it loses its restraint, it will undoubtedly cause greater harm or influence to the whole industry. Before the domestic futures industry was rectified, there were dozens of futures exchanges. In order to pursue trading volume, some futures exchanges ignore the "three principles" and change trading rules halfway. Serious or even take the initiative to collude with customers, obviously favoring one party and infringing on the interests of the other party, resulting in many big risk accidents. The irregular operation of stakeholders not only increases their own risks, but also easily leads to risk spillover, which infringes on the legitimate rights and interests of other investors or other stakeholders in the industry and artificially intensifies their risks. Serious risk accidents even lead to systemic risks in the whole industry, which makes investors lose confidence and destroys the survival foundation of the futures market. Therefore, in order to standardize the behavior of stakeholders, protect the legitimate rights and interests of all parties and the interests of the public, and maintain the normal order of the futures market, the government needs to administer according to law and implement all-round supervision of the futures industry. The effective supervision of the government on the futures market plays an important role in reducing the risks in the futures market. For example, in view of the frequent misappropriation of customer deposits by domestic futures companies in the past, the China Securities Regulatory Commission set up a futures deposit monitoring center to strengthen the supervision of deposits. Since the establishment of China Futures Margin Monitoring Center, the phenomenon that futures companies misappropriate customers' margins has basically disappeared, and the financial security of futures investors has been guaranteed by the system.