Zhengzhou Commodity Exchange, Dalian Commodity Exchange and Shanghai Futures Exchange in China have not adopted the hierarchical settlement system, that is, exchange members do not distinguish between settlement members and non-settlement members; The members of the exchange are both trading members and settlement members. China's financial futures exchange adopts a hierarchical settlement system, that is, the members of the futures exchange are composed of settlement members and non-settlement members, the exchange settles the settlement members, and the settlement members settle the investors or non-settlement members. Therefore, this question chooses C.