As a special trading method, futures trading has experienced a complex evolution process from spot trading to forward trading and finally to futures trading. It is the result of people's constant pursuit of transaction efficiency and reduction of transaction costs and risks in the process of trade. In the modern developed market economy system, futures market, as an important part, together with spot market and forward market, constitutes a multi-level organic whole, each with its own division of labor and close contact.

(1) Futures trading and spot trading

The direct goal of buying and selling is different. The direct object of spot trading is the commodity itself, including samples, objects and pricing. The direct object of futures trading is futures contracts, not how many contracts to buy or sell. The purpose of the transaction is different. Spot transaction is the transaction of primary currency and primary commodities, and it is a direct means to meet the needs of buyers and sellers by obtaining or transferring the ownership of commodities immediately or within a certain period of time. Generally speaking, the purpose of futures trading is not to obtain physical objects at maturity. The purpose of hedgers is to transfer the price risk in the spot market through futures trading, and the purpose of investors is to obtain risk profits from price fluctuations in the futures market. Trading methods are different. Spot transactions are generally one-on-one negotiations to sign a contract, and the specific content is agreed by both parties. If the contract cannot be fulfilled after signing, it will be resorted to law. Futures trading is conducted in an open and fair manner. One-on-one negotiation (or private hedging) is considered illegal. Trading places is different. Spot trading is generally not limited by trading time, place and object, flexible and convenient, and can be traded with opponents at any place. Futures trading must be conducted in an open and centralized manner in the exchange according to law, and cannot be traded over the counter. The range of goods is different. The varieties of spot trading are all commodities in circulation, while the varieties of futures trading are limited. Mainly agricultural products, petroleum, metal commodities and some primary raw materials and financial products. The settlement method is different. Spot trading is cash on delivery, no matter how long it takes, it is a settlement or several settlements. Futures trading adopts a daily debt-free settlement system, and profits and losses must be settled daily. The settlement price is calculated according to the weighted average of transaction prices. (2) Futures trading and forward trading.

Trading objects are different. The object of futures trading is standardized contracts, and the object of forward trading is mainly physical objects. The function is different. One of the main functions of futures trading is to find the price, while the contract in forward trading lacks liquidity, so it does not have the function of finding the price. Different ways of expression. There are two execution modes of futures trading: physical delivery and hedging liquidation, and the final execution mode of forward trading is physical delivery. Credit risk is different. Futures trading adopts the daily debt-free settlement system, and the credit risk is very small. It takes a long time from forward trading to final physical delivery. During this period, various changes will take place in the market, and any behavior that is not conducive to performance may appear, and the credit risk is great. The deposit system is different. Futures trading has a specific margin system, and whether to charge or how much margin to charge for forward trading is privately agreed by both parties.