First of all, they have different goals. Margin trading and refinancing use loans and leverage to buy and sell stocks, thus making it possible for two-way benefits.

Second, on the trading system.

There are obvious differences in design, which are embodied in the margin rate, handling fee and transaction process.

Third, the scale of transactions varies greatly. The application fields of margin financing and stock index derivatives are different from the target investors, which directly leads to the different transaction scales of the two.