Disguised futures refers to the OTC market that is not included in the supervision scope of the CSRC and has not been approved or approved by the CSRC. The market adopts standardized contracts and trading mechanisms such as short selling, clearing hedging, centralized matching and performance guarantee, and allows public investors to participate as financial investment tools.

Without the approval of the the State Council futures regulatory authority, standardized contract transactions are conducted by centralized trading, and the following trading mechanisms or institutions or markets with one of the following trading mechanisms are adopted for disguised futures trading: (1) Providing performance guarantees for all buyers and sellers participating in centralized trading; (two) the implementation of debt-free settlement system and deposit system, and the deposit collection ratio is less than 20% of the contract (or contract).

Defining disguised futures includes: taking trading as an investment platform for the purpose of earning the difference; There are certain restrictions on contract delivery and positions, which are very close to futures trading; Established a standardized warehouse receipt system.

Article 103 of the Bill on the Management of Futures Trading stipulates: "disguised futures trading refers to the trading behavior that allows public investors to participate as financial investment tools by means of standardized contracts, short selling, liquidation hedging, centralized matching and performance guarantee without the approval of the China Securities Regulatory Commission."