The articles of association and trading rules of the exchange are the expression of the same meaning of all members, which are binding on all members and are the basic criteria for the organization and trading behavior of the futures market. Members accept customers to conduct futures trading, and require customers to abide by the trading rules and implementation rules of the exchange in the futures brokerage agreement, otherwise futures trading activities cannot be carried out. The designated depository banks, designated delivery warehouses and designated quality inspection institutions of the exchange also clearly stipulate in the relevant agreements that they should abide by the trading rules and implementation rules of the exchange, otherwise they cannot carry out the service futures trading business. From the perspective of contract law, the articles of association, trading rules and implementation rules of the futures market are multilateral agreements that all participants in the futures market agree and generally promise to abide by. All market participants shall exercise their rights and perform their obligations in accordance with the company's articles of association, trading rules and implementation rules. According to the current laws, the formulation or revision of the articles of association and trading rules of the exchange must be approved by the the State Council Securities and Futures Regulatory Authority; The Exchange shall solicit the opinions of the the State Council Securities and Futures Regulatory Authority when formulating and amending the detailed rules for implementation, and make a report before its official release. Therefore, the articles of association, trading rules and implementation rules of the exchange can also be regarded as necessary agreements that must go through administrative examination and approval according to the contract law, and their legitimacy is beyond doubt, which is binding and legally binding on futures market participants such as members and customers.

2. The administrative law source of punishment right

The legal system of the futures market consists of the Regulations on the Administration of Futures Trading, the rules and normative documents of the CSRC and the self-discipline rules of the exchange. It is an organic whole with clear division of labor and high cooperation between administrative supervision and market self-discipline, which guarantees and promotes the smooth operation of the futures market. Article 10 of the Regulations on the Administration of Futures Trading stipulates that all futures traders have the obligation to supervise and manage their members in accordance with the articles of association and rules, and Article 94 of the Measures for the Administration of Futures Exchanges stipulates that futures exchanges shall formulate measures to investigate and deal with illegal acts, and investigate and deal with illegal acts within the scope of duties stipulated in the measures. The above-mentioned administrative regulations and rules clearly give the Exchange the power to investigate and deal with violations within its own scope of duties. Of course, the Exchange has the right to punish violations. This power comes from the authorization of administrative regulations and rules, and the Exchange maintains trading safety and order by exercising the right of punishment. Legal attribute of punishment right

Due to the special historical environment and background, this kind of communication is semi-governmental and semi-official, and it still has its rationality. At present, the exchange is still the main body with both private law and public law attributes. In order to accurately grasp whether the punishment right of the exchange is the legal attribute of right or power, it is necessary to distinguish right from power first. Generally speaking, right is the core concept of modern jurisprudence, which can be understood as that individual autonomy is justified, and law pursues private autonomy for rights and guarantees rights freedom. Power is a management-obedience relationship, and the subject has mandatory control or influence. The law generally limits power, beware of abuse. Whether the penalty right is a right or a power, it has its theoretical origin.

There are two theories about the punishment of autonomous organizations in German civil law circles of continental law system: one holds that autonomous organizations are the result of contracts between members, punishment is the behavior agreed in contracts, and fines are no different from liquidated damages. Another view is that the right of punishment is based on the recognition of customary law, that is, substantive necessity, which requires all members to make provisions in the articles of association jointly adopted. Anglo-American legal system believes that the punishment right of associations comes from the authorization of the state, and then most of the views tend to be "the consent of individual members and the transfer of rights"

This paper studies the source of the exchange's disciplinary power from two aspects: First, the disciplinary power is mainly obtained by transferring part of the rights through agreement, and all market entities are the rights subjects safeguarded by the articles of association, trading rules and implementation rules, and all enjoy rights and perform obligations equally. For acts that damage the market, each market entity transfers the right to investigate and deal with violations to the exchange, which can more effectively check and balance violations, and the right to punish has the right attribute. Secondly, the penalty clause of the exchange has been examined and approved by the state administrative organs, which has the basic characteristics of compulsory force. The right of disposition confirmed by public power is more deterrent, so the right of disposition has the attribute of power. Judging from the types of penalties imposed by exchanges, penalties include qualification penalties, property penalties, behavior penalties and reputation penalties. Qualification punishment is to cancel a certain market qualification of the violator, mainly including membership, market representative qualification, delivery warehouse qualification, settlement bank qualification, and being declared as a market ban. Property punishment is to accuse the violator of paying a certain amount of money, that is, a fine. Behavior punishment is to order violators to do certain behaviors, such as ordering them to correct or restricting their transactions. Honor punishment is a warning to violators and informed criticism. Although the punishment of the exchange embodies the attribute of the first-line supervision power, the punishment of the exchange still belongs to the civil punishment of self-discipline supervision because the basis of the punishment comes from the articles of association, trading rules and implementation rules of the exchange and the characteristics of private rights are obvious.

As can be seen from the above, the legal nature of exchange punishment is different from administrative punishment. The former is a civil punishment of self-discipline supervision, and the latter is a typical administrative public power punishment. Other differences between the two are mainly reflected in: First, the factual basis of punishment is different. The former is aimed at acts that violate the rules but are not necessarily illegal in futures trading; The latter is that the behavior must violate administrative regulations on the premise of not constituting a crime. Secondly, the punishment targets are different. The former only punishes members, customers and other participants in the futures market; The latter punishment targets a wide range, including various administrative counterparts. Thirdly, the normative documents on which the punishment is based are different. The specific basis of the former is the articles of association of the exchange, trading rules, implementation rules and measures for handling violations. The specific basis of the latter is the provisions of laws and administrative regulations. Therefore, in essence, the punishment right of the exchange has some characteristics of power, but its legal attribute is still a civil right.