Futures trading system The futures market is a highly organized market. In order to ensure an "open, fair and just" environment for futures trading, ensure the smooth operation of the futures market and effectively control the high risks in the futures market, the futures exchange has formulated a series of trading systems (that is, "rules of the game"), and all traders must admit and ensure to abide by these "rules of the game" before participating in futures trading. Compared with spot market and forward market, futures trading system is more complex and strict. Only in this way can the futures market operate efficiently and play its due role. There are broad and narrow futures trading systems, and the broad futures trading system includes all laws, regulations, articles of association and rules of futures market management. The narrow futures trading system only refers to the Futures Trading Rules formulated by the futures exchange and approved by the state regulatory authorities, as well as various detailed rules, measures and regulations based on it. I. Margin system Margin system is one of the characteristics of futures trading, which means that in futures trading, any trader must pay a certain proportion (usually 5%- 10%) of the value of the futures contract he buys and sells for settlement and guarantee performance. With the approval of China Securities Regulatory Commission, the Exchange can adjust the trading margin, and the purpose of adjusting the margin is to control risks. Two. The debt-free settlement system for futures trading settlement on the same day shall be uniformly organized and implemented by the futures exchange. Futures exchanges implement a debt-free settlement system on the same day, also known as "marking the market day by day". It means that after the daily trading, the exchange will settle the profit and loss, trading margin, handling fees, taxes and other expenses of all contracts according to the settlement price of the day, and transfer accounts receivable and accounts payable at the same time, thus increasing or decreasing the settlement reserve of members accordingly. When the members of the futures exchange have insufficient margin, they shall add margin in time or close their positions on their own. Third, the price limit system The so-called price limit system, also known as the daily maximum price fluctuation limit, means that the trading price fluctuation of futures contracts in a trading day shall not be higher or lower than the prescribed price limit, and the quotation exceeding the price limit will be regarded as invalid and cannot be traded. The price limit is generally determined according to the settlement price of the previous trading day of the contract. Fourth, the position limit system The position limit system refers to the maximum speculative position that a member or customer can hold in a contract as stipulated by the exchange and calculated unilaterally. The purpose of implementing the position limit system is to prevent the manipulation of market prices and prevent the futures market risks from being too concentrated on a few investors. V. Large-sum declaration system The large-sum declaration system is another system closely related to the position limit system, aiming at preventing large households from manipulating market prices and controlling market risks. By implementing the large account reporting system, the exchange can focus on monitoring the members or investors who hold large positions and understand their positions trends and intentions, which has a positive effect on effectively preventing market risks. 6. Delivery system Delivery refers to the process that when the contract expires, both parties to the transaction settle the contract at the end of the period by transferring the ownership of the subject matter contained in the contract or settling the cash difference at the specified settlement price according to the rules and procedures of the futures exchange. The delivery of ownership transfer of the subject matter is physical delivery, and the delivery of cash price difference settlement is cash delivery. Generally speaking, commodity futures are mainly delivered in kind, while financial futures are mainly delivered in cash. Seven. The compulsory liquidation system refers to a compulsory measure for the exchange to close the relevant positions when its members and investors violate the rules. The compulsory liquidation system is also one of the means for the exchange to control risks. The main provision of the compulsory liquidation system in China's futures exchange is that when the balance of the member's settlement reserve is less than zero, it cannot be replenished within the prescribed time limit. Eight. Risk reserve system The risk reserve system refers to a system that provides financial guarantee to maintain the normal operation of the futures market and make up for the losses caused by unforeseen risks. Nine. Information disclosure system Information disclosure system refers to the system that futures exchanges regularly publish information related to futures trading according to relevant regulations. The information released by the futures exchange mainly includes the futures trading quotations of all listed varieties, various statistics of futures trading data, various announcement information issued by the exchange and other relevant information formulated and disclosed by the China Securities Regulatory Commission.