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Futures companies approved by CICC include comprehensive settlement members, trading settlement members and trading members. What's their difference?
1. Trading member: All trading seats (electronic seats) in CICC can accept financial futures trading entrusted by customers, but do not directly settle accounts with CICC. They must settle accounts (pay settlement fees) through "full settlement members" or "special settlement members", who only settle accounts with their own customers. 2. Transaction settlement member: directly settle with CICC. Others are the same as "trading members". 3. Fully settled members: they can directly settle accounts with CICC to provide settlement services for "trading members". In addition, in order to avoid the risks brought by a single settlement system (futures companies directly settle accounts with the exchange), they set different trading settlement rights with "trading members", so as to spread the risks to all links and avoid excessive losses in a certain link when risks occur. In addition, there are "special settlement members", mainly banks with settlement management ability, which are only responsible for providing settlement services for futures companies and do not participate in futures trading themselves. Because the ability of banks to resist financial risks is much higher than that of any futures company!