According to Article 7 of the Regulations on the Administration of Futures Trading, futures exchanges are not for profit, and self-discipline management is implemented in accordance with the provisions of their articles of association. A futures exchange shall bear civil liability for all its property. The person in charge of the futures exchange shall be appointed and removed by the the State Council futures regulatory agency. Article 8 of this Law stipulates that the members of a futures exchange shall be enterprise legal persons or other economic organizations registered in People's Republic of China (PRC). The futures exchange may implement the member grading settlement system. The members of the futures exchange that implement the member grading settlement system are composed of settlement members and non-settlement members.