Shanghai Futures Exchange/kloc-0 was established on October 26th, 1990, 165438. Shanghai is the earliest area where China's futures market experiment began. The futures market was rectified 1995, and the Shanghai Metal Exchange, Shanghai Grain and Oil Commodity Exchange and Shanghai Commodity Exchange, which were formed by the merger of petroleum, building materials, agricultural materials and chemical industry, were approved as pilot futures exchanges. According to the requirements of the State Council in August 1998 to further rectify and standardize the futures market, three Shanghai exchanges were merged to form the Shanghai Futures Exchange, which was supervised and managed by the China Securities Regulatory Commission, and officially put into operation on February 1999.