First: China Securities Regulatory Commission.
China Securities Regulatory Commission is the administrative organ of the state. Responsible for formulating macro-management policies, monitoring market risks, and approving trading rules and listed products of futures exchanges, futures brokerage companies, futures operating institutions and futures exchanges.
Second: the exchange
The futures exchange is the main body of the futures market, and it is a membership and non-profit enterprise legal person. A futures exchange shall organize trading in accordance with its articles of association and trading rules. As the seller of the buyer and the buyer of the seller, the futures exchange undertakes the responsibility of performance, maintains fair trade, monitors market risks and provides trading facilities and technical means; Release market information, warehouse receipt information and other related information; Research and develop new contracts and new technologies, etc. To ensure that futures trading is open, fair and just.
Third: Brokerage companies
The futures brokerage company is an independent legal person approved by the China Securities Regulatory Commission and registered with the State Administration for Industry and Commerce. A futures brokerage company shall be a member of at least one futures exchange. According to the regulations of China Securities Regulatory Commission, futures brokerage companies cannot engage in proprietary trading, but can only act as trading agents for customers. It is an intermediary agency that collects commissions, accepts customers' buying and selling orders and completes transactions through exchanges.
Fourth: run the organization.
Futures operating institutions are independent legal persons engaged in futures trading approved by China Securities Regulatory Commission. Futures institutions can only engage in proprietary trading and cannot engage in trading agent.
Fifth: all kinds of investors (customers)
All kinds of investors involved in futures trading, including hedgers and speculators, are the main bodies engaged in commodity production, storage, transportation, processing and financial investment activities. They use the price discovery mechanism in the futures market to hedge the spot market transactions, but give up the purpose of making profits in the futures market.
Sixth: speculators
Speculators are the main participants who earn the difference. They buy low and sell high in the daytime trading in the futures market. They are lubricants and risk takers in the futures market, and the purpose of hedging cannot be achieved without the participation of speculators. In real market, speculators and hedgers are not inseparable.