There are two organizational forms of China's futures trading, one is membership system, and the other is company system. The membership futures exchange consists of all members of the exchange, and the registered capital is paid by paying a certain membership fee; The company-based futures exchange consists of several shareholders. Among them, the permanent membership meeting, board of directors, special committees, management and business management departments of the membership-based futures exchange. The executive shareholders' meeting, board of directors, supervisors and senior managers of the company-based futures exchange.

Four major futures exchanges, Dashang Institute (Dalian Commodity Exchange); The previous issue (Shanghai Futures Exchange); Zheng Shang Institute (Zhengzhou Commodity Exchange); CICC (China Financial Futures Exchange); There will be an energy exchange now, but it is below the last issue. Among them, the first three commodity futures exchanges are all members, consisting of members who participate in futures trading.

CICC is a company system, and the five major shareholders are jointly established by Shanghai Futures Exchange, Zhengzhou Commodity Exchange, Dalian Commodity Exchange, Shanghai Stock Exchange and Shenzhen Stock Exchange.

Three basic organizational forms of futures exchange:

I. Non-profit futures exchanges

The main feature of non-profit organizations is that they cannot distribute profits or profits outside the organization. In order to ensure the authenticity of this feature, typical non-profit organizations are only allowed to pay "reasonable remuneration" to the management of the organization. The most ideal objective function of this kind of organization is to obtain the maximum consumer surplus at the breakeven point.

Two. Customer cooperative futures exchange

The governance structure of customer cooperative organizations is developed from membership system. The main feature is that the services and goods provided are for members to use, and membership is limited to agents who consume the goods and services of the organization.

In the United States, the law does not clearly distinguish between non-profit organizations and customer cooperative organizations. The most ideal objective function of customer cooperative organization is to maximize consumer surplus and producer surplus when distributing benefits to members of cooperative organization.

Third, for-profit futures exchanges.

The governance structure of for-profit organizations is complex, but its characteristics can be defined by comparing with non-profit organizations and customer cooperation organizations. Unlike non-profit organizations, for-profit companies do not need to keep all their profits inside the organization, and these profits will be distributed to shareholders. Similarly, unlike customer cooperative organizations, for-profit organizations can give voting rights to participants other than customers and non-market participants, while allowing them to provide services to non-members.