Different trading platforms: In order to rectify the regional trading market at the end of 20 12, China officially designated two exchanges as formal silver trading platforms, one is Shanghai Futures Exchange and the other is Shanghai Silver Exchange. Both platforms are formal platforms, but the nature of exchanges is different, and the main customer groups are still different. Shanghai Silver Exchange focuses on silver T+D, which is a variety with certain spot attributes and uses futures trading mechanism for trading. Silver futures are mainly characterized by forward prices, large turnover and active trading. Focus on hedging and price discovery. The trading rules of the two varieties are relatively close, but because the Shanghai Silver Exchange belongs to the spot category and the supervision is loose, the margin standard implemented by the exchange should not be too low, generally 20%. The minimum margin for silver futures contracts is 4%. There is a qualitative difference in the maximum leverage ratio that the two can provide. They are charged in different ways. T+D is a point extension. In addition to the transaction fee, there is also an extension fee for overnight positions. Futures trading only charges lower transaction costs, which is more suitable for investment. The members of T+D are mostly comprehensive commercial banks, and the members of Silver Futures are professional futures brokerage companies. The former's service scope is too comprehensive, while the latter focuses on investors' trading services, so the service ability is naturally different.

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