Chapter I General Provisions Article 1 These Measures are formulated in accordance with the Regulations on the Administration of Futures Trading for the purpose of strengthening the supervision and administration of futures exchanges, clarifying the responsibilities of futures exchanges, maintaining the order of futures markets and promoting the positive and steady development of futures markets. Article 2 These Measures shall apply to futures exchanges established within the territory of People's Republic of China (PRC). Article 3 The term "futures exchange" as mentioned in these Measures refers to a non-profit-making legal person established in accordance with the Regulations on the Administration of Futures Trading and these Measures, performing the duties stipulated in the Regulations on the Administration of Futures Trading and these Measures, and implementing self-discipline management in accordance with the articles of association and trading rules. Article 4 With the approval of China Securities Regulatory Commission (hereinafter referred to as China Securities Regulatory Commission), the futures exchange may adopt the form of membership or corporate organization.

The registered capital of a membership-based futures exchange is divided into equal shares, which are subscribed by members.

The company-based futures exchange adopts the organizational form of joint stock limited company. Article 5 The China Securities Regulatory Commission shall exercise centralized and unified supervision and management over futures exchanges according to law. Chapter II Establishment, Change and Termination Article 6 The establishment of a futures exchange shall be subject to the examination and approval of the China Securities Regulatory Commission. Without the approval of the State Council or China Securities Regulatory Commission, no unit or individual may set up a futures trading place or organize futures trading and related activities in any form. Article 7 A futures exchange established with the approval of the China Securities Regulatory Commission shall be marked with the words "commodity exchange" or "futures exchange". No other unit or individual may use a futures exchange or a similar name. Article 8 A futures exchange shall perform the following duties in addition to the duties stipulated in the Regulations on the Administration of Futures Trading:

(a) to formulate and implement the trading rules of the futures exchange and its detailed rules for implementation;

(2) release market information;

(3) To supervise the futures business of members and their customers, designated delivery warehouses, futures margin depository banks and other participants in the futures market;

(4) investigate and deal with illegal acts. Article 9 To apply for the establishment of a futures exchange, the following documents and materials shall be submitted to the China Securities Regulatory Commission:

(1) an application;

(2) Draft articles of association and trading rules;

(3) the business plan of the futures exchange.

(4) List of members or shareholders to be added;

(5) List and resumes of candidates for directors or members of the board of directors and the board of supervisors;

(6) The list and resumes of the proposed senior managers;

(seven) site, equipment, capital documents and materials;

(eight) other documents and materials as prescribed by the China Securities Regulatory Commission. Article 10 The articles of association of a futures exchange shall specify the following items:

(a) The purpose and functions of the institution;

(2) Name, domicile and business premises;

(3) Registered capital and its composition;

(4) business term;

(5) Composition, responsibilities, term of office and rules of procedure of the organization;

(six) the emergence, appointment and removal of managers and their responsibilities;

(seven) the basic business system;

(8) Risk reserve management system;

(9) Financial accounting and internal control system;

(10) Conditions, procedures and liquidation methods for alteration and termination;

(11) Procedures for amending the Articles of Association;

(twelve) other matters that need to be stipulated in the articles of association. Article 11 The articles of association of a membership-based futures exchange shall include the following items in addition to those specified in Article 10 of these Measures:

(a) membership and its management measures;

(2) Rights and obligations of members;

(3) Disciplinary actions against members. Article 12 The trading rules of a futures exchange shall specify the following items:

(1) Futures trading, settlement and delivery system;

(2) Risk management system and abnormal transaction handling procedures.

(3) The management and use system of the deposit;

(4) Measures for the release of futures trading information.

(five) violations, breach of contract and their handling methods;

(six) the way to deal with the transaction dispute;

(seven) other matters that need to be stipulated in the trading rules.

The company-based futures exchange shall also specify the matters specified in Article 11 of these Measures in the trading rules. Article 13 Where a futures exchange changes its name and registered capital, it shall report to the China Securities Regulatory Commission in advance. Article 14 The merger, division or change of organizational form of a futures exchange shall be reported to the China Securities Regulatory Commission in advance.

The merger of futures exchanges can take two ways: absorption merger and new merger. Before the merger, the creditor's rights and debts of all parties shall be inherited by the surviving or newly established futures exchange after the merger.

Where a futures exchange is divided, its creditor's rights and debts shall be inherited by the divided futures exchange. Article 15 Where a futures exchange conducts online trading, it shall report to the China Securities Regulatory Commission within 10 days from the date of decision. Sixteenth without the approval of the China Securities Regulatory Commission, the futures exchange shall not set up branches or any other futures trading places. Article 17 Futures trading shall be dissolved under any of the following circumstances:

(1) The business term stipulated in the Articles of Association expires;

(2) The general meeting of members or shareholders decides to dissolve;

(3) China Securities Regulatory Commission decided to suspend business.

Where a futures exchange is dissolved due to the circumstances mentioned in Items (1) and (2) of the preceding paragraph, it shall report to the China Securities Regulatory Commission in advance. Article 18 The termination of a futures exchange due to merger, division or dissolution shall be announced by the China Securities Regulatory Commission.

Where a futures exchange is terminated, a liquidation group shall be established for liquidation. The liquidation plan formulated by the liquidation group shall be reported to the China Securities Regulatory Commission in advance.