Futures trading is developed by commodity producers from forward contract trading in spot trading in order to avoid risks. In the forward contract transaction, traders gather in the commodity exchange to exchange market information, find trading partners, sign the forward contract through auction or negotiation between the two parties, and when the contract expires, both parties end their obligations by physical delivery. The unique functions of futures trading, such as hedging, preventing excessive market fluctuations, saving commodity circulation costs and promoting fair competition, are of great significance to the development of China's increasingly active commodity circulation system. China's futures trading has made great progress. However, due to the lack of corresponding legislation, futures trading is in a state of no legal basis, and excessive speculation prevails. It is extremely necessary to strengthen the special legislation of futures trading. The futures trading market is an organic whole composed of futures trading entities, futures exchanges, futures brokerage companies and futures settlement institutions, and it is an important part of the modern market system. The futures market and its structure and function in developed countries have been institutionalized, standardized and legalized. China is still in the pilot and initial stage, and relevant policies and regulations are constantly improving.