My dear friend, my country's spot market is regulated as follows:

1. The so-called spot warehouse receipt is a warehouse (the exchange's own warehouse) document with unified unit regulations. Futures trading refers to the buying and selling of contracts. The difference is that the spot warehouse receipt is a spot transaction (physical transaction), while the futures transaction is a contract that currently has no physical object and can only be converted into a spot warehouse receipt after a specified date.

2. The trading of spot warehouse receipts is based on futures trading, and there is no direct trading of warehouse receipts. That is to say, only when a futures commodity reaches the specified period and you still hold the purchase and sale transaction contract for this commodity, the exchange will decide whether to pay the full purchase price or take out all the sold commodities (goods). ), and only after they are all inspected and passed by the exchange (according to the exchange's quality standards), can they be converted into spot warehouse receipts for trading. The specific trading situation of spot warehouse receipts depends on the trading positions of each exchange and futures expiration commodities in the month.

3. It complies with the policy requirements of the China Securities Regulatory Commission.

4. Transactions in the futures market - the purchase and sale orders of the futures expired commodities are retained - the payment is paid in full or all the commodities (goods) are taken out - all are inspected and passed by the exchange ( Commodities can be submitted to the exchange for inspection and warehousing in advance) and converted into spot warehouse receipts - spot warehouse receipt transactions are carried out as specified by the exchange (spot warehouse receipt transactions are completed).

5. Spot warehouse receipt transactions are transactions completed by futures commodity exchanges in accordance with regulations, so there is no other intermediary company. And a certain amount of commodity warehousing management fees are charged.

I don’t know if you are satisfied with the answer.

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