Six. Zhengzhou Commodity Exchange (ZCE), Shanghai Futures Exchange (SHFE), Dalian Commodity Exchange (DCE), China Financial Futures Exchange (CFFEX), Shanghai Energy Exchange and Guangzhou Futures Exchange.

The futures exchange is the place to buy and sell futures contracts and the core of the futures market. It is a non-profit organization, but its non-profit only means that the exchange itself does not conduct trading activities, and it does not mean that it does not attach importance to interest accounting.

Right of punishment

Futures exchanges, member companies, futures investment customers and other participants in the futures market have different interests in the futures market. As the organizer of the futures market, the exchange mainly maintains the "three publics" and honesty and credit of the futures market through front-line supervision. In the process of supervision, the exchange's right to punish market violations will inevitably have a certain impact on the interests of relevant market entities, so the exchange's right to punish has gradually attracted attention from both inside and outside the industry.

The legal origin of the right of punishment

1. Civil law origin of punishment right

The articles of association and trading rules of the exchange are the expression of the same meaning of all members, which are binding on all members and are the basic criteria for the organization and trading behavior of the futures market. Members accept customers to conduct futures trading, and require customers to abide by the trading rules and implementation rules of the exchange in the futures brokerage agreement, otherwise futures trading activities cannot be carried out. The designated depository banks, designated delivery warehouses and designated quality inspection institutions of the exchange also clearly stipulate in the relevant agreements that they should abide by the trading rules and implementation rules of the exchange, otherwise they cannot carry out the service futures trading business. From the perspective of contract law, the articles of association, trading rules and implementation rules of the futures market are multilateral agreements that all participants in the futures market agree and generally promise to abide by. All market participants shall exercise their rights and perform their obligations in accordance with the company's articles of association, trading rules and implementation rules. According to the current laws, the formulation or revision of the articles of association and trading rules of the exchange must be approved by the the State Council Securities and Futures Regulatory Authority; The Exchange shall solicit the opinions of the the State Council Securities and Futures Regulatory Authority when formulating and amending the detailed rules for implementation, and make a report before its official release. Therefore, the articles of association, trading rules and implementation rules of the exchange can also be regarded as necessary agreements that must go through administrative examination and approval according to the contract law, and their legitimacy is beyond doubt, which is binding and legally binding on futures market participants such as members and customers.

2. The administrative law source of punishment right

The legal system of the futures market consists of the Regulations on the Administration of Futures Trading, the rules and normative documents of the CSRC and the self-discipline rules of the exchange. It is an organic whole with clear division of labor and high cooperation between administrative supervision and market self-discipline, which guarantees and promotes the smooth operation of the futures market. Article 10 of the Regulations on the Administration of Futures Trading stipulates that all futures traders have the obligation to supervise and manage their members in accordance with the articles of association and rules, and Article 94 of the Measures for the Administration of Futures Exchanges stipulates that futures exchanges shall formulate measures to investigate and deal with illegal acts, and investigate and deal with illegal acts within the scope of duties stipulated in the measures. The above-mentioned administrative regulations and rules clearly give the Exchange the power to investigate and deal with violations within its own scope of duties. Of course, the Exchange has the right to punish violations. This power comes from the authorization of administrative regulations and rules, and the Exchange maintains trading safety and order by exercising the right of punishment.