Paragraph 4 of Article 36 of China's Provisional Regulations on the Administration of Futures Trading stipulates: "A futures brokerage company shall open a special account for each investor and set a trading code, and shall not trade with mixed codes." Before the implementation of the regulations, some exchanges adopted transaction coding system to strengthen market monitoring. The rules and regulations of the exchange originated from 1995 are mainly to strengthen the supervision of the market. Although it has the shortcomings of increasing transaction links and raising transaction costs, it has been affirmed by China's futures legislation. With the implementation of the Interim Regulations on the Management of Futures Trading, the trading coding system has been fixed in administrative regulations and has officially become an important part of China's futures trading system. At present, three domestic futures exchanges generally implement the transaction coding system. The transaction coding system refers to the special code compiled by members for investors' futures trading according to the detailed rules formulated by the exchange, and is the basis for trading, settlement, delivery and standard warehouse receipt confirmation by the exchange computer system. Trading codes are divided into non-brokerage member trading codes and investor trading codes. The transaction code consists of two parts: the member number and the investor number. Taking Dalian Commodity Exchange as an example, it is stipulated that the investor trading code consists of 12 digits. The first four digits are membership numbers, and the last eight digits are investor numbers. If the investor's transaction code is 00020000 1640, the member number is 0002 and the investor number is 0000 1640. At the same time, it is stipulated that an investor can only have one investor number on the exchange, but he can open accounts at different brokerage members. The transaction code can only be that the member numbers are different and the investor numbers must be the same. Of course, the specific coding rules can be changed according to the trading system and regulatory needs.