Legal basis: Measures for the Administration of Futures Exchanges

Article 14 The merger and division of a futures exchange shall be approved by the China Securities Regulatory Commission. 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.

Article 17 A futures exchange is dissolved due to one 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 close down.