As an activity of buying and selling standardized financial commodity futures contracts, futures trading is conducted in a highly organized futures exchange with strict rules. The basic characteristics of futures trading can be summarized as follows: first, the subject matter of trading is financial commodities. Most of these trading objects are intangible and virtual securities, excluding actual physical goods; Second, futures are trading in standardized contracts. As a trading object, the output and quantity of commodities are homogeneous, undeliverable and standard, such as the currency of commodity market, transaction amount, liquidation date and transaction time. The only uncertainty is the transaction price; Third, futures trading adopts open bidding to determine the buying and selling price. It can not only form an efficient trading market, but also has high transparency and credibility; Fourth, futures trading is a membership system. Non-members must participate in futures trading through member agents, because direct trading is limited to the same member, and members are also clearing members and pay insurance premiums.

Therefore, the credit risk of the transaction is small and the security degree is high; Fifth, the standardization of delivery time. The delivery period of futures contracts is usually three months, six months, nine months or twelve months, and the longest is two years. The delivery time within the delivery period depends on the transaction object, and the contract is standardized. Except that the price fluctuates with the market, all the terms of the futures contract are agreed in advance. Centralized trading. Futures trading must be concentrated in the futures exchange. The exchange implements a membership system, and only members can enter the market for trading. OTC investors can only entrust brokerage companies to participate in futures trading.