Different from the members under the complete settlement trading system, the members of the futures exchange with the membership grading system will have more restrictions. According to whether it can directly handle settlement business with the futures exchange, its members can be divided into settlement members and non-settlement members, and can also be divided into trading members, trading settlement members, comprehensive settlement members and special settlement members. Obviously, under this system, the settlement of clearing members is restricted, as follows:
1 trading member
Trading members cannot directly settle accounts with futures exchanges and are non-settlement members.
2. Transaction clearing members
A trading settlement member can directly settle accounts with the futures exchange, and can only handle the settlement and delivery business for its entrusted customers.
3. Full settlement of members
A general settlement member may handle settlement and delivery business for its clients and trading members who have signed settlement agreements with it.
Special clearing member
Special settlement members can only handle settlement and delivery business for trading members who have signed settlement agreements with them.
From the point of view, trading members belong to non-settlement members, and trading settlement members, comprehensive settlement members and special settlement members all belong to settlement members. Although there are restrictions, investors do not need to worry about settlement risk when participating in trading, because futures exchanges that implement member-level settlement system will support the corresponding margin system, and settlement members will share the risk by paying settlement margin.