The membership exchange is jointly funded by all members, and a certain membership fee is paid as the registered capital. Paying membership fee is one of the basic conditions for obtaining membership, which is not an investment and has no return.
A company-based exchange is jointly funded by several shareholders for profit.
China financial futures trading consists of five shareholders, namely Shanghai Futures Exchange, Dalian Commodity Exchange, Zhengzhou Commodity Exchange, Shanghai Stock Exchange and Shenzhen Stock Exchange, each with a capital contribution of 654.38 billion yuan.
The difference between member exchange and company exchange;
1, established for different purposes. Membership legal person aims at public interest, while corporate legal person aims at profit, and the profits obtained are distributed among shareholders.
2. Different legal responsibilities. The members of the membership exchange shall not bear any responsibility for the transaction except for sharing the funds and membership fees in accordance with the regulations; In addition to paying the share capital, the shareholders of the company system also need to bear limited liability to the exchange.
3. The trial law is different. Membership legal person generally applies the relevant provisions of civil law, and corporate legal person first applies the provisions of company law.
4. Different sources of funds. The membership exchange is funded by the qualification fees paid by members, and its annual expenses are obtained from the profits of the current year and the annual meeting fees paid by members, and the surplus is not distributed to members as dividends; The capital of the company-based exchange comes from the shareholders themselves, so as long as all the profits of the transaction can be distributed among investors as dividends.
As an ordinary investor, you generally don't feel the obvious difference. According to its different organizational forms, corporate exchanges are more competitive. Membership-based exchanges cannot distribute income among members, which makes members lack the motivation to operate the exchanges. In addition, the non-profit of the exchange reduces the management efficiency of the exchange and cannot adapt to the increasingly fierce competitive environment. Since the beginning of this year, many large exchanges around the world have changed from membership system to corporate system, which has become a new direction for the development of global exchanges.