The settlement institutions of the four futures exchanges in China are all internal institutions of the exchanges. Zhengzhou Commodity Exchange, Dalian Commodity Exchange and Shanghai Futures Exchange implement a full settlement system; China Financial Futures Exchange implements a member grading settlement system. Under the member grading settlement system, members are divided into settlement members and non-settlement members. Clearing members are eligible to settle accounts with the Exchange; Non-clearing members are not eligible to settle accounts with the Exchange. An exchange that implements the member settlement system shall establish a settlement deposit system, and the settlement deposit shall be paid by members in accordance with the provisions of the exchange.