Professor Wu Hong, Dean of School of Economics and Law, East China University of Political Science and Law, praised the seminar on the legal margin of commodity forward spot trading and futures trading as "the frontier of academic, regulatory, legal and practical topics with strong interest" recently held in Shanghai. The seminar was jointly organized by the Futures Business Research Committee of Shanghai Lawyers Association, the Financial Law Research Association of Shanghai Law Society and the Futures Research Institute of Tongji University. Representatives from Shanghai Municipal Commission of Commerce and Shanghai Securities Regulatory Bureau attended the discussion.

A series of commercial disputes have occurred between a long-term commodity trading market in Shanghai and its agents and distributors. However, since this series of cases was accepted by the court, only the attorneys of the original and the defendant were summoned for the only cross-examination in court. This also highlights the legal edge of commodity forward spot trading and futures trading, and there are still regulatory blind spots. In fact, this case has attracted much attention as a hot event during the period of rectifying and standardizing the medium and long-term trading market. CCTV-2 "Economic Half-hour" also specially broadcast the column record of "Electronic Disk Investment Trap".

Starting from the above cases, the seminar discussed the legal standard of disguised futures, the definition of long-term futures trading of bulk commodities, the marketization characteristics of electronic transactions, the regulatory trend of bulk commodities spot market and its future interpretation. In particular, it refers to the relevant legal guidance made by the regulatory authorities on market rectification and regulation, such as the State Council Document No.232 and Article 6, and the Notice on Further Regulating the Management of Shanghai's Medium and Long-term Commodity Trading Market just forwarded by the General Office of the Shanghai Municipal Government.

Some regulatory representatives believe that Article 89 of the current Regulations on the Administration of Futures Trading is "incomplete", but the key is to bring these medium and long-term market deposits into unified supervision and put an end to virtual trading.

Some practitioners attending the meeting believe that although there are some problems in the medium and long-term market, as a form of trade spawned by the market itself, it has its rationality of existence and objective laws of development. The medium and long-term market that can "complement" the futures market is also closely related to the industry, and if it is all speculation, traders will definitely run to the "more secure" futures market.