This topic investigates the organizational form of futures settlement institutions. According to the different relationship between the futures clearing house and the futures exchange, it can be generally divided into two forms: ① The clearing house is the internal organization of the exchange and only provides clearing services for the exchange. This form makes the settlement institution directly controlled by the exchange, and its risk-taking ability is limited. The settlement institution is an independent settlement company, which can provide settlement services for one or more exchanges. This form can maintain the relative independence of trading and settlement, because the exchange and settlement institutions are independent legal persons, so they need to pay a certain communication cost. At present, China adopts the first form.