Most futures settlement institutions implement membership system. Clearing members must pay the full margin and deposit it in the clearing house to ensure the risk control of the futures market by the clearing house. The highest authority of a futures clearing institution is the board of directors (council). The president is in charge of daily work.

Features:

1, adjust market supply and demand, and slow down price fluctuations;

2. Provide reference for government macro-control;

3. Promote the international development of domestic economy;

4, contribute to the establishment and perfection of the market economic system.

With the development of modern commodity economy and the substantial improvement of social labor productivity, international trade is widely carried out, the world market is gradually formed, and the changes of market supply and demand are more complicated.

It requires a price that can continuously reflect the whole process of potential supply and demand changes, so that the majority of producers and operators can adjust commodity production in time and avoid the price risk brought about by unfavorable price changes. Futures exchange is a non-profit organization that provides places, facilities, services and trading rules for futures trading. Exchanges generally adopt membership system.

References:

Baidu encyclopedia-futures market