The futures exchange is the place to buy and sell futures contracts and the core of the futures market.
Judging from the classification of the market, the current futures market is mainly composed of financial futures and commodity futures. Among them, stock index futures is the only financial futures product in China. Therefore, we should look at the entry threshold of commodity futures and stock index futures respectively.
Futures exchange is a non-profit organization, but its non-profit only means that the exchange itself does not conduct trading activities, and non-profit does not mean that it does not pay attention to interest accounting. In this sense, the exchange is also a financially independent for-profit institution, which realizes reasonable economic benefits, including membership fee income, transaction fee income, information service income and other income, on the basis of providing traders with open, fair and just trading places and effective supervision services. A set of institutional rules formulated by it provides a self-management mechanism for the whole futures market, which enables the principle of "openness, fairness and justice" in futures trading to be realized.
Futures exchanges, member companies, futures investment customers and other participants in the futures market have different interests in the futures market. As the organizer of the futures market, the exchange mainly maintains the "three publics" and honesty and credit of the futures market through front-line supervision. In the process of supervision, the exchange's right to punish market violations will inevitably have a certain impact on the interests of relevant market entities, so the exchange's right to punish has gradually attracted attention from both inside and outside the industry.
This paper studies the source of the exchange's disciplinary power from two aspects: First, the disciplinary power is mainly obtained by transferring part of the rights through agreement, and all market entities are the rights subjects safeguarded by the articles of association, trading rules and implementation rules, and all enjoy rights and perform obligations equally. For acts that damage the market, each market entity transfers the right to investigate and deal with violations to the exchange, which can more effectively check and balance violations, and the right to punish has the right attribute. Secondly, the penalty clause of the exchange has been examined and approved by the state administrative organs, which has the basic characteristics of compulsory force. The right of disposition confirmed by public power is more deterrent, so the right of disposition has the attribute of power. Judging from the types of penalties imposed by exchanges, penalties include qualification penalties, property penalties, behavior penalties and reputation penalties. Qualification punishment is to cancel a certain market qualification of the violator, mainly including membership, market representative qualification, delivery warehouse qualification, settlement bank qualification, and being declared as a market ban. Property punishment is to accuse the violator of paying a certain amount of money, that is, a fine. Behavior punishment is to order violators to do certain behaviors, such as ordering them to correct or restricting their transactions. Honor punishment is a warning to violators and informed criticism. Although the punishment of the exchange embodies the attribute of the first-line supervision power, the punishment of the exchange still belongs to the civil punishment of self-discipline supervision because the basis of the punishment comes from the articles of association, trading rules and implementation rules of the exchange and the characteristics of private rights are obvious.