1. Decline in market liquidity: Trading and delivery are separated, and traders will no longer need to make delivery according to delivery rules, but only buy and sell, which will lead to decline in market liquidity, decrease in trading volume, easy fluctuation of market prices, and difficulty in effective hedging and risk management for traders.

2. Decreased market transparency: After the separation of trading and delivery, the market price will lose contact with the actual supply and demand relationship, making it difficult for traders to judge the authenticity and transparency of the market price, and the situation of market information asymmetry may increase.

3. Increased market risk: Trading and delivery are separated, and traders will use the futures market as a gambling tool for high-risk speculative trading, thus increasing market risk and volatility, which will have a negative impact on market stability and healthy development.

4. Increased delivery risk: If the transaction and delivery are separated and the delivery rules are not effectively implemented, there will be delivery default and delivery risk, which will bring losses and risks to traders and the market.