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The futures market is a financial market that trades according to the agreement reached and delivers on the scheduled date. The obvious difference between spot and futures is that the delivery date of futures is in the future, and the conditions of delivery and payment, such as price, quantity, method and place, are stipulated in the spot contract, and both commodities and securities can be traded in the futures market. Although the contract has been signed, the goods bought and sold by both parties may be in transit, may be in production, and may not even be put into production. The seller may or may not have goods or securities.
Futures exchange is a non-profit organization that provides places, facilities, services and trading rules for futures trading. Exchanges generally adopt membership system. The conditions for joining the exchange are very strict, and each exchange has specific regulations. First, you must submit a membership application to the Exchange. The Exchange will investigate the applicant's financial credit status, pass the examination, and only those who meet the requirements can join the membership with the approval of the Board of Directors. The membership seats of an exchange are generally transferable. The highest authority of the exchange is the general meeting of members. The general meeting of members has a board of directors or a board of directors, which is generally elected by the general meeting of members. The board of directors appoints the president of the Exchange to be responsible for the daily administration of the Exchange.
A futures brokerage company (or brokerage firm) is an enterprise legal person that conducts futures trading on behalf of customers and provides related futures trading services. When trading futures on behalf of customers, a certain commission is charged. As an intermediary organization of futures trading activities, it plays a very important role in the composition of futures market.
On the one hand, it is a bridge between the exchange and many traders, which broadens and improves the service function of the exchange;
On the other hand, it provides financial guarantee to the exchange for traders to engage in trading activities. The internal institutions of futures brokerage companies generally include settlement department, deposit department, credit department, business department, information department, spot settlement department and research department. Standardized brokerage companies should have a sound risk management system, abide by national laws and policies, obey the supervision of government regulatory authorities, abide by professional ethics, safeguard the overall interests of the industry, strictly distinguish between self-operated and agency businesses, strictly manage customers, and have high-quality brokers.