I opened an account yesterday and decided not to do it after a day. The handling fee is very expensive

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Lao Zhao is a professional fund manager. He told the reporter of China Times that there are currently three kinds of legal precious metal commodity futures trading on the market: "The first one is the Shanghai Futures Exchange under the supervision of the CSRC. There are four futures exchanges in China supervised by the CSRC, and the Shanghai Futures Exchange is the only precious metal trading platform among the four exchanges. The second type is an exchange such as Jingui Institute, which is approved by the local government and will set up an agency, but this kind of exchange is not regulated by the CSRC system, or the supervision is very limited; The third type is pure channel dealers, which are branches established by overseas securities brokerage companies in China, providing a legal overseas trading platform for mainland investors to invest in overseas silver futures, mainly by charging fees to make profits. Such an exchange may have a name, but it is essentially a small company. As long as the industrial and commercial approval is passed, it can be opened. " Among the three legal channels, Shanghai Futures Exchange is the only traditional trading method supervised by the CSRC.

Lao Zhao said that after Circular 38, the trading mode of Jingui Exchange was very chaotic.

"You said it was irregular, and it did have the approval of the government, although it was a local government. As a financial institution, neither the CSRC nor the CBRC can manage it. Moreover, its handling fee is outrageous. Even professional financial practitioners like us can hardly make money at such a handling fee. " Lao Zhao said that the handling fee of Jingui Institute is more than 10 of Shanghai Futures Exchange.

Wang Yun provided the reporter of China Times with a comparison chart of the handling fees of Jingui Exchange and Shanghai Stock Exchange [Weibo], showing that, taking the first-hand silver trading (15KG) contract as an example, the handling fee charged by the Shanghai Stock Exchange on the closing day was 4.8 yuan, while the handling fee of Jingui Exchange was 2 16 yuan per lot.

However, the high handling fee is not the root of the chaos in the silver market, but the regulatory vacuum of the transaction process is the root of Jingui's criticism.