The so-called commodity exchange is an organized fixed market for buying and selling commodity futures contracts at a certain time and place. The futures exchange is a non-profit unit. At present, there are more than 100 commodity exchanges and more than100 international futures exchanges in the world. Other exchanges belong to the domestic market or regional market. In order to adapt to the development of market economy and the needs of export-oriented economy, China began to pilot some commodity exchanges on 1992, and continued to rectify and reduce these exchanges. By the end of 1994, 15 pilot exchanges had been established: Shanghai Metal Exchange, Shenzhen Nonferrous Metals Futures Exchange, Zhengzhou Commodity Exchange, Beijing Commodity Exchange, Hainan Shangzhong Futures Exchange, Guangdong United Futures Exchange, Shanghai Grain and Oil Exchange, Shanghai Commodity Exchange, Suzhou Commodity Exchange, Tianjin United Futures Exchange, Shenyang Commodity Exchange, Dalian Commodity Exchange, Chongqing Commodity Exchange and Chengdu. Changchun United Commodity Exchange was punished by the CSRC for half a year due to illegal operation, and is currently in the stage of suspension and rectification. Although the scale, trading varieties and site layout of domestic commodity exchanges are different, the operating mechanism, functions and management are basically the same. Commodity exchanges only provide trading places for futures traders and act as intermediaries, and do not directly participate in commodity futures trading or the formation of futures prices. Generally speaking, exchanges provide organized trading places and modern service facilities and means for futures trading. There is a large electronic quotation screen hanging in the lobby of the exchange, which can display many changing prices at any time.

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As can be seen from the above description, a commodity exchange is a futures exchange.