"Measures for the Administration of Futures Exchanges" Article 65 The members of a futures exchange that implement the member grading settlement system are composed of settlement members and non-settlement members. Clearing members are eligible to settle accounts with futures exchanges. Non-clearing members are not eligible to settle with futures exchanges. Futures exchanges settle accounts with clearing members, and clearing members settle accounts with non-clearing members. Non-settlement members settle accounts with their clients. So the answer to this question is CD.