Let me give you a rough idea: the investor structure is unreasonable, the futures companies are generally small, the business is single, and the service structure is similar.

Take Japan as an example, the number of futures brokers is strictly controlled, resulting in healthy competition and corresponding scale. However, the existence of many domestic futures companies leads to the lack of international voice for China futures.

Most foreign futures brokers adopt a multi-level and diversified structure, that is, the division of labor is refined. The futures market in developed countries has formed a rich three-level supervision system, but at present, China is essentially the first-level supervision of the CSRC.

In terms of business, China's futures business is single, and self-employment is prohibited. Most foreign futures companies are all-round financial companies, including brokerage, settlement, fund management, consultants, floor trading, etc., which leads to narrow income sources of domestic futures companies, which is not conducive to rapid development.

That's all for the time being. I hope it will help you a little.