What is a trading unit? A trading unit refers to the basic business unit that a member applies to the Exchange to establish after obtaining a seat, participates in the Exchange's securities transactions, and accepts the Exchange's supervision and services.

The relationship between the two is that each member's seat automatically enjoys the right to use one transaction unit.

Seats Seats refer to the terminals set up in the trading hall for quotation transactions or the computer remote communication ports for transactions provided by the stock exchange (or futures exchange) to members and special members such as securities merchants (or futures merchants).

The former is called tangible seats, and the latter is called invisible seats.

Tangible seats refer to fixed seats in the exchange hall. Each seat is equipped with a floor trader (red vest). When a member places an order, the trader on the seat will input the order into the exchange's matching system;

Intangible seats do not set up tangible seats in the exchange's trading floor, and no traders are stationed. Members directly input orders into the exchange's matching system through computers.

Opening invisible seats has the characteristics of convenience, speed, safety and low cost. With the development of securities and futures markets and the continuous improvement of computer and communication technology, it is the general trend to replace tangible seats with invisible seats.