The intermediary shall independently bear the civil liabilities arising from the intermediary brokerage relationship. This first put forward the important legal concept of futures intermediary. In the current futures market, a considerable number of people believe that futures intermediaries not only facilitate futures brokerage companies and futures investors to enter into brokerage contracts, but also engage in futures trading activities including investment consulting, agency trading and other futures trading activities. That is to say, individuals and organizations that are active in the futures market and do not have the status of employees of futures brokerage companies, cooperate with brokerage companies or futures investors, and mainly rely on the brokerage company's share and commission as labor remuneration are collectively called futures intermediaries. For example, in The industry has existed for a long time and is represented by different titles of brokers, account managers, investment consultants, etc. It must be clearly pointed out that this understanding is inconsistent with the concept of futures intermediaries in the strict legal sense. It expands the connotation and extension of the concept of futures intermediaries, including the functional scope of futures trading agents, trustee financial managers and other roles, and attributes the legal problems caused by trading agents to futures intermediaries. In fact, futures intermediaries and futures trading agents are completely different legal concepts, and there are essential differences between them. Combined with the provisions on intermediaries in the Contract Law of the People's Republic of China, the so-called futures intermediary is an individual or legal person who introduces contracts or provides contracting opportunities for investors or futures companies. Its main role is to provide investors with Act as an intermediary when entering into a brokerage contract with a futures company. The intermediary behavior refers to reporting information for the conclusion of a contract or providing intermediary services for the conclusion of a contract. Although the intermediary is entrusted by the principal to facilitate transactions for the principal, the intermediary only plays the role of an intermediary in the transaction. It is neither a party nor an agent of the two parties in the transaction, nor does it directly participate in the transaction. The negotiation and negotiation activities of the parties do not act as an intermediary on the rights and obligations of both parties in the transaction. As far as the reality of the futures market is concerned, most futures intermediaries establish business cooperation relationships with futures companies, and are entrusted by futures companies to develop the market, find customers, and promote the establishment of futures brokerage relationships. The rights of futures intermediaries are mainly reflected in the withdrawal of remuneration based on the trading commissions of developed customers. Its legal responsibilities mainly include that futures intermediaries should truthfully report the true situation of both parties, matters related to the conclusion of the brokerage contract, etc. to both parties and must not conceal it. Otherwise, if the party intentionally conceals important facts related to the conclusion of the contract or provides false information and harms the interests of the client, not only will it not have the right to request payment of remuneration from the client, but it will also be liable for damages. In the futures market, disputes arising from the conclusion of a futures brokerage contract solely due to the introduction of a futures intermediary are rare. Most disputes are caused by futures trading agents' illegal agency behavior. The so-called futures trading agent refers to a unit or individual who accepts the entrustment of a futures investor and engages in futures trading activities in the name of the investor, or who, as a staff member of a futures company, performs duties and acts as an agent for the futures company to engage in futures trading for the investor. Trading activities: Persons who provide trading services. Depending on the specific circumstances of futures trading disputes, there are several different types of agency behaviors as follows, and they bear different legal responsibilities: 1. Having the right to act as an agent. Futures investors stipulate in the "Futures Brokerage Contract" that their designated agents will conduct transactions on their behalf, including issuing trading instructions, signing transaction reports, and even transferring trading funds, etc. Futures investors often sign an agency contract (or power of attorney) with the agent based on their trust in the agent's business capabilities, stipulating agency authority and each other's rights and obligations. Futures disputes caused by such agents include malicious speculation, concealment of true transaction results leading to increased losses, misappropriation of investors' funds, overdraft transactions, and arbitrage transactions that do not follow the wishes of investors. The above disputes are entirely caused by the agent's violation of the agency contract, shouldering the entrustment of investors, and failure to faithfully perform agency duties, and are limited to futures investors and agents. The agent shall be liable for civil compensation for the losses caused to investors by his improper agency behavior. However, if an agent takes advantage of his position as an agent to misappropriate investors' funds through blackmail transactions and other means, the consequences will be serious. If it is found to be a crime of embezzlement by the relevant judicial authorities, he will also bear criminal legal liability and be subject to criminal penalties. 2. No authority to act as an agent.

Some people engaged in trading, without the authorization of futures investors, take advantage of the opportunity to help new entrants to the futures market or investors who are not familiar with futures trading to steal the trading accounts and transactions of futures investors. Password, conduct transactions without the investor’s permission. If the investor approves the transaction result, the investor shall bear the responsibility for the transaction. But the general situation is that for this kind of transaction without agency, if the transaction is profitable, the investor will recognize it; once the transaction is loss-making, the investor will not recognize it, and this will cause disputes. For this kind of dispute, the determination of legal liability is that if the futures company does not have sufficient evidence to prove that it is not at fault in the above-mentioned transactions, then according to Article 19 of the "Regulations", the futures company shall be liable for compensation to futures investors. The authorized agent shall be jointly and severally liable. According to legal provisions, after a futures company assumes liability for compensation to investors, it has the right to pursue compensation from agents without authority. If the futures brokerage company can prove that there is no fault in the agent's trading behavior based on the "Futures Brokerage Contract" signed with the investor or other evidence, then even if it accepts the trading order issued by the unauthorized agent without the authorization of the investor and gives Investors have caused losses, and the brokerage company should still not be liable for compensation to the investors. Investors' losses can only be recovered from agents without authority. 3. Express agency. This is the type that caused more disputes in futures trading after the promulgation of the Regulations. Often, some futures companies recruit a large number of futures intermediaries in order to reduce operating costs and avoid litigation risks, but at the same time neglect to effectively manage these personnel. These intermediaries hold the market development information of the entrusted brokerage company and mobilize investors to enter into futures brokerage contracts with the brokerage company in the name of the brokerage company staff. When concluding a brokerage contract, the brokerage company does not take the initiative to explain the identity of the intermediary to investors so that investors can understand it, thereby preventing the agency transaction risks after the intermediary becomes the investor's trading agent, but intentionally cooperates The intermediary uses the reputation of the brokerage company to obtain the transaction authorization from the investor, and deliberately obscures the identity of the intermediary in front of the investors, causing the investors to have sufficient reasons to believe that the intermediary is a staff member of the futures brokerage company, and after signing the futures brokerage contract , continue to authorize the original intermediary to be his trading agent to engage in futures trading. In this way, the transaction risks of agents violating laws and regulations will naturally be transferred to the economic company. Once the judicial authority determines that the performance agency is established, then, according to Article 9 of the "Regulations", the futures brokerage company should bear the corresponding civil liability for compensation. In order to avoid legal risks in this area, brokerage companies should strengthen internal control measures, such as improving the terms and content of the "Intermediary Contract" and strengthening the constraints on the behavior of intermediaries; when signing a "Futures Brokerage Contract" with investors, explain to investors who the intermediary is The legal consequences of the investor's entrustment of the intermediary for the transaction shall be stipulated in the contract, and the scope of each other's responsibilities shall be clarified. 4. Trusted financial management. In the current futures market, there are quite a number of people or organizations who, in order to attract investors' funds and entrust them with futures trading, issue certain conditions to cooperate with investors. Generally speaking, they sign an "Entrusted Financial Management Agreement" with investors, invest funds together according to the agreed ratio, open a futures investment account in the name of the investor, and they have full authority to conduct futures transactions and share profits in accordance with the contract. Share the risk. This is formally represented as a legal relationship of agency, but it is different from a general agency. Agency in the general sense is an agent acting in the name of the principal, and the principal shall bear the legal consequences of the agency. But in this kind of agency, the agent essentially also bears the legal consequences of this kind of agency. The main manifestations of this kind of agency disputes are that the two parties regret the contract, refuse to accept the responsibility for transaction losses, or cannot reach an agreement on the distribution of profits.