CFFEX Regulated Brokers

Seventy-nine brokers in the WIKILIX database hold a membership of the China Financial Futures Exchange (CFFEX), the Shanghai venue where China's stock-index and government-bond futures trade. This page lists every one of them, ordered by WIKILIX score. Sixty-nine carry a clean regulatory status in our records. Eight are flagged as suspicious clones, one as offshore, and one holds no status label yet.

These are not retail forex shops. A CFFEX member is a licensed Chinese futures company or securities house cleared to trade and clear contracts on the exchange, and the authorisation behind that membership comes from the China Securities Regulatory Commission (CSRC). Seventy-seven of the seventy-nine are headquartered in mainland China. The two that are not are UBS Group AG, domiciled in Switzerland, and Chaos International Financial, based in Hong Kong.

What a CFFEX membership tells you, and what it does not

CFFEX admits members under CSRC rules, so a firm on this list has met China's capital and risk requirements for futures clearing. It says nothing about whether the firm accepts foreign clients, and most do not: access to CFFEX products for overseas investors runs through the Qualified Foreign Investor scheme and approved intermediaries, not through a retail account with the member itself. The list also says nothing about spreads and commissions, neither of which WIKILIX records for these firms.

The register is long-established. Huatai Securities, the oldest entry, opened in 1991, and Goldstate Futures follows in the same year. Sixty-four of the seventy-nine opened before 2000, and all but three of the dated firms were trading before 2010. The newest are New Era Futures, from 2019, and the Hong Kong operation flagged as Chaos, from 2016.

How the scores read

Scores here run from 4.0 at the bottom to 76.4 at the top, which belongs to Huaxi Futures. The median is 28.1, and fifty of the seventy-nine firms sit at exactly that figure. That clustering is worth reading plainly: WIKILIX has limited public-conduct data on most domestic Chinese futures members, so the model holds them at a baseline rather than inventing a distinction it cannot support. Where a firm scores above the baseline, as GF Futures and CITIC Futures do, it usually also holds a second licence.

Twelve of the seventy-nine hold more than one regulator in our records. Huaxi Futures carries CFFEX alongside Hong Kong's SFC and Singapore's MAS, and Orient Securities pairs CFFEX with MAS. The remaining sixty-seven hold CFFEX alone, which is normal for a firm whose business is entirely domestic.

Before you read this as a shortlist

• Confirm any membership against the member list on the CFFEX site before you rely on it; our records reflect what WIKILIX held as of today.
• Check which entity you would actually contract with, since a mainland futures member and an overseas affiliate under the same brand are different companies with different protections.
• Treat the eight suspicious-clone flags as a prompt to verify the firm's identity, because clone operations copy a real member's name and licence number.
• Read any leverage figure in our data, where one exists at all, as the recorded maximum and not as something a retail foreign client could obtain, which is usually nothing.