Long text: the change of the encrypted asset exchange and the risk challenge

Encrypted asset exchanges, like traditional exchanges, are products that develop to a certain period of time. With the emergence and development of blockchain technology, the emergence of cryptographic assets such as Bitcoin and Ethereum based on cryptography and modern network technology and the demand for cryptocurrency transactions by investors have prompted the birth of crypto-equity exchanges.

Since the beginning of the formation of the exchange in the 17th century, there are various uncertainties, and there are certain risks in the operation process. For encrypted asset exchanges, the risks are equally inevitable. Especially in recent years, crypto-equity exchanges have been ran into hackers and hacking incidents have occurred, and due to the anonymity of encrypted assets, exchanges can easily become a tool for money laundering and concealing crime. Many efforts have been made in the security aspects of the system of mainstream crypto-equity transactions. For example, Firecoin mitigates risks by setting up multiple layers of security systems such as platforms, accounts, wallets, and internal control management. Some crypto-equity exchanges around the world are using new technologies such as artificial intelligence (AI) to help them work safely and use technologies that continuously monitor their network suspicious activity.

However, from the perspective of market development, although some efforts and new attempts have been made in the security of the system of encrypted asset exchange, there is no effective security solution to completely solve the security problem of the system. At the same time, the uncertainty of industry regulation makes crypto-equity exchanges face more risks and survival is challenged. It is especially necessary to guard against the risks faced by crypto-equity transactions.

The establishment and improvement of the exchange's risk control mechanism is related to the survival of the exchange. Therefore, clarifying the risks existing in the crypto-equity exchange plays an important role in establishing a sound risk control mechanism, which is beneficial to the safe and stable operation of the exchange and to the protection. The legitimate rights and interests of investors promote the stable and healthy development of the financial market.

Encrypted Asset Exchange Overview

(1) Encryption asset exchange development process

In the context of the accelerated integration of the Internet and traditional industries, the distributed accounting technology represented by the blockchain has developed rapidly. As one of the applications of blockchain technology, crypto assets such as Bitcoin and Ethereum have received extensive attention.

In the field of crypto-asset transactions, as the transaction demand and attention of crypto assets rises, there is a trading platform on the network that provides electronic matching and encrypted continuous bidding services for cryptographic assets such as Bitcoin, attracting a large number of investors and encrypting. The types of assets, the total market value, and the number of trading platforms have all experienced explosive growth. At the end of 2013, the global market value of crypto assets was approximately $10 billion, and by the end of 2016 it was $16.1 billion. At the end of 2017, the total market value of crypto assets soared to $572.9 billion, which was highly foamy and the price fluctuated greatly. According to Coinmarketcap data, as of July 8, 2019, the global market value of crypto assets was $353 billion, of which the market value of bitcoin accounted for 64.1% of the market.

Encrypted asset exchanges have become the main route for global crypto asset transactions. Especially in 2017, the price of crypto assets soared to a large number of investors and users of the crypto-equity exchange. A large number of venture capital inflows have greatly stimulated the development of the crypto-equity exchange industry, regardless of the number of exchanges and the number of registered users. The scale of transactions, or the profitability have all increased significantly. According to Coinmarketcap, as of August 5, 2019, the global crypto asset trading market has exceeded 19,000.

The development of a crypto-equity exchange can be roughly divided into three phases.

(1) Germination period (2010-2012)

The earliest exchanges were created in 2010, and the trading assets were mainly bitcoin. Such as China's Bitcoin China, and Japan's Mt.Gox. At that time, the value of crypto assets such as Bitcoin was not widely recognized by the market, the market price was relatively low, the number of exchanges was small, and the market was in its infancy.

(2) Growth period (2013-2016)

In 2013, the value of crypto assets such as Bitcoin was gradually recognized by the market, and prices rose sharply. The market demand for encrypted asset transactions became increasingly strong, driving the increase in the number of crypto-equity exchanges. Representative trades all fire coins, OKCoin, etc.

(3) Development period (2017-present)

The third batch of exchanges entered the market in a big bull market in 2017. Bitcoin prices soared, ICO projects flourished, and the number of exchanges soared and reached its peak at the end of 2017. Afterwards, due to the fall in market prices, the number of newly established exchanges has declined somewhat, but it still maintains a relatively high growth rate. The transaction at this stage is represented by the currency security.

In the second half of 2018, the crypto-asset market as a whole declined, the number of cryptographic assets issued globally dropped sharply, and the number of crypto-equity exchanges also turned from the rapid growth in early 2018 to the decline at the end of the year. There are three main reasons for this. First, the overall downward trend of the crypto-asset market is obvious. Second, the global focus on the regulation and security of crypto assets and exchanges is enhanced. Third, it is related to the development and trend of stable currencies.

At present, a large number of crypto-equity exchanges have lost or even closed down. Large-scale exchanges with better development such as fire coins, OKCoin, and currency security have begun to make more trials and expansions in the industry, such as in blockchain media, mining, wallets, and districts. Blockchain application integrated solutions and other subdivisional layouts, trying to establish their own blockchain industry ecosystem.

(2) Encrypted asset exchange business

With the development of cryptographic asset-related services, crypto-equity exchanges are no longer limited to basic recharging, cash withdrawals, and entrusted transactions. In order to meet the diversified needs of market investors, the crypto-equity exchange began to provide derivative transactions such as leveraged transactions and contract transactions.

The recharge, withdrawal and entrusted transaction business of the encrypted asset exchange satisfies the basic investment demand for investors to buy and sell to earn the difference. In addition to providing crypto-equity transactions in the market, some large-scale crypto-equity exchanges also provide replenishment and reflection of legal currency such as RMB and USD. If the fire currency network supports the recharge of RMB, USD and encrypted assets, the user also has the right to withdraw the encrypted assets or the legal currency balance in the fire currency account at any time, but the corresponding handling fee is required.

Derivatives such as leveraged transactions and contract transactions on the crypto-equity exchange provide investors with more investment opportunities and investment convenience. The lightning trading of the Firecoin Network provides 8 levels of leverage for customers to choose from, with a minimum of 1x leverage and a maximum of 34x. For contract trading, futures trading, OKCoin offers 3 contracts for customers to choose from, respectively Expired on Friday, the next Friday and the last Friday of the (second) season for investors to arbitrage and hedging.

In addition to leveraged trading, contract trading, the financing of the currency business (similar to the traditional exchange's margin financing business) is also a commonly used derivative business. However, due to the different regulatory policies implemented by different countries for this business, the business has developed in different states around the world. The Chinese policy stipulates that the trading platform shall not engage in the financing and financing business in violation of regulations, so the business is basically closed in China. However, in some countries abroad, such as the United States, the development of this business has been licensed. Many exchanges do this for US customers, including Karen\Japan's Coincheck and Forex trading platform, Screwefx.

In addition, some foreign crypto-equity exchanges are carrying out payment services. For example, Coinbase has paid more than 50 million US dollars since APP paid in February 2018. There is currently no exchange in China to provide this business.

(3) The function of the encrypted asset exchange

Like traditional stock exchanges and commodity exchanges, crypto-equity exchanges are places where assets are centrally traded, but they focus on the exchange of value between cryptographic assets or the exchange of value between crypted assets and various legal tenders. The crypto assets mainly refer to cryptocurrencies generated by technologies such as cryptography and distributed accounting. Legal tender means that it does not represent a real commodity or goods. The issuer does not honor the currency as a physical obligation. It only relies on the government's decree to make it a legal currency, such as the US dollar, the renminbi, and the Japanese yen. Most crypto-equity exchanges focus on the exchange of value between cryptographic assets, and the trading participants can exchange the crypto assets in the hands of the exchanges with other cryptographic assets that the exchange can redeem.

The crypto-equity exchange aggregates various types of transaction participants in the field of cryptographic assets, providing the transaction participants with the various infrastructure and services necessary for the transaction, and simultaneously merging various types of transaction participants in the field of cryptographic assets to provide the highest possible encryption. Asset liquidity and the lowest possible unit transaction cost, to the greatest extent to meet the trading needs of trading participants. However, due to the strict supervision of foreign currency transactions, there are only a few well-regulated exchanges in the world that can legally trade between legal currency and encrypted assets. Most of the transactions of encrypted asset exchanges are limited to encrypted assets and A transaction between cryptographic assets, or a stable currency anchored by a USDT, TUSD, DGD, etc., with a legal currency or gold value, acting as a medium for value exchange.

In addition to trading business, most of the crypto-equity exchanges have also carried out business such as asset management, wealth management, and financing. The development of these businesses has enabled the crypto-equity exchange to have the functions and attributes of financial institutions such as banks, brokerage firms and fund companies.

Encrypted asset exchanges are places where encrypted assets are circulated and prices are discovered. As the most important circulation link of the crypto-asset market, the crypto-equity exchange is connected to the primary and secondary markets of blockchain project investment in the market, and also connects the project party and ordinary investors, which has an irreplaceable role.

From the perspective of primary market investors, the most important role of the crypto-equity exchange is to export the value of the crypto assets issued by the project party and the primary market investors to all investors, to achieve project and primary market investors and secondary The connection between market investors, secondary market investors and secondary market investors enables price discovery and value circulation of encrypted assets on exchanges and secondary markets.

From the perspective of secondary market investors, the crypto-equity exchange is the main channel for secondary market investors to obtain the cryptographic assets issued by the project parties, and is also the main place for secondary market investors to conduct crypto-equity transactions.

From the perspective of the project side, the crypto-equity exchange enables the cryptographic assets issued by the project parties to be truly integrated with the market, opening up the value circulation channel from the project side to various types of investors, realizing the free circulation of project values, and at the same time Conducive to building the value ecology of the project itself.

From the perspective of industry status and industry development, on the one hand, the crypto-equity exchange is the place where the project side encrypts the assets circulation and transaction, and is the core node of the whole market. The status of the industry cannot be shaken. On the other hand, the price index generated by the crypto-equity exchange through the transaction is a key signal for the circulation of the entire market, which determines the investment behavior of all investors. At the same time, the crypto-equity exchange can help all types of trading participants to effectively allocate resources, reduce transaction costs, improve the transparency of industry information, and enable the crypto-asset market to operate efficiently, and further promote the development of the industry.

(4) Development status and trend of cryptocurrency exchanges

Market status

The market share of the exchange. The original cryptocurrency exchange was a centralized exchange, but as the capacity of the digital currency market increased, the demand for exchanges increased, and the shape of the exchange gradually evolved. There are currently two main types of digital asset trading, including Centralized Exchange (CEX) and Decentralized Exchange (DEX). At present, centralized trading controls the largest share of global trading volume, that is, most of the technology of crypto-equity exchanges is not based entirely on blockchain technology.

Exchange market competition. At present, the intensity of competition in crypto-equity exchanges is extremely high, and the industry's incremental market is small. However, the current exchange products have a single form and lack of differentiated competition.

Exchange source source. The concentration of exchange source users is high and the globalization process is slow. Relevant data shows that the source of users of 30 mainstream exchanges in the world is highly concentrated in several countries; the more exchanges supported by the number of languages, the wider the source of users, the higher the level of globalization; users are more inclined to set up locally (or The exchange established by the nationals is trading.

2. Industry pain points

At present, security issues are common industry pain points in the crypto-equity exchange industry, especially CEX. CEX trading mode does not match the blockchain decentralization consensus mechanism, and the number of cryptocurrencies, heavy service burden, many attackable links, and imperfect mechanisms make CEX security impossible.

Unlike CEX, DEX users have absolute control over their assets. The exchange is responsible for providing digital currency liquidity. The matching transaction is completed by smart contracts. The final settlement, clearing, etc. are carried out through the chain network to ensure the disclosure of the transaction. Transparent, greatly reducing the cost of trust users have to the exchange. DEX has the advantages of higher security, simple business model and more transparent information.

Although the DEX exchange can solve security problems to a certain extent, there are also market defects. The biggest drawback of the existing DEX is the lack of liquidity of assets, which is also an important reason why DEX cannot become a mainstream trading platform. Mainly reflected in the lack of types and quantities of digital assets, slow transaction speed, poor user experience, insufficient transaction volume, and insufficient transaction depth.

3. Development trends

Although CEX is far stronger than DEX in terms of trading experience and transaction volume, the centralization mechanism of CEX cannot solve the problems of high value circulation cost and information asymmetry. The blockchain technology used by DEX redefines the existing value system: free flow of value and more free, efficient and secure value transfer without the involvement of any intermediary. However, most of the DEXs that do not have cross-chain functions can only make the value flow within the same ecosystem, and the value cannot be transferred between the ecosystems. In order to promote the free flow of value between different blockchains, the construction and development of a new generation of DEX becomes a necessity in the market. How to realize the free circulation of value is the direction of its construction and development.

Compared with CEX, DEX more closely matches the decentralization mechanism of blockchain, which has great advantages in terms of security, anonymity and control over assets. From the development trend, the number of DEX future development will gradually increase, and the proportion of CEX will gradually decrease. Although the digital money market is currently in a bear market, the DEX market still maintains a certain degree of heat, and blockchain companies including CEX have begun to deploy. In 2018, Coinbase acquired paradex, Bibox acquired dex.top, and coin security released the dex prototype. In March 2019, it released the dex test network. Okex also released its trading public chain test network in June 2019.

Comparison and analysis of encrypted asset exchanges and traditional exchanges

The crypto-equity exchange not only has the functions of asset custody, transaction matching, liquidation, and transaction information release, but also integrates the attributes of traditional banks, brokerage firms, investment banks, funds, law firms, accounting firms, and so on. It has even exercised the regulatory functions of the SFC in the traditional sense, making it possible for projects to be financed through ICO, IEO or STO. A crypto-equity exchange can be seen as a super-financial center in the field of cryptographic assets.

The emergence of cryptographic assets led to the birth of crypto-equity exchanges, which act as special market vehicles and provide more trading opportunities for crypto-equity market participants. Encrypted asset exchanges have similar attributes to traditional transactions, but there are also many differences in terms of transaction content, organization operation, and link processes. The difference between operation mode and management philosophy leads to certain development and competition. The difference.

(1) The same point between the encrypted asset exchange and the traditional exchange

1. It is the product of the market development to a certain stage

The emergence of exchanges has historical inevitability. When the development of capital markets and credit systems tends to mature, the demand for capital in socialized large-scale production expands, and the issuance and transfer of securities need to be publicly conducted through the market, the disciplined organizational form of the exchange appears. The stock exchanges, commodity exchanges, equity exchanges and other types of traditional exchanges are adapted to the development of the market economy and are the result of meeting the needs of different types of people and institutions in the financing, trading, risk management and financial management of the society.

The birth of the crypto-equity exchange is also due to the basic need of trading. Since the birth of Bitcoin in 2009, a large number of cryptographic assets have emerged, and the size of the crypto-asset market has expanded rapidly. Encrypted asset holders need a secure, transparent, low-cost, high-efficiency modern electronic trading platform for asset trading. In order to meet this demand, it is convenient for all kinds of trading participants to conduct encrypted asset transactions, and the encrypted asset exchange has emerged.

2. All places where trading takes place

A traditional exchange is a place for trading securities, commodities or equity, and is a platform for providing trading information. The exchange has a trading floor with a variety of service facilities and well-trained management and service personnel. With the help of the information platform, the company provides professional market participants with equal and transparent trading opportunities and guaranteed transactions in accordance with established rules. Orderly and safely. Products traded on different exchanges will be different. For example, the stock products of stock exchanges are usually stocks, bonds, funds, etc. Commodity exchanges mainly trade precious metals and bulk commodities.

As an emerging exchange, the encrypted asset exchange refers to the platform for the combination of encrypted assets and encrypted assets, encrypted assets and legal tenders. It is the main place for the circulation and price discovery of encrypted assets, and is the encryption asset industry chain. One of the most profitable links is also the most talkative link. The evolution and innovation of its trading model is crucial for capturing market share and leading the development of the industry.

3. Both have financing functions

The exchange market is a highly concentrated market that brings together a large number of buying and selling needs in the market. The traditional exchange provides a place for buyers and sellers to complete and openly trade products, so that the transaction can be quickly and reasonably sold. The exchange can focus on social funds to participate in investment, and assist issuers in flexible and effective fund-raising activities. Enterprises can allocate idle funds scattered in the society by issuing stocks, bonds and other financing tools in the securities market to provide the necessary funds for enterprise development.

The crypto-equity exchange is connected to the primary and secondary markets of the blockchain investment, and is also connected to the project side and ordinary investors. The crypto-equity exchange mainly earns profits by charging transaction fees, project currency fees, and conducting crypto asset market makers to earn spreads. Although its financing ability is currently limited by the total market value of the entire crypto assets, it is far less powerful than traditional exchanges. However, many crypto-equity exchanges have further improved their financing capabilities through the issuance of platform certification or community-based certification. . Since March of this year, some crypto-equity exchanges have provided platform endorsements for project parties directly from secondary market financing through the so-called IEO method. To some extent, similar to the variants of traditional IPOs, the crypto-equity exchanges have been granted financing for project parties. The function.

(2) Differences between encrypted asset exchanges and traditional exchanges

Play a different role

In principle, traditional exchanges only perform a single function service, that is, through the order matching engine to carry out the matching transaction, and will not play the role of broker and dealer.

In addition to the matching transaction, the encrypted asset exchange will also assume the role of the brokerage and investment bank, and the individual encrypted asset exchange will also assume the role of market maker. In addition to increasing the liquidity of the market, the role of the market maker of the crypto-equity exchange can also earn a trading spread. The investment bank role of the crypto-equity exchange provides services such as issuance and underwriting for encrypted assets. The crypto-equity exchange can collect the deposit fee from it or receive the deposit in the form of a crypto-equity exchange community vote. The crypto-equity exchange plays a different role while providing multiple services, which is very different from the single role of a traditional exchange.

2. The transaction clearing process is different

In the traditional financial trading market, transaction matching and asset custody and liquidation are completed by different institutions, and all institutions have strong credit endorsements, which guarantees the security and credibility of transactions to a certain extent.

Encrypted asset exchanges integrate asset custody, matching transactions, and clearing. At present, most of the crypto-equity exchanges in the market belong to centralized exchanges, and the system is vulnerable to hacker attacks. The low asset security becomes the biggest problem, and there is also the risk of internal personnel doing evil.

3. Different ways of asset custody

In order to protect the security of customer assets, traditional exchanges generally implement third-party custody of assets through commercial banks with certain qualifications. In the course of the transaction, the exchange can not access the client's funds, only act as an information intermediary, which not only eliminates the risk of asset theft, but also eliminates the risk of the exchange running.

Encrypted asset exchanges are usually divided into centralized exchanges and decentralized exchanges by means of technical means. Different centralized management methods are adopted for centralized asset exchange and decentralized exchanges.

In a centralized exchange system, user assets are centrally hosted on an exchange, and the exchange controls user assets. When a user's assets are hosted on a centralized exchange, the user no longer has control over the assets and only has the right to conduct encrypted asset transactions or extract encrypted assets. Many centralized crypto exchanges do not provide insurance for the cryptographic assets they host, which means that if a transaction is hacked, the user's asset security will not be guaranteed.

On a decentralized exchange, the user's encrypted assets are kept by the user himself, and the user has absolute control over his or her own encrypted assets. The decoupling exchange's transaction matching and liquidation are carried out on the chain. The data cannot be falsified and unforgeable. The transfer of the control of the encrypted assets is also completed through smart contracts. It does not require human intervention and solves the problem of asset security. It also eliminates artificial The possibility of doing evil.

4. Different levels of supervision

It has been more than 400 years old since its establishment in the world's first exchange. Traditional exchanges have experienced a process from unorganized regulation to self-regulation of exchange industry associations, to legislative supervision, to self-regulation and government regulation. Traditional stock exchanges are often seen as an integral part of national sovereignty and are governed, controlled and protected by governments. Traditional exchanges are subject to local legal supervision, and relevant functional personnel perform supervisory functions on behalf of the state. When exchanges perform their role in the capital market, they are generally considered to be performing public functions.

Encrypted assets are an emerging field, and countries have great differences in the attributes of cryptographic assets. Some countries regard encrypted assets as legal currency, and some countries do not recognize the monetary attributes of encrypted assets. Therefore, the regulatory guidance of individual countries on encrypted asset exchanges is also different. Only a few countries (such as Japan and South Korea) formally issue licenses for encrypted asset transactions. Some countries (such as China) prohibit the existence of exchanges and transactions, and most countries are still in the process of exploration and observation.

In addition, a major feature of crypto-asset transactions is the trans-national characteristics of their value flows. While most compliant cryptographic asset exchanges are registered in one or more countries for compliance, they are generally targeted at global users. Although many traditional exchanges are also globally oriented, because the legal currency has country attributes, the deposits and withdrawals are monitored by governments in all directions, and their global free movement is subject to many restrictions. Encrypted assets do not have country attributes, are inherently globally circulated, and are much weaker in monitoring, and their cross-border movement is almost unrestricted.

5. Different ways to achieve technology

The trading system of the traditional exchanges is constantly improving and renovating with the continuous development of technology, and undergoing changes from simple to complex, from backward to advanced. Telegraph, telephone, and telex were soon introduced into the exchange market. The emergence of computers replaced the previous trading medium. Internet technology fundamentally changed the operating mode of the exchange. Before the widespread use of information technology, all exchanges adopted an open outcry system. The new type of electronic trading that emerged after the information technology revolution has become the most important form of securities trading.

Encrypted asset exchanges are a new thing, many of which originate from traditional exchanges, but in terms of the technical means of implementation, especially the decentralized exchanges that are still in their infancy, the technical means and technical tools used by traditional exchanges. There are also different presentations. Decentralized crypto-equity exchanges use cryptographic techniques to ensure that data is not tamperable, asset-safe, use cross-chain technology to support different types of crypto-asset transactions, and use smart contract design to achieve transactions and clearing.

What are the risks of encrypting asset exchanges?

The most important feature of risk is uncertainty, which refers to the possibility that the subject will suffer losses due to various uncertain factors. In general, the risks faced by exchanges can be divided into systemic risks and non-systemic risks.

(1) Systemic risk

There are systemic risks, whether they are traditional exchanges or encrypted asset exchanges. Systemic risk is also known as market risk. The consequences of this risk are universal, affecting all participants in the market, and cannot be eliminated by diversifying investment. Therefore, it is called non-dispersible risk. Policy risks, business cycle risks, purchasing power risks, and political risks are all systemic risks.

At present, the systemic risks faced by crypto-equity exchanges are mainly policy risks.

Policy risk refers to the risk that a government department will change the relevant policies formulated by the crypto-equity exchange or related industries. Due to the existence and adjustment of policies between the state and investors and exchanges, there are contradictions in economic interests, which leads to policy risks. Changes in the government's economic policies and regulations or changes in management measures can affect changes in corporate profits and investment returns; changes in trading policies can directly affect changes in asset prices, causing large fluctuations in the overall market.

The crypto-asset industry started late and lacked a sound legal and regulatory system. The regulatory policies and measures of countries around the world are not the same, and they are under dynamic supervision. The uncertainty of regulatory regulation in the crypto-asset industry has greatly increased the risk of crypto-equity exchanges. Once the relevant policies change, the price and volume of most crypto assets will fluctuate, which will bring risks to the exchange.

For example, on September 4, 2017, the People's Bank of China and other seven ministries and commissions issued the "Announcement on Preventing the Risk of Subsidy Issuance Financing", urgently suspending ICO activities, and taking measures to require the exchange to completely shut down its operations in China before September 30. All trading activities in the territory. The Chinese government has issued a policy that explicitly prohibits the issuance and trading of encrypted assets, and the crypto-asset industry has experienced violent shocks. After clean-up and rectification, the trading volume of RMB-denominated virtual currency fell from 90% of global trading volume to less than 1%. The implementation of the policy led to the closure of the exchanges.

(2) Non-systematic risks

Non-systematic risk, also known as non-market risk or dispersible risk, is usually caused by a particular factor. The non-systematic risks faced by crypto-equity exchanges currently have risks such as technical risks, legal risks, and moral hazards.

Technical risk

The so-called technical risk refers to the failure of the trading system, which causes the exchange to fail to carry out business activities normally, which brings inconvenience and loss to the daily operation of the exchange. Technical risks include information technology, investor transaction data is destroyed, modified, leaked, etc., and risks due to software design flaws, causing losses to investors.

At present, there are two main risks in the technical aspects of crypto-equity trading. One is information system security vulnerabilities, and the other is smart contract security vulnerabilities.

For information system security vulnerabilities, encrypted asset exchanges are not much different from traditional financial institutions. The entire information system consists of Web servers and back-end databases. Users use browsers, mobile apps, and APIs provided by exchanges. A way to act as a client access server. At this time, the security threats faced by the exchange mainly include server software vulnerabilities, improper configuration, DDoS attacks, server-side Web application vulnerabilities (including technical vulnerabilities and business logic defects), office computer security issues, and internal personnel attacks. Many exchanges do not have disaster-level system certification. In the event of fire, earthquake, or flood, investor data is lost, and the consequences are unimaginable. In addition, cryptographic assets are usually stored in online wallets, but because there are no corresponding wallet technology access standards and technical services on the market, if there is equipment loss or damage, it will lead to high technical security risks.

The issuance, circulation and settlement of encrypted assets are all done through computer networks. From the generation of encrypted assets to the completion of transactions, it relies heavily on network security and computer technology. Although the existing encryption assets adopt standard cryptography technology, due to design defects or other reasons, the cryptographic assets still have a high risk of theft, lack of technical support, and often become hackers. Encrypted asset transactions are subject to hacking attacks and theft of user accounts. For example, in March 2018, hackers used the stolen user information to conduct a large number of transactions on the Binance exchange platform to manipulate the market to make more than $100 million. The attacker used the phishing scam method to defraud the authentication credentials of some users, and then used the API to initiate a large number of transactions, traded other currencies in the user account into bitcoin, and manipulated the market with a large amount of on-site bitcoin controlled by it, affecting other The price of the currency, then short-selling on another cryptocurrency futures exchange, ultimately yielding more than $100 million in the case of the inability to withdraw coins.

There is also a security hole in the smart contract of the encrypted asset exchange. The difference is that due to the untamed nature of blockchain technology, once the contract is deployed, it is difficult to fix the problem. After some token distribution contracts with vulnerabilities such as integer overflow are deployed, the tokens are traded on the exchange, and then the vulnerabilities are triggered to be exploited. In a short period of time, a large amount of tokens can be generated to affect the market value, which will cause damage to both the exchange and the user. Huge economic loss. In June 2016, The DAO, a smart contract that operated on the Ethereum blockchain, was hacked due to code vulnerabilities, resulting in the theft of $60 million worth of Ethereum.

This part of the security threat is different from traditional information security vulnerabilities. Similar attacks have occurred in traditional financial markets, such as the operation of Soros against the Hong Kong dollar during the Asian financial crisis of the late 20th century. The difference is that in the traditional financial market to launch such an attack requires a huge amount of financial support to achieve. In the field of cryptographic assets, anyone who has the ability to exploit contract vulnerabilities is theoretically likely to achieve such an attack.

2. Moral hazard

Moral hazard refers to the selfish behavior of the operators of the crypto-equity exchanges to maximize their own interests and to harm the interests of investors. Technical risks can be prevented to some extent, but moral hazard is the most difficult to prevent. The moral hazard of crypto-equity exchanges is mainly found in centralized crypto-equity exchanges. Centralized exchanges do not use blockchain technology for asset custody. They do not have tamper-proof and traceable features. Users need to transfer funds to a special account opened by the exchange, and users have no control over their assets. This is very similar to traditional transactions, but the traditional exchange's funds enable third-party hosting, and the crypto asset exchange fails to implement third-party hosting.

In addition, the crypto asset trading rules are formulated by the crypto-equity exchange. The price limit of the asset price, the withdrawal and recharge time, the handling fee, the release of the trading volume and the price market directly affect the price trend of a crypto asset. , affecting investors' investment decisions and returns. And the crypto-asset investors rely on the exchange to buy and sell, and the transaction process is smooth, closely related to the operation management and technical support of the exchange. Because the current crypto-equity exchange manager can subjectively manipulate the operation process of the transaction, there may be deliberate errors or failures in the transaction process, resulting in the failure of the transaction and even the damage to the interests of the investor.

The opaque and asymmetrical information of the centralized crypto-equity exchange, combined with the inconsistency of the subject's rights, is prone to behaviors that are not conducive to other investors. For example, an encrypted asset exchange or a large bookmaker will concentrate on capital advantages or use information to jointly manipulate the transaction price; use itself as the transaction object, buy and sell itself, affect the transaction price and transaction volume, tamper with the transaction data to mislead and defraud investors, and influence Trading volume and transaction price. In addition, some exchanges will collude with crypto asset issuers to get more benefits. For example, in October 2013, the registered place was located on the GBL platform in Hong Kong, China, and the amount of assets swept away was over RMB 20 million. After the “Bitfloor”, which claimed to be an account in the United States, announced the theft of Bitcoin worth US$ 250,000, The transaction was closed in April 2013.

The moral hazard of the crypto-equity exchange is mainly reflected in the fact that the price is manipulated, and the employees participate in the transaction. In recent years, there have been more news reports that insiders have stolen the encrypted assets that users store on the platform. For example, the Coinbin employees of the Korean cryptocurrency exchange have increased the debt of the exchanges and faced bankruptcy. It is reported that the Coinbin executives responsible for the exchange's cryptocurrency deposits, and the former CEO of Youbit, have stolen a wallet private key with more than 100 ETHs since November 2017, but falsely claimed that the private key was lost. In another example, in March 2019, Bithumb, a Korean encryption asset trading platform, discovered “abnormal expenditures” through the monitoring system. Although it immediately closed the platform's recharge and channel, it has been transferred out of more than 3 million EOS, with losses exceeding 1300. Ten thousand U.S. dollars. The reason for the theft of Bithumb in South Korea was that the insiders of the exchange stole the cold wallet private key and implemented asset transfer.

3. Legal risk

The so-called legal risk refers to the fact that each exchange and related personnel violate the national laws, administrative regulations and relevant market regulatory authorities in the operation of related businesses, thereby being subject to legal sanctions and causing losses to the exchange. Legal risks include external risks and regulatory risks. External risk refers to the fact that the exchange violates regulatory requirements and principles and incurs legal proceedings or regulatory penalties, which is not conducive to the risk of normal operation of the exchange. Regulatory risk refers to the risk of affecting the normal operation of the exchange or weakening its competitiveness and viability due to changes in legal or regulatory requirements.

(1) Major external risks

At present, the phenomenon of business violations faced by crypto-equity exchanges is very common. The development time of the crypto-equity trading platform is relatively short, and the regulations of relevant management and regulatory departments are still relatively lagging. Most exchanges seek profits and evade supervision, and there are phenomena such as over-range operations, illegal fund-raising operations, and illegal financing and securities lending business. . If the crypto-equity exchange fails to report to the relevant department for approval according to the legal procedures, the country that does not allow the ICO financing method will raise funds from the public by issuing encrypted assets, and promises to pay the investors in currency, in kind and other ways within a certain period of time. Repayment of interest or return.

At the same time, the crypto-equity exchange still has legal risks that violate the relevant laws and regulations of futures trading. The representative one is the contract trading business carried out by OKcoin, which has various characteristics of futures trading but does not have a complete margin system. Investor's risk is undoubtedly greatly increased by the debt settlement system, the price limit system, the position limit and the large household reporting system. China's "Regulations on Futures Management" stipulates that "no unit or individual may establish futures trading venues or organize futures trading and related activities in any form without the approval of the State Council or the approval of the futures regulatory authority of the State Council", encrypting futures carried out by asset exchanges. The business is completely self-developed. Although it is innovative, its risk of violating the law does exist.

The risk of financial crimes facing encrypted asset exchanges is high. Encrypted asset exchanges need to fulfill their obligations such as customer identification, customer data preservation, and suspicious transaction reporting. Many criminals such as theft, corruption, bribery and other criminals use the platform for money laundering fraud and illegal fund-raising. They are based on the exchange platform and are closely related to the operation and management of the trading platform. Most of the users generated by the platform are money laundering crimes. These financial crimes not only damage the market image of the crypto assets, but also affect their price expectations. They will also bring legal risks to the crypto-equity exchanges and affect the further development of the exchanges.

There are also tax risks. Some encrypted asset trading platforms use encrypted assets to collect transaction fees and other expenses, and then use the currency to conduct encrypted asset transactions, reducing book income to avoid corresponding tax supervision.

(2) Regulatory risk

The rise of new technologies such as blockchain has led to the development of crypto assets and related fields. However, the high volatility and disorderly development of asset prices have led to speculation in the entire market, facilitating criminal activities such as money laundering and terrorist financing. Problems such as the banker’s control panel have frequently eroded the legitimate rights and interests of investors and caused vigilance to governments around the world. South Korea, India, Indonesia and other banned some crypto assets business, Japan, the United States, Singapore, Hong Kong and other countries to explore the construction of a cryptographic asset regulatory framework, Russia, Switzerland, Malaysia and other related activities on the encryption of assets to pay close attention and risk warning.

Although the major economies in the world have different regulatory attitudes in the field of cryptographic assets and are in dynamic changes, they all pay attention to and continuously reveal potential risks, and with the expansion of the size, impact and risks of cryptographic assets, the corresponding regulatory policies It is tightening trend. This trend makes the regulatory risk of crypto-equity exchanges more uncertain.

4. Other risks

Operational risk. Operational risk mainly refers to the risk of direct or indirect loss caused by personnel, systems or external events due to imperfect or vulnerable internal operations of encrypted asset exchanges.

Business risk. Operational risk refers to the risk that the decision-makers and managers of the crypto-equity exchanges will make mistakes in the management and management, resulting in a change in the profitability of the exchange and thus a decrease in the expected return of the investor.

Liquidity risk. Liquidity risk refers to the risk that a crypto-equity exchange cannot be traded at a reasonable price in a timely manner. At present, the user activity of the platform of the crypto-equity exchange platform and the status of the platform industry are far less than the traditional stock exchanges, especially the small centralized crypto-equity exchanges and decentralized exchanges. The liquidity is even worse, and the liquidity risk is relatively high. Big.

credit risk. The credit risk of the crypto-equity exchange mainly refers to the risk that the platform will not be obligated to cause losses to the investor when the investor performs the transaction of recharging, transferring, withdrawing, etc. of the digital currency on the platform. The specific performance of credit risk is that the transaction can not be successfully achieved, the withdrawal rate is slow, etc., which not only wastes investors' time, makes it impossible for investors to accurately judge the market, and may delay the investor's best investment opportunity, thus causing investors to encrypt the asset exchange. The credit is questioned.

It should be noted that the risks listed above are not all. Because of the risk-causing reasons, the non-systematic risks faced by crypto-equity transactions are diverse, and the uncertainty of any factors such as the management level, development strategy, business decisions, financial status, team changes, etc. of the exchange may make The survival of encrypted asset exchanges is threatened.

Status of risk control in crypto-equity exchanges

The crypto-equity exchange has a strong stakeholder type. Due to the regulatory vacuum, the risk of the exchange is very concentrated in the chain of the crypto-asset industry. At present, the crypto-asset market generally faces risks such as lack of law, regulatory vacuum, interest-driven, high price volatility, excessive speculation, low liquidity of assets, imperfect credit system, and vicious competition. The systemic and non-systematic risks faced by crypto-equity exchanges are reflected in actual and specific levels, which are manifested as complex and complex, and a slight inadvertentness will lead to a fatal crisis.

The current risk prevention of crypto-equity transactions is completely out of line with traditional exchanges. Traditional exchanges have developed over decades or even hundreds of years. The product form and content, technology and systems, organization and governance models of the transaction have been basically mature, and the risk control mechanism of the exchange has been designed. The existing crypto-equity exchanges have a short development time and are not well developed. Most of them have loopholes in the system, and internal management is loose, and the experience of risk control is seriously insufficient. In the absence of regulatory agencies to require the operator's funds and virtual property custody, cyber security standards, anti-money laundering mechanisms and information disclosure, the crypto-equity exchanges have long relied on their own ethical self-discipline to maintain operations, lacking Corresponding risk control awareness, wind control technology, risk control talents and risk control measures. At present, the current situation of risk control of crypto-equity exchanges is mainly reflected in the following aspects.

1. The wind control awareness is weak and the wind control ability is insufficient.

Encrypted asset exchanges are easy to become the target of hackers' attacks. In the early days, they were mainly technical defects. The amount of assets held by the exchange is large, the system security is lower than that of traditional banks, the cost of hacking is low, and the benefits that can be obtained are large. With the development of the industry and the maturity of technology, the assets of the crypto-equity exchange have been stolen, largely because of problems in internal risk management such as poor private key management. The main reason behind this is that most crypto-equity exchanges are usually developed by Internet technology companies, rather than professional financial institutions. They lack knowledge in network security and risk control, and their security culture and risk prevention awareness are relatively poor.

In addition, due to the lack of experience in the formulation of relevant trading rules, in the face of complex financial derivatives trading, in the face of high risk of futures and other financial derivatives transactions and complex trading rules, crypto-equity exchanges often do not have the relevant security for identification and prevention platforms. The ability of the accident.

In particular, many small crypto-equity exchanges do not have the risk management capability. When various types of security incidents occur, they cannot be dealt with in time, and eventually the situation of closed down runs is very high. For example, in the face of hacking attacks on crypto-equity exchanges, there is a general lack of effective response. Usually choose to suspend all the lending business, some exchanges will use the self-funding to give the user the corresponding compensation according to certain rules. But there are also hacked exchanges that lie to evade user losses.

In addition, the crypto-asset market is highly competitive. Exchanges usually use most of the technology, funds, and personnel for the daily operations of the exchange to gain a place in the market, resulting in insufficient investment in risk control and weak wind control capabilities.

2. The wind control focuses on safety and the content of the wind control is not perfect.

According to statistics, the number of encrypted assets stolen by the exchange in 2018 has increased 13 times compared with 2017, which means that 2.7 million US dollars of encrypted assets are stolen every day, that is, $1,860 is stolen every minute. With the number of hacking attacks hitting record highs in 2018, frequent security incidents continue to consume users' trust in centralized crypto-equity exchanges, and the security needs of encrypted asset exchanges are more urgent than ever.

Therefore, how to ensure the security of encrypted assets becomes the primary problem faced by encrypted asset transactions. A study published by the Judge School of Business at Cambridge University shows that the security team at the crypto-equity exchange accounts for an average of 13% of the team's total, with an average of 17% of the budget used to keep the exchange safe; and 70% of the exchanges hired External security team collaborates on external password review, multi-signature wallet, two-step verification, and more. It can be seen that the risk control measures adopted by the crypto-equity exchange focus on safety, and the risk control is mainly carried out from the technical point of view, while the relative risk control in other aspects is relatively small, and the content of the wind control is not perfect. For the asset security management of centralized exchanges, in addition to technical defects, the hidden dangers caused by internal factors such as humans are also very large. The risk of encrypting an asset exchange is not just a technical level, but internal moral hazard is far more difficult to guard against than external technical attacks. The risk prevention of crypto-equity exchanges should be comprehensive. For example, traditional exchanges will consider all risks and security issues when conducting risk control, and not only focus on security content on risk control content, but also focus on financial risk control and assets. Management of risk control, trading strategy risk control, product risk control, personnel risk control and other content.

3. Loss of risk control system

In modern financial risk management, a complete risk control system should aim at legal compliance, effectiveness and information flow, covering management and control culture, effective identification and assessment of risks, separation of control activities and separation of duties, information and communication, etc. In terms of aspects, we focus on the comprehensive management of risk and quantitative risk management in the dimension of risk control.

At present, the comprehensive risk management system of the crypto-equity exchange is missing. First of all, it is reflected in the imperfect content of risk control, followed by the lack of design of risk management system, and again the lack of relevant risk control model. This is related to the fact that existing exchanges generally face short development time, incomplete internal organizational structure, loose internal management, lack of professionalism, and lack of experience in risk control.

As an emerging trading platform, the crypto-equity exchange lacks external supervision. The self-discipline management of the industry is far from sufficient. The exchanges rely on their own moral concepts to manage risks. The depth, intensity and breadth of risk management are far worse than On the traditional exchange. For example, in the crypto-equity exchange, there are problems such as poor security management of customer assets, immature system security technology, inadequate risk management organization structure and lack of internal risk control system, as well as lack of crypto assets listing and delisting standards, and investor market access. The design of trading rules such as mechanisms, investor protection systems, etc. In addition, traditional risk measurement models, risk real-time early warning and processing, and other quantitative risk management are currently difficult to apply to the crypto-asset market.

With the development and improvement of the crypto-asset industry, the strength of the risk control capability will become one of the core competitiveness of the development of crypto-equity exchanges. This is a set of design that must be faced as a risk of financial assets. The correct approach to the development of crypto-equity exchanges is to establish a complete risk control system to manage the overall risk of business, finance, wallet, system, management and other aspects.

The main construction content of the risk control of the encrypted asset exchange

Wind control is the core content of the exchange's operation. Without good risk control, there is no safe and stable transaction. Wind control capabilities are the core competence of crypto-equity exchanges. Traditional exchanges have adopted different risk prevention mechanisms to prevent and respond to risks. For example, the full-trade settlement fund system and risk fund mechanism commonly used in stock exchanges are widely used in the margin system of futures exchanges and commodity exchanges. Others such as price restriction system, limit system, large household reporting system, forced liquidation system, mandatory lightening system, settlement guarantee system and risk warning system are also selectively applied to various exchanges.

In view of the difference between crypto-equity exchanges and traditional exchanges, and the diversity of risks they face, the design of their risk control mechanisms needs to be designed for the characteristics of crypto-equity exchanges. Although it is not possible to copy the risk prevention mode of traditional exchanges, However, the risk control idea of the crypto-equity exchange needs to do at least the following points from a holistic perspective.

Exchange compliance

As a new type of format, crypto-equity exchanges are the hub of crypto-equity transactions, with low barriers to entry, uncertain regulatory policies, and lack of laws and regulations, which pose serious uncertainties and risks to crypto-equity transactions. As a result, the entire exchange market was mixed, security incidents occurred frequently, the stability of the market was destroyed, and the credit environment was also deteriorated. People's demand for exchange security and other aspects is becoming more and more urgent, and the voice of exchange compliance is getting higher and higher.

Encrypted asset exchanges must be established with compliance. In an uncertain environment, crypto-equity exchanges embrace regulation, embrace compliance, and comply with regulatory policies. Legitimate operations are necessary to reduce policy risks and legal risks. The development and compliance of crypto-equity exchanges are also complementary. Encrypted asset investment is a high-risk investment. Encrypted asset trading has its own risks, and the stability of the exchange is also one of the risks. Strict market supervision and the compliance operation of the exchange will reduce the credit risk, moral hazard and operational risk of the exchange, effectively curb market speculation and make the market operate steadily.

At present, there are fewer countries with licenses for crypto-equity transactions, and the United States is more well-known. The US Securities and Exchange Commission said that recognized digital asset exchanges must be subject to the same compliance as securities transactions, and that the government and the public should fully disclose technical details and financial risk control principles, and should also reserve margins that can be audited. Digital asset exchanges need to be licensed and regulated with existing financial exchanges or compliance agencies. Major crypto-equity exchanges around the world, especially large crypto-equity exchanges, are actively pursuing global exchange licenses to meet the compliance requirements of exchange operations and enhance their competitiveness.

2. Exchange rules are being reorganized

Traditional exchanges, such as the London Metal Exchange LME, have caused the “Congyou Copper Incident” due to the negligence and looseness of the relevant rules, the opacity of the market and the poor supervision. In the past, many of the crypto-equity exchanges that were declining were caused by their own problems such as imperfect trading rules and too simple technical structure.

The first-line supervision of the exchange is an important part of market risk regulation, and the daily self-management and risk control of the exchange is strictly carried out through the regulations, rules and methods. Sound exchange rules not only prevent the risks that may be encountered in the internal trading of the exchange, but also effectively control the market's manipulation risks and maintain the healthy development of the market.

The exchange shall formulate a sound trading process for all trading activities on its own platform, implement strict trading rules, and focus on the abnormal behaviors that significantly affect the price of digital asset transactions; conduct timely trading transactions that violate transaction procedures and trading procedures. Disposal; for partial or all transactions that cannot be carried out due to force majeure, accidents, technical failures or other abnormal conditions, the plan must be prepared in advance, including clear conditions for suspension in the rules.

The uncertainty of the transaction and the asymmetry of the information are one of the reasons for the risk management. The exchange should improve the construction of the information disclosure system and strengthen the self-regulation. Formulate normative documents such as asset information disclosure, implementation standards, and interim reports, and disclose information on time. In response to problems found in regular reports, daily supervision and risk investigations, we will strengthen supervision and seriously pursue the responsibility of market entities and their employees who are not diligent and conscientious, and continuously improve the effectiveness of supervision.

Optimize the risk management mechanism, improve the risk disposal rules, strengthen the monitoring, early warning, processing and other capabilities, and resolve credit risks in a timely manner, and control the risks that may be encountered within an acceptable range. For the classification and verification of different types of core risk indicators, the relevant indicators are obviously abnormal, requiring the manager to supplement the disclosure of specific reasons, the impact on the distribution of income and risk response measures to avoid serious losses due to unpredictable risks.

3. Construction of the wind control system

The systemic risk of the exchange is caused by the external environment of politics, economy and society. It is universal and the exchange cannot predict and control it. In the face of market risks caused by external factors, the exchange needs to consider some market sudden risks, prepare the response plan in advance, monitor the flow of funds in the exchange, and monitor the account in real time. The security risk control system of the crypto-equity exchange also needs to continuously update the iterations in response to the development of the market, adopting various solutions and alternative solutions to design the risk control system, and at the same time improve the security index of the exchange, providing a strong guarantee for the security of the exchange. .

In the face of non-systematic risks, crypto-equity transactions need to reduce the harm caused by non-systematic risks by strengthening their own risk management and by controlling their own risks. The exchange can build a multi-layer fortress mechanism, establish mutual restraint mechanism, multi-level approval and other mechanisms to control the underlying logic of the encrypted assets, check the integrity and rigor of the logic of the code, and do a good job of security hardware, proper classification and Keep the cold private key and sign it offline regularly. For hacking, you can shrink the attack surface, strictly control API access, and purchase insurance.

The regulations and measures of the exchange are necessary conditions for implementing risk control, but they are not the determining factors. The key factor affecting the risk prevention of the exchange is the improvement of the exchange's own risk prevention mechanism, that is, whether the exchange can effectively and timely implement relevant regulatory measures in the event of a risk, so as to timely identify problems and solve problems in a timely manner. This requires the exchange to establish a risk control system.

Similar to the construction of the sub-control system of traditional financial institutions, the content control system of the crypto-equity exchange also needs to include the following aspects in terms of content.

First, the lack of effective operational mechanisms and organizational systems for crypto-equity exchanges requires the construction of an efficient and rigorous risk management organizational structure. Formulate the risk management policy, define the responsibilities of each functional department, clarify the risk content and the division of responsibilities after the risk occurs, and the regular or irregular business audits and other content depend on the establishment of the management organization structure.

The second is to establish an effective internal control system. A sound internal control system is one of the keys to prevent risks, and it is an important part of whether the risk control system can truly play a controlling role. The goal of establishing an internal control system is to establish a rigorous internal control system consisting of multiple layers of systems, wallets, business, and finance to establish a complete set of internal and external behavioral constraints for the exchange and related employees. The management technology of internal control requires the corresponding system, organization and function design to form an organic control system.

The third is to use advanced technology to build a comprehensive risk management system. How to formulate and improve various risk management systems and measures is a key link in the entire risk management system. The construction of a comprehensive risk management system is inseparable from the use of modern information technology. Using modern information technology to build an open and efficient comprehensive risk management system, through the advanced mathematical statistics risk measurement model and system, comprehensive and effective for the credit risk, moral hazard and operational risk of each business level of the encrypted asset exchange. Identification, measurement, monitoring and control.

The fourth is the creation of high-quality talents and risk management culture. First, to achieve effective risk management, people are the key to management. The crypto-asset market is highly knowledgeable and technical, and requires personnel engaged in risk management to be familiar with the structure, processes, and technologies used in the entire exchange. It also requires keen insight, superior professionalism, and the ability to detect risks in a timely manner. The high complexity of the risk management process and effective control. Secondly, the risk management culture is also an important factor in the internal control system. At present, the risk management awareness of the crypto-equity exchange is weak. In actual work, the risk management mechanism is vulnerable to negligence and neglect. The cultivation of risk management culture is beneficial to the control system and trading mechanism. And so on, really play its due role.

Effective risk control must adapt to the risk environment and penetrate all aspects and levels of the exchange's business activities. In the traditional financial system, due to the complexity and centralization of the governance structure, risk management often cannot operate independently, lacking a trust mechanism, and risk control is the lack of effective incentive mechanism, the grassroots employees and various types of exchanges. Investors lack the willingness and motivation to participate in risk governance. In the crypto-asset market, decentralized exchanges will gradually become a problem due to the opaque information, insecure assets, unruly platforms, easy disclosure of privacy, easy hacking and illegal misappropriation of client funds. The inevitable development of exchanges in the field of encrypted assets.

As the exchange changes from centralization to decentralization, the risk management of the exchange will have higher industry trust, and the role of the certificate economy will run through the entire market. The incentive property of the exchange will make the exchange market The ecological members can participate consciously in the risk control, which is more conducive to reducing the risk. The decentralized mechanism of the crypto-equity exchange and the use of the certificate will help the risk control system to function better. However, it needs to be clear that the establishment of a risk control system is only the first step in effective risk management. As a new type of exchange, there is still a long way to go before the improvement and improvement of the risk management of crypto-equity exchanges.

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Author: Kao Cheng Xu from real flowers Lew Ran. The content is intended to convey more market information and does not constitute any investment advice.

Source: Mars Finance

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