a lot of rapid development of the commodity futures exchange

This reorganization will be led by past Commerce, led to the SFC Editor's Note: in order to promote the healthy and steady development of China capital market, the Commission recently launched intensive six initiatives. This special launch series, each of these initiatives conducted in-depth analysis and interpretation. On 22nd and 23rd respectively launched the bond market calling for chess policies still need to accelerate the speed and the source controlCharged with insider trading capital markets "rodent" escalation of action, today published its reports revamp correlation analysis of trading venues. In recent years, some areas to advance the interests and the development of commodity markets, successively approved the establishment of various types of transactions. Despite being "hundred lights on", but because of the lack of standardized management, some transactions has exposed a large financial andSocial risks.　　To address this situation, the State Department yesterday issued a State Council on rectifying various trading sites effectively guard against financial risks of the decision, to guard against financial risks, and standardize the market order, maintain social stability. Reporter Xia Qing in recent years, in the name of financial innovation, the national exchange sprouted. Due to the lack of the necessary regulatory CommissionTubes, traded many exchanges in operational mode, Member, there are a lot of problems in areas such as information asymmetry.　　Some exchanges were illegal price rigging, shareholder, misappropriation of client funds, volume events such as running away. "These issues such as development spread down, vulnerable to systemic, culture, financial risk, and even affect social stability" for the exchange ofLike, regulators said. Straighten up Exchange the chaos-ridden situation yesterday, the State Council promulgated the straighten up all kinds of exchanges, effectively guard against financial risks of the decision (hereinafter the decision). The decision called, established led by the SFC, the departments concerned to participate in "straighten up all kinds of exchanges, joint meeting of departments for" System. It is understood that the decisionHas been forwarded to the various provincial property rights trading institutions, will commence in the near future on the reorganization of the various trading floors to prevent trading venues as "wrap around". Multiple Exchange chaos incomplete statistics, scattered around the country Exchange has exceeded 300, trades are more than hundreds of species. Trades included not only rare and precious metals, works of art,Financial assets, ownership, carbon emissions, including agricultural products, pharmaceutical products, and to top it, put it on Chinese painting, garlic, ginseng, fruits, red pepper, silk became the Exchange transaction. Of the 300 "financial innovation" feature in Exchange, most attention is the "cultural exchange", this cultural art as transactions is the subject of such transactions. Text ExchangeImplementing of share trading, commonly known as "art shares".　　Earlier, Tianjin cultural art Exchange, truly shares blew a storm shares wealth with works of art, run so far, although questioned by market volatility, but still difficult to stop the crazy chase of capital on such exchanges. Members of the industry, art investment are niche markets. Now become "goldInclusive innovation "experimental field, investors could be split with shares owned works of art, radical departure from the general law of art investment.　　The purpose of which is not in the art, but for hot sites for having a greater fool, the outcome will impact the entire investment markets and financial order. Financial commentator Tan said the rules established by the Tianjin Exchange intends to manufacture more than real estate market gone madAsset bubbles, you should shut down the Tianjin Exchange. Tan believed that Tianjin Exchange hype is real never deliver warrants. Cultural art cut into certain shares being traded, is actually a trader has a real part of the interest. Warrant different from General, ownership of works of art with indivisible, art after the share of market transactions,Is in fact a game of virtual funds will never achieve real drumming spent game.　　Securities of listed companies and General differently, the art of pricing with a reasonable degree of subjective color, there is no fundamental constraints the old republic power leveling, each share price can be fired into the sky from fundamentals, bubbles much greater space than the shares of a stock exchange. Also in Tianjin, Tianjin your goldBelong to exchange operations mode confusion, transaction information is transparent, highly speculative to high attention to public opinion. Tianjin precious metals Exchange, on December 30, 2008, the Tianjin in precious metals Exchange agreed by the Tianjin Municipal Government, approval of the Finance Office, Binhai airport economic zone was established, registered capital is 10 million Yuan. Set up two years later, the so-calledMarket maker, deferred fee system, highly leveraged transactions has been widely questioned. It is understood that starting from February 2010 trial, within a year trading hours, number of customers has more than 10,000 households, the cumulative turnover of 280 billion yuan. Received in accordance with a bilateral six out of 10,000 fee standards, as of mid-March, exchange fees alone income of 840$ 0.　　Tianjin claimed to be present on the precious metal Exchange approved by the State only a market maker model (OTC) gold, silver and other precious metals trading market. In General, the market maker's strength is the key, usually after years of trading practices are recognized in the market to become a market maker. Market maker system requirements for internationally market maker quotes the independent, and daysTianjin and precious metal exchange market makers must be compulsory land sale after the exchanges quote prices. Being a market maker is not independent quote swtor power leveling, the quotation system is mainly with reference to international market prices, and Exchange Unified quote price. In addition, it is understood that the Tianjin customers if you want to position the night of the precious metals Exchange, must pay their contract size two out of 10,000/day funds thawGeneral costs, that is, extension fees. This approach greatly increases the cost of investors.　　If you don't want to pay this fee, investors intelligence frequent operation and exchanges through the rule will be able to charge more fees. Unreasonable system design, make confident investors greatly dissatisfied with the Tianjin precious metals exchange regulation of legitimacy and rationality in the massSuspects being put forward.　　Exchange-there are many similar. For example carbon exchange.　　Carbon exchange, that is enterprises through such a platform, will itself be able to run out of polluting carbon dioxide emissions trading, which have a constraint on business, achieve the purpose of environmental protection. In September 2008, Tianjin emission rights exchanges to set up,Become China's first comprehensive emissions trading institutions. Carbon exchange to set up, at one time was considered a milestone in China's emissions reduction undertakings. Since China and other developing countries do not bear legally binding greenhouse gas limits control obligations, exchanges hope to promote voluntary carbon emission reductions.　　In fact, most of the carbon exchange and no substantive business. CountryEnergy and environment, Institute of development and Reform Commission, energy and climate change research centre Xu Huaqing pointed out, China is now targeting or in units of GDP emission intensity, so "Twelve-Five" possibility of establishing national carbon emission trading market in the late little more optimistic estimates, should also be around the year 2025. In this projection, carbon exchanges are now fullA dozen years in advance. "Rectification work is necessary on Exchange", capital Research Center Director Liu jipeng, CUPL. On one hand, a lot of rapid development of the commodity futures exchange, on supervision Division, however it is not clear, this speculative, risk, and social impacts. The other hand, exchanges such as the Tianjin Exchange, you are actually holdingOn behalf of financial innovation, cannot be split, share, and a variety of transactions, securitization of centralized price bidding, traded, or even set up Exchange.　　These days exchange trades, had actually entered the scope of securities, but management are the blind spots in this regard, it also contains a big social risks. Straighten up compliance according to law, in fact, as early as"Exchange" before, all commodities electronic marketplace is to regulate the absence of the first "beneficiaries".　　As of December 2010, the electronic trading of commodities market in China has more than 200. It is understood that the electronic trading market these goods began in 1997, by the then Ministry of domestic trade (MOFCOM) approval, the State economic and Trade Commission eightEstablishment of a new joint demonstration spot trading patterns, through networking and e-commerce platform built, on the corresponding article in spot or long-term ordering have a market. At present, this type of market management norms and legal basis primary was introduced in July 2003, of the commodity code for electronic transactions and in August 2004 the national people's Congress passThe law on electronic signatures. Since 2009, also were established around electronic trading market for commodities. Beijing, Tianjin, Jiangsu, Zhejiang, Guangdong, Shandong, Shanxi, Hunan, Chongqing has formally established a commodity such as electronic trading market, and further expand the scope. At present, coal, rubber, corn, rice, rare metals, AppleEdible oils, sugar, cotton, steel, and so are overwritten. Industry experts say, commodity electronic marketplace, in the name of e-commerce, such as trades like A single spark can start a prairie fire spread to a variety of farm and sideline products, coupled with no corresponding physical delivery capability, and spot demand decoupling of virtual volumes, blind spots, agents for the margin supervision Commission, on behalf of the customer malicious brush single does notRegulating business, slide it to the pure speculative trading floors at the same time, burying many financial risks. First of all, blindly copied and not end up competing, ignore market laws and regulations.　　Due to the profit-driven, some local governments are keen to develop the local market, to the exclusion of market regularity and government supervisory responsibility of the building itself. Second, irregular speculation and excessive speculation. CommoditiesElectronic marketplace dominated by forward trading, some market organizers often fails strict management and one-sided pursuit of trading volume, expand the size of the market, there has been violation of speculation and price risks of deviation, the corner, to the market traders brought a serious loss and compliance. Finally, capital risk transactions. Tripartite regulatory system is not strictly regulate the client money, very susceptible to being cityField organizer's conversion, misappropriation, or even risk abscond with the money.　　2008 Chinese exchanges after Guo Yuanfeng abscond with the money, the legacy of a deposit of $ hundreds of millions of black holes have been unable to solve. Electronic trading of commodities markets also face straighten up. In accordance with the decision, it is necessary to step up the formulation of measures for administration of commodity trading markets, ensure forward trading of commodities marketSequence return to the spot market. Joint meeting of all departments concerned must, in accordance with the Division of responsibilities, strengthen communication, interaction and support each other, dutifully do their work. Financial institutions shall not be unlawful for securities and futures trading activities to provide underwriting, account setup, hosting, money transfer, sale, investment advice, insurance agent services; has been providing services of financial institutions, should promptly carry out self-examination since Qing dynasty,Good work.　　Official said, the Securities and futures trading directly related to the economic and financial security and social stability, from product design to trade arrangements, must strictly comply with the financial and securities management standard, and approved the establishment of trading venues according to the law, which is based on common principles of the protection of investor interests around the world. However, the industry believes,Rectification cannot be permissible. Shanghai commodities exchange (CCBOT) Chairman Fei Jian said the current widely used commodity trading market "such futures" forward trading, forward trading can improve the efficiency of resource allocation. Insofar as agriculture is concerned, modern agricultural trade is the biggest problem of agricultural products growing region has no right to sell, there is no pricing power,Forwards electronic transactions can help in the rational flow of agricultural products.　　Forward trading therefore cannot all be killed off.　　Specification of local interest require adjustment on the Exchange, most pressure of local government. The decision is not the first time on Exchange consolidation. As early as 2009, the State administration for industry and commerce ", No. 232" calls for "national ban newVertical forward trading of commodities markets ". Early in 2010 by the Ministry of Commerce, the CBRC and the SFC in six ministries jointly issued a specification for the forward trading market rectification work guidance.　　Around the building "exchanges" warm hard to reduce. The reason, Central University of finance and Professor he Qiang said they appeared, with soils of flood of liquidity, with the real economyDifficult background of investment, with local Government on the demands of the financial centre, due to poor information distribution environment, there are goods of own financial impulse. Beijing technology and business University, Director of the Securities and Futures Institute Hu Yuyue believe that excess liquidity and Exchange around the internal needs of the market is, of course, the persistence of a factor, but even more important reason is that local governments are stronglyBoost. Exchanges often accompanied by local government for the establishment of interest and with the Executive of color, and built some kind of trades of the Exchange, may mean that the local will master this trades of prices. In addition, the construction of local government is keen to Exchange because Exchange set up form the aggregation effect, not only to attract huge capital flows, and if Exchange bigGood for associated storage, logistics and other industries, pulling on the local economy is comprehensive.　　Therefore, Hu Yuyue believes that Exchange contains too much interest in it, issued by the State Council to rectify it now, it must meet the resistance of local government. However, before, had already started management, such as Shanghai, Shandong's Exchange capital has closedTight, even cleaned up a number of exchanges.