futuresexchange, is the place to buy and sell futures contracts, isfutures marketThe core of.It is a kind ofNon profit organization, but itsNon profitIt only means that the exchange itself does not carry out trading activities and does not aim at making profits.In this sense, the exchange is still aFinancial independenceA profit making organization that provides traders with an open, fair and just trading place and effective supervision serviceseconomic interest, including membersMembership fee income. Income from transaction feesinformation serviceIncome and other income.It has formulated a set of rules and regulations to provide the entire futures market with a kind of selfManagement mechanismSo that the principle of "openness, fairness and justice" of futures trading can be realized.[1-2]
Zhengzhou Commodity Exchange, founded on October 12, 1990, is the first futures exchange in China and also the first futures exchange in ChinaCentral and western regionsA futures exchange with strong trading varietiesWheat, common wheat, PTA, No. 1 cotton, white sugarRapeseed oil、Early indica rice, glassRapeseed、Rapeseed meal、methanol16 futures varieties, and the number of listed contracts ranks first among the four futures exchanges in China.[1]
The China Financial Futures Exchange, the fourth futures exchange in China, was established in Shanghai on September 8, 2006.Trading varieties includeStock index futures，Treasury bond futures。
stayeconomic globalizationUnder the influence of, there have been many mergers and reorganizations between exchanges.The most influential futures exchanges today include[6]：
Chinese market
1. Zhengzhou Commodity Exchange
Zhengzhou Commodity Exchange, established in 1993, is the first one in China to focus on grain and oil trading and gradually develop otherCommodity futures tradingHer predecessor was ChinaZhengzhou Grain Wholesale Market The main varieties on the market are wheat and high-quality strong gluten wheat.
Shanghai Futures Exchange was established by Shanghai Metal Exchange and ShanghaiCommodity ExchangeAnd ShanghaiCereals and oilsThe three exchanges are merged, and the main listed products are copper, aluminum and natural rubber.
March 17, 2008Chicago Mercantile Exchange GroupAndNew York Mercantile ExchangeThe agreement was reached, and the Chicago Mercantile Exchange Group realized the acquisition of the latter in the form of stock and cash, involving about 9.4 billion dollars.[7]
ChicagoThe commercial exchange is the largest futures exchange in the United States and the second largest exchange in the world for trading futures and futures option contracts.The Chicago Mercantile Exchange provides investors with a number of financial and agricultural products transactions.Since its inception in 1898, the Chicago Mercantile Exchange has continued to provide an ownership riskmanagement toolTo protect investors fromfinancial products And tangiblecommodity priceThe risk of change, and make themhave a chance toMake a profit from the transaction.In December 2002,ChicagoCommercial exchange holding company officially located in New YorkStock ExchangeListing, the Chicago Mercantile ExchangemembershipOfNon profit organizationTurn into a for-profit company.
Chicago Board of Trade (CBOT)
Chicago Board of TradeIt is currently the largest and mostRepresentativenessThe agricultural products exchange in the early 19th century,ChicagoIt is the largest grain distribution center in the United States. With the continuous concentration and long-term development of grain tradetransaction modeIn 1848, there were 82 grainsdealer Initiated the establishment of the Chicago Futures Exchange. After the establishment of the ExchangeTrading rulesIt was constantly improved and replaced by standard futures contracts in 1865Forward contract, and implementedmargin system 。The Chicago Futures Exchange provides corn, soybeans, wheat, etcAgricultural products futuresIn addition to the transaction, there are also medium and long-term US government bondsshare index, municipal bond index, gold, silver and other commoditiesFutures Trading MarketAnd provide agricultural products, finance and metalOptions Trading。Corn, soybean, wheat and other varieties on the Chicago Board of Tradefutures prices, not only become the United Statesagricultural production, plus the importance ofReference priceAnd become the price in international agricultural trade.On October 17, 2006,Chicago, USAThe Chicago Mercantile Exchange andChicago Board of Trade——Formally merged into the Chicago Board of Trade,Total market valueIt reached $25 billion.
NYMEX
New York Mercantile ExchangeIt is the third largest futures exchange in the United States and the largest physical commodity exchange in the world.The Exchange was founded in 1872 and is located inManhattanDowntown, providing futures andOptions Trading, of which energy products and metals are the main ones, and the resulting prices are on the global marketguide price。Contract passedChicagoThe GLOBEX electronic trading system of the commercial exchange conducts transactions through theClearing houseLiquidation.1994 NYMEX andCOMEXMerge.according toNew York Mercantile ExchangeIts futures trading is divided into NYMEX and COMEX.NYMEX is responsible for energy, platinum and palladium transactionsOpen outcry Futures andOption contractCrude oil, gasoline, fuel oil, natural gas, electricity, coalpropanePalladium futures contracts, the exchange's EuropeanBrent crude oilAnd gasoline are also traded through open bidding.Also listed on the exchange is e-miNYEnergy futures, partially lightweightLow sulfur crude oil, and natural gas futures contracts.COMEX is responsible for the futures and option contracts of gold, silver, copper and aluminum for the remaining metals (including gold).
COMEX's gold futures trading market is the largest in the world, and its gold trading can often dominate the trend of global gold prices. Futures and options are the main trading options, and the actual physical goldSettlementA small proportion;Participate in COMEX gold trading with largehedge fund andinstitutional investorMainly, their buying and selling have great trading power to the gold market;The huge transaction volume has attracted manyspeculatorJoined, the whole gold futures trading market has a high marketmobility。The standard of gold delivery quality is the same as that of London.In the early days of COMEX gold tradingOpen outcryLater, although it was introducedElectronic trading systemHowever, COMEX did not cancel the open outcry, but mixed the two modes. The combination of the two modes enables participants to trade in COMEX for almost 24 hours.London and New YorkGold trading marketIt has a close interaction relationship, and has derived such as London spot gold and New York futures goldSwaps。 Within 18 hours of the closing of the trading ground, the energy and metal contracts of NYMEX Branch and COMEX Branch can be traded through the NYMEX ACCESS electronic trading system on the Internet.
New York Futures ExchangeFounded in 1998, it was merged by the New York Cotton Exchange and the Coffee Sugar Cocoa Exchange.The newly established New York Futures Exchange implements the membership system. Its members are also members of the original two exchanges, including 450 cotton members and 500 coffee, sugar and cocoa members.New York Futures Exchange is the only trading company in the worldCotton futuresAnd options exchange.The 450 cotton members of the New York Futures Exchange are from five companies:Self dealer、Broker, cotton merchantcotton millAnd cotton cooperatives.There are many cotton related enterprises involved in cotton futures trading,HedgingThe proportion is relatively high, generally about 35% - 40%.
London Metal Exchange (LME)
Chicago Board of Trade
London Metal ExchangeIt is the largest non-ferrous metal exchange in the world. The price and inventory of the London Metal Exchange have an important impact on the worldwide production and sales of non-ferrous metals.In the mid-19th century, Britain was the largest tin and copper producer in the worldCountry of productionAs time went by, industrial demand continued to grow, and Britain urgently needed to import a large number of industrial raw materials from foreign mines.Under the conditions at that time, due to the transportation across the oceanoreThe arrival time of the freighter is irregular, so the price of metal fluctuates greatly. Metal traders and consumers have to face huge risks. In 1877, some metal traders establishedLondon Metal ExchangeAnd established a standardized trading mode.From the beginning of this century, the London Metal ExchangePublic releasehisTransaction priceIt is widely used as the benchmark price of world metal trade.All copper in the worldoutput70% is officially announced by the London Metal ExchangeQuoted priceTrading on a benchmark.
London International Petroleum ExchangeIt is the most important trading place for energy futures and options in Europe.It was founded in 1980, initiallyNon profitInstitutions.In April 1981, the London International Petroleum Exchange (IPE) launchedHeavy diesel oil(gasoil) futures trading, the contract specification is 100 tons per hand, and the minimum change price is 25 cents per ton.Heavy diesel oilquality standardIt is very similar to heating oil in the United States.The contract is the first energy futures contract in Europe. It was relatively successful after listing, and the trading volume has been rising steadily.On June 23, 1988, IPE launched three internationalBenchmark crude oilBrent crude oil futures contract.IPEBrent crude oilFutures contracts are specially designed to meetpetroleum industryThe demand for international crude oil futures contracts is highly flexibleRisk avoidanceAnd tools for conducting transactions.IPE's Brent crude oil futures contract has achieved great success after its listing, quickly surpassing gas oil futures to become the most active contract of the exchange, thus becoming one of the international crude oil futures trading centersthe north seaBrent crude oil futures price has also becomeInternational oil priceOne of the benchmarks of.Brent crude oil futures contract is Brent crude oilPricing systemPart of, including off the shelf andForward contractMarket.ThisPrice systemIt covers 65% of the world's crude oil trading volume.In April 2000, IPE completed its restructuring and became a for-profit company.In June 2001, IPE wasIntercontinental Exchange(Intercontinental Exchange，Inc.）Acquire, and become this companyDelaware(Delaware)Wholly owned subsidiary。
Tokyo Industrial Products Exchange (TOCOM)
The Beijing Industrial Products Exchange, also known as the Tokyo Commodity Exchange, was established in Tokyo on November 1, 1984.Its predecessor was the Tokyo Textile Exchange established in 1951, the Tokyo Rubber Exchange established in 1952, and the Tokyo Gold Exchange established in 1982. The three exchanges were merged on November 1, 1984 and changed to their current names.The Institute is a comprehensive commodity exchange in Japan, mainly engaged in futures trading, and is responsible for managing the futures andOptions Trading。The scope of futures contracts operated by the Exchange is very wide, and it is one of the few futures exchanges in the world that deals in a variety of precious metals.Exchange vsCotton yarn, wool and rubberCollective decision pricing systemTrading, and precious metalscomputer system Conduct transactions.SoPrecious metal transactionFocusing on the development of energy commodities such as oil, gasoline, gas and oil, it became the largest commodity exchange in Japan after 1985, the second year after its establishment, and its trading volume in that year accounted for Japan's national commoditiesExchange TradingMore than 45% of the total.Tokyo Industrial Products ExchangeIt is a non-profit membership organization established in accordance with the Japanese Commodity Exchange Law promulgated in 1950.Tokyo Industrial Products Exchange has become one of the most influential futures exchanges in the world. As a comprehensive commodity exchange with complete varieties, Tokyo Industrial Products Exchange is currently the largest platinum and rubber exchange in the world, and its trading volume of gold and gasoline ranks second in the world, second only to that of the United StatesNew York Mercantile Exchange。
Singapore International Financial ExchangeFounded in 1984AsiaThe first financial futures exchange.SIMEX is an international exchange. The trading varieties of SIMEX involve futures and option contracts, interest rates, currencies, stock indexes, energy, gold and other transactions.In 1986, Singapore International Financial Exchange was launched before JapanNikkei 225 Index Futures, becomingInternational financial institutionsThe main place for Nikkei 225 stock index trading has created a futures trading market based on stock indexes of other countriesSubject matterPrecedents.In 1989, the Singapore International Financial Exchange became the first energy futures trading market in Asia.It also relates toTokyo International Financial Futures Exchange、London International Financial Futures and Options ExchangeThe influential exchanges in the world have established cooperative relations.80% of SIFE's trading clients come from the United States, Europe, Japan and other countries.From products andscope of businessFrom the perspective of, it has coveredNorth AmericaandEuropean market。SingaporeInternational financial transactionsAll 35Clearing Member (Clearing member, i.e. the shareholder of SIMEX), a clearing member shall own 1 share and 3 sharestrading seat 。In addition to the 35 clearing members, SIMEX also has 472 trading seats for non clearing members and 147 individual trading seats for non clearing members.
KOFEX
In February 1999, Korea Futures ExchangeBusanIt launched USD futures and options, CD interest rate futuresTreasury bond futures、gold futures 。However, as early as May 3, 1996, the Korean Stock Exchange launchedKOSPI200index futures In June 1997, KOSPI200 index option trading was launched.therefore,Stock index futuresOptions are separated from the listing places of other financial futures.After a lot of experience in stock index futures and option contractsstock exchangeAfter the dispute over the futures exchange, the trading of KOSPI200 index futures and options was finally transferred from the stock exchange to KOFEX.KOSPI200Stock index optionThe contract is the whole Korean futuresOptions marketOfCore products。In 2000, with a 142% increase in the trading volume of KOSPI200 contracts, the Korean Exchange ranked among the top five for the first time, which means that this contract has been ranked first in the trading volume, making the Korean Exchange ranked first in the global exchange rankings for four consecutive years.On January 19, 2005, there were three exchanges in South Korea - Korea Stock ExchangeGEMThe market (Kosdaq) and futures exchanges are merged into oneKorea Stock and Futures Exchange(KRX), headquartered in Busan, where the futures exchange is located.KRX is a comprehensivefinancial market。Trading varieties include stocks, bonds (national debtCorporate bonds、Convertible bondsEtc.)Stock index futures, stock index options, individual stock options, various funds andinvestment trust、Foreign exchange futures, interest rate futures, gold futures, etc.
Hong Kong Futures Exchange (HKFE)
Established in 1976, the Hong Kong Futures Exchange is the leadingDerivative productsExchange.The Futures Exchange provides an efficient and diversified market, allowing investors to buy and sell futures and options contracts, including stock index, stock and interest rate futures and options products, through more than 130 exchange participants (many of which are affiliated institutions of international financial institutions).On 6 March 2000,The Stock Exchange of Hong Kong Limited(SEHK) andHong Kong Futures Exchange Limited(The Futures Exchange) implements shareholding andHKSCC Limited(Hong Kong Clearing) was merged into Hong Kong Stock Exchange (HKEX).
Power of punishment
Announce
edit
Futures ExchangeMember companiesFutures investment customers and other futures market participants have differentInterest demands, as the futures marketorganizer, mainly through front-line supervision to maintain the "three fairness" andHonesty。In the process of supervision, the exercise of the right of punishment by the Exchange for market irregularities will inevitably lead tomarket subjectThe interests of the stock exchange have a certain impact, so the punishment right of the stock exchange is gradually concerned by both inside and outside the industry.
The articles of association and trading rules of the Exchange are common to all membersDeclaration of intention, for all membersbinding force, is a futures market organization andTrading behaviorOfBasic principles。Members accept customers for futures trading, and require customers to abide by the trading rules and implementation of the Exchange in the futures brokerage agreementdetailed rules and regulationsOtherwise, futures trading activities cannot be carried out.Designated by the ExchangeDepository BankAnd specifyingIn Warehouse And the designated quality inspection institution. It is also clearly agreed in the relevant agreements to abide by the trading rules and implementation rules of the Exchange, otherwise, the business serving futures trading cannot be carried out.fromcontract lawFrom the perspective of, the articles of association, trading rules and their implementation rules are multilateral agreements that all subjects of the futures market agree on and generally commit to abide by. All market subjects should follow the provisions of the articles of association, trading rules and implementation rulesExercise of rightsAnd perform its obligations.In addition, according to the existing laws and regulations, the formulation or modification of the Articles of Association and trading rules of the Exchange must be approved by the securities and futures regulatory authority of the State Council;The Exchange shall solicit the opinions of the securities and futures regulatory authority of the State Council when formulating and revising the implementation rules, and shall report before the official release of the implementation rules.Therefore, the articles of association, trading rules and implementation rules of the Exchange can also be regarded asAdministrative approvalA formal agreement that can only take effectLegitimacyUndoubtedly, it is binding and legally binding on members, customers and other participants in the futures marketCoercive force。
Law of futures marketInstitutional systemBy《Regulations on the Administration of Futures Trading》Regulations of the CSRC andNormative documentsThe composition of the self-regulation rules of the Exchange isAdministrative supervisionAnd market self-regulationOrganic entiretyAnd jointly guarantee and promote the standardized and stable operation of the futures market.Article 10 of the Regulations on the Administration of Futures Trading stipulates that a futures exchange has the responsibility to supervise and manage its members in accordance with its articles of association and rules《Measures for the Administration of Futures Exchanges》Article 94 stipulates that the futures exchange shall formulate measures for investigating and dealing with violations, and investigate and deal with violations within the scope of responsibilities specified in the measures.aboveAdministrative regulationsThe rules and regulations expressly give the Exchange the right to investigate and deal with violations within its own scope of responsibility, and the Exchange certainly has the right to punish violations, which comes from the authorization of administrative regulations and rules. The Exchange maintains the right of punishment by exercising the right of punishmentTransaction securityAnd order.
The Legal Attribute of Punishment Right
The Legal Attribute of Punishment Right
Because of specialHistorical environmentAnd background, the exchange has the color of half civilian and half official, and still has its existencerationality。At this stage, the exchange is still the subject with both private and public corporate attributes. To accurately grasp whether the punishment right of the exchange is a legal attribute of right or power, first we need to distinguish between right and power.Generally speaking, rights are the core concept of modern jurisprudence, which can be understood as individualsAutonomyFor justice, the law upholds rightsAutonomy of private lawAnd safeguard the freedom of rights.Power is a relationship between management and obedience, and the subject has mandatory dominance or influence. The law generally restricts power to prevent abuse.Whether the punishment right is a right or a powertheoretical sources 。
Continental law systemThere are two theories about the punishment of autonomous associations in the German civil law academic circles: one is that autonomous associations are the result of the contract of each member, and punishment is a kind of behavior agreed in the contractLiquidated damagesNo difference.The other is that the punishment right is based oncustomary lawThe recognition on the, that is, the necessity on the entity, and requires the articles of association jointly adopted by all members to make provisions.Anglo American law systemIt is believed that the associationPower of punishmentIt comes from the state grant, and then most of the views tend to "the consent of individual members and the transfer of rights".
From two aspects of the source of the penalty power of the exchange, firstly, the penalty power is mainly obtained through the agreement of transferring part of the rights, and all market entities are maintained by the articles of association, trading rules and implementation rulesRights subject, all enjoy rights and perform obligations equally. For acts that damage the market, all market entities will transfer the right to investigate and deal with violations to the exchange for exercise, which can more effectively check and balance violations, and the right to punish has the attribute of rights.Secondly, the punishment provisions of the Exchange have beenState administrative organsSpecification reviewAnd recognize that it has the basic characteristics of power compulsion, throughpublic rightsThe confirmed punishment right is more deterrent, so the punishment right has the attribute of power.From the perspective of the types of penalties imposed by the Exchange, penalties include qualification penaltiesProperty penalty、behavioral sanction, reputation penalty.Qualification penalty is to cancel the market qualification of the violator, mainlyMembership, qualification of market representative, delivery warehouse, clearing bank, and those declared to be prohibited from entering the market.Property punishment is to order violators to pay a certain amount of money, that is, a fine.Behavioral punishment is to order violators to commit certain acts, such asOrder correctionOr restrict its transactions.Reputation punishment is to warn offendersCirculate a notice of criticism。Although the punishment of the Exchange embodies the nature of front-line supervision power, the basis of punishment comes from the Articles of Association, trading rules and implementation rules of the Exchange,Private rightsThe exchange punishment still belongs to the civil punishment of self-discipline supervision.
It can be seen from the above that the punishment of futures exchanges is different from the legal nature of administrative punishment. The former is a civil punishment of self-regulation, and the latter is a typical punishment of administrative public power.The other differences between the two are mainly reflected in: First, the factual basis of punishment is different.The former is aimed at violations of rules in futures trading but not necessarily illegal acts;The latter is an ongoing behaviorDoes not constitute a crimeOn the premise that it must have violated administrative regulations.Secondly, the objects of punishment are different.The former is limited to members, customers and other participants in the futures market;The latter punishment covers a wide range of objects, including various administrative counterparts.Thirdly, the normative documents on which the punishment is based are different.The specific basis of the former is the articles of association of the Exchange, trading rules and implementation rules, and measures for handling violations, etc;The specific basis of the latter is the provisions of laws and administrative regulations.Therefore, in essence, the punishment power of the exchange has some characteristics of power, but its legal attribute is still acivil rights。[8]
Strengthen the construction of case handling and trial bases.In some cities such as the place where the stock exchange and futures exchange are locatedpolice, procuratorial organsJudicial organestablishmentsecurities crimeCase handling and trial base.Strengthen the case release of the securities crime handling base, and the corresponding procuratorate and court shall be responsible for it respectivelyInstitute a public prosecution, trial, passPlace of crimeJurisdiction orDesignated jurisdictionIn accordance with the lawCentralized jurisdiction。[9]
