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Experts: Integrate Channeling and Controlling in Supervision on Bulk Commodity Market

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2014-07-18 14:12:57 来源:大连商品交易所网站 

  Sponsored by Xinan Commodity Exchange, the “Summit Forum on Bulk Commodity Market under Multi-level Commodity Market System” was held in Beijing yesterday. Xiang Songzuo, chief economist of Agricultural Bank of China, said at the forum that in the Internet era, changes have taken place in the trade flow patterns of the bulk commodities in China. The bulk commodity trade market integrating the online screen trading, warehousing, logistics and information services has been developing rapidly, but with a number of risk events. Currently, the supervision system for the bulk commodity market is in urgent need of improvement.

  "In recent years China’s bulk commodity exchange has grown in a wild way, resulting in significant potential regional financial risks," said Huang Yuncheng, a senior research at the Research Center of the China Securities Regulatory Commission, adding that since the rectification was launched in 2011, more than 200 trading floors of various kinds have been closed across the country, and currently, except in Tianjin, the acceptance for the rectification has been basically completed.

  "In order to prevent regional financial risks, currently the government adopts the supervisory guideline based on controlling,” said Huang, adding that after the rectification, we should explore the supervisory guideline integrating channeling and controlling, study the possibility of the central and local coordination and cooperation in supervision, and build the "firewall" for the possible risks on the bulk commodity market such as the credit default risks, the risks of gambling, the risks in misappropriation of the margins, the risks in opaque rules and the price risks.

  Hu Yuyue, Director of Securities and Futures Institute of Beijing Technology and Business University, suggested the separation of operation and supervision with the operation by local governments and the integrated supervision by the central ministries and commissions. He believed that the supervisory guideline should be based on standardization and development so as to strictly guard against the risk events while encouraging the equity mergers and integration of the markets for the same or similar traded products.

  As the world's top trader in goods with a total import and export of US$ 4.16 trillion in 2013, China is in urgent need of developing the bulk commodity market,” said Huang, adding that as an innovative pattern for the transformation from the traditional commodity market to modern commodity market, the bulk commodity e-market will help increase the transparency of the spot market, improve the efficiency of the spot market and promote the linkage of the spot market and the futures market while facilitating China’s efforts in striving for the pricing power in bulk commodities.

  Hu also said that at this stage the bulk commodity e-market plays a significant role in optimizing the allocation of resources, promoting economic information-based development, accelerating the circulation of commodities and other aspects.

  In terms of the development direction of the bulk commodity market, Hu said that from the perspective of China’s effort in building the multi-level capital market system, the bulk commodity market plays the role of the OTC market to some extent, improving the trading efficiency and quality of the spot market while making up for some deficiencies of the futures market. He suggested that the bulk commodity market should return to the spot commodities and serve the spot commodities, playing the role in linking up the spot market and the futures market by means of modern logistics and e-commerce.

  Yang Lin, chairman of Xinan Commodity Exchange, believed that the bulk commodity market should strengthen self-discipline, build the trading platform of openness, fairness and equity and promote the regional economic development by giving full play to the regional industrial advantages. Between the futures and derivatives markets and traditional spot markets, the local bulk commodity markets should play an active role in trade, distribution and other aspects and provide diversified and personalized services.

  

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