中远期大宗农产品交易规则的缺陷剖析

Defects in Rules for the Long and Medium-term Trading of Agricultural Products in Bulk

中远期大宗农产品电子交易制度能够发挥便利交易、发现价格和引导订单农业等先进功能,但是在实际运作过程中,由于交易制度设计缺陷和监管缺失,演绎为变相的期货交易模式,实物交割率非常低。在多空双方博弈下,大宗产品价格不再由供求关系决定,反而由投机决定背离了市场服务大宗农产品交易的设立初衷。本文以某花生电子交易市场为例,在交易制度设计层面进行剖析,为中远期市场建设提供一些改进思路。

The electronic transaction system for long and medium-term agricultural products in bulk can facilitate transaction, discover price, guide the order-agriculture and etc. However, due to the transaction system design flaws and lack of supervision, it is often distorted into the Futures Transaction Model and the spot delivery rate is extremely low. The long-term market is easily transformed into a casino, with the prices no longer determined by supply and demand, but decided by speculators. This paper analyses the case of peanut electronic trading market and tries to offer some suggestions for long-term bulk a- gricultural products market construction.