金融风险管理视角下的自贸区地方交易场所建设

The Development of Local Exchanges in Free Trade Zone from the Perspective of Financial Risk Management

当前,各地自贸区(港)建设总体方案中纷纷开始强调依托现有地方交易场所开展不同生产要素的交易,地方交易场所建设已成为自贸区建设的重要抓手之一,但具体的路径和模式仍在探索当中。以大宗商品为例,我国交易市场面临现货贸易市场和衍生品交易市场相对独立,现货企业与衍生品交易市场参与者缺少联系等问题。因此,地方交易场所需要在期货市场和现货市场之间寻找独特的发展道路,从满足实体企业贸易往来、资产激活和风险管理等需求出发,以管理交易场所各类参与主体风险为主要路径,整合金融机构和新兴科技手段,建立一个同时服务于现货贸易和场外个性化衍生品交易的综合性交易平台,以降低企业获取金融服务的成本,促进各类生产要素市场化配置效率。

Recently,the framework plans for Pilot Free Trade Zones in various regions have begun to emphasize implementing factors trading in existing local exchanges,the development of local exchanges has been regarded as one of the important measures for the construction of Pilot Free Trade Zones,the specific ways and model,however,requires further exploration.Taking the commodity exchanges for an example,there are two major problems.First,the spot market and the derivatives market is relatively independent of each other.Second,there are few connections between the participants in spot markets and that in derivatives markets.Local exchanges should hence seek for a unique way of development that differs from the future markets and pure spot markets.They may start from meeting the needs of firms for spot trading,asset activation and risk management,with special focus on the reduction of the risks assumed by participants in local exchanges.They would incorporate the financial institutes and new technologies,and become comprehensive trading platforms serving both the spot trading and individualized derivatives trading.Such exchanges would significantly cut the cost of firms receiving financial services and therefore improve the efficiency of market-based allocation of factors of production.