A futures exchange is an organized and fixed marketplace specializing in the trading of standardized futures contracts. It provides places, facilities, and services for futures trading, and supervises the trading acti...A futures exchange is an organized and fixed marketplace specializing in the trading of standardized futures contracts. It provides places, facilities, and services for futures trading, and supervises the trading activities in it. In other words, it is a financial market that organizes futures trading activities, with a core function to provide trading and settlement services based on standardized contracts for bilateral markets. As with other bilateral trading platforms, it has strong network effects. Since the development of the Chinese futures market has only a history of about 30 years, the relevant legal system is still imperfect, and the legal nature of the futures exchange is still unclear. This paper intends to discuss the legal nature of the futures exchanges, and holds that the legal nature of futures exchanges is closely related to their organizational forms, and the legal entity, profitability and self-discipline are the fundamental legal attributes of the futures exchanges no matter in practice or theory. That is to say, the futures market is dependent on legislation in essence. Considering its history, market environment, legal background and other factors, each country has a different choice on the legislation of futures market. Among organizational forms,‘non-profit membership system’and‘for-profit corporate system’are two representatives. Combined with the current practice in China,considering the differences in the nature of different organizational forms and trading mechanisms, and the existing normative legal documents cannot meet the needs of market development, it is suggested to adopt the corporate system and profit-making organizational form to construct China’s futures exchanges.展开更多
基金This paper is sponsored by the Startup Fund for Advanced Talents of Chongqing University of Technology of 2020.
文摘A futures exchange is an organized and fixed marketplace specializing in the trading of standardized futures contracts. It provides places, facilities, and services for futures trading, and supervises the trading activities in it. In other words, it is a financial market that organizes futures trading activities, with a core function to provide trading and settlement services based on standardized contracts for bilateral markets. As with other bilateral trading platforms, it has strong network effects. Since the development of the Chinese futures market has only a history of about 30 years, the relevant legal system is still imperfect, and the legal nature of the futures exchange is still unclear. This paper intends to discuss the legal nature of the futures exchanges, and holds that the legal nature of futures exchanges is closely related to their organizational forms, and the legal entity, profitability and self-discipline are the fundamental legal attributes of the futures exchanges no matter in practice or theory. That is to say, the futures market is dependent on legislation in essence. Considering its history, market environment, legal background and other factors, each country has a different choice on the legislation of futures market. Among organizational forms,‘non-profit membership system’and‘for-profit corporate system’are two representatives. Combined with the current practice in China,considering the differences in the nature of different organizational forms and trading mechanisms, and the existing normative legal documents cannot meet the needs of market development, it is suggested to adopt the corporate system and profit-making organizational form to construct China’s futures exchanges.
