Before l 1974, the futures market in the United States was self-managed by exchanges, which effectively implemented self-management by implementing various rules and giving play to the roles of the board of directors, professional committees and various functional departments.
L After the varieties of futures trading were expanded to financial products in 1970s, a three-level supervision model consisting of government, futures industry associations and exchanges gradually took shape.
L 1974 On the basis of the original Commodity Trading Law, the US Congress passed the Commodity Trading Commission Law and established the National Commodity Futures Trading Commission (CFTC). CFTC is the highest authority and regulator in the US futures market. It conducts macro-management of market participants by formulating strict and efficient laws and implementing laws passed by Congress.
The Futures Association (NFA) was incorporated in l 198 1, and its members are all over futures companies, consultants, fund managers, settlement banks, exchanges, the public and related commercial organizations, with full universality. The futures industry association represents the vital interests of all aspects of the whole industry and truly reflects the voice and requirements of the industry. In the three-level supervision mode of the United States, under the macro-management of the government, the self-discipline management of exchanges and futures associations has always played the foundation and core role of market management.
China futures market is established on the basis of forward spot market to meet the needs of spot trading. The earliest Zhengzhou Commodity Exchange and Shenzhen Nonferrous Metals Exchange were established on the basis of the original spot wholesale market. Under the fragmentation of the old planned economy, it is a historical necessity to establish a futures market with the support of local governments and industry authorities.
During the period of l 1992- 1998, the government supervision of China futures market was mainly implemented by their respective local governments and industry authorities, and the self-management of exchanges played an important role. At that time, under this background, the futures exchange maintained a strong vitality, new varieties were continuously introduced, and the market scale was expanded year by year. Of course, the existing problems were quickly exposed. First, it is difficult for local governments and industry authorities to achieve professional management, and sometimes they leave the exchange alone in pursuit of local and industry interests; Second, the market lacks proper laws and regulations, which leads to the failure of self-discipline management of exchanges. Some exchanges excessively pursue market scale and short-term interests, and even condone excessive speculation and illegal manipulation, which greatly distorts market functions. Therefore, during this period of decentralized management of the futures market, the State Council issued several administrative orders from 1993, stopping the trading of most listed products, and the number of exchanges was reduced from 15 to three.
L 1998 has formed a centralized supervision mode centered on CSRC. The clearing and rectification of the futures market in China has basically ended, and the exchanges originally belonging to local governments and industry authorities have been formally taken over by the CSRC. Since then, the "Provisional Regulations on the Management of Futures Trading" was promulgated in June, 1999, and the CSRC also issued four supporting management measures for exchanges and futures companies, further defining the centralized supervision mode centered on the CSRC. This supervision mode is suitable for the historical stage of rectification, and guides the China futures market to develop rationally and orderly from blind and disorderly development.
At present, whether to give priority to government supervision or self-discipline is an important issue in the development of China futures market. As far as government supervision is concerned, it is unified, authoritative and mandatory, which can effectively implement national laws and regulations, overcome market failures, protect the legitimate interests of market participants and maintain the long-term stable development of the market. However, government supervision is also passive, lagging, sudden and irreversible. Administrative supervision can only be an intervention afterwards. Sudden administrative intervention can easily bring serious injuries and sequelae to the market, and too much and too little intervention can easily lead to inefficiency and inactivity in the market. Therefore, in the case of chaos, deviation and risk in the futures market, focusing on government supervision can only be a phased policy. Once the market has resumed its orderly development, the government should mainly use laws and regulations to carry out macro-management of the market, so that the market can give full play to its self-discipline management function. Self-discipline management can reduce the pressure of government departments, disperse the risk of market supervision, and be conducive to market self-control, self-regulation and self-improvement.
In the past decade, the internationalization and integration of the world futures market have accelerated, and the successful futures market supervision model has also shown convergence:
L From the perspective of supervision system, the three-level supervision model has been widely recognized by all countries. This kind of hierarchical supervision is conducive to interlocking, checking at different levels, balancing each other and dispersing risks, and is conducive to comprehensive supervision of different levels of markets by market means, legal means and administrative means.
From the perspective of supervision, most of them regard the self-discipline management of exchanges and trade associations as the basis and core strength of futures market supervision, respect market rules and ensure the marketization and flexibility of supervision.
From the perspective of supervision, all countries emphasize that the government should manage the market according to law from a macro perspective to ensure the orderly, stable and sustainable development of the futures market.
From the perspective of development, all countries are summing up the experience and lessons of supervision according to the needs of market development, analyzing and testing the effectiveness of their respective supervision models, and constantly improving and adjusting them in practice, so as to better protect the competitiveness, efficiency and liquidity of the futures market and improve the service level for market participants.
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This is the thesis of Dr. Gao from the University. I picked some for you. I hope it works.