期货交易所非互助化改造的动因分析

A Study on the Motivation of Demutualization Transformation of Futures Exchange

中文关键词:  期货交易所  互助化  非互助化

英文关键词:futures exchanges  mutualization  demutualization

中文摘要:

      近二十年来,世界主要期货交易所都进行了非互助化改造。交易所普遍采用电子化交易和来自场外市场越来越激烈的竞争致使会员和有组织交易市场的垄断地位下降,这是导致交易所进行组织变革的外部原因。会员之间的差异性和交易所重大事项决策权分布则成为交易所能够在外部条件变化的情况下做出非互助化改造决策的内部动因。只有在内外部原因都具备的情况下,交易所才能够顺利地进行非互助化改造。我国期货交易所并不具备非互助化改造的内外部条件和动因,目前,我国期货交易所改革的方向应当是降低政府监管当局对交易所的直接控制,为会员、市场交易者和其他利益相关者在交易所决策中的发挥积极作用留出必要空间。

英文摘要:

      For nearly twenty years the world's major futures exchanges have carried out demutualization transformation. The adoption of electronic trading technology and intensification of external competiti on leadsto the decline of monopoly status of membersand organized trading markets,which is the external cause for promoting organizational change of exchanges. The differences in exchanges members and the distribution of rights to make decisions on major exchanges issues become the internal motivation of whether the exchange can decide of transformation of demutualization in the case of changes of external conditions. Given the internal and external circumstances, the exchange can carry out the demutualization transformation smoothly. China's futures exchanges do not have the internal conditions and motivation of demutualization transformation, so it is not appropriate to carry out demutualization transformation at present. The stresses of reform should be put on to reduce the direct control of the regulatory authorities over exchanges, and gradually increase the function of members,market traders and other stake holders in the exchange decision-making.