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A Study on the Motivation of Demutualization
Transformation of Futures Exchange
SUN Qiupeng
(
Theoretical Innovation Base of Academy of Marxism / Qiongzhou University
,
Chinese Academy of Social Sciences
,
Beijing 100732
,
China
)
Abstract
: For nearly twenty years the world蒺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 differ鄄
ences in exchanges members and the distribution of rights to make decisions on major exchanges issues become the internal moti鄄
vation of whether the exchange can decide of transformation of demutualization in the case of changes of external conditions. Giv鄄
en the internal and external circumstances, the exchange can carry out the demutualization transformation smoothly. China蒺s fu鄄
tures 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 reg鄄
ulatory authorities over exchanges, and gradually increase the function of members,market traders and other stake holders in the
exchange decision鄄making.
Key Words
: futures exchanges; mutualization; demutualization
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