Abstract Commodity trading platform is an important aspect of platform economic construction in Shanghai Free Trade Zone. The Shanghai Free Trade Zone recently released the "China (Shanghai) Pilot Free Trade Zone Spot Trading Market Trading Management Rules (Trial) (Draft)" (hereinafter referred to as the "Draft"), and solicited from the society...
The commodity trading platform is an important aspect of the platform economic construction of the Shanghai Free Trade Zone. The Shanghai Free Trade Zone recently released the “China (Shanghai) Pilot Free Trade Zone Spot Trading Market Trading Management Rules (Trial) (Draft)†(hereinafter referred to as the “Draftâ€), and solicited opinions from the public. The date of public comment is October 20 to October 27, 2014. The "Draft" consists of eleven chapters and forty-eight articles, and regulates commodity trading business from ten aspects: trading market and trading business, trading fund management, commodity settlement management, delivery warehouse and warehouse receipt management.
"Transaction, custody, liquidation, warehousing" separate
According to the "China (Shanghai) Pilot Free Trade Zone Overall Plan", the Shanghai Free Trade Zone will explore the establishment of an international commodity trading and resource allocation platform in the pilot zone to carry out international trade in energy products, basic industrial raw materials and bulk agricultural products. Expand and improve the pilot of futures bonded delivery, and expand the functions of warehouse receipt pledge financing.
According to the "Shanghai International Trade Center Construction 2014-2015 Key Work Arrangement" issued by the Shanghai Municipal Government in August this year. Shanghai will vigorously develop the platform economy and will build 8 international trading platforms in the free trade zone, including oil, natural gas, iron ore, cotton, liquid chemicals, silver, bulk commodities and non-ferrous metals.
The "China (Shanghai) Pilot Free Trade Zone Industrial Plan" issued in September this year also pointed out that for bulk commodity trading, focus on expanding new commodity trading varieties, including energy commodity commodity trading platforms (such as international crude oil futures platform), basic Industrial raw material commodity trading platform, bulk agricultural product trading platform, etc.
The "Draft" pointed out that in accordance with the principle of "capacity control, prudent approval, and rational distribution", it explores the trading rules of the spot market of bulk commodities in the Pilot Free Trade Zone and the innovation of post-event supervision mode, and rationally controls and handles risks.
As for the trading variety, the "Draft" shows that the trading varieties are launched by the market operators according to the needs of business development, and the commodities that are traded in the market are those with prominent cross-border characteristics and high import and export dependence.
The trading objects of the market may be bulk bonded real goods, warehouse receipts marked with bulk bonded physical goods, negotiable bills of lading with bulk bonded physical goods, etc.; other trading objects stipulated by the state and the Shanghai Municipal Government according to law. The trading methods adopted by the market may be agreement transactions, one-way bidding transactions, other trading methods prescribed by the state and the Shanghai Municipal Government according to law.
In addition, the Shanghai Free Trade Zone also encourages foreign investors to participate in transactions. Domestic and foreign corporate legal persons that meet the following conditions can become market traders: corporate legal persons engaged in trading, production, processing and other business activities related to market trading commodities; Bonded goods have the qualifications required to operate the goods.
In order to control the risk, according to the draft, the market operator should entrust a third-party clearing institution to be responsible for fund clearing; entrust a third-party fund depository bank or a clearing member of the Shanghai Clearing House to be responsible for fund custody; entrust a designated delivery warehouse to be responsible for cargo warehousing; The warehouse receipt publicity agency is responsible for the summary information disclosure. Strengthen socialized supervision services and achieve separation between “transaction, custody, liquidation and warehousingâ€.
Trading commodities in RMB
The "Draft" also shows that the market transaction price should be the "net price" without import duties and import link value-added tax. All transactions in the market shall be quoted in RMB and settled in RMB, and the unit of valuation shall be RMB. The US dollar and other convertible currencies can be used to pay performance guarantees for spot transactions. The market implements a daily settlement system.
Analysts believe that the establishment of the Shanghai Free Trade Zone is an important opportunity for the internationalization of the RMB. Various platforms in the Free Trade Zone, especially the commodity trading platform, also tend to choose RMB trading and settlement.
According to the "China (Shanghai) Pilot Free Trade Zone Industry Plan", one of the development priorities of the Shanghai Free Trade Zone is to develop cross-border RMB settlement and loans, cross-border investment and financing, guarantees, issue of RMB bonds, and set up RMB-denominated transaction settlement. Various types of financial trading platforms and spot trading of bulk commodities.
In September this year, the Shanghai Gold Exchange (hereinafter referred to as “Shangjin Instituteâ€) launched the international board business. The international board aims to attract foreign investors to participate in the Chinese gold trading, and as an important step in the internationalization of the RMB, the international board will Renminbi-denominated transactions.
According to the announcement of the Shanghai Stock Exchange, the international board will increase the international board contracts for the three gold spot stocks. The three international board contract delivery locations are all designated delivery warehouses in the free trade zone.
In addition to the spot market, commodity futures trading is also an important part of the free trade zone commodity trading. In November 2013, Shanghai International Energy Trading Center was registered in the Shanghai Free Trade Zone. Its business scope includes organizing the listing, settlement and settlement of energy derivatives such as crude oil, natural gas and petrochemical products.
Shanghai International Energy Trading Center, general manager of the Shanghai International Energy Trading Center, said recently that the Shanghai International Energy Center is committed to building an international energy derivatives platform that can objectively reflect the supply and demand of energy in the Asia-Pacific region, and to enhance the price discovery and risk management of the crude oil industry and global participants. The efficiency of asset management.
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