ANEW UNDERSTANDING OF THE ORGANIZATIONAL FORMS AND THE REFORM OBJECTIVES OF CHINA'S FUTURES EXCHANGES  

对我国期货交易所组织形式的再认识及改革目标

作　　者：Zhao Wanfu Zhang Qing(译) 赵万福;Zhang Qing(译)(Marxism School of Chongqing University of Technology;不详)

机构地区：[1]Marxism School of Chongqing University of Technology

出　　处：《China Legal Science》2021年第1期89-114,共26页中国法学（英文版）

基　　金：This paper is sponsored by the Startup Fund for Advanced Talents of Chongqing University of Technology of 2020.

摘　　要：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.期货交易所是专门从事标准化期货合约买卖的有组织的固定场所,其主要作用是提供交易的场所、设施及服务,并监督期货交易所场内交易活动。期货交易所的核心功能是面向买卖双边市场提供基于标准化合同的交易和结算服务。与其他双边交易平台相同,期货交易所具有很强的网络效应。本文从期货交易所的法律性质进行探讨,认为期货交易所法律性质的界定与其组织形式的选择密切相关。就期货市场立法模式而言,出于对自身历史发展、市场环境、法律背景等诸多因素的考量,各国都有不同选择。其中,"会员制与非赢利组织形式"和"公司制与赢利组织形式"是颇具代表性的两种组织形式。结合我国现有实践来看,考虑到不同组织形式性质及交易机制的差异,既有规范性法律文件无法满足市场发展需求,建议采用公司制与赢利性组织形式建构中国期货交易所。

关 键 词：结算服务 双边市场 场内交易 公司制 赢利性 期货市场 规范性法律文件 网络效应 

分 类 号：F832.39[经济管理—金融学]