推动我国大宗商品期货、衍生品和现货市场规范联动——规制视角  

Promoting Interactive Developments of China’s Commodity Futures,Derivatives and Spot Markets——From Regulatory Perspectives

作　　者：朱小川 ZHU Xiaochuan(Shanghai Law Society Financial Law Research Section,Shanghai 200002,China)

机构地区：[1]上海市法学会金融法研究会,上海200002

出　　处：《中国证券期货》2025年第2期11-20,共10页Securities & Futures of China

摘　　要：我国大宗商品市场可细分为期货、衍生品和现货三类,其中现货市场违法违规问题较为突出,主要表现为现货交易场所非法从事期货等活动而相关规制却未同步跟进。由于存在重要概念不清,监管分工不顺,规制变化逻辑不清导致规制适用困难或理解冲突,以及现有规制未充分考虑期货、衍生品和现货市场之间的联动关系等因素,我国大宗商品期货、衍生品、现货市场的整体联动不足。建议在规制完善上,一是要坚持并强化规制的中国特色优势,既“放得活”又“管得住”;二是要统筹大宗商品各市场重大风险管理,实现市场监管全覆盖;三是要增加大宗商品期货、衍生品、现货市场联动的规制供给;四是要制定规范大宗商品现货和衍生品市场的行政法规。China’s commodity market can be subdivided into futures,derivatives and spot markets,in which the spot market has a more prominent problem of illegal violations,mainly manifested in that spot trading venues engaged in futures and other activities which were not adequately addressed by regulatory measures.Due to reasons such as unclear important concepts,less-coordinated supervisory division,illogical regulatory changes causing either applicable difficulties or understanding conflicts,and the fact that existing regulation regime has failed to fully consider the interactions between futures,derivatives and spot markets,the overall interactive development of China’s commodity markets is at a disadvantage.In terms of regulatory corrective measures,it is therefore suggested that the first measure is adhering to and strengthening the advantages of the Chinese characteristics in regulatory construction so as to accomplish a balanced combination of“let live”and“under control”;the second is to coordinate the management of major risks arising from commodity markets and to achieve a full coverage of market supervision;the third is to increase regulatory supplies to achieve more interactive developments of commodity futures,derivatives and spot markets;the fourth is to draft administrative rules covering both spot and derivatives markets.

关 键 词：大宗商品 期货市场 衍生品市场 现货市场 联动 规制 

分 类 号：F830.9[经济管理—金融学] D922.28[政治法律—经济法学]