[ 在北京工商大学证券期货研究所所长胡俞越看来，37号文或仍难逃“高高举起、轻轻放下”的窠臼 ]

[in Beijing university of industry and commerce of securities and futures HuYu, director of the opinion，No. 37, or still not escape“Lifted high、Gently down”The difficult]

　　上周五，为进一步明确政策界限、措施和工作要求，扎实推进清理整顿各类交易场所工作，防范金融风险，维护社会稳定，国务院办公厅发布了《清理整顿各类交易场所实施意见》（下称“37号文”）。

Last Friday，To further clear policy boundaries、Measures and the job requirements，Solid rectifications in all kinds of trading places of work，Guard against financial risks，Maintaining social stability，Issued by the general office of the state council《Clean up the implementation opinions of all kinds of trading places》（Said the“No. 37,”）。

　　去年11月，国务院发布了《关于清理整顿各类交易场所切实防范金融风险的决定》（即“38号文”）。而在今年1月，经国务院同意建立了由证监会牵头的清理整顿各类交易场所部际联席会议制度，且在不久后召开的清理整顿各类交易场所工作会议暨部际联席会议第一次会议上，由联席会议召集人、证监会主席郭树清提出确保在今年6月30日前完成各项清理整顿工作的“大限”时间。

Last November，By the state council《About all kinds of trading places rectification and guard against financial risk decision》（namely“Article 38”）。And in January of this year，Upon the consent of the state council established by CSRC and rectify the lead of all kinds of trading places BuJi system of joint conference，And shortly and rectify a all kinds of trading places working meeting of the joint BuJi and the first meeting，Joint meeting by convener、Securities regulatory commission chairman proposed in this year to ensure guo by 30 June complete all the rectifications program“deadline”time。

　　不过，各地虽已经历排查甄别、整改规范、检查验收等阶段，但至今未见哪一省级政府公开披露那份事关各交易场所生死存亡的分类处置名单。

but，Although has regularly discernment experience all over、Corrective standard、Check and acceptance stage，But has not seen a provincial government which public disclosure of that is the life and death of trading places classification disposal list。

　　而最新发布的37号文，则再次强调要“遵循规范有序、便利实体经济发展的原则”，准确界定清理整顿范围，突出重点，增强清理整顿各类交易场所工作的针对性、有效性。该意见明确指出本次清理整顿的范围包括从事权益类交易、大宗商品中远期交易以及其他标准化合约交易的各类交易场所，包括名称中未使用“交易所”字样的交易场所，但仅从事车辆、房地产等实物交易的交易场所除外。

And the latest release of 37 sign language，It again“Follow an orderly、Convenient entity principle of economic development”，Accurate definition rectifications in scope，Highlight the key，Enhance and rectify the aim of all kinds of trading places、effectiveness。This opinion explicitly pointed out that the rectifications in the scope of the rights and interests kind including trade、Commodity trading rotational acetabular osteotomy and other standardization agreement trade all kinds of trading places，Include name not in use“exchange”"Trading places，But only engaged in vehicles、Real estate transactions of the physical trading except。

　　其中，权益类交易包括产权、股权、债权、林权、矿权、知识产权、文化艺术品权益及金融资产权益等交易。而“大宗商品中远期交易”，是指以大宗商品的标准化合约为交易对象，采用电子化集中交易方式，允许交易者以对冲平仓方式了结交易而不以实物交收为目的或不必交割实物的标准化合约交易。其他标准化合约，则包括以有价证券、利率、汇率、指数、碳排放权、排污权等为标的物的标准化合约。

Among them，Rights and interests kind trade includes property rights、equity、Creditor's rights、Forest right、Mineral rights、Intellectual property、Culture art rights and financial assets rights deal。and“Commodity trading rotational acetabular osteotomy”，Refers to the commodity standardization agreement for transaction object，Electronic transaction on the way，Allow traders to hedge unwind way over and not in kind trade settlement for the purpose or need not delivery forms of standardized contracts。Other standardization agreement，It includes to securities、Interest rates、Exchange rate、index、Carbon emissions、Emissions as the subject matter standardization agreement。

　　至于各类交易场所已设立的分支机构，将按照属地管理原则，由各分支机构所在地省、自治区、直辖市人民政府（下称“省级人民政府”）负责清理整顿。

As for all kinds of trading places already set up branches，Will be in accordance with the principle of dependency administration，The branch is located by each province、Autonomous region、Municipalities directly under the central government（Said the“Provincial people's government”）Will be responsible for clearing up the。

　　而在“准确适用清理整顿政策界限”中，37号文还具体指出六类交易场所及其分支机构应予以清理整顿。这包括将任何权益拆分为均等份额公开发行、采取集中交易方式进行交易、将权益按照标准化交易单位持续挂牌交易、权益持有人累计超过200人、以集中交易方式进行“标准化合约”交易，及未经国务院相关金融管理部门批准设立从事保险、信贷、黄金等金融产品交易的交易场所。

And in“Accurately apply the rectifications in policy boundaries”in，No. 37 wen specific points out that the six types of trading places and their branch offices shall be cleared up rectification。This includes any rights to equal share split public、Transaction on a way to trade、According to the rights and standardization trading unit for listing for trading、Rights holder accumulative total more than 200、To focus on way to trade“Standardization agreement”trading，And without the approval of the administrative department of the state council related financial establishment engaged in insurance、credit、Gold, and other financial products trading trading places。

　　37号文首次对业内一直存有争议的“大宗商品中远期交易”及“标准化合约”进行了界定，但并未以国务院名义给出清理整顿各类交易场所的截止时间，且保留“名称中未使用"交易所"字样的各类交易场所的监管办法，由各省级人民政府制定”的“尾巴”。

And for the first time, the sign language the disputed that“Commodity trading rotational acetabular osteotomy”and“Standardization agreement”Is defined，But did not name the state council are to rectify the deadline of all kinds of trading places，And keep“Not use the name"exchange"The words of all kinds of trading places regulatory measures，By the people's government at the provincial level set”of“tail”。

　　因此，在北京工商大学证券期货研究所所长胡俞越看来，37号文或仍难逃“高高举起、轻轻放下”的窠臼。

so，In Beijing university of industry and commerce of securities and futures HuYu, director of the opinion，No. 37, or still not escape“Lifted high、Gently down”The difficult。