1月9日，证监会在其官网宣布，国内清理整顿各类交易场所工作已基本完成。这场耗时一年多的清理整顿行动即将收尾，监管层方面当前则在考虑，通过何种路径规范国内商品市场的新秩序。

On January 9,,Securities regulatory commission announced on its website,Domestic trading places and rectify all kinds of work has been completed.This time more than a year of rectification action will be final,In the current regulatory layer are considered,What path through regulating the domestic commodity market new order.

　　本报从一位证监会人士处获知，证监会及国内几家期货交易所都在抓紧研究如何“建设多层次商品市场”，其内容之一涉及商品市场的场外市场建设。上述研究的基本思路是，国内商品市场的场内建设和场外建设可以同时进行，场外市场建设重点应放在“统一监管标准”和“增加市场透明度”上。

The CSRC in from a person know,The CSRC and domestic several futures exchange are stepping up research"The construction of multi-level commodity market",One of its content in commodity market otc market construction.The research of the basic train of thought is,Domestic commodity market field construction and street construction can simultaneously,Otc market construction should focus on"Unified regulatory standards"and"Increase the transparency of the market"on.

　　在“统一监管标准”方面，实现场外市场“统一结算清算”是监管层和期交所设想的建设路径之一。目前，国内各期交所和银行间市场清算所股份有限公司（下称“上海清算所”）都具备了结算大宗商品交易市场资金的能力，只是由谁来做该项业务尚待明确，一场竞逐或将展开。

in"Unified regulatory standards"aspects,Realize otc market"Settlement liquidation"Is the supervisor and the construction of the futures exchange company idea of path.At present,Domestic futures exchange company and interbank market clearing house co., LTD(Hereinafter referred to as"Shanghai clearing house")Had the settlement commodity transaction market financing ability,But who will do the business is yet to be clear,A compete or will open.

　　

两类“劲敌” Two kinds of"enemy"

　　场外市场与场内市场的区别之一，是场外市场无集中竞价环节，可实行灵活的一对一交易，掉期、互换交易都属场外交易，但因其难以监管，国内监管层侧重场内市场建设，场外市场则建设进程缓慢。

Otc market and the difference between the market one of the field,The over-the-counter market is no centralized bidding links,A agile one-on-one trade,swap/Swap transaction belong to the curb,But because of its difficult to supervision,Domestic regulatory layer on market construction field,Otc market is the slow process of construction.

　　“结算”指对交易盈亏的计算，“清算”需完成资金的出入，清算与结算两环节是相连的。实际上，上述监管层欲实现商品市场的场外市场“统一结算清算”的思路牵涉到国内几个场外市场的联通问题。

"settlement"Refers to the calculation of trading profit and loss,"liquidation"Complete capital in and out,Clearing and settlement two links are connected.In fact,The above regulation layer in order to realize the commodity market otc market"Settlement liquidation"Thinking involves domestic several over-the-counter market unicom problem.

　　与国外场外市场内涵明晰不同，在中国，广义的场外市场既包括股权交易市场，又包括场外商品衍生品市场、场外金融衍生品市场及大宗商品电子市场等。目前国内场外商品衍生品市场尚无一个品种，场外金融衍生品市场发展已相对成熟，大宗商品电子市场及贵金属市场等正处清理整顿收尾阶段。

And foreign otc market of different connotation,In China,The generalized otc market includes both equity market,Include over-the-counter products and derivatives markets/Over-the-counter derivatives markets and commodities electronics market, etc.At present domestic otc commodity derivatives market there is no a variety,Otc derivatives market development has been relatively mature,Commodity electronic market and precious metals market rectifications are ending stage.

　　对大宗商品电子市场清算业务的垂涎，国内几大期交所与上海清算所都不避讳。目前虽无明确统计这块蛋糕有多大，谁都记得仅天津贵金属交易所一家的黄金交易量就曾位列全国前三名。目前该所黄金交易已被叫停，但据记者不完全统计，全国被保留下的交易场所依然超过150家。

For commodities electronics market clearing business covet,The domestic several big futures exchange company and Shanghai clearing house are not afraid.At present although no clear statistical how this cake,Who can remember only tianjin precious metals exchange a gold trading has ranked the top three.At present this gold trading has been called,But according to the reporter incomplete statistics,The national be keep trading places still more than 150.

　　目前，国内场外市场清算结算领域已有了上海清算所，它主要为银行间市场提供以中央对手净额清算为主的直接和间接的本外币清算服务，而我国银行间市场是典型的场外市场。我国场外金融衍生品市场已包括利率类（债券远期、远期利率协议、利率互换）、信用类、外汇类（外汇远期、外汇掉期、货币互换、外汇期权）多种产品，上海清算所已能结算人民币计价远期运费协议。

At present,Domestic otc market clearing and settlement areas have Shanghai clearing house,It is mainly for interbank market to provide the net opponent liquidation as sort of direct and indirect settlement services,And our country interbank market is a typical otc market.Our country over-the-counter derivatives market has including interest class(Bond forward/Forward rate agreement/Interest rate swap)/Credit class/Exchange class(Foreign exchange forward/swap/Currency swap/Exchange option)products,Shanghai clearing house has been able to settlement RMB forward freight agreement.

　　1月10日，上海清算所开户组人士称，该所已能为国内拿到牌照的贵金属交易所提供结算、清算服务，服务费由双方协商确定，对大宗商品电子市场也可提供类似服务。

January 10,,Shanghai clearing house account according to people group,This can get the licence has domestic precious metals exchange with settlement/And settlement services,Service charge will be negotiated by both parties,For commodities electronics market can also provide similar services.

　　而国内期交所对此项业务也非完全陌生，不仅几年前就已提出加快OTC市场建设和多层次市场体系建设，而且几大商品期货交易所对大宗商品市场更了解，其结算系统架构也更接近大宗商品市场，此外也可借鉴场内风控、结算经验。

And the domestic futures exchange company of this business is not completely unfamiliar,Not only a few years ago has been proposed to speed up the OTC market construction and multi-level market system construction,And a few big commodity futures exchange of commodity market more understanding,The settlement system architecture is more close to the commodity market,In addition also can reference for wind field control/Settlement experience.

　　据一位大商所人士介绍，国内启动清理整顿各类交易场所行动后，几大期交所陆续考虑能否争得被保留交易场所的资金结算业务。

According to a DaShangSuo personage introduction,Domestic start and rectify all kinds of trading places after action,A few big futures exchange company can be kept in consideration with trading places the capital settlement business.

　　郑商所期货及衍生品研究所所长汪琛德对本报表示，交易所有自己的信用担保体系，风险承受力远胜于大宗商品电子交易市场，期交所充当中央对手方较稳妥。

"Futures and derivatives institute director WangChen DE to our newspaper said,Trade all your credit guarantee system,Risk tolerance is far better than commodities electronic trading market,Futures exchange company act as the central counterparty is safe.

　　

集中清算与场外市场 Centralized clearing and otc market

　　建立大宗商品市场新秩序，一开始并未被提上议事日程。此前业界一直在说主板、中小板、创业板、场外市场，这里的“场外市场”实际上仅限于新三板、区域性股权市场及券商自办的柜台市场，并未涉及商品市场。2011年11月，清理整顿交易场所工作启动后，监管层一直在考虑如何对保留下的大宗商品电子市场，包括文化产权交易所和贵金属交易所等实施统一监管。

Establish commodity market new order,A start has not been put on the agenda.After the industry has been said motherboard/Small and medium-sized plate/gem/Otc market,here"Otc market"In fact is limited to new SanBan/Regional equity market and brokers self counter market,Does not address the commodity market.In November 2011,Rectification work after start trading places,The supervisor has been preserved in considering how to leave commodity electronic market,Including cultural property rights exchange and precious metals exchange and implement unified supervision.

　　而在国内期货领域，上世纪90年代，国内也曾经历类似的期货交易所整顿，最后100多家期交所仅留下三家商品类期交所。2011年11月至今，期货市场发生了很多变化。在国际市场上，洲际交易所（ICE）正在收购纽交所，向利率掉期交易领域进军。在国内，除期交所加速从会员制转为公司制、期货公司资管业务开闸外，国内国债期货、原油期货等期货新品种将要推出，国债期货场内交易能与国内银行间OTC市场形成互补。而如果中国只推原油期货，而没有与之相互配合的场外产品，那么在原油定价领域仍然“缺一条腿”。国外在原油和成品油领域存在大量掉期产品，这些产品交易都属于场外交易。

And in the domestic futures,In the 1990 s,China has been through a similar futures exchange reorganization,The last more than 100 home futures exchange company only left three commodity type futures exchange company.Since November 2011,Futures market is undergoing many changes.In the international market,Intercontinental exchange(ice)Are purchase nyse,To the interest rate swap transaction into field.In China,In addition to futures exchange company accelerated from membership to corporate system/The futures company endowment pipe business outside the gate,Domestic bonds futures/Crude oil futures, futures varieties are going to introduce,Treasury futures trading field with the domestic inter-bank OTC market formed complementary.And if China only push crude oil futures,Without the mating otc products,So in the crude oil pricing still"Missing a leg".Foreign in crude oil and product oil field in a large number of swap products,These products are over-the-counter trading.

　　党的十八大报告提出“加快发展多层次资本市场”，而我国目前缺乏场外商品衍生品产品。监管层目前已达成共识：场内、外市场应共同发展，尽快补足中国场外市场建设，尤其是场外商品现货与衍生品市场建设的短板。

The party's eighteen big report"Accelerate the development of multi-level capital market",China's current lack of otc commodity derivatives products.The supervisor has reached an agreement:field/The market should be common development,As soon as possible complement China otc market construction,Especially over-the-counter commodities and derivatives market construction of short board.

　　一位期货公司的副总经理认为，国内要建商品期货OTC市场，先要摆正期货市场服务实体经济的定位，同时加快国内中介机构的发展并培育机构投资者。而争取大宗商品统一结算，恰能体现出期交所“服务实体经济”的功能。

A futures company deputy general manager think,Domestic to build commodity futures OTC market,First should adjust the futures market service entity economic position,At the same time to speed up the development of domestic intermediary agencies and cultivating institutional investors.And for commodity settlement,Just to be able to reflect the futures exchange company"Service entity economy"function.

　　同时，与交易所在场内交易中占据核心位置不同，中介机构将在场外市场中将扮演重要角色。一方面，国内期货公司远未成长起来，期货资管牌照刚谈发放，因此期交所仍将在场外市场中担重任；另一方面，时间上已不允许国内期货公司慢慢成长。国外交易所对中国大宗商品现货市场的参照和关注已发展到一定程度。CME近期推出了螺纹钢的掉期期货，它所参考的最终结算价并不是上海期货交易所的螺纹钢价格，而是国内现货市场的螺纹钢价格指数，竞争压力下，国内期交所比上海清算所向场外延伸的动力更足。

At the same time,In the field and exchange trading occupy different core position,Intermediaries in otc market will play an important role.On the one hand,The domestic futures company far from growing up,Futures endowment tube licence just talk about issue,So futures exchange company will still in the otc market in burden to bear;On the other hand,Time has not allowed domestic futures companies grow slowly.Foreign exchange to China's commodity spot market reference and attention has developed to a certain degree.CME recently launched a deformed steel bar of the swap futures,Its reference final settlement price and not Shanghai futures exchange rebar prices,But the domestic spot market rebar price index,Under the pressure of competition,The domestic futures exchange company than Shanghai clearing the street extended power more full.

　　目前，国内期货结算较为分散的模式也更适合做大宗商品电子市场的结算，因为后者分布同样分散。国内期货结算尚无统一执行机构，目前都是各交易所内设结算部门进行。

At present,The domestic futures settlement more decentralized model is more suitable for commodities electronic market settlement,Because the latter also scattered distribution.The domestic futures settlement there is no unified actuator,At present the exchange with settlement departments.

　　目前，证监会及期交所提出场外市场“统一结算清算”，很大程度上是受国外市场影响。“集中清算（即统一结算清算）”是国际市场发展的趋势。次贷危机引发场外信用掉期违约后，美国等海外市场都在向“场外交易场内结算”的方向走，让场内清算所对场外交易进行统一结算。美国OTC市场与期货市场的结合点主要在统一清算环节。

At present,Securities and futures exchange company puts forward otc market"Settlement liquidation",To a large extent is affected by the foreign market influence."Concentrated liquidation(That is, unity in settlement liquidation)"Is the trend of the development of the international market.The subprime crisis cause street credit default swaps after,The United States and other overseas markets to"Over-the-counter trading floor settlement"Direction of,Let the field to curb the clearing house for settlement.The OTC market and futures market combining site mainly in the unified liquidation link.

　

　实行路径 A path

　　据证监会期货部的一位人士透露，监管层建设多层次商品市场的思路之一是，通过统一结算清算，获得大宗商品市场的交易和风险敞口信息，做到实时调控。

According to the CSRC futures department a sources,Supervision layer construction multi-level commodity market is one of the ideas,Through the settlement liquidation,For commodity markets transactions and risk exposure information,Achieves real-time control.

　　一位期交所的高层表示，国内商品期货交易所的思路是，在各期交所拥有各自结算清算部门的前提下，期交所能否既为自己做结算，也为国内被保留的现货交易场所做资金结算业务，将来场外商品衍生品推出时，同时负责场外商品衍生品的结算。

A futures exchange company high-level said,Domestic commodity futures exchange ideas is,In the futures exchange company own settlement liquidation under the premise of department,Futures exchange company can both for oneself do settlement,Also for the domestic be retained spot trading places do fund settlement business,The future otc commodity derivatives introduced,At the same time responsible for otc commodity derivatives of the settlement.

　　只是何时能落实“统一结算清算”的思路，上述证监会期货部的人士也表示不确定。对于国内历经“九死一生”被保留下来的交易场所而言，被纳入统一监管结算体系似乎有利有弊。

Just when can implement"Settlement liquidation"ideas,The CSRC futures department people also said not sure.For the domestic after"A narrow escape"Be reserved for trading places,Be included in the unified supervision and settlement system seems to be both advantages and disadvantages.

　　目前包括大宗商品交易市场在内的各类交易场所一般会在一家或几家银行开设结算账户，但资金进出多少仍是自己说了算。山东省一家被保留的化工类市场的负责人告诉本报，国内大宗商品类电子市场能否接受资金统一监管结算，主要取决于政策留给他们的时间及双方的合作方式。他认为，国内大宗商品电子市场刚经历一年多的整顿，恢复繁荣尚需一段时间，等市场恢复到一定程度再实行统一结算也不迟。此次清理整顿中，山东省30多家交易场所中共保留下10家。

At present including commodity trading markets, all kinds of trading places usually in one or several open bank settlement account,But how much capital turnover is still to decide.Shandong province is a reserved chemical market manager told this newspaper,Domestic commodity electronic market can accept money unified supervision and settlement,Depends on the policy for their time and cooperation way.He thinks,Domestic commodities electronics market just experience more than a year of rectification,Back to prosperity remains to be a period of time,Market return to a certain degree and unified settlement is not late.In the rectifications,Shandong province more than 30 trading places keep the ten.

　　杭州文化产权交易所总经理助理许毅平认为，国内文交所目前发展还不成熟，仍在不断创新中，各文交所现行的交易结算标准和流程也不一致，因此可能会晚于大宗商品类交易场所加入统一结算体系。杭州文交所是国内首批获得保留的文交所之一。

Hangzhou cultural property rights exchange assistant to the general manager XuYiPing think,At present, the domestic into development is not mature,Still in the constant innovation,The article into the current transaction settlement standards and procedures are not uniform,So may be late YuDaZong commodity type trading places to join settlement system.In hangzhou, which is the first obtained retained in the one of.

　　部分贵金属交易所仍倾向于借助上海清算所平台进行结算清算。原昆明泛亚贵金属交易所相关负责人认为，以前一家现货交易所在结算环节只能和一家或几家银行合作，也只能要求客户只在其合作银行处开户。而上海清算所的业务联通了国内所有主要银行，国家统一国内贵金属交易所的资金结算能为交易所规范发展提供“担保”，帮其降低一定成本。

Part of the precious metal exchange tended by Shanghai clearing house platform for liquidation and settlement.The original kunming pan-asia precious metals exchange relevant officials think,Before a stock exchange in settlement link can only and one or several bank cooperation,Also can require customers only in the cooperative bank place to open an account.And Shanghai clearing house business unicom domestic all major Banks,National unity domestic precious metals exchange fund settlement can provide standard exchange"guarantee",To help reduce the cost of certain.

　　是集中统一管理，还是垂直管理为好，目前监管层仍在思量。永安期货副总经理王中伟认为，国内各界应尽快对“场外市场”的内涵和外延达成一致。上述证监会人士透露，也不排除大家把大宗商品及贵金属结算的蛋糕分食。

Is centralized and unified management,Or vertical management as well,At present the supervisor is still in thinking.Yongan futures deputy general manager WangZhongWei think,Domestic from all walks of life should be to as soon as possible"Otc market"Denotation and connotation of the agreement.The CSRC sources,Don't eliminate all the commodities and precious metals and settlement of the cake points food.