近日，相关人士向记者爆料称，天津福祺贵金属经营有限公司破产之后，老板拒绝支付拖欠总额达40多万元的员工工资，引发了业内高度关注。

recently,Relevant personage to reporters a source says,Tianjin f kei precious metals company went bankrupt,The boss refused to pay arrears of total more than ten thousand yuan and the staff salaries,Caused the high attention.

　　据了解，天津福祺贵金属经营有限公司于2011年在天津滨海新区申请注册，是天津贵金属交易所（以下简称“天交所”）旗下注册会员单位（编号207），公司注册资金5000万元，依托天交所强大的黄金现货交易平台，主要从事贵金属现货交易、投资咨询等业务，属于黄金投资的“做市商”。 但是，其所依托的天交所黄金交易平台并无相关政府批文，其经营资质始终存疑。

It is understood,Tianjin f kei precious metal management co., LTD. Established in 2011 in tianjin binhai new area application for registration,Tianjin is precious metals exchange(Hereinafter referred to as"In the day")Its registered member units(No. 207),The company registered capital of 50 million yuan,Relying on the powerful day into the spot gold trading platform,Mainly engaged in precious metals spot transaction/Investment consulting, etc,Belongs to the gold investment"marketmaker". but,It depends on which day into gold trading platform and no relevant government approval,Its business qualification always dubious.

会员单位 Member unit

　　全无正规牌照 Devoid of normal licence

　　天交所于2010年2月开始试运行，2012年2月正式运行。交易所试运行后，凭借着灵活的交易时间和机制，迅速吸引了大批投资者， 做得风生水起。截至2012年1月，交易所共有签约会员85家，保有客户逾13万户。

Into the day began in February 2010 commissioning,February 2012 formally operation.Exchange after commissioning,With agile transaction time and mechanism,Quickly attracted a large number of investors, Do flawed.By January 2012,Exchange has signed 85 members,Keep a customer more than 130000 households.

　　然而，迅猛发展的背后，其身份的合法性一直备受争议。

however,Behind the rapid development of,The legality of its identity has been controversial.

　　据了解，目前国内的两家黄金交易所——上海黄金交易所和上海期货交易所，都是经国务院审批的。但天交所的主页介绍称其是经天津市政府同意，市金融办批准，由天津产权交易中心发起设立的公司制交易所。上海黄金交易所和上海期货交易所黄金品种都在国务院的批复下设立，至于天津市是否对黄金交易有审批权，至今仍有争议。

It is understood,At present domestic two gold exchange -- Shanghai gold exchange and Shanghai futures exchange,Is approved by the state council approval.But days into the home page says it is introduced by the tianjin government agreed to,City financial do approval,The tianjin property right transaction center of established a company type stock exchange.Shanghai gold exchange and Shanghai futures exchange gold species is the state council set up under the reply,As for whether tianjin of gold trading rights,This is still a matter of debate.

　　但天交所一直宣称自己是目前国家唯一批准的做市商模式的白银等贵金属交易市场，并将做市商模式强调为自身特色。

But days have been claimed to be in at present the country only approved marketmaker model of silver and other precious metals trading market,And will marketmaker mode stressed for their own features.

　　做市商模式是与目前国内流行的撮合式模式不同的另一种模式。关于二者的区别，经济学家邓汉学在接受《中国企业报》采访时介绍，“期货交易所通常采用的撮合交易是在投资者之间完成，买卖之间要有相等的报价才能达成交易。而做市商制度则是即时成交，只要有报价，做市商就在一定点差基础上与投资者达成交易。”

Marketmaker mode is with the present domestic popular transaction mode different another mode.About the difference between,Economists DengHanXue in accepting[Chinese enterprises to]Interview is introduced,"The futures exchange trading is usually used for the transaction between investors in finish,Between buying and selling should have equal offer to cut a deal.And marketmaker system is clinch a deal immediately,As long as there is offer,Marketmaker in a point difference on the basis of a deal with investors."

　　某种意义上，做市商模式的关键是做市商实力，做市商相当于“大庄家”，需要承担巨大的风险，实力一定要足够强大，不是任何交易商都能当做市商，通常需经过多年交易实践得到市场公认后才能成为做市商，现在所有开展黄金电子交易的黄金投资公司（包括地下炒金的公司），都可以被称作做市商。据了解，目前天交所所有会员单位中，没有一家是拥有正规牌照的金融机构。

A sense,Marketmaker mode is the key to marketmaker strength,Marketmaker equivalent to"Big banker",Need to bear great risk,Strength must be strong enough,Not any trader can as a market maker,Usually takes after years of trading practice to get market recognized to be marketmaker,Now all the gold in electronic trading of gold investment company(Including underground Fried gold company),Can be called marketmaker.It is understood,At present day that all members in the unit,No one is with normal licence of financial institutions.

准入机制无明文规定， Access mechanism not prescribe,

　　黄金市场监管缺位 The gold market supervision vacancy

　　中国黄金市场从2001年开始放宽管制，随着黄金交易市场的放开，特别是国际金融危机爆发后，黄金的投资价值越来越凸显，民众的黄金投资需求激增，黄金现货、期货、纸黄金业务等迅速发展。

China's gold market from 2001 to begin widening control,With gold trading market open,Especially after the outbreak of the international financial crisis,Gold investment value are more and more obvious,The surge in gold investment demand,Spot gold/futures/Paper gold business and rapid development.

　　但是，黄金市场交易规则尚不健全，至今国内没有任何部门给黄金市场做市商的准入机制做任何规定，相应的监管制度也并未及时规范与完善，这就使得交易所在运营模式、交易方式、信息发布等方面都存在着很多问题，违规甚至违法交易屡见不鲜，部分交易所甚至出现操纵价格、对赌行为和交易故障频发等事件，地下炒金泛滥，导致各种纠纷日渐多发。

but,The gold market trading rules is not perfect,So far no department to domestic gold market marketmaker access mechanism to do any provisions,The corresponding supervision system did not timely standard and perfect,This makes exchange in operation mode/Way to trade/Information release and there are a lot of problems,Illegal or even illegal transaction common occurance,Part of the exchange appear even control the price/Spread-betting behavior and transaction failure events such as frequent,Underground Fried gold flood,Cause all kinds of disputes are growing.

　　邓汉学表示，“长期以来，黄金市场监管缺位，人民银行与中国证监会的监管存在重叠之处，且在法律及职能上尚待明确是导致黄金市场地下黄金交易的根源所在。”

DengHanXue said,"For a long time,The gold market supervision vacancy,People's bank of China securities regulatory commission and the supervision of the overlap exist,And in law and the function is yet to be clear in the gold market underground gold trading source."

　　邓汉学指出，“在传统的黄金‘统购统配’管理体制下，黄金市场的监管主体是央行，监管政策依据《金银管理条例》执行。黄金市场放开以后，由于有关部门未能及时对有关市场行为加以规范，导致市场无法可依，无法可施，执法无路，违法难究。”

DengHanXue pointed out that,"In the traditional gold‘TongPei state’Management system,The supervision of the gold market main body is the central bank,Regulatory policy based on[Gold and silver management regulations]implementation.The gold market after let go,Due to the relevant departments timely on the market to regulate the behavior,Causes the market can't can depend on,To nothing,Law enforcement there is no way,Illegal difficult to investigate."

　　事实上，针对黄金交易市场由来已久的乱象，相关监管措施不断出台。

In fact,According to the gold market age-old mess,The relevant supervisory measures introduced gradually.

　　2011年底，国务院出台《关于清理整顿各类交易场所切实防范金融风险的决定》（38号文件），正式对各交易场所进行整顿清理。同期，央行、公安部、工商总局、银监会和证监会等五部委联合发布了《关于加强黄金交易所或从事黄金交易平台管理的通知》，规定除上海黄金交易所和上海期货交易所外，任何地方、机构或个人均不得设立黄金交易所，也不得在其他交易场所内设立黄金交易平台。

By the end of 2011,The state council has rolled out[About all kinds of trading places rectifications to guard against financial risk decision](And document no.),Formal to undertake rectifying the trading places clean.Over the same period,The central bank/The ministry of public security/Administration for industry and commerce/The CBRC and the CSRC and five ministries jointly issued[On strengthening the gold exchange or in gold trading platform management notice],Provisions in addition to Shanghai gold exchange and Shanghai futures exchange outside,Any place/Institutions or individuals are allowed to set up a gold exchange,Nor in other trading places set up in gold trading platform.

　　2012年7月，国务院办公厅又发布了《关于清理整顿各类交易场所的实施意见》，进一步对各类交易所进行规范和管理。

In July 2012,The general office of the state council and released[About all kinds of trading places rectifications of the implementation opinions],To further regulate and manage all kinds of exchange.

　　但有专家指出，国家出台文件、政策重拳打击黄金交易市场乱象，只是整顿黄金市场的治标工作，进一步治本，还需完善相关法律法规，从法律上杜绝监管漏洞。

But experts say,The country has issued documents/Policy hard blow blow gold trading market the mess,Just the gold market take temporary solution work,Further effect a permanent cure,Still need to perfect relevant laws and regulations,From the legal regulation on eliminate loopholes.

　　“要加快相关领域法律法规及政策的制定，使相关部门有法可依的同时尽量缩小规范层面的漏洞。还有，就是要加强对非法炒金行为的打击，提高犯罪成本。” 邓汉学如是说。

"To speed up the related fields laws and regulations and policy formulation,Make work related departments at the same time try to reduce standard level of vulnerability.and,Is to strengthen the illegal behavior of Fried gold strike,Improve crime cost." DengHanXue said.