CUBN记者 邓丽娟 北京报道

CUBN reporter Deng Lijuan reports from Beijing

　　近年来，各类交易所如雨后春笋般涌现，行业里鱼龙混杂、乱象丛生。2011年11月24日《国务院关于清理整顿各类交易场所 切实防范金融风险的决定》出炉，“38号文”要求守住区域金融稳定的底线；2012年国务院又发布了“37号文”，具体明确了清理整顿工作的实施细节。此后全国各地刮起了交易所整顿的疾风骤雨。清理整顿工作的重点是进行类证券化交易的股权、贵金属和文化艺术品交易场所，以及开展类期货交易的商品现货交易场所。清理整顿工作在国务院层面由证监会牵头其他部委，在地方则是由各个省级地方人民政府牵头，地方政府仍然保留区域性交易场所的审批权和监管权，但必须接受证监会的监督指导。

In recent years,All kinds of exchanges have sprung up,Industry where good and evil people mixed up/Chaos cluster.On November 24, 2011[State council on rectifying all kinds of trading venues to guard against financial risk decisions]Came out,"Article 38,"Request hold regional financial stability of the bottom line;Also released by the state council in 2012"No. 37",Specific details for the implementation of the rectification work.Since then the flurry of the reorganization of the exchange to blow up across the country.Rectification work in class is the focus of the securitization transaction/Precious metals and cultural art exchange,And carry out futures trading in commodities trading venues.Rectification work level by the securities regulator other ministries and commissions under the state council,In places it is led by the local people's governments at the provincial level,Local governments remain regional approval and supervision of trading venues,But have to accept the supervision of the CSRC.

　　乱象丛生

Chaos cluster

　　今年2月中国证监会公布，第三批十省区市近日通过交易场所清理整顿工作联席会议的检查验收。至此，全国36个省区市已经有26个通过验收，尚余10省区市，包括北京、上海和天津三个直辖市。

The China securities regulatory commission announced in February,The third batch of 10 provinces through trading venues rectification work joint conference recently check acceptance.At this point,There are 26 by 36 provinces across the country have acceptance,It is more than 10 provinces,Including Beijing/Shanghai and tianjin three municipalities directly under the central government.

　　其中，2011年6月才刚刚成立的成都环境交易所，目前尚未成交一笔排污权交易就面临“被整合”的命运。四川清理整顿各类交易场所工作领导小组最新下发的通知，成都环境交易所已进入“被整合”的程序，面临摘牌的命运。记者从四川省政府金融办获悉，四川省清理整顿领导小组检查验收工作组检查验收结果，对纳入本次清理整顿范围的35家交易场所按4类进行处置：保留11家，整合9家，更名并规范经营范围9家，取缔关闭6家。

Among them,In June 2011, has just established chengdu environmental exchange,Has yet to clinch a deal a face of tradable permits"Be integrated"The fate of the.Rectification of all kinds of trading places in sichuan work leading group issued the latest notice,Chengdu environmental exchange has entered"Be integrated"The program,Facing the fate of the delisting.The reporter learns from the sichuan government finance office,Sichuan provincial leading group on rectification acceptance group check acceptance inspection results,In included in the scope of the rectification of 35 exchange disposal according to four categories:Keep 11,Integration of the nine,Changed its name and standardize business scope nine,Ban shut half-a-dozen.

　　有数据显示，目前国内各大交易所的数量在1000家左右，交易品种更是超过百种。交易品种不仅包括稀贵金属、艺术品、金融资产、股权，还包括农副产品、医药产品。在一些地方，就连国画、大蒜、药品、人参果、红辣椒、丝绸都成为了交易所的“主营业务”。大部分国内的大宗商品交易市场游走在现货交易和期货交易的中间地带。

Have data to display,At present domestic exchanges number around 1000,Trades more than one hundred kinds.Trading products include not only rare metals/Works of art/A financial asset/equity,Also include agricultural and sideline products/Pharmaceutical products.In some places,Even the traditional Chinese painting/garlic/drug/Ginseng fruit/Red pepper/Silk has become the exchange"Main business".Most of the domestic commodity trading market of in the middle of the spot trading and futures trading zone.

　　据2011年上半年的官方统计，仅在天津滨海新区的保税区里，就有约20家大大小小、形式各异的交易所。包括：天津贵金属交易所、天津文化产权交易所、天津金融资产交易所、天津技术产权交易所、天津滨海国际知识产权交易所、天津农村产权交易所、渤海商品交易所等。

According to official statistics in the first half of 2011,Only in the binhai new area of tianjin free trade zone,About 20 large and small/Exchange of one form or another.including:Tianjin precious metals exchange/Tianjin culture property rights exchange/Tianjin financial assets exchange/Tianjin technology property exchange/Tianjin binhai international equity exchange knowledge/Tianjin rural property rights exchange/The bohai sea Commodity Exchange, etc.

　　各地建立交易所的热潮已经从北京、上海等一线城市向一些地级市甚至向县级市蔓延。虽然都名为交易所，实际上它们的“血统”有很大差别。其性质既有国营也有民营；有地方政府支持的，也有小企业单干的；有“小打小闹”的，也有努力建成国际定价中心的。

Set up exchanges around the boom is from Beijing/Shanghai and other first-tier cities to some cities even spread to the county.Although called exchange,In fact they"descent"There was a big difference between.It has both state-run and private character;Has the support of local government,There are small businesses going it alone;There are"Tinkering around the edges"the,There are efforts to build international pricing center.

　　有国际经验告诉我们，一个地区或国家只能容纳有限数量的交易所，当交易所批量制造时，必出乱子。“有些地方交易所的管理十分混乱，有些现货交易变质为远期或期货交易，有些还存在内幕交易、市场操纵现象，还有一些过度投机。”西南财经大学财税学院副教授周雪飞向记者表示。

International experience tells us,A region or country can only accommodate a limited number of exchange,When exchanges were batch manufacturing,Will go wrong."Some of the local exchange management is very chaotic,Some spot trading metamorphism is forward or futures trading,There is some insider trading/Market manipulation phenomenon,There are also some excessive speculation."Southwestern university of finance and taxation college associate professor Zhou Xuefei told reporters.

　　据《中国联合商报》记者走访了解，由于大多数地方性的交易所往往门槛较低，加之当地政府“占坑”的目的，所以很多机构显得并不专业，这样的结果便是很多投资者慕名而来，但却承担着巨大的风险。早在2008年，华夏商品现货交易所创始人郭远锋卷款亿元潜逃国外，众多投资者损失严重。2009年，沂蒙山花生电子交易市场突然发出通告停止交易并对所有合约执行集中代为转让，令许多交易商蒙受损失。此外，嘉兴茧丝绸交易市场发生的“变相期货交易事件”更是让很多持有茧丝远期合约的会员单位都遇到了交易对手莫名增加、突然要求提高保证金直至最后被强行平仓的“命运”。曾被称为制度创新的“做市商交易机制”也遭到质疑。

According to the[Chinese joint business]Reporters visited understanding,Because most of the local exchange often threshold is low,Combined with the local government"Of pit"The purpose of,So many institutions look not professional,The result is a lot of investors to come,But bear the huge risk.As early as 2008,Huaxia commodity spot exchange founder Guo Yuanfeng roll paragraph abscond abroad of $one hundred million,Many investors lost seriously.In 2009,,Yimeng peanut suddenly send out notice to stop trading and electronic trading market to perform focused on behalf of all the contract transfer,Many traders suffer losses.In addition,Jiaxing cocoon trading market"Disguised futures trading events"Is to let many holding member unit of cocoon silk forward contracts are met counterparty somehow increase/Suddenly for higher margin until it was finally forced to unwind"fate".Has been called the institutional innovation"Market maker trading mechanism"Also questioned.

　　业内专家表示，一些地方政府热衷于发展本地交易市场，而忽视了市场建设本身的规律性和政府监管责任。“地方政府的问题在于他们有着迫切的愿望和积极性推动这类金融衍生品市场的发展，但是他们对于市场的风险意识都很淡薄，缺乏足够的认识。”

Industry experts said,Some local governments keen to develop the local market,But ignored the regularity of market construction itself and government regulatory responsibilities."Local government's problem is that they have a pressing desire and motivation to promote the development of this kind of financial derivatives market,But they are very weak awareness of the risks of the market,Lack of enough understanding."

　　定位规范化

Positioning standardization

　　2013年2月27日，中国企业国有产权交易机构协会（以下简称协会）第二次会员大会上将2013年确定为“产权交易业务创新年”，重点推动理论创新、流转功能创新、融资功能创新，做好涉讼资产进场交易，建立创新活动激励机制；大力推行统一的产权交易市场规则及业务标准，着手制定《实物资产交易规则》、《企业国有产权交易风险防范办法》、《产权交易市场防止内幕交易规定》等细则，进一步规范市场行为。

On February 27, 2013,China association of enterprise state-owned property right transaction institution(Hereinafter referred to as the association)The second general meeting will be determined as in 2013"Innovation in property rights trading",Focus on promoting theoretical innovation/Transfer function of innovation/The innovation function,Prepare relevant asset trading approach,Establishing incentive mechanism innovation;Push forward the unified rules of the property rights trading market and business standards,Formulating the[Physical assets trading rules]/[Enterprise state-owned property right transaction risk prevention measures]/[Property rights trading market to prevent insider trading rules]Details such as,To further standardize the market behavior.

　　两年前成立的北京金融资产交易，被业界看作是中国金融资产流动的试验田，是一个公开的、竞争的、电子化的、中立的、有监管的第四方交易平台。“北金所”根据市场上不同类型金融资产的流动需求，分别组建金融国资交易平台、银行间交易平台、信托资产交易平台、PE交易平台等四大业务中心，构建起了一个丰富多彩的业务体系，包括金融产权交易和金融产品交易两大类型。北京产权交易所董事长熊焰接受《中国联合商报》记者采访时表示：“北金所的建立就是为中国现存金融资产尝试提供流动性。我们希望建设从制度设计和产品创新上看，传统的金融业分业监管，银行、证券、保险、信托、理财都是各做各的，没有实现"跨"，北金所的交易品种几乎无所不包，只要市场需要或者能够推动市场健康发展，其产品和服务都是我们开拓的对象。”

Founded two years ago Beijing trading financial assets,By the industry as China's financial assets flow field,Is a public/The competition/electronic/The neutral/The regulation of the fourth party trading platform."North by gold"According to the flow of different types of financial assets on the market demand,Are financial assets trading platform/Interbank trading platform/The trust assets trading platform/PE trading platform and so on four big business center,Build up a business system of rich and colorful,Including two types of financial property right transaction and financial products.Yan xiong, chairman of the board of the China Beijing equity exchange to accept[Chinese joint business]Reporter in an interview:"North king is the establishment of China's existing financial assets to try to provide liquidity.We hope that the construction from the point of view of system design and product innovation,The traditional financial sector supervised respectively,The bank/securities/insurance/The trust/Financial management is each to do each,Do not implement"Across the",North gold trades almost everything,As long as the market needs or can promote healthy development of the market,Its products and services are our objects."