| According to the development process of the mature commodity trading market,the complete commodity trading market system include the spot market,OTC market and futures market.The relationship of these three parts are mutually reinforcing and complementary,lack of any one market will affect the healthy development of commodity economy.China's derivatives market started late,and directly introduce foreign futures in the case the OTC market has not yet formed,leading to confusion in the commodity trading market system,OTC transactions seriously lagging behind,and the futures market emphasis on investment,disjointed the spot market,lack of capacity to serve the real economy.Therefore,China has urgent need to develop OTC market,to build a sound commodity trading market system,so as to better serve the real economy and enhance status of China's commodity in the global fieldIn this paper,through the comparison of the four kinds of OTC transactions,such as medium-long-term transactions,swaps,over-the-counter options trading and base bargaining,combines the development of China's commodity OTC transactions,from regulatory policy,the spot market close degree,the hedging effect and the advantages of over-the-counter trading aspects to analyze,this paper has the conclusion that the one-to-one make a match model which similar to swaps in line with the development of China's commodity OTC market.At the same time,on this basis to analyze the suitable clearing model,risk control mode and settlement mode.In addition,this paper further analyzes the basic elements of the transaction model,the clearing mode,the risk control mode and the settlement mode,which are applicable to the over-the-counter transaction in our country,and summarizes the design experience of these elements of the successful foreign exchange.On this basis,taking Shanxi X coal trading center as an example,design the transaction mode,clearing mode,risk control mode and settlement mode and their specific elements. |
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