Comparison Of Commodity Over-the-counter Exchanges And Its Inspiration For Zhejiang

The commodity market system is divided into three levels:spot,Exchange traded derivatives and OTC derivatives.China's OTC market is still in the primary stage,and it is the weakest part of the domestic commodity market structure.In the cycle of economic downturn,the demand for hedging is more intense,so the establishment of commodity OTC platform is particularly important.Major exchanges are actively preparing for the construction of the OTC market.Dalian commodity exchange launched the soybean meal options,the Zhengzhou Mercantile Exchange launched the sugar option.FT A pilots are also trying to promote the commodity market.Based on the international comparison and quantitative analysis,this paper summarizes the common features of the OTC market,and compares their differences.In this paper,we give the framework of the driving factors of the OTC market,such as "traffic network","financial deepening","spot market basis" and so on.Then,the paper analyzes the competition situation of the domestic commodity market,and explores the necessity and feasibility of the development of the OTC market in Zhejiang based on the international comparison framework and SWOT analysis.Zhejiang has its local advantages to construct the Commodity trading places.First of all,Zhejiang is an important commodity gathered in the country.Secondly,Zhejiang has the basis of the spot market.Many private enterprises hedging demand subject;in addition,Zhejiang's private capital is the main participants in the domestic futures market,the establishment of commodity trading center can be effectively combined with the need of capital and industrial entities hedging;Finally,the government introduced a new area of Zhoushan and other new policies,these policies are determined to build Zhoushan into a commodity transfer processing center.Based on the above analysis,this paper puts forward some policy suggestions for the construction of the OTC market in Zhejiang Province,including the strategic layout of "point,line and network",the combination of market resources,industrial capital and trade capital.