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Коммерческое право. Товарная биржа (самое важное)

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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21. COMMODITY EXCHANGE

The commodity market is divided into organized (exchanges, auctions and fairs) and unorganized. Participation in each of these markets involves different goals, circumstances and conditions.

According to the Law of the Russian Federation "On Commodity Exchanges and Exchange Trade"

commodity exchange is an organization with the rights of a legal entity that forms the wholesale market by organizing and regulating exchange trading, carried out in the form of open public trading, held in a predetermined place and at a certain time according to the rules established by the exchange. The special legal capacity of the exchange lies in the fact that its activities are exclusive, that is, the exchange does not have the right to engage in activities not directly related to exchange trading. An exchange by its nature is an organization of traders who make profit from the very process of changing the owner of a product. In the infrastructure of the commodity market, commodity exchanges play a fairly multifaceted role, which is confirmed by the following functions of exchanges:

▪ organization of open public auctions;

▪ ensuring concentration of supply and demand;

▪ organization of the wholesale raw materials market,

▪ creation of the necessary trading and accounting infrastructure;

▪ optimization of commercial relations;

▪ formation of objective prices for exchange goods, starting with the creation of conditions for completing a transaction at the market price;

▪ organization of transactions of a special type (i.e. purchase and sale of real goods, forward contracts for the purchase and sale of real goods with a deferred delivery date, futures contracts for the purchase and sale of standard contracts for the supply of exchange goods, option contracts for the purchase and sale of rights to a future purchase and sale at a set price of a commodity or contracts for the supply of a commodity); ensuring maximum settlement speed; information and forecast support (for example, providing information on real prices for the main budget-forming (export) goods and price-forming goods); increase and acceleration of transactions with real goods (since in an unorganized market many conditions have to be agreed upon in each transaction, low liquidity of real goods, capital circulation is slow).

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