Gold market the legal system and regulatory framework - Gold - Jewelry Industry - Tool Chest Roller Cabinet Manufacturer

20 century 70s, with the liberalization of prices and Huang Huang Jinguan King City The rapid development of markets, gold traded in order to ensure a fair and just. Du-level types of illegal transactions occurred. Major international gold markets combined their reality, the establishment and development of the gold market supervision system, the following is all about control of the gold market.

One of the invisible gold market supervision Mentioned here invisible gold market, mainly referring to London, Zurich and Hong Kong, the London gold market, gold market. Such market is not a fixed place of trading, the market is a member-based, members are mostly world-class gold companies or big banks, gold trading mainly through the purchase and sale of network members to carry out. As a special type of market trading mechanism, trading in the market Client And its volume is absolutely confidential, as the five major gold dealers in London and Zurich are all three major banks in the world to enjoy a good reputation, the confidence of traders also established here. The regulatory control of such gold market dominated by self-discipline, the London gold market, for example, the London Bullion Market Association (LBMA) pricing is based on five lines and 50 in the floor trading firm based on assisting the UK Financial Services Authority (FSA) and other government regulatory agencies on the London gold market regulation, improve market Operate Efficiency, expand the London gold market in the world of. Due to domestic political conservative policies and ideology of self-regulation, the United Kingdom the relevant provisions of the law is not perfect, distributed in a number of securities-related and regulations.

Second, the whole market in the visible yellow Physical gold market, mainly refers to gold trading in a fixed trading place where to. This exchange can be both a special gold trading sites, such as Singapore and the gold market; also be a subsidiary in a futures market under the gold markets such as New York is located in the New York Mercantile Exchange (COMEX) years. From the general, a mature gold market regulation should include market laws and regulations, supervision and management system and three large arbitration. The most typical example here, even if the United States, because the gold futures trading in the United States is only one, the following from a futures perspective to analyze how the U.S. is monitoring the market:

1. Regulatory system. U.S. futures exchange in the long process of development, and gradually formed a set of perfect management system and regulatory system. U.S. futures market regulations can be divided into two parts according to their functions:

(L) National Futures Exchange rules (regulations). State regulations on futures trading activities in futures markets play a macro Monitor Role, with the constant development of the futures market gradually improve. Such as: 1916 through the "Cotton Futures Act," Congress enacted in 1922, "Grain Futures Act" and re-enacted in 1974, "Commodity Futures Trading Commission Act," and many other bills. Some of these laws established the legal status of the Futures Exchange, and some authorized the establishment of the Commodity Futures Trading Commission, and the fast development in a timely manner according to futures trading adding new content, eventually forming a national unity futures laws and regulations. National laws and regulations regulatory agencies at all levels of the most basic futures basis. Accordingly, the relevant agencies to develop a more operational rules.

(2) Exchange rules (regulations) that the specific operating rules for futures trading to the principle of the entire futures market participants to develop a code of conduct, a form of development will be to force the Executive to make legislative management in maintaining the fairness of the market , plays an invaluable for standardization. Such as the 1936 introduction of the "Commodity Exchange Ordinance," on the futures market regulatory agencies, exchanges. Intermediaries, traders and trading activities are conducted outside the strict rules, many of which regulations are still in use, used by many futures markets.

Fact, the U.S. futures market, from disorder to order, embarked on a healthy development track, which with a relatively sound Laws and regulations System is not unrelated.

2. Supervision and management system. Legislation before the U.S. futures market adoption; government futures regulators, Futures Association. Exchange of three agencies oversight, coordination and management futures market. From the management subject to division, can be divided into:

(1) Legislative Management: the use of the development, modification, enactment of relevant laws and regulations of the futures markets to manage;

(2) administration: to rely on the relevant government authority departments, functions of the agencies or local governments to manage.

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