LME规则解析及对国内期货市场发展启示

伦敦金属交易所((London Metal Exchange,以下简称LME)是国际金属交易中影响最大、交易品种最多、交易制度和配套设施最完善、最具权威性的金属交易所,其本质是一个远期现货市场。随着世界经济,尤其是金属行业的发展,LME不断改进相关规则以顺应行业发展的需要,其包容、与时俱进的发展模式为市场参与者保值、交割、投资等创造了良好的条件。对LME交易规则进行研究,对其成功经验进行总结,可以为发挥国内期货市场功能服务实体经济提供借鉴,为我国期货市场的制度完善与创新发展提供借鉴。LME交易所之所以如此成功与其独特的制度设计和运作模式是分不开的,概括起来主要表现在会员结构、交易方式、合约安排及形式、风控体系、交割设置、交易策略以及纠纷解决机制等方面。而"对现货包容"是LME诸多规则设置的独到和成功之处,也是LME对"期货市场是现货市场补充"这一期货市场定位的完美诠释。

An Analysis to LME Rules and its Inspiration to Domestic Futures Market Development

London Metal Exchange （short as LME） is the most authoritative, influential metal exchange, with biggest commodity types, most sophisticated transaction policy and facility, which is basically a futures exchange. As the world economy develops, especially the developing of metal industry, LME has been continuously modify its rules to accommodate industry need, which is a comprehensive rule system that keeps up with the time and benefit traders all over the world in light of hedging, delivery, investment, etc. Studying the LME rules and its successful experience will provide a good reference for domestic futures market to supply better quality market service and for the innovation and development of domestic market. LME＇s success comes with its unique rules system and operation mode, which is shown in its membership structure, transaction, contract arrangement, risk control system, delivery setup, delivery strategy, as well as the dispute solving system. ＂Favoring Spot Transaction＂ is most unique and successful experience of LME＇s many rules, which is also how LME illustrates perfectly ＂Futures market is a supplement to spot market＂.