04[ ]林②(責).indd

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32 Commodity Spot Trading System in China Bohai Commodity Exchange in Tianjin Yasushi HAYASHI * Sainan NIE ** Shuyi ZHANG *** Tetsuya UTASHIRO **** Abstract With the development of enterprise and financial reform, China s commodity futures market has been growing dramatically. Necessity to manage commodity market related risk rose in the process of China s reform and opening-up in the mid 1980s, thus China launched commodity futures transactions in If we take a look at it from the investment point of view, in the history of economic development, consolidation of financial markets has progressed and the Chinese national disposable income per person has increased, leading to the rise of interest in asset management. Investment outlets have increased, and investment in alternatives have grown rapidly. Several years after its futures transaction started, the Chinese government recognized that its commodities market was not reflecting the status of the real Chinese economy. In response, it began to consolidate commodities exchanges. Thirty three * Professor, Faculty of Economics, Rissho University. ** Doctoral Student, Graduate School of Economics, Rissho University. *** Doctoral Student, Graduate School of Economics, Rissho University. **** Researcher, Institute of Economic Research, Rissho University.

33 131 commodities futures exchanges that had opened before the end of 1993 had merged or had been consolidated, and brokers were washed out. Still, China s commodities futures transaction expanded along with the growth of global transactions. Investors in the search of diversification of assets, due to sluggish Chinese stock market performance in the wake of the global financial crisis of 2008, entered into commodities trading. Spot transactions also went through consolidation. The Chinese government decided to open a spot commodities exchange in Binhai District, Tianjin city and the Bohai Commodity Exchange, China s first commodity spot trading exchange, was established in September The system of this exchange is based on commodities futures and forward trading, but it has adopted the world s first system of spot trading, called the Bohai Exchange Spot Trading (BEST) System (i.e. a system that can defer settlement for spot trading repeatedly), and the unique feature of the system is a daily clearing date. It institutionalized the spot trading system, a compensation system for deferred settlements and the complementary settlement system for intermediate positions. It established the remediation of market service and logistics industry and cooperated with financial institutions. By October 2014, 127 products, including energy, chemicals, agricultural products, and precious metals were being traded in the exchange. Traditional commodities futures exchange is the place where futures for which settlement dates come after several months, and are traded. However, the Bohai Commodity Exchange is a place for which spot trading settlements are due overnight, and is patronized by manufacturers, trade companies, consumption enterprises, and investors. It is the largest comprehensive spot market, employing over 30,000 people. This paper discusses the background of the Exchange s establishment as well as the current picture, and focuses on the characteristics and the functions of a spot transaction exchange, particularly that of the Bohai Com-

34 modity Exchange. China s commodities spot trading market has serious problems, such as lack of talent, non-clarity of regulators, and an incomplete legal system, something mature commodities futures exchanges enjoy. The Exchange is still in the process of establishing regulations to ensure investor protection, and thereby developing a healthy spot trading market. The position and value of the Exchange and commodity spot trading in the financial industry and the economy in China has not been established yet. This paper also introduces the characteristics and advantages of the Bohai Commodity Exchange in Tianjin and its spot trading system, and discuss the potentials of the Exchange and the market.

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