USE OF FOREIGN EXPERIENCE IN IMPROVING THE REGULATION OF DOMESTIC ORGANIZED COMMODITY MARKETS

Abstract

The article examines the features of the organized commodity markets regulation. Based on foreign experience, the existence of a close connection between the effective functioning of organized commodity markets and a clear regulatory system is analyzed. It is noted that the transparency and competitive advantages of exchange trading in commodity assets, as well as the expansion of market participants' access to innovative exchange-traded futures instruments, will depend on an effective regulatory system. The main purpose of regulating exchange trading on commodity exchanges is to create and monitor compliance with the necessary conditions for the effective functioning of all subjects of organized commodity markets. It has been found that the evolution of exchange trading has contributed to the combination of different legal traditions, stages of market infrastructure development and the political situation, which has contributed to the formation of certain models of regulation of organized markets in different geographical parts of the world. An important role is played by the combination of mechanisms of state regulation by one or more regulators, as well as self-regulation by professional participants of organized markets. An analysis and generalization of the existing views of domestic scientists have been carried out and the following models of regulation of organized commodity markets have been presented: American; European; Mixed. Given the growing role of Asian markets, it was proposed to add an Asian regulatory model. Common features of regulatory models have been identified, which allow ensuring transparent and competitive conditions for stock exchange trading, as well as protection of investors' rights, which significantly reduces risks. It has been found that in many countries state regulators are specially created to regulate organized markets and are more independent in their measures to regulate participants in organized markets. The advantages and disadvantages of regulatory models are presented, the foreign experience of which should be taken into account when forming a domestic model of regulation of organized commodity markets.