Abstract: This article was written to discuss the corporatization of traditional futures exchange. Firstly, this article analyzed the process of the corporatization, which includes the following items: (1) first-phase work process; (2) concrete design of the main procedures of the transformation plan; (3) member ownership and transitional plan of the trade rights separation. Secondly, this article elaborated the changes brought by corporatization in terms of the organizational nature and the management structure of exchanges, pointing out that corporatization transforms the traditional exchanges into profitable organizations by optimizing its management structure and bringing about positive changes in terms of organization purpose, organization structuring, benefit distribution and market strategy. This article also talked briefly about the relationship between corporatization and market supervision, stressing the importance to observe the defects of the traditional organizations and the advantages of the modern organizations, and suggesting avoiding any barrier to the process of corporatization. What’s more, this article discussed the insight we can get from the exchange corporatization from abroad, suggesting that the nature of membership and the significance of membership transformation should be reviewed anew. The organization nature of futures exchange should be understood deeply, and the form of corporatization should be despised. This article suggested that the industrial development should be followed closely for the preparation of integrating with the international market to increase the overall competitiveness of the futures industry. The main features of this article are displayed in three aspects. First, this article made a full use of the literatures that are related to the corporatization of oversea futures exchange, and conducted a detailed comparison about the corporatization plans between CME and NYMEX. Second, this article expanded the inadequate understanding about the forms of membership of China’s futures exchange, and got a strong hold of the new trend of the transformation of international futures industry. Third, This article deepened people’s understanding of the process and the transitional plans of futures exchange corporatization. This article won the third-level prize in the competition of the excellent achievements in scientific research held by the Institute of Finance and Trade Economics, CASS.
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Zhang Qunqun: On the Corporatization of Traditional Futures Exchange
2012-12-11 04:05
Abstract: This article was written to discuss the corporatization of traditional futures exchange. Firstly, this article analyzed the process of the corporatization, which includes the following items: (1) first-phase work process; (2) concrete design of the main procedures of the transformation plan; (3) member ownership and transitional plan of the trade rights separation. Secondly, this article elaborated the changes brought by corporatization in terms of the organizational nature and the management structure of exchanges, pointing out that corporatization transforms the traditional exchanges into profitable organizations by optimizing its management structure and bringing about positive changes in terms of organization purpose, organization structuring, benefit distribution and market strategy. This article also talked briefly about the relationship between corporatization and market supervision, stressing the importance to observe the defects of the traditional organizations and the advantages of the modern organizations, and suggesting avoiding any barrier to the process of corporatization. What’s more, this article discussed the insight we can get from the exchange corporatization from abroad, suggesting that the nature of membership and the significance of membership transformation should be reviewed anew. The organization nature of futures exchange should be understood deeply, and the form of corporatization should be despised. This article suggested that the industrial development should be followed closely for the preparation of integrating with the international market to increase the overall competitiveness of the futures industry. The main features of this article are displayed in three aspects. First, this article made a full use of the literatures that are related to the corporatization of oversea futures exchange, and conducted a detailed comparison about the corporatization plans between CME and NYMEX. Second, this article expanded the inadequate understanding about the forms of membership of China’s futures exchange, and got a strong hold of the new trend of the transformation of international futures industry. Third, This article deepened people’s understanding of the process and the transitional plans of futures exchange corporatization. This article won the third-level prize in the competition of the excellent achievements in scientific research held by the Institute of Finance and Trade Economics, CASS.