"for more than a decade apart

The Central Government seems determined to straighten up more than 300 trading venues. Within the industry expect local government approved the establishment of stock exchanges in recent three years, 2011 volume will exceed the trillions of dollars. The State Council on rectifying various trading sites effectively guard against financial risks of the decision (also known as the 38th document) say, clean up will set up a Commission led operationJoint meeting by the State Council ministries, under the local government regulators and provincial participation. Document expressed the view that "Exchange financial issues" may be upgraded to "regional financial risk". 2010 Central Bank in the financial stability report, there is no specific reference in this field. About two months ago, the wind had reached coastal Chinese financial innovation pilot area. More than 50 localHome Exchange registered in industrial and commercial sector, by the Government Finance Office requested more complete a survey form, mainly trading information on rules and administration. But in Hubei, Zhejiang and other places, half a month ago there are still government officials exchange on the inauguration ceremony. Many people remember 18 years ago, the Central Government to stabilize the financial situation, was heavily in straightening out the futures trading, 30 stock exchangesAre consolidated into 3, trading volumes dropped the following year near 90%. Criticism has also been said, in a subsequent round in the commodity price cycle, China has little international pricing power. Under the harsh rule of the parties to deal with files, 38th on the tough trading rules language. A few days ago heard a reporter quoted file details, Northern investors looking dignified of a precious metal exchange-fileRequest, subject to regulatory approval by the State Council of the Exchange, a most popular deals are prohibited. Prohibitions about three major types of them. Breadth first, control of cash and securities transactions. Prohibited the equality of rights and their own centralized price bidding in a row diablo 3 gold, and cumulative rights holders shall not more than 200 people. For example, most of the cultural art Exchange, art (such asA painting) is divided into a certain number of shares on average, to allow more trader admission in centralized inquiry l pricing. Second is to clean up trading rules. Electronic exchange of non-approved, non-centralized price bidding, market maker diablo 3 gold, anonymous transactions, electronic broker how futures are standardized contracts traded, which also provides for the same investors a product transaction time interval is notLess than 5 business days. Regulators try to avoid frequent operation and high leverage risks. Third, set field access. Requirements to engage in financial products such as insurance, credit, gold trading exchange, must be approved by the State Council approved the establishment of the financial management sector. At present, some special policy with comprehensive test crisis of local government approved most of the exchanges a licence, such as the national yellowMoney turnover leading precious metals Exchange in Tianjin. Reporter statistics show that nearly three years throughout the culture, property rights and the commodity exchange established, faster-growing number of investors and trading volume, trading rules in most of these qualities. (See chart) familiar with regulatory Industry Association official said, files starting with the first half by the Ministry summary findings, clearingCriteria should have reached a consensus. But behind the tough wording, some contributors have captured regulators outflow of information: not all exchanges will turn off, the next barrier will be high, who survived, are on the market of the future winners. Even in the area of funds managed by 38th, officially halted, Bank of communications, such as ABCHas not yet decided whether to cease operations immediately. Exchanges are looking to their channel. Reporters learned that over Tianjin Exchange were submitted to the competent government departments or industry association report, addresses the rationality of it exists. Some exchanges has heard of regulation will to a few months ago, started separate identities of the shareholders and members. 38th, since release, some Exchange clients are notStop incoming Advisory pay off the phone. Beijing Han Tang culture exchange on November 22, all trades are suspensions. Tianjin exchange of English coverage by the media, almost all works of art share prices plunge in the past few days. In the Hunan Exchange, investors redeem the two products have been completed. "Exchange" a big commodity exchange and works of art have the Government and civil capitalThis common hot spot. Data displayed in public, only from January 2011 to October, 58 commodities electronic marketplace launched, 20% per cent of total amount of such exchange. In addition, arts classes and other small Exchange also rooted in various areas. Some past lack of access rules in the "underground" operational transactions, through local government policies, gradually in an exchange capacityGo to the ground operations. Such as precious metals, industrial and commercial information, Tianjin 80% precious metals exchange executives have opened accounts in domestic operations background to the outer disc. Tianjin Government as early as three years ago at a banquet business, one from the original state gold Administration Bureau Deputy Director positions on the outgoing officials, had told the Tianjin Municipal Government leaders several concerns: first, shareholder background; second trading BoardThe high leverage and high fees; and third market maker's financial strength, and the funds managed security. The official recalled that tall orders on the spot in Tianjin local development and Reform Commission, and finance departments study situation of several exchanges to be set up. As of October 2011 data exchanges in Tianjin industrial and commercial registration is about more than more than 50. Private capital and the State-owned capitalEquity participation in different proportions. Several Exchange caused the officials concerned, in frequency by the media to question this year. In the financial system was not developed in Hunan province, another "exchanges of civil" samples. But the problem was and there is no difference in Tianjin. Cleaning up Exchange? Defending the Exchange? A couple a year ago in Changsha city's Commerce and industry sign up for a gold exchange, Is the highest domestic gold trading leverage trading rules, Exchange claims to be registered in SAIC, approved by the provincial government, customer network has been sold to local private investment opportunities to many of Jiangsu and Zhejiang areas. This newspaper reporter investigation shows, the actual operation of the Exchange Company and Hunan dimensional finance bulk precious metals exchange limited, February 2010 in the Changsha Municipal BureauRegister, the registered capital of 20 million Yuan. Current dimension member owned by the provincial financial exchange 26 enterprises, has grown apart from Xinjiang, Tibet and the overseas provinces, districts, and municipalities. Its trading of products known as "Victoria Finance." Member agencies develop customers, through electronic systems beyond bi-directional trading, trades are divided into 1, 20, 50, 100, four ounces of goldSpecies in one hand and transaction security deposit up to $ 7,000, 100 ounces of gold spot market price of about $ 1.01 million. Account amount in the 30% following the forced liquidation of margin. In fact, in case of market fluctuations, highly leveraged investors like the gambler. When some investors have the opportunity to profit, and its trading platform and failed multiple times. The international tourist island business daily newspaperRoad, Haikou $ 20,000 in a surname Wong-dimensional finance investor capital market movements against, within an hour, account with only $ 1702. Rectifying the schema logic behind the scenes, 38th article of the State Council are two-level implementation. A central regulator has approved the Exchange, be responsible for supervising the rectification and, second, others about themselves around the 90% approved by the ExchangeTo continue with the dependency management principles. The combination of the two, is to supervising the cleanup of "joint". In the 38th, after release, Central media said that because the State-owned shares, Exchange officials ' performance and other reasons, could become the resistance of local government. Close to the regulator said, the State Council before context, regulators have hair dryer in the system. For example,, In the field of gold, people's Bank of China Tianjin checks had been calling for an end to trading accounts managed cooperation. But there's still the Bank believes that there is no similar requirement of the CBRC. By 2007, China has a great number of gold futures and explosive cartridge. That year the State Council by the administration of Futures Trading Ordinance, instead of the 1999 interim regulations, by thinking in the industry think that the legislativeConsolidation means. Banned form of electronic transactions equivalent to futures trading, such as the margin is less than 20% and Exchange provide performance guarantees for the parties to the transaction. These rules are reproduced in a spree of the nearly three years of Exchange. Reorganization of the earlier time on futures trading, happened 18 years ago. State Council resolutely put a stop to the futures market, of 77th blindExhibition notice, commodities exchange at that time more than 30, international and domestic futures trading of about 30,000 businesses and financial institutions. Upon completion of the rectification, futures exchanges into 3, the size of the deal down almost 90%. Member of the Central Bank's Monetary Committee Xia Bin wants reporters directly, his micro-blogging, he wrote: "for more than a decade apart, and straightening out some 300 Exchange。 China's development costs is too large. Government departments were doing before? "Involving futures securities market supervision, there are two types of mainstream architecture in the world, is a United States field infield traded respectively to set up an independent regulatory body, conferred by the Bill of his administrative powers. First, Japan and other countries by commodity and industry, compasses to various government departments, such as exchange of agricultural products fromRegulation of agricultural province. China's financial supervision from top to bottom, by splitting the vertical system of banking, securities, futures, insurance. Local government finance offices, to promote development of financial services as the main functions. At present, the market management in special legislation is still fragmentary. In gold, for example, the Central Bank and the Securities and Futures Commission and the Ministry of Commerce and other regulatory authority exists, involving special financialInstitutions, and China insurance regulatory Commission will also have an associated of the CBRC. In the financial industry is not developed provinces, 38th, also be regarded as an empire. Finance Office of an official from the Law Department of Hunan province told reporters, because in the past due to permissions, no regulation of city and county-level registration Exchange, the file according to the State Council, will begin cleaning up. Shareholders also exchange hopes that can passRectification of the wind, obtained official licences to avoid fate like 18 years ago. To a large extent, depending on the December discussions of the joint meeting of the regulators and local. One 18 years ago at the industry Ministry stall-level officials involved in rectifying said, "consolidation go now what direction, is far from clear, stared at the above moves. "(2.1.. Chi. upon. JI.. road)