On June 1 1, when the First Financial Reporter arrived at the third floor of the government affairs center in Junan County, where the peanut electronic trading market in Yimengshan, Shandong Province was located, the whole hall was crowded with dozens of traders. Some of them have been stationed here for more than 10 days. On May 25, the trading market suddenly issued a notice to stop trading and transfer all contracts centrally, which caused many traders to suffer heavy losses. This practice was strongly opposed by the transferred dealers. From that day on, vendors from all over the country began to gather here to discuss. In an interview with CBN reporter, Sun Siyong, the general manager and legal representative of the trading market, took out his mobile phone and displayed the short messages sent to him by vendors who supported him, hoping to prove that the trading market could be reopened after it was closed for rectification. However, the loss of reputation caused by compulsory centralized transfer to the trading market may not be compensated in a short time. On May 25th, the closed exchange posted a notice: "Now, due to some traders' letters and visits everywhere, the market image and normal trading have been seriously affected, and some traders have been found to be in violation of regulations. According to the provisions of Paragraph 2 and Paragraph 5 of Article 57 of the Measures for the Administration of Peanut Electronic Trading Market in Yimeng Mountain, the Board of Directors decided to stop trading and rectify all contracts as of May 25, 2009. Please ask the dealer to return the car from May 25th to 27th. "In Yimengshan peanut electronic trading market, DHS09 1 1 is the largest trading variety, with a daily trading volume of more than 600,000 lots and a capital scale of several hundred million yuan. This contract was launched in June 5438+10, when the price was more than 400 yuan per lot. After that, it gradually dropped to about 370 yuan per hand in the middle and late May. There is a similar peanut electronic trading market in Rizhao City, 50 kilometers away from Jun 'an, and the contract price of DHS09 1 1 is near 700 yuan. Another trader described the "irrational" decline of DHS09 1 1 as follows: "When the futures price deviates too much from the spot price, everyone knows to go long, because even if it is locked up for a short time, it will not lose money to deliver the spot at that time. But now the contract price of DHS09 1 1 in Yimeng Mountain is so low that it is absolutely impossible in the regular futures market. "In his view, the only explanation is that the" main force "opened a position near 450 yuan in each hand. At that time, the spot price of peanuts was around 4 yuan per kilogram, but the" main force "misread the situation and did not expect the price of peanuts to rise step by step, reaching more than 5 yuan per kilogram. In this case, the "main force" can only smash the plate to force long-term people to close their positions. "If the trading market is deliberately suppressed, you don't even need to provide a deposit, just discharge the selling order directly. "Some traders have doubts about the" irrational "decline of DHS09 1 1 contracts. However, Sun Siyong firmly denied this. Kindly understand that the peanut electronic trading market in Yimeng Mountain, Shandong Province was put into operation in 65438+February the year before last. According to official website information of electronic trading market, the original intention of establishing the market is to provide services of "organizing transactions, avoiding risks, transmitting information and realizing order agriculture" for peanut spot trading. CBN reporter learned from the Agriculture Bureau of Junan County that Junan County is the second largest peanut planting county in China, with a perennial planting area of 500,000 mu (accounting for nearly half of the county's cultivated land area), second only to pingdu city's 800,000 mu. The income generated by peanut planting accounts for more than 60% of the agricultural income of local farmers. It was not until the electronic trading market "had an accident" that Mr. Yang, a vendor, told CBN reporters that the original intention of setting up the trading market was good because the prices of agricultural products fluctuated greatly. With such an electronic trading market, peanut growers can accurately judge the future price of peanuts to decide whether to plant and how big the planting area is. But good intentions do not mean good results. Mr. Yang told CBN reporter that since then, the operation of the market has not played a guiding role in "order agriculture", but it is counterproductive because it is not standardized. The lowest forward spot price of electronic trading market DHS09 1 1 is only 1.8 yuan/kg, and the planting cost of farmers' peanuts is about 2.4 yuan/kg. Many farmers saw that the long-term spot peanut price was lower than the cost price and gave up peanut planting. "Abnormal" Trading Accurately speaking, the Yimengshan peanut electronic trading market trades in spot, although it is a long-term spot. But the subsequent development has become a "quasi-futures" trading market. "All the rules are organized according to the trading form of futures," a trader told CBN reporter. "Spot delivery is actually rare. Last year, the total turnover in the electronic trading market exceeded 100 billion yuan, but at the end of the delivery date, the spot delivery of each contract was insufficient 100 lots. " The trader said. Sun Siyong told CBN reporter that the original intention of the trading market was to provide a risk-avoiding option for local peanut planting and trade. But in operation, the trading market has become a tool for traders to speculate. Among them, there are a large number of irregular phenomena such as opening multiple accounts under false identities and speculating. The real spot transaction of peanuts is only a few tons per month. However, in order to expand the scale and volume of the trading market, the trading market must try its best to attract traders to enter the market. An "agent" interviewed by CBN reporter has developed nearly 600 dealers in Shandong, and the "preferential" given to him by the trading market is to return half of the transaction fee. In order to attract offline customers, the "agent" will return half of the transaction costs to the dealer. In this way, the scale of dealers continues to expand. Informed sources told CBN that there are thousands of vendors in Yimengshan peanut electronic trading market. "This is basically a legal casino." Peanut buyers in Junan County believe that peanut buyers in this area have participated in the "forward spot" transaction in this trading market in all likelihood. Peanuts are usually harvested after autumn. During this time, we are in the electronic trading market. A person who has been engaged in peanut procurement all the year round said this. Regulatory Blank According to the introduction materials of the peanut electronic trading market in Yimeng Mountain area, the Measures for the Administration of Peanut Electronic Trading Market in Yimeng Mountain Area (Revised Edition) (hereinafter referred to as the "Administrative Measures") were formulated in accordance with People's Republic of China (PRC) Contract Law, Several Opinions of General Office of the State Council on Accelerating the Development of Electronic Commerce, People's Republic of China (PRC) Contract Law and other relevant laws. The above-mentioned "Administrative Measures" are basically the "constitution" of market transactions in the substantive sense. The "centralized transfer" on May 25th was also based on this. "Administrative Measures" stipulates that in case of abnormal circumstances, the market can take emergency measures such as adjusting the opening time, suspending trading, stopping trading, adjusting the price limit by stages, adjusting the progress of installment payment and the standard of collecting margin, suspending the conclusion of contracts, transferring within a time limit, and centralized transfer. Sun Siyong told the First Financial Reporter that the above Administrative Measures were reported to the Ministry of Commerce and other relevant departments. However, he did not say whether the administrative measures were approved. A trading market with an annual turnover exceeding10 billion yuan is under the control of such a "management method". Sun Siyong also told CBN reporters that the legal system is not perfect now and they are also exploring. Sun Siyong said that the current electronic trading market is moving forward in exploration, and there is no experience to learn from. Many markets exist in the form of similar futures, but the regulator is not the CSRC. In fact, Yimengshan peanut electronic trading market was established by Shandong Huang Yu Cereals and Oils Food Co., Ltd., Shandong Jinsheng Cereals and Oils Industry Co., Ltd., Shandong Tiantianle Supermarket Co., Ltd. and other companies. Relevant persons from the Propaganda Department of Junan County Committee told CBN reporters that this is purely a market behavior and has nothing to do with the government. There are already _COUNT_ comments. I want to comment on Taishan's statement: this news is reproduced from Taishan's cooperative media. Mount Tai. Com published this article to convey more information, and does not mean agreeing with its views or confirming its description. 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