The commodity spot market operators mentioned in these Provisions (hereinafter referred to as market operators) refer to legal persons, other economic organizations and individuals who set up commodity spot markets according to law, formulate market-related business rules and regulations, and provide places and related supporting services for commodity spot trading activities. Article 4 Commodity spot market transactions shall follow the principles of openness, fairness, impartiality, honesty and credibility. Article 5 The Ministry of Commerce is responsible for the planning, information, statistics and other industry management of the national spot market of commodities, so as to promote the healthy development of the spot market of commodities.
The People's Bank of China is responsible for the financial supervision of commodity spot market transactions and the supervision of payment business of non-financial institutions. Article 6 Trade associations in commodity spot markets shall formulate trade norms and standards, strengthen trade self-discipline, organize business training, establish credit files for senior managers, accept complaints and mediate disputes. Chapter II Trading Objects and Trading Methods Article 7 The trading objects in the commodity spot market include:
(1) Physical objects;
(2) Delivery documents such as warehouse receipts and negotiable bills of lading with physical objects as the subject matter;
(three) other counterparties stipulated by the provincial people's government according to law. Article 8 The physical objects traded in the spot market of commodities shall conform to the laws and regulations of the state on the responsibility of quality assurance and the existing effective quality standards. Article 9 Commodity spot market transactions can be conducted in the following ways:
(1) Agreement transactions;
(2) One-way bidding transaction;
(three) other trading methods stipulated by the provincial people's government according to law.
The term "agreement transaction" as mentioned in these Provisions refers to the transaction mode in which the buyer and the seller reach an agreement through negotiation and other means for the purpose of delivering the physical object, and stipulate immediate delivery or delivery within a certain period of time.
The term "one-way bidding transaction" as mentioned in these Provisions refers to a transaction mode in which a buyer (seller) applies to the market, the market announces the transaction object in advance, and multiple sellers (buyers) increase or decrease the price according to the regulations, and reach an agreement and conclude the transaction within the agreed trading time. Article 10 Market operators shall not engage in trading activities prohibited by laws and regulations and the Decision of the State Council Municipality on Cleaning up and Rectifying Various Trading Places and Effectively Preventing Financial Risks, and shall not conduct standardized contract transactions by centralized trading.
The transfer and change of spot contracts shall be handled in accordance with the relevant provisions of laws and regulations. Chapter III Operating Norms for Commodity Spot Markets Article 11 Market operators shall perform the following duties:
(1) Providing trading places, facilities and related services;
(2) Establish and improve business rules and various rules and regulations on trading, delivery, settlement, warehousing, information release, risk control and market management according to the trading methods and trading objects determined in these Provisions;
(3) Other duties as prescribed by laws and regulations. Article 12 Market operators shall disclose their operating rules and regulations. The formulation, revision and change of business rules and regulations shall be publicized in advance within a reasonable time. Thirteenth commodity spot market should formulate emergency plans. In case of abnormal situation, effective measures should be taken in time to prevent market risks. Fourteenth market operators should take measures such as contract restraint, systematic control and strengthening internal management to strengthen fund management.
Market operators shall not occupy or misappropriate vendors' funds in any form. Fifteenth encourage the spot market of commodities to innovate the circulation mode and reduce the transaction cost; Build an energy-saving, environment-friendly and low-carbon market. Sixteenth to encourage the spot market to adopt modern information technology, establish an Internet trading platform, and carry out e-commerce. Seventeenth market operators should establish and improve the commodity information release system, publish the name, quantity, quality, specifications, origin and other related information of the traded goods, to ensure that the information is true and accurate, and shall not publish false information. Article 18 Where modern information technology is used to carry out trading activities, market operators shall record the relevant information of commodity warehousing, trading, delivery, settlement and payment in real time, take measures to ensure the integrity and security of the relevant information, and keep it for more than five years. Nineteenth market operators shall not tamper with or destroy relevant information and materials without authorization. Chapter IV Supervision and Management Article 20 The competent commercial departments of the people's governments at or above the county level shall be responsible for the industrial management of the spot market of commodities within their respective administrative areas, and submit the industrial development plan and other specific measures in a timely manner as required.
The branches of the People's Bank of China are responsible for the supervision and management of financial institutions and payment institutions that participate in the spot market transactions of commodities within their respective jurisdictions.
The agency of the State Council futures regulatory agency is responsible for the identification of illegal futures trading activities in the commodity spot market.