First, the so-called spot warehouse receipt is a certificate that allows you to purchase or sell the standard goods specified in the warehouse receipt in a designated warehouse now or within a period of time in the future. Spot warehouse receipt trading is the purchase and sale of spot warehouse receipts in the form of a certain margin.
Spot warehouse receipt trading is very similar to futures trading. It is both a commodity trading method and a financial investment method. Its definition is different from futures trading in that the time for delivery of the underlying goods at a designated warehouse can be a period from the possession of the spot warehouse receipt to the last trading day of the spot warehouse receipt. The futures contract has a clear delivery date for the underlying goods.
II; History and Current Situation of Spot Warehouse Receipt Trading
Spot Warehouse Receipt Trading was approved by the then Domestic Ministry of Economic and Trade on May 17, 1997, and was established on January 22, 1998. , the State Economic and Trade Commission, the State Planning Commission, the China Securities Regulatory Commission, the State Administration for Industry and Commerce, the Development Research Center of the State Council, the National Restructuring Commission, the Ministry of Domestic Trade, the Chinese Academy of Social Sciences, Beijing Business School, CCTV, People's Daily and other departments attended the event "Commodity Spot Warehouse Receipt Trading Symposium". Professor Tao Fei, an expert in financial and trade economics at the Chinese Academy of Social Sciences, Professor Dong Fuyi, a famous economist, Professor Jiang Ping, a jurist, and Professor Chen Baoying, a futures expert, etc. have fully demonstrated the new operating method of commodity spot warehouse receipt trading. The above departments, experts and scholars conducted in-depth discussions and scientific positioning on the feasibility, legality, sustainable development and marketing strategies of commodity spot warehouse receipt transactions from different fields such as economics, politics, and law. Spot warehouse receipt trading has been recognized and supported by the government by virtue of its own advantages and rationality, and has an appropriate legal status.
Transactions generally have trading venues, and spot warehouse receipt trading is no exception. The trading venues are the United Commodities Exchange and the Nanjing International Warehouse Receipts Exchange. Through a modern computer network system, the exchange provides domestic and foreign spot traders with an advanced, fast, convenient and safe trading platform, and organizes traders to participate in peanut kernels, sugar, corn, rapeseed, soybeans, wheat, rice and other commodities Spot warehouse receipt transactions. Based on the advantages of commodity spot warehouse receipt trading, coupled with the strict management and standardized operation of the exchange, in just a few years, the volume of commodity spot warehouse receipt trading has increased from small to large, and the exchange has also achieved a higher level across the country. Its popularity has been widely praised and recognized by superior leaders, business circles and people in the industry.
3; Advantages of spot warehouse receipt trading
(1) As a means of commodity trading, spot warehouse receipt trading has six major advantages: 1. Rapidly improve the efficiency of commodity trading and greatly reduce Reduce transaction costs; 2. Enhance the transparency of transactions, effectively curb black-box operations, and overcome the drawbacks of fraud, kickbacks, triangular debt and other transactions; 3. Ensure the quality of traded goods and effectively prevent the listing of counterfeit and shoddy goods ; Fourth, it has driven a number of industries and activated the market economy; Fifth, both supply and demand parties have expanded the market capacity through Internet transactions, forming a unified national market; Six, it has avoided large-scale roundabout transportation of goods, saving a lot of manpower, Material and financial resources.
Comparison of the advantages and disadvantages of spot warehouse receipt trading as a financial investment tool compared with foreign exchange, stocks and futures.
1. Spot warehouse receipt trading is less risky than foreign exchange trading
We all know that foreign exchange investment is extremely risky for ordinary investors. This part of the risk includes two parts: one is the systemic risk determined by the foreign exchange transaction itself. How to understand it? Foreign exchange trading is a global transaction. In today's information age, foreign exchange risks anywhere in the world may also spread to the world. Therefore, the risk of severe fluctuations in foreign exchange trading is extremely high. Another part is determined by investors’ own factors. It is well known that there are many factors that affect foreign exchange rates. For example, the economic situation of various countries, monetary policies, and investors' confidence in their governments, etc. This information changes all the time, and even the most savvy investors cannot fully grasp it. What's more, even God cannot predict natural and man-made disasters such as terrorist attacks. For ordinary investors, this part of the risk is particularly critical.
The warehouse receipts for spot warehouse receipt transactions include spot warehouse receipts for peanuts, sugar, corn, rapeseed, soybeans, wheat, rice and other commodities. The price risks of these agricultural products are determined only by climate change, seasonal factors and market factors that affect the consumption of agricultural products.
There are few types of these risks, and the changes are not dramatic