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In finance, a derivative is a contract between a buyer and a seller. The derivative can take various forms, depending on the transaction, but every derivative has the following four elements:
- an item that can or must be bought or sold,
- a future act which must occur,
- a price at which the future transaction must take place, and
- a future date by which the act must take place.
A commodity market is a market that trades in the primary economic sector rather than manufactured products. The primary sector includes agricultural products, energy products, and metals. Soft commodities may be perishable and harvested, while hard commodities are usually mined, such as gold and oil. Futures contracts are the oldest way of investing in commodities. Commodity markets can include physical trading and derivatives trading using spot prices, forwards, futures, and options on futures. Farmers have used a simple form of derivative trading in the commodities market for centuries for price risk management.
A stockbroker is an individual or company that buys and sells stocks and other investments for a financial market participant in return for a commission, markup, or fee. In most countries they are regulated as a broker or broker-dealer and may need to hold a relevant license and may be a member of a stock exchange. They generally act as a financial advisor and investment manager. In this case they may also be licensed as a financial adviser such as a registered investment adviser.
Australian Securities Exchange Ltd (ASX) is an Australian public company that operates Australia's primary securities exchange, the Australian Securities Exchange. The ASX was formed on 1 April 1987, through incorporation under legislation of the Australian Parliament as an amalgamation of the six state securities exchanges, and merged with the Sydney Futures Exchange in 2006.
The China Securities Regulatory Commission (CSRC) is a government agency directly under the State Council of the People's Republic of China. It is the main regulator of the securities industry in China.
The Commodity Futures Trading Commission (CFTC) is an independent agency of the US government created in 1974 that regulates the U.S. derivatives markets, which includes futures, swaps, and certain kinds of options.
National Stock Exchange of India Limited (NSE) is one of the leading stock exchanges in India, based in Mumbai. NSE is under the ownership of various financial institutions such as banks and insurance companies. It is the world's largest derivatives exchange by number of contracts traded for the fifth consecutive year and the third largest in cash equities by number of trades for the calendar year 2023. It is the 7th largest stock exchange in the world by total market capitalization, exceeding $5 trillion on May 23, 2024.
Zhengzhou Commodity Exchange, established in 1990, is a futures exchange in Zhengzhou, one of the four futures exchanges in China. The ZCE is under the vertical management of China Securities Regulatory Commission (CSRC).
Options Clearing Corporation (OCC) is a United States clearing house based in Chicago. It specializes in equity derivatives clearing, providing central counterparty (CCP) clearing and settlement services to 16 exchanges. It was started by Wayne Luthringshausen and carried on by Michael Cahill. Its instruments include options, financial and commodity futures, security futures, and securities lending transactions.
Intercontinental Exchange, Inc. (ICE) is an American multinational financial services company formed in 2000 that operates global financial exchanges and clearing houses and provides mortgage technology, data and listing services. Listed on the Fortune 500, S&P 500, and Russell 1000, the company owns exchanges for financial and commodity markets, and operates 12 regulated exchanges and marketplaces. This includes ICE futures exchanges in the United States, Canada, and Europe; the Liffe futures exchanges in Europe; the New York Stock Exchange; equity options exchanges; and OTC energy, credit, and equity markets.
The Shanghai Futures Exchange is a futures exchange in Shanghai, China formed from the amalgamation of the national level futures exchanges of China, the Shanghai Metal Exchange, Shanghai Foodstuffs Commodity Exchange, and the Shanghai Commodity Exchange in December 1999. It is a non-profit-seeking incorporated body under the China Securities Regulatory Commission (CSRC).
The Forward Markets Commission (FMC) is the regulatory body for the commodity market and futures market in India. It is a division of the Securities and Exchange Board of India, Ministry of Finance, Government of India. As of July 2014, it regulated Rs 17 trillion worth of commodity trades in India. It is headquartered in Mumbai and this financial regulatory agency is overseen by the Ministry of Finance. The Commission allows commodity trading in 22 exchanges in India, of which 6 are national.
The China Financial Futures Exchange (CFFEX) is a futures exchange established in Shanghai on September 8, 2006—with the approval of the State Council and the authorization of China Securities Regulatory Commission (CSRC). It is a joint venture of the Zhengzhou Commodity Exchange, Shenzhen Stock Exchange and the Shanghai Futures Exchange.
The Financial Stability Oversight Council (FSOC) is a United States federal government organization, established by Title I of the Dodd–Frank Wall Street Reform and Consumer Protection Act, which was signed into law by President Barack Obama on July 21, 2010. The Office of Financial Research is intended to provide support to the council.
A Trade Repository or Swap Data Repository is an entity that centrally collects and maintains the records of over-the-counter (OTC) derivatives. These electronic platforms, acting as authoritative registries of key information regarding open OTC derivatives trades, provide an effective tool for mitigating the inherent opacity of OTC derivatives markets.
The Securities Association of China is a self-regulatory organization for securities industry established according to the provisions of the "Securities Law of the People's Republic of China" and the "Administrative Regulations on the Registration of Public Organizations". SAC is a non-profit social institutional legal person function under the guidance and supervision of the China Securities Regulatory Commission (CSRC) and the Ministry of Civil Affairs of China.
The Moscow Exchange is the largest exchange in Russia, operating trading markets in equities, bonds, derivatives, the foreign exchange market, money markets, and precious metals. The Moscow Exchange also operates Russia's central securities depository, the National Settlement Depository (NSD), and the country's largest clearing service provider, the National Clearing Centre. The exchange was formed in 2011 in a merger of the Moscow Interbank Currency Exchange and the Russian Trading System.
Japan Exchange Group, Inc., abbreviated as JPX or Nippon Torihikijo, is a Japanese financial services company headquartered in Tokyo and Osaka. It is a "financial instruments exchange holding company" subject to the regulations of the Financial Instruments and Exchange Act enforced by the Financial Services Agency. It is also monitored by a separate self-regulatory body called Japan Exchange Regulation (JPX-R), dedicated to ensuring neutral and effective self-regulation operations defined under the Financial Instruments and Exchange Act.
The National Association of Financial Market Institutional Investors (NAFMII) is a nonprofit self-regulatory organization (SRO) in China with roles as a trade association, financial supervisor and financial market infrastructure. Based in Beijing, it was authorized on 24 August 2007 by the Ministry of Civil Affairs, and thus counts as China's first-ever SRO. It is subject to oversight by the People's Bank of China (PBC).
The China Futures Association (CFA) is a membership organization under the China Securities Regulatory Commission (CSRC), which regulates and supervises the futures industry in China. It is established as a nonprofit organization in which all Chinese futures companies are required to be members, and self-describes as a self-regulatory organization.
References
- ↑ "How Can Investors Protect Their Rights and Interests through CFMMC?". China Financial Futures Exchange. Retrieved 4 January 2025.
- ↑ "People's Republic of China: Financial Sector Assessment Program- Detailed Assessment of Observance of the Iosco Objectives and Principles of Securities Regulation". International Monetary Fund. 26 December 2017.
- ↑ "Overview of China's Futures Market". Huatai Futures. Retrieved 4 January 2025.
- ↑ "OTC Derivatives Market Reforms: Implementation progress in 2022" (PDF). Financial Stability Board. 7 November 2022.
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