Page 14 - 期货和衍生品行业监管动态（2023年2月）

期货和衍生品行业监管动态

Commodity Derivatives Markets to Ensure Market Integrity (2023/1/31)

The Board of the International Organization of Securities Commissions today

has published a revised version of its 2011 Principles for the Regulation and

Supervision of Commodity Derivatives Markets. The aim of the revision is to ensure

that these Principles continue to provide a resilient framework for the regulation and

oversight of the commodity derivatives markets.

While the Principles reflected the characteristics of commodity derivatives

markets in 2011, these markets have continued to evolve over the past decade, spurred

by various market developments and international events in the form of external

disruptions, such as the COVID-19 pandemic and the Russia-Ukraine conflict.

IOSCO Board Chair Jean-Paul Servais said: “Various events last year
highlighted how continued geopolitical tensions and heightened macroeconomic

uncertainty can disrupt global commodity markets and create significant volatility,
with potential knock-on effects on the broader financial system. Originally published

in 2011 as a G-20 mandate, the IOSCO Principles aim to ensure the integrity of

commodity derivatives markets. As recent events demonstrate, proper implementation

of the Principles is essential for sound price formation in commodity derivates

markets and the underlying physical energy, metals and food markets, which all are

core to the functioning of the global economy.”

The 24 revised Principles seek to support the physical commodity derivatives

markets in providing their fundamental price discovery and hedging functions, while

operating free from manipulation and abusive trading schemes.”

In revising its Principles, IOSCO focused on market surveillance; transparency;

price discovery; the correlation with physical markets; addressing disorderly markets;
responding to market abuse; and strengthening the enforcement powers of trading

venues against end-user behaviors. The Principles in general and the revisions address
various issues highlighted during the recent commodity markets turmoil and volatility.

Specifically, the new Principle 16 on Unexpected Disruptions aims to guide regulators

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