Regulations Discussion Paper Gold Market Trading Interpretation - Gold, Jewelry, Jewelry - Jewelry

Chinese people Bank Financial Markets Division November 8

, 2006 subject to the Bank Office Session, the "gold market transactions Management Measures "discussion paper (the" Regulations ").

"Management approach" requires not only the gold business organizations must meet certain norms, institutions and individuals shall not participate in any off-gold margin trading, also made the new "gold transaction document-based" concept.

Open gold market since 2002, after four years of the OTC market is basically in a situation without supervision state is expected to be the end. In addition, the "Management Regulations", "conditions are outside the gold sector, upon approval, the Shanghai Gold Exchange Transactions" provisions of the domestic market for the long-coveted gold outside the terms of the structure can be described as a major positive.

Basic criteria "Management Measures" sub-chapters 39, provides the basic guidelines for the gold market transactions, and for the first time defined the main gold market trading, trading and business norms.

According to the current gold market after the opening of many markets and market behavior of the main lack of the necessary Law Define and regulate the status quo, "Management Measures" provides a floor, off the gold standards definitions, and trading, foreign institutions to enter the domestic gold market criteria, as well as natural trading guidelines.

"Management Measures" provides market refers to the auction floor as the main trading the gold market; the OTC market, trade inquiry that the gold market for the trading. Clearly the gold market, especially the management of the OTC market, the gold border.

"Open gold market since 2002, after four years of the OTC market is basically in non-supervision of the state, the market there are many external gold transactions, including leveraged transactions, the black market and many other violations, causing very bad for the market effects and to Investment Misled, it lost the gold a fair understanding of emerging investment market. "One gold company pointed out that" while the real need to be resolved, first and foremost should be the construction of laws and regulations. "

"Management approach" requires not only the gold business organizations must meet certain norms, institutions and individuals shall not participate in any off-gold margin trading, also made the new "gold transaction document-based" concept.

Under the "management approach" drafting instructions, since 2002, trading physical gold market has been achieved, as a commodity trading properties in the gold trade from administrative control. But with investment properties, especially for gold investment type of public service management, one firm offer paper gold trading, one has leveraged nature of the gold trade. These two types of gold trading in common is the basic process without physical delivery of gold, but gold certificates in exchange for gold in the form of realization of the transfer of rights, therefore referred to as "certificated gold business."

With this new concept, the reality is strictly defined set of paper gold trading and gold trading investment class boundaries.

View of the current individual gold operations, "management approach" third 14 expressly provides: "a natural person shall not engage in physical gold purchase and sale of operating business." But allow natural persons through the establishment of "one person limited liability company" in the form of business the acquisition and sale of physical gold.

In addition, the current exchange market institutions, "Management Measures" also made the relevant adjustments, provides that "qualified foreign institutions, upon approval of gold in Shanghai Gold Exchange trading." While foreign institutions may apply for physical gold into the export quotas for the domestic gold trading hedge flat.

This is spying on the domestic market has been a long time outside the gold sector is a major positive.

Weight of responsibility

"Management approach" provides a golden addition to the basic norms of the various kinds of transactions, and participate in the main specification in addition to special limits the powers and responsibilities of various types of transactions weights.

by: gaga

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