Commodity exchanges

As is known, in the countries with market economy there are no special state bodies of planning, pricing and supply. These functions and a role of the arbitrator in such countries carry out stock exchanges on which some part of buyers and the sellers trading, as a rule, not in the cash goods concentrates, and standard future and опционными contracts on its delivery. Results of these transactions directly influence the market, being the essential indicator of a price level. Both to sellers, and buyers such trade is favourable: the risk of change of the prices in the future decreases, the difference of the prices of manufacturers in the present – a word is reduced, the mechanism of pricing becomes simpler and liquidity of the commodity market raises.

Legally or illegally?

In our country, unfortunately, commodity exchanges have not received sufficient distribution, and on большей parts of the exchange auctions are carried out only conversion operations and transactions on purchase and sale of securities. Though right after creations on April, 4th, 1990 the first commodity-raw stock exchange in Russia the present boom was observed – for a year has been registered about 800 stock exchanges. If to estimate from the point of view of the standard standards the majority of new stock exchanges usual intermediary offices – something represented an average between fair, the wholesale trading house and actually a stock exchange. Since 1993, there was a sharp falling of business activity, decrease in turns at stock exchanges, and then the majority of them were closed. According to Goskomstat of the Russian Federation, to the beginning of 1995 in Russia 160 stock exchanges, by the end of next year – 78 were. Today really functioning stock exchanges no more than fifty. Certainly, a negative role crisis of 1998 has played, but the obvious unwillingness of the manufacturer to trade in the real goods under future contracts speaks other reasons more often:

– Probability of possible delays in manufacture, shipment and a way, fears rather стандартности the goods;
– Desire of counterparts to receive payment not in that form which is provided by a stock exchange clearing house;
– Rigidity of a national financial climate and, as consequence, aspiration to work only with the constant and checked up partner.

In our country exchange tools practically are not used for hedging. Domestic industrialists are not able and have not got used to consider risks and to operate them. Practically for all from them, especially for raw monopolists, price risks still – a problem of a far order as they always have possibility to regulate маржу profits not market methods: lobbying, nonpayment of salaries, duties, transfers, clearings and other substitutes.

Therefore they also are engaged in own bank business: the clearing system for work with two currencies and two types of streams of money – legal and illegal is necessary to them.

And manufacturers and consumers will win because of decrease in expenses on intermediaries, and banks and other financially-credit institutes will estimate more successfully investment projects and feasibility reports for delivery of means.

However similar succession of events of very few people interests. And that possibility of own estimation of production for payment of taxes or reception of credits and investments will disappear. Not a secret, that the large companies for reduction of taxable base intentionally underestimate the intracorporate prices (the prices on which production is realised аффилированным to intermediaries or the affiliated organisations, it is frequent also registered in offshore zones). As a result federal and local budgets receive from one only the oil-extracting companies in one and a half-two time less, than it could be at a fair competition in home market. To solve the given problem it is possible simply enough: to oblige to sell a part of commodity weight through stock exchanges and to pay taxes from the prices established as a result of the auctions. The remained goods of the company are free to sell under any price. Similarly and at an estimation of investment and credit projects will enough compare the prices of clients to exchange quotations – and at once it becomes clear, how much effective means are used.

Thus, the mechanism of exchange trade allows the state to solve problems of regulation of pricing, equation of a supply and demand, and to direct suppliers and consumers gives the chance to insure to (hedge) risks of fluctuation of the prices for the goods, and also to reduce expenses for intermediaries...

But who at us will oppose "grey" schemes? Whether Russia is ready to introduction of institute of commodity exchanges?