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商品交易有两种方式:现货和期货。在商品经济历史中,期贷贸易经历了几百年的发展,直到一百多年前,欧美国家才相继建立起以集中交易为特征的现代期货交易市场,目前已形成有组织、有管理、世界性的期货市场体系,对世界经济的发展起着十分重要的作用。 期货交易在美国发展以来,有关的州与联邦以各种形式颁布各种法规。在1916年颁布棉花期货法(Cotton Futures Act),1922年颁布谷物期贷法(Grain Futures Act)以后,期货交易的商品才真正纳入政府法令管理。又经数年研究修订,于1936年定名为商品交易所法(Commodity Exchange Act)。以后颁布的1974年商品期货交易委员法(CommodityFutures Trading Commission Act of 1974),1978、1982、1986年的期货交易法(Futures Trading Act)都是对1936年法的修正。商品期货交易委员会是根据1974年法于1975年成立的一个独立的联邦机构,承担联邦对所有商品期货市场的法定权利。 本刊登载的《商品交易所法》译自美国商业结算所(Commerce Clearing House,Inc)出版的《商品交易所法修正文本及其条例》(Commodity Exchange Act As Amended andRegulations Thereunder)。该书主要反映1974、1978、1982、1986各法对1936年法的修正,因而只是商品交易所法的节选。为简练起见,我们略去19
There are two ways to trade commodities: spot and futures. In the history of commodity economy, the period loan business experienced hundreds of years of development. Until more than a hundred years ago, European countries and European countries have established modern futures trading markets that are characterized by centralized transactions. They have now become organized and managed. The global futures market system plays a very important role in the development of the world economy. Since the development of futures trading in the United States, the relevant states and the Federation have promulgated various laws and regulations in various forms. After the Cotton Futures Act was promulgated in 1916 and the Grain Futures Act was enacted in 1922, the commodities of futures transactions were truly incorporated into government regulations. After several years of research and revision, it was named in 1936 as the Commodity Exchange Act. The later 1974 Commodity Futures Trading Commission Act (1974) and the Futures Trading Act of 1978, 1982, and 1986 are all amendments to the 1936 Act. The Commodity Futures Trading Commission is an independent federal agency established in 1975 under the 1974 Act and assumes federal statutory rights over all commodity futures markets. The “Commodity Exchange Act” contained in this publication is translated from the “Commodity Exchange Act As Amended and Regulations Underunder” published by Commerce Clearing House (Inc.). The book mainly reflects the amendments to the 1936 Act of the 1974, 1978, 1982, and 1986 laws and is therefore only an excerpt from the Commodity Exchange Act. For conciseness, we omit 19