Success criteria for commodity exchanges

IF 0.4 Q4 AGRICULTURAL ECONOMICS & POLICY African Journal of Agricultural and Resource Economics-AFJARE Pub Date : 2020-07-01 DOI:10.22004/AG.ECON.307624
J. Roche
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Abstract

The starting point for this article is the concept of a commodity exchange. A working definition is a physical or – more likely – electronic marketplace for buying, selling and trading commodities, whether ‘hard’ commodities, which typically are natural resources that must be mined or extracted (gold, rubber, oil, etc.), or ‘soft’ commodities, which are mainly agricultural products or livestock (coffee, corn, cotton, sugar, soybeans, etc.). The purpose of the exchange is to provide an organised and reliable marketplace where exchange members can trade commodities on behalf of their clients, which can range from farmers to speculators. Some exchanges trade commodities for spot or forward delivery, whilst others provide futures and options, where deliveries are rare or settlement is in cash (Gross 2014). Most exchanges operate under a national regulatory framework approved by government. Exchanges matter because they act as intermediaries, removing credit risk between their members by interposing themselves between buyers and sellers.
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商品交易的成功标准
本文的出发点是商品交换的概念。一个有效的定义是购买、销售和交易商品的物理或更有可能是电子市场,无论是“硬”商品,通常是必须开采或提取的自然资源(黄金、橡胶、石油等),还是“软”商品,主要是农产品或牲畜(咖啡、玉米、棉花、糖、大豆等)。交易所的目的是提供一个有组织和可靠的市场,交易所成员可以代表他们的客户进行商品交易,这些客户可以从农民到投机者。一些交易所交易商品现货或远期交割,而其他交易所提供期货和期权,其中交割很少或以现金结算(Gross 2014)。大多数交易所在政府批准的国家监管框架下运营。交易所之所以重要,是因为它们充当中介,通过介入买卖双方,消除成员之间的信用风险。
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来源期刊
CiteScore
1.20
自引率
16.70%
发文量
8
期刊介绍: The African Journal of Agricultural and Resource Economics (AfJARE)/Journal Africain d’Economie Agricole et des Ressources (JAEAR) is a publication of the African Association of Agricultural Economists (AAAE). The journal publishes original research about how African agriculture interacts with local and global economic systems and policy regimes in its impacts upon people. The scope of the journal covers the roles of markets, technology, policy, institutions and the natural environment in shaping the lives of well being of Africans engaged in agricultural activities. The journal strives to nurture and enhance the capacity of African professionals to conduct and publish scientific research and provides a venue for communicating and disseminating their findings. Multi-disciplinary, problem-oriented articles are encouraged. Submissions may deal with teaching, research extension, consulting, advising, entrepreneurship and administration. The Chief Editors and Editorial Board, under the general direction of the AAAE President, Executive Committee and Council are charged with implementing Journal policy to serve members of AAAE. The main section of the journal publishes technical research articles while a small section is devoted to publishing brief notes with important policy content and book reviews. The journal is a quarterly publication.
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