Futures of Europe: The City of London’s Commodity Exchanges, the European Economic Community, and the Global Regulation of Futures Trading (1960s–1980s)

IF 0.7 2区 历史学 Q4 BUSINESS Enterprise & Society Pub Date : 2022-04-11 DOI:10.1017/eso.2022.8
Marco Bertilorenzi
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Abstract

Since the mid-1970s, the U.S. commodity futures exchanges have increasingly been the focus of tight government regulation, which resulted in strong control by a specific agency: the Commodity Futures Trading Commission. In Europe, the regulation of futures diverged from the U.S. model. No regulation at the communitarian level was implemented; at the national level, the United Kingdom emerged as a model of self-regulation of commodity markets. This article explores the historical causes behind this lack of regulation in Europe, placing it in the context of global commodity trading and arguing that the European regulation of futures trading was reshaped by a dialogue established between the European Commission and big players of commodity futures trading in the City of London. Since the mid-1960s, the City of London has become a pivotal global market venue for commodity futures, which has increasingly attracted players from abroad, thanks to its financial integrity and self-regulatory model. Both established London merchants and emerging players in the global trade of financial products cooperated to stave off any attempt at regulating the London futures exchanges. The inference here is that those attempts were instrumental in setting the conditions leading to the regulatory fragmentation that still characterizes futures trading in the global market.
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欧洲期货:伦敦金融城商品交易所、欧洲经济共同体和全球期货交易监管(20世纪60年代至80年代)
自20世纪70年代中期以来,美国商品期货交易所越来越成为政府严格监管的焦点,这导致了一个特定机构的强有力控制:商品期货交易委员会。在欧洲,对期货的监管与美国的模式有所不同。没有实施社群主义层面的监管;在国家一级,联合王国成为商品市场自我监管的典范。本文探讨了欧洲缺乏监管背后的历史原因,将其置于全球大宗商品交易的背景下,并认为欧洲对期货交易的监管是由欧盟委员会与伦敦金融城大宗商品期货交易的大参与者之间建立的对话重塑的。自20世纪60年代中期以来,伦敦金融城已成为大宗商品期货的关键全球市场场所,由于其财务诚信和自律模式,大宗商品期货越来越多地吸引了国外参与者。伦敦老牌商人和全球金融产品贸易中的新兴参与者都进行了合作,以避免任何监管伦敦期货交易所的企图。这里的推论是,这些尝试有助于创造条件,导致全球市场期货交易的监管碎片化。
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来源期刊
CiteScore
1.20
自引率
30.00%
发文量
37
期刊介绍: Enterprise & Society offers a forum for research on the historical relations between businesses and their larger political, cultural, institutional, social, and economic contexts. The journal aims to be truly international in scope. Studies focused on individual firms and industries and grounded in a broad historical framework are welcome, as are innovative applications of economic or management theories to business and its context.
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