Comparative Legal Analysis of the Powers of Commodity Exchanges and Regulators of Trade Organizers to Control the Ethical Conduct of Traders (a Study of the UK, USA, Japan, and India)

In the current economic and political conditions there is a need to regulate the conduct of exchange traders. Currently, exchanges carry out this regulation directly, but it is not sufficient. Therefore, a comparative legal analysis of approaches to regulating the ethical conduct of traders in foreign jurisdictions is particularly relevant. Foreign experience shows that regulators and exchanges identify trader misconduct, establish criteria for such conduct and measures to punish it. At the same time, to minimize potential consequences for the commodity market, for example, due to erroneous actions by exchanges in qualifying conduct, and maintain its stability, the foreign regulator exercises control over activities of exchanges and trader compliance with local legislation, issues relevant acts and recommendations containing a list of desirable and undesirable market practices. According to the author, when introducing amendments and additions to regulatory legal acts regarding the powers of the Bank of Russia, it may be beneficial to consider foreign experience in regulating misconduct of exchange traders in the commodity market in Russian practice.