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期货市场是一种组织化的有序市场,其秩序主要依靠有效监管。美国期货市场运作有序,效率较高,与其严密科学的监督和管理制度是密切相关的。美国对期货市场的监管分三个层次,即期货交易所的微观自律管理、全国期货协会(NFA)的行业管理,以及联邦期货委员会(CFTC)的政府监管。这种监管体系体现了政府监管与自律管理的有效结合。 我们编发三篇一组的美国期货市场组织管理介绍文章,希望不但对我国期货市场的建设,而且对其它各类市场的建设都有所借鉴。
Futures market is an organized and orderly market, and its order mainly depends on effective regulation. The orderly and efficient operation of the U.S. futures market is closely linked to its rigorous scientific supervision and management system. The United States supervision of the futures market is divided into three levels: the micro-self-regulation of futures exchanges, the industry management of the National Futures Association (NFA), and the government regulation of the Federal Futures Commission (CFTC). This regulatory system reflects the effective combination of government regulation and self-regulation. We have compiled and published three articles introducing the management of the United States futures market organization. We hope that it will be used not only for the construction of the futures market in our country but also for the construction of other types of markets.