The new government has taken a serious step to change the pattern of market regulation. It seems that the trading structure of the Commodity Exchange is undergoing significant changes. Every effort has been made to enable the commodity exchange to follow the path in which price discovery takes place. The market desperately needs an organized order in pricing. This plan seems to have a high chance of success if implemented properly. In the following, we will evaluate the new pattern of market regulation and its new services. Please be with Artan Press.
*** Evaluate the pattern of regulation of the commodity exchange market in the new government
The important question is what are the characteristics of the market regulation model that the president’s government is pursuing. In the new market regulation model, the new government is supposed to support the Commodity Exchange institution as the only reference for discovering the prices of goods in the country, and even part of the tasks of the market regulation committee will be assigned to this institution and will be monitored through it. The first signal received from these changes is the delegation of more authority to the Commodity Exchange. This issue has already been raised by stock market analysts but has not been covered up.
*** The most key services introduced in the new model of the commodity exchange
The most important new services in the new market regulation model include the acceptance of warehouses similar to the international commodity exchanges of London, Shanghai and the United States. Inventories of goods stored in warehouses are published periodically (daily or weekly) and while clarifying market participants from the supply-demand balance situation, the ability to re-supply the commodity exchange (with tax exemption) in emergencies such as summer power outages and gas outages They will have winter. This will make the market more stable. This path causes the goods that are offered in the Iranian Commodity Exchange to be excluded from the scope of mandatory pricing.
*** The Ministry of Silence looks at the sectoral changes of the Commodity Exchange
Dr. Fatemi Amin recently announced that they will implement market reforms and the structure of the country’s steel industry in three phases in the coming months. The most important phases of this new market regulation pattern are as follows:
• Complete monitoring of the country’s steel chain in the form of a comprehensive trade system and ensuring the supply of commodity exchanges
• Reform the structure of the steel market and eliminate multi-prices, golden signatures and quotas and rents
• Reforming the structure of the country’s steel industry and reducing costs (increasing competitiveness)
*** Significant differences between the policies of the Ministry of Silence and other periods
In the new market regulation model, the policies of the Ministry of Silence in the new period are very different from the past. The Commodity Exchange is supposed to be the only commodity price discovery institution to be strengthened and prices will be determined based on the market mechanism by increasing supply in proportion to demand.
*** Changing the supervisory role of the Ministry of Silence in controlling prices
In the pattern of regulating the new market, the circle of silence enters the price in the new period, unlike in the past, by applying direct pressure to the board of directors of companies and filing court and penalties and not export clicks and giving golden signatures to individuals to control prices and … will not be. In the new model, the level of government intervention and its tools will be similar to other countries through macroeconomic tools such as export duties, changes in import tariffs, definition of incentives / tax penalties, and so on. Accordingly, the government will soon say goodbye to the relevant gold quotas and rents.
*** New market regulation pattern, a way to free the economy from dollar rule
The pattern of regulating the new market will greatly help to get the Iranian economy out of the dollarized phase. Regarding the reduction of dependence of domestic prices on the dollar in world stock exchanges, two methods are used to determine the base price of commodities. Weekly / daily re-reading of prices based on global commodity and dollar price indices. Currently in Iran, this pattern is used in the commodity exchange.
*** Remove dollar intermediaries from pricing calculations in the new market regulation pattern
Determining the base price based on the closing price of the previous trading period (for example, 95% of the closing price of the previous trading period), in which case the base price will be related to the trading of the previous trading period (not the dollar and world prices); Naturally, this final price of commodity exchange transactions will be determined after the competition of buyers and will be a function of the real parameters of the market. (Article 36 of the Sixth Plan Law, Article 18 of the Law on the Development of Financial Instruments and Institutions, Article 90 of the Law on Article 44) “
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