| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1573 |
| DP1573 Training and Unions | |
| Alison Booth; Monojit Chatterji | |
| 发表日期 | 1997-02-21 |
| 出版年 | 1997 |
| 语种 | 英语 |
| 摘要 | The Sumitomo Corporation manipulated the London Metal Exchange (LME) copper price, which forms the pricing basis for the world copper market, from at least 1991 until earlier this year. This manipulation has concentrated attention on the functioning and governance of London futures markets, and in particular of the LME. This paper argues that futures market manipulation is not illegal under UK financial services regulation, but that in any case, deterrence is better than prosecution. Manipulation will be best deterred by greater transparency, in particular through mandatory reporting of client positions to exchanges, but also through the publication of suitably aggregated positions data. While there is no evidence that the LME has been insufficiently active in attempting to eliminate manipulations, price discovery on futures markets generates an externality that justifies the regulator seeking even higher standards in the future. |
| 主题 | Financial Economics |
| 关键词 | Copper Corners Futures Manipulation Otcs Regulation Self regulation Squeezes |
| URL | https://cepr.org/publications/dp1573 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530715 |
| 推荐引用方式 GB/T 7714 | Alison Booth,Monojit Chatterji. DP1573 Training and Unions. 1997. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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