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伴随新的信息技术的采用和电子通讯网络的成长 ,在世界上新型交易所交易机制已经出现 ,并且日益增多的非赢利性期货交易所已变成赢利组织。这些变化带来了市场运作过程和这类组织的治理结构方面的一系列根本改变。本文研究了新兴的期货交易所交易和组织模式。通过对电子交易特点和非居间化过程的分析 ,比较了传统公开叫价交易机制和新兴电子交易机制的差异 ,以及经过解除互利化改组和公司化之后 ,期货交易所作为赢利性实体的治理结构特点。
With the advent of new information technologies and the growth of electronic communications networks, new world exchange deals have emerged and the growing number of non-profit futures exchanges have become profitable organizations. These changes have brought about a series of fundamental changes in the market operation process and in the governance structure of such organizations. This article examines the emerging futures exchange trading and organizational model. Through the analysis of the characteristics of electronic transactions and the process of non-intermediation, this paper compares the differences between the traditional open bidding mechanism and the emerging electronic trading mechanism and the governance structure of the futures exchange as a for-profit entity after the lifting of the mutually beneficial restructuring and corporatization .