CAJ | 학술논문

近二十年来，世界主要期货交易所都进行了非互助化改造。交易所普遍采用电子化交易和来自场外市场越来越激烈的竞争致使会员和有组织交易市场的垄断地位下降，这是导致交易所进行组织变革的外部原因。会员之间的差异性和交易所重大事项决策权分布则成为交易所能够在外部条件变化的情况下做出非互助化改造决策的内部动因。只有在内外部原因都具备的情况下，交易所才能够顺利地进行非互助化改造。我国期货交易所并不具备非互助化改造的内外部条件和动因，目前，我国期货交易所改革的方向应当是降低政府监管当局对交易所的直接控制，为会员、市场交易者和其他利益相关者在交易所决策中的发挥积极作用留出必要空间。
근이십년래，세계주요기화교역소도진행료비호조화개조。교역소보편채용전자화교역화래자장외시장월래월격렬적경쟁치사회원화유조직교역시장적롱단지위하강，저시도치교역소진행조직변혁적외부원인。회원지간적차이성화교역소중대사항결책권분포칙성위교역소능구재외부조건변화적정황하주출비호조화개조결책적내부동인。지유재내외부원인도구비적정황하，교역소재능구순리지진행비호조화개조。아국기화교역소병불구비비호조화개조적내외부조건화동인，목전，아국기화교역소개혁적방향응당시강저정부감관당국대교역소적직접공제，위회원、시장교역자화기타이익상관자재교역소결책중적발휘적겁작용류출필요공간。
For nearly twenty years the world＇s major futures exchanges have carried out demutualization transformation. The adoption of electronic trading technology and intensification of external competiti on leadsto the decline of monopoly status of membersand organized trading markets,which is the external cause for promoting organizational change of exchanges. The differ- ences in exchanges members and the distribution of rights to make decisions on major exchanges issues become the internal moti- vation of whether the exchange can decide of transformation of demutualization in the case of changes of external conditions. Giv- en the internal and external circumstances, the exchange can carry out the demutualization transformation smoothly. China＇s fu- tures exchanges do not have the internal conditions and motivation of demutualization transformation, so it is not appropriate to carry out demutualization transformation at present. The stresses of reform should be put on to reduce the direct control of the reg- ulatory authorities over exchanges, and gradually increase the function of members, market traders and other stake holders in the exchange decision-making.