证监会官网2016年3月2日刊登宁波证监局投资者保护栏目一文《清理整顿各类交易场所问答》，措辞异常严厉，证监会近期在官网密集刊发相关文章，也据传证监会进入了几家大型交易场所进行整改工作，后续交易场所将不仅仅在所在地政府严厉管理，而且证监会也彻底的表明了态度，这与新任证监会主席上任或许有关。
, published on 2 March 2016 by the CVM Network in an article entitled "Questions and Answers about the Clean-up of Transactions of All Types ", in an unusually harsh wording, the CVM has recently published articles on the network and has entered several large trading sites for restructuring, which will not only be strictly managed by the local government, but also with the CVM's thorough attitude, which may be related to the new Chairman of the CVM.
一、在参与地方各类交易场所交易之前，投资者需要了解哪些政策法规，主要的禁止性规定有哪些？
答：投资者在参与地方各类交易场所交易之前，建议对国家关于交易场所的法律法规、政策性文件能有必要的了解。这些法律法规及政策文件主要包括《证券法》、《期货交易管理条例》（国务院令489号）、《国务院关于清理整顿各类交易场所 切实防范金融风险的决定》（国发〔2011〕38号）、《国务院办公厅关于清理整顿各类交易场所的实施意见》（国办发〔2012〕37号）、《商品现货市场交易特别规定（试行）》（商务部令〔2013〕3号）。此外，还有人民银行等国家部委发布的相关政策性文件，具体可以查询国家相关主管单位的官方网站。
: Before investors take part in local transactions of all kinds, it is recommended that investors have the necessary knowledge of national laws and regulations and policy documents on trading places. These laws and regulations and policy documents include, inter alia, the Securities Act, the Regulations on Futures Transactions (State Council Decree No. 489), the State Council Decision on the Clean-up of Trading Places, the Effective Protection of Financial Risks (State Communication No. [2011] 38), the Executive Office of the State Council Implementation Opinion on the Clean-up of Transactions of all Types (State Office Communication No. (2012) 37), and the Special Provisions on Current Market Transactions of Commodities ( Trial) (Ministry of Commerce Order No. 3). In addition, there are relevant policy documents issued by national ministries, such as the People's Bank, which can be consulted on the official website of the competent State units .
其中，国发〔2011〕38号和国办发〔2012〕37号文件针对地方各类交易场所作出了“六不得”禁止性规定，具体为：
of which <2011]38 and (2012) 37 contain a “six-by-six” prohibition for all types of local trading sites, specifically:
（一）不得将任何权益拆分为均等份额公开发行。任何交易场所利用其服务与设施，将权益拆分为均等份额后发售给投资者，即属于“均等份额公开发行”。股份公司股份公开发行适用公司法、证券法相关规定。
（二）不得采取集中交易方式进行交易。“集中交易方式”包括集合竞价、连续竞价、电子撮合、匿名交易、做市商等交易方式，但协议转让、依法进行的拍卖不在此列。 (ii) transactions may not be conducted in a centralized manner. “centralized mode” includes transactions such as a pool of bids, successive competitions, electronic solicitations, anonymous transactions, market sales, etc., with the exception of transfers of agreements, auctions conducted in accordance with the law.
（三）不得将权益按照标准化交易单位持续挂牌交易。“标准化交易单位”是指将股权以外的其他权益设定最小交易单位，并以最小交易单位或其整数倍进行交易。“持续挂牌交易”是指在买入5个交易日内挂牌卖出同一交易品种或在卖出后5个交易日内挂牌买入同一交易品种。
（四）权益持有人累计不得超过200人。除法律、行政法规另有规定外，任何权益在其存续期间，无论在发行还是转让环节，其实际持有人累计不得超过200人，以信托、委托代理等方式代持的，按实际持有人数计算。
(iv) The cumulative number of holders of an interest shall not exceed 200.
（五）不得以集中交易方式进行标准化合约交易。“标准化合约”包括两种情形：一种是由交易场所统一制定，除价格外其他条款固定，规定在将来某一时间和地点交割一定数量标的物的合约；另一种是由交易场所统一制定，规定买方有权在将来某一时间以特定价格买入或者卖出约定标的物的合约。
(v) Standardized contract transactions cannot be made in a centralized manner. “Standardized contract” includes two situations: a contract that is formulated uniformly by the place of dealing and is fixed by terms other than price, providing for the delivery of a certain amount of the subject matter at a future time and place; and a contract that provides for the right of the buyer to buy or sell the agreed subject matter at a certain price in the future.
（六）未经国务院相关金融管理部门批准，不得设立从事保险、信贷、黄金等金融产品交易的交易场所，其他任何交易场所也不得从事保险、信贷、黄金等金融产品父易。
(vi) No trading place for financial products such as insurance, credit, gold or any other place of trading may be established without the approval of the relevant financial administration of the State Council.
二、国家发改委推进的“碳交易”是否需要遵守清理整顿政策？
II. Does NDRC-driven “carbon trading” require compliance with clean-up policies?
答：目前，国家发改委等有关部委正在北京、上海、深圳等地推进开展碳排放权交易试点。碳排放权交易应符合国发〔2011〕38号和国办发〔2012〕37号文件规定，不得将权益拆分为均等份额公开发行，不得采取集中竞价、做市商等集中交易方式进行交易；不得将权益按照标准化交易单位持续挂牌交易，任何投资者买入后卖出或卖出后买入同一交易品种的时间间隔不得少于5个交易日；除法律、行政法规另有规定外，权益持有人累计不得超过200人；不得以集中交易方式进行标准化合约交易。
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三、一些电子商务公司开展大宗商品、贵金属等产品的交易业务，是否需要符合清理整顿的相关政策？
iii. Does some e-commerce companies need to be in line with relevant clean-up policies for bulk merchandise, precious metals, etc.?
答：目前，一些电子商务公司等机构虽名称不含“交易所”、“交易中心”、“交易市场”等交易字样，但在实际运营中进行标准化合约的违规交易。这些机构都应当遵守国发〔2011〕38号和国办发〔2012〕37号文件等清理整顿政策的相关规定。针对一段时期部分公司以电子商务名义，采取集中交易方式进行标准化合约交易的情况，中国证监会、国家发展改革委、工业和信息化部、商务部、国家工商总局、中国银监会六部委于2013年12月联合发布《关于禁止以电子商务名义开展标准化合约交易活动的通知》（证监发〔2013〕74号），对此类违规行为进一步重申有关要求。
四、网上商城组织交易业务，是否需要遵守清理整顿的相关政策？
iv. Do you want to follow the relevant clean-up policy?
答：淘宝、京东等网上商城组织的交易活动，属于实体商品的一种销售行为，需要遵守《合同法》等相关法律法规以及商品流通领域的政策文件。但如果一些交易场所通过网上商城开展业务，则应当遵守国发〔2011〕38号和国办发〔2012〕37号文件等清理整顿政策的相关规定，不得以集中交易方式进行标准化合约交易。
Answer: A transaction organized by a commercial city on the Internet, such as Bao and Kyoto, which is a sale of goods belonging to the entity, requires compliance with relevant laws and regulations, such as the Contract Law, and policy documents in the area of the circulation of goods. If some trading sites operate through the commercial city on the Internet, the relevant provisions of the clean-up policy, such as those of the National Development Programme [2011]38 and the Office of the Public Prosecutor (2012]37, should be adhered to and standardized contractual transactions should not be conducted in a centralized manner.
五、清理整顿各类交易场所部际联席会议的工作职责是什么？ 中国证监会在其中的职责又是什么？
What are the duties of the joint inter-ministerial meeting to clean up and reshuffle all types of trading places?
答：根据国发〔2011〕38号文件和《国务院关于同意建立清理整顿各类交易场所部际联席会议制度的批复》（国函〔2012〕3号）的规定，清理整顿各类交易场所部际联席会议（以下简称“联席会议”）由中国证监会和其他20多个部委共同组成，其主要职责是统筹协调有关部门和省级人民政府开展各类交易场所清理整顿工作，督导建立对交易场所和交易产品的规范管理制度。联席会议不代替国务院有关部门和省级人民政府的监管职责。督导是联席会议推动各省级人民政府开展清理整顿工作的方式之一，是一个持续不断的工作过程，主要是统筹协调各省级人民政府对清理整顿工作的整体部署安排，提供相关政策解释和指导，要求各地加强监管制度建设、建立长效管理机制等。
: In accordance with the provisions of State Development Document No. [2011] 38 and the State Council's response to the agreement to establish a system of joint inter-ministerial meetings for the clean-up of trading sites of all types (State Communication No. (2012) 3), the Joint Inter-Ministerial Conference for the clean-up of all types of trading places (hereinafter referred to as “the Joint Conference”) is composed of the Chinese CVM and more than 20 other ministries, whose main function is to coordinate and coordinate the work of the relevant departments and provincial people's governments in the clean-up and reorganization of all types of trading sites and to supervise the establishment of regulatory and regulatory systems for trading places and products. The Joint Meeting does not replace the regulatory responsibility of the relevant departments and provincial people's governments of the State Council.
联席会议日常办事机构设在证监会，承担日常工作，落实联席会议的有关决定。
The day-to-day office of the joint meeting is located in the CVM and undertakes its day-to-day work and implements the relevant decisions of the joint meeting.
六、各类交易场所在设立环节有什么准入程序？日常运营由谁监管？
答：根据国发〔2011〕38号和国办发〔2012〕37号文件的规定，省级人民政府应按照“总量控制、合理布局、审慎审批”的原则，审慎批准设立各类交易场所。凡新设使用“交易所”字样的交易场所，除经国务院或者国务院金融管理部门批准的外，必须报经省级人民政府批准，省级人民政府批准前，应征求清理整顿各类交易场所部际联席会议的意见。
Answer: Pursuant to the provisions of the National Development Programme (NSD) No. [2011]38 and the State Secretariat No. [2012]37, provincial people's governments should carefully approve the establishment of various types of trading sites, in accordance with the principles of “volume control, reasonable layout, and careful approval”. Any new places where the word “exchange” is used must be reported to the provincial people's governments for approval, with the exception of the State Council or the State Council's financial administration.
国发〔2011〕38号和国办发〔2012〕37号文件规定，除经国务院或国务院金融管理部门批准设立从事金融产品交易的交易场所外，其他交易场所均由省级人民政府按照属地管理原则负责日常监管、违规处理和风险处置。各省级人民政府要制定本地区各类交易场所监管制度，明确各类交易场所的监管机构和职能，加强日常监管，建立长效机制。
National Development Programme (NDA) No. [2011]38 and OPA No. [2012]37 stipulate that the provincial people's governments are responsible for day-to-day supervision, non-compliance and risk management, in accordance with the principles of territorial administration, except for the establishment, with the approval of the State Council or the financial administration of the State Council, of trading facilities for financial products.
七、中国证监会负责监管的交易场所有哪些？
vii. What are the trading sites that the CSRC supervises?
答：根据《证券法》、《期货交易管理条例》等法律法规的规定，中国证监会负责监管的交易场所包括证券交易所和期货交易所，具体包括上海证券交易所、深圳证券交易所；上海期货交易所、大连商品交易所、郑州商品交易所、中国金融期货交易所；此外，根据国务院相关文件规定，证监会还负责监管全国中小企业股份转让系统有限责任公司。
八、可以开展黄金交易的场所有哪些？这些场所由谁管理？
8 What are the places where the gold trade can take place?
答：根据《中国人民银行 公安部 工商总局 银监会 证监会关于加强黄金交易所或从事黄金交易平台管理的通知》的规定，上海黄金交易所和上海期货交易所是经国务院批准或同意开展黄金交易的交易所。其中上海黄金交易所由人民银行负责监管，上海期货交易所由中国证监会负责监管。
九、怎么理解“单向竞价”，有哪些表现？
nine, how do you understand "one-way bid"?
答：根据《商品现货市场交易特别规定（试行）》第九条规定，单向竞价交易，是指一个买方（卖方）向市场提出申请，市场预先公告交易对象，多个卖方（买方）按照规定加价或者减价，在约定交易时间内达成一致并成交的交易方式。我们平时所称的拍卖、拍买都属于单向竞价。
十、有家公司称他们是国家政策扶持企业，可以做艺术品份额化交易，保证资金安全，收益可观，这种交易方式是否合规？有什么风险？
Ten. What are the risks of a company claiming that they are state policy-supported enterprises that can make a share of art transactions, secure money, and generate significant returns?
答：这家公司的这种交易方式是不符合清理整顿政策的，根据国办发〔2012〕37号文件规定，任何交易场所利用其服务与设施，将权益拆分为均等份额后发售给投资者，即属于“均等份额公开发行”，都是违反清理整顿政策的。文化艺术品份额化交易不仅违反国家政策，同时还经常伴随着价格操纵、规则随意变动等违规行为，同时对艺术品真伪、价值等缺乏权威认定，导致价格虚高、暴涨暴跌，可能严重损害投资者权益，蕴藏较大的风险。
: This company deals in a manner that is inconsistent with the clean-up policy, and, according to the state distribution document (2012), any place of dealing that uses its services and facilities, divides its interests into equal shares and sells them to investors, i.e., “equal share in public distribution” is a violation of the clean-up policy. Cultural art share trading is not only a violation of state policy, but is often accompanied by irregularities such as price manipulation, random changes in rules, and lack of authority over the authenticity, value, etc., leading to high prices, sharp declines, serious damage to investors’ interests and high risks.
十一、地方产权交易场所采用“电子竞价”方式开展国资交易，是否符合清理整顿政策？
11. Is it a clean-up policy for local property transactions to be conducted by “electronic bidding”?
答：电子竞价是指电子化的竞价方式，根据国发〔2011〕38号和国办发〔2012〕37号文件，以及国资委《企业国有产权交易操作规则》（国资发产权[2009]120号）的相关规定，交易场所可以通过电子化的竞价方式开展买方单向竞价，这种单向的电子竞价方式，符合国家政策。但根据国务院文件规定，不得通过电子平台开展买卖双向竞价，包括不得开展集合竞价、连续竞价、电子撮合等。
Answer: Electronic competitive bidding means electronic competitive bidding, in accordance with the relevant provisions of documents [2011]38 and [2012]37, as well as the State Finance Committee's Operating Rules on State Property Transactions in Enterprises [2009]120, whereby a place of dealing may conduct a single-way competition of a buyer through electronic competitive bidding, which is in accordance with State policy. However, according to State Department documents, two-way competitions for purchase and sale may not be conducted through electronic platforms, including a pool of bids, consecutive bids, electronic bargaining etc..
十二、一些交易场所开展保证金交易，普通消费者投入极少量本金，就能通过拆借，用更多钱“借钱交易”，这种高杠杆的交易方式有什么风险？
12. What are the risks of this highly leveraged mode of trading?
答：保证金交易是一些交易场所常用的一种交易机制，具有杠杆作用，如果保证金比例过低，杠杆可能很高，可以实现用较小的金额实现较大的收益，但收益和风险都是成正比的，收益高也同时意味着风险大。普通投资者如果不了解杠杆交易的风险，盲目将全部身家开展高杠杆交易，可能出现本金亏光的情况，导致投资者“血本无归”，甚至面临超过本金的亏损。
Answer: Bond trading is a common trading mechanism in some trading places, with leverage, and if the bond ratio is too low, leverage may be high to achieve larger returns with smaller amounts, but returns and risks are positive and high at the same time mean higher risks. If ordinary investors do not understand the risks of leverage trading, blindly leverage their entire household, they may face a loss of principal, leading to a loss of the investor's “blood base” and even a loss in excess of the principal.
十三、目前一些文化类交易场所开展邮币卡交易业务，采取连续竞价交易方式，大量自然人投资者参与，这种交易方式是否合规？有什么风险？
xiii. Are there any risks of compliance with the current practice of trading in postal cards at some cultural trading sites, using a series of competitive transactions involving a large number of natural persons investors?
答：一些文化类交易场所开展邮币卡交易，采用连续竞价等集中交易方式，是违反国发〔2011〕38号和国办发〔2012〕37号文件规定的。这些交易场所吸引大量自然人投资者参与，甚至通过恶意炒作、操纵市场等违规行为获取不正当收益，严重损害投资者的合法权益。一旦这些交易出现崩盘现象，可能导致投资者血本无归，风险很大。
Answer: A number of cultural trading sites that carry out postal card transactions, using centralized transactions such as consecutive bids, are in violation of the provisions of documents NO. 38 (2011) and NOPO No. 37, which attract a large number of investors from natural persons, or even obtain undue benefits through malfeasance, market manipulation, etc., seriously harm the legitimate interests of investors. If these transactions collapse, they may lead to the loss of the investor's blood and high risk.
十四、一些交易场所开展分散式柜台交易，并号称是参照国际市场的价格来组织交易的，交易场所的会员单位在国际价格的基础上报出买入卖出价，投资者当天可以买入后卖出，或卖出后买入，是否合法？有什么风险？
XIV. What are the risks? risks?
答：目前一些交易场所以白银为主要交易对象，不通过自身交易形成价格，而是将彭博、路透等机构发布的境外实时价格换算为人民币价格，由会员单位在此基础上加减一定点差提供买卖报价，与个人为主的客户进行T+0连续交易。这些交易均为高杠杆交易，大都以反向对冲方式了结，基本无实物交割。其交易模式为“分散式柜台交易”，即交易场所发展会员、会员又发展代理商和居间商，层层招揽客户，会员与客户对赌。这些交易场所名为现货交易场所，实为投机炒作平台，对实体经济没有积极作用，还因个人客户亏损累累而引发大量投诉与纠纷，影响社会和谐稳定。
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从性质上看，“分散式柜台交易”属于国发〔2011〕38号文件禁止的做市商交易方式，且T+0交易方式违反了“任何投资者买入后卖出或卖出后买入同一交易品种的时间间隔不得少于 5个交易日”的规定。参与这类交易场所交易风险极大，一是“分散式柜台交易”方式使得经纪商会员和投资者之间存在严重的利益冲突，出于经济利益的诱惑，侵害投资者权益的情况时有发生；二是这类交易场所一般通过交易规则限制投资者提取实物，鼓励投资者频繁交易，造成价格剧烈波动，给投资者造成亏损风险的同时还使其承担高额的手续费负担。因此，投资者应当远离这类违规交易。
by its very nature, “distributed counter transactions” are among the types of commercial transactions prohibited by national origin in document [2011]38, and T+0 transactions are in violation of the requirement that “any investor buys and sells and buys the same variety of transactions at no less than five trading days”. The first is that “distributed counter transactions” that create a serious conflict of interest between brokers and investors and that, for economic gain, infringe on investors' interests; and the second is that such trading sites generally limit investors' physical withdrawals through trade rules, encourage frequent transactions by investors, cause price volatility, and place investors at risk of loss while at the same time burden of high transaction costs.
十五、投资者怀疑交易场所或其分支机构存在开展类期货交易、操纵市场价格、挪用窃取交易保证金、限制客户出入金、与客户“对赌”等违规问题，应当到哪里投诉举报？
xv. Where should a complaint be made regarding irregularities such as suspicion by investors of trading premises or their subsidiaries engaging in type futures transactions, manipulation of market prices, misappropriation of trade bonds, restriction of customer entry and exit money, and “back-to-back” with customers?
答：国发〔2011〕38号和国办发〔2012〕37号文件规定，除经国务院或国务院金融管理部门批准设立从事金融产品交易的交易场所外，其他交易场所均由省级人民政府按照属地管理原则负责日常监管、违规处理和风险处置。如果投资者怀疑交易场所或其分支机构存在违法违规问题，可以向交易场所或其分支机构注册地省级人民政府反映问题，如果认为其行为构成犯罪，可携相关证据材料向公安机关报案。
: In accordance with the provisions of national development documents [111] 38 and national financial management documents (2012) 37, all trading premises are under the responsibility of the provincial people's governments, in accordance with the principle of territorial administration, for day-to-day supervision, irregular treatment and risk management, except where authorized by the State Council or the financial administration of the State Council for the establishment of trading premises for financial products. If an investor suspects that there have been violations of the law at the place of trading or its branches, he may address the issue to the provincial people's governments at the place of dealing or at the place of registration of its branches, and if his conduct is deemed to constitute an offence, report the matter to the public security authorities with relevant evidentiary material.
十六、投资者认为交易场所的会员、代理商侵害自己权利的，应当向哪些单位投诉维权？
xvi, where do investors consider that their rights have been violated by their members and agents?
答：投资者认为交易场所的会员、代理商侵害自己权利的，按照属地管理原则，可向会员、代理商注册地省级人民政府投诉维权。
Answer: Investors who believe that members, agents of a trading place violate their rights may, in accordance with the principle of territorial administration, file a complaint with the provincial people's government of the place where the member or agent is registered.
实践中，对交易场所会员、代理商的相关投诉，常常和交易场所本身的交易机制、交易规则、交易业务等密不可分，为进一步查明交易场所是否违法，更好地维护投资者的合法权利，投资者也可向交易场所注册地省级人民政府投诉维权。当然如果针对会员、代理商的投诉和交易场所以及交易业务没有关联，可以根据问题类型选择投诉维权机关。
in practice, related complaints against members, agents, etc. of the trading place are often inextricably linked to the trading mechanism, rules of dealing, trading operations, etc. of the place itself. To further ascertain whether the place of dealing is illegal and better defend the legitimate rights of investors, investors may also file a complaint with the provincial people's government of the place where the transaction is registered.
如果投资者认为会员、代理商的行为构成犯罪，可携相关证据材料向公安机关报案。
If an investor believes that the conduct of a member or agent constitutes an offence, he may report the relevant evidentiary material to the public security authorities.
十七、投资者能否向中国证监会或其派出机构申请认定有关交易场所是否开展了非法期货交易？
17; can investors apply to the CSRC or its sender to determine whether the relevant trading premises have engaged in illegal futures trading?
答：关于违法证券期货交易活动性质认定的问题，国务院文件有明确规定。国发〔2011〕38号文件规定，地方交易场所均由省级人民政府按照属地管理原则负责日常监管、违规处理和风险处置。国函〔2012〕3号文件规定，省级人民政府、公安机关和司法机关对交易场所涉嫌从事违法证券期货交易活动的性质认定存疑的，可提交联席会议认定，由中国证监会在征求相关单位意见的基础上依法出具认定意见。。
: With regard to the determination of the nature of trading activities on illegal securities futures, the State Council document clearly states that the local trading places are the responsibility of the provincial people's governments for day-to-day supervision, handling of violations and handling of risks, in accordance with the principles of territorial administration.
为贯彻落实国务院文件的规定，明确中国证监会内部职责分工和工作要求，保证出具性质认定意见的工作质量，支持有权机关依法查处违法证券期货活动，中国证监会于2013年底向各派出机构印发了《关于做好商品现货市场非法期货交易活动认定有关工作的通知》（证监办发〔2013〕111号）。
, in order to follow up on the provisions of the State Council document, clarify the division of duties and work requirements within the CSRC, guarantee the quality of work for the issuance of character determinations, support the competent authorities to investigate illegal securities futures activities in accordance with the law, and in late 2013 the CSRC issued to the dispatching agencies a circular on work related to the determination of illegal futures trading activities in the off-the-shelf commodities market (CVM issue No.
中国证监会出具性质认定意见，本质上是应有权机关的请求，对其查处违法证券期货活动提供的专业支持。中国证监会出具的意见，仅供有权机关参考，不能代替其依法作出的认定结论。一项交易活动是否违法，须由有权机关在调查核实的基础上，依法作出判断。
The CSRC issued a finding of nature, which is essentially a professional support to the competent authorities, at their request, in their search for illegal securities futures. The opinion issued by the CSRC is for the sole reference of the competent authorities and is not a substitute for their findings in accordance with the law. The decision as to whether a transaction is illegal must be made by the competent authorities in accordance with the law, on the basis of an investigation and verification.
如果投资者认为某项交易活动构成非法期货交易，应向有权机关提出，请其调查处理，这样才有利于依法有效地解决问题。
If an investor believes that a transaction constitutes an illegal futures transaction, it should be submitted to the competent authority for its investigation and processing, in order to facilitate an effective resolution of the matter in accordance with the law.
十八、一些交易场所宣传自己是省政府批准设立，经联席会议验收通过，能否说明这些交易场所更加可靠，我可以参与吗？
. Can I be involved in a number of trading sites that promote their establishment as approved by the provincial government and which have been approved by the Joint Meeting?
答：国发〔2011〕38号和国办发〔2012〕37号文件规定，各省级人民政府按照属地管理原则，对本地区各类交易场所进行集中清理整顿，并负责对整改规范情况进行检查验收。联席会议负责统筹协调各省（区、市）的清理整顿工作，不负责对具体交易场所进行清理整顿和检查验收。
判断交易场所的交易是否可靠，从根本上取决于交易活动、交易规则是否守法合规、监管是否完备、风险是否可控，并非取决于审批机关。而且，经过省级人民政府的集中清理整顿且验收通过，只能说明基于当时的情况来看，该交易场所是依法合规的，后续仍需由省级人民政府做好日常监管工作。实践中，确有一些交易场所在通过清理整顿验收后“死灰复燃”，从事违规交易活动。投资者选择交易场所开展交易，应当认真了解交易品种、交易规则、监管情况、风险大小，合理评估自身风险承受能力，审慎选择交易场所参与相关交易活动。
determines the reliability of transactions at a trading place and depends fundamentally on the transaction activity, compliance with the rules of the transaction, adequacy of supervision, and control of risks, not on the approving authority. Moreover, following a centralized clean-up and acceptance by the provincial people’s government, it can only be explained that the trading place was legally compliant, and that the follow-up is still subject to daily supervision by the provincial people’s government.
十九、投资者投资相关交易产品，应该从哪些方面注意保护自己的资金安全？
XIX. What attention should investors pay to protecting their own financial security?
答：投资者投资相关交易产品，资金安全是首先要考虑的，要保护自身的资金安全，一是要选择有权的政府机关依法批准设立的交易场所开展交易，不要到无任何部门批准设立的“黑平台”、“黑中介”参与交易；二是要认真查看交易场所的交易规则、交易方式是否符合国发〔2011〕38号和国办发〔2012〕37号文件的规定，尤其是关注其是否采取了国家禁止的集中竞价、做市商等交易方式；三要关注资金的存管保管制度，一般来说由正规的清算机构实行统一清算的交易场所，资金安全不经过交易场所，资金相对安全，如果没有集中清算，至少保证资金的银行第三方存管监管制度（需要说明的是如果仅仅是资金保存在银行，并不足以保证资金安全），如果没有资金的第三方存管监管制度，直接由交易场所的经纪会员或者交易场所保存交易资金，投资者就应当对资金安全保持合理的怀疑；四是投资者需要安全保存自己的交易、资金账户的密码，不要把密码交给所谓的投资顾问、理财顾问保管，避免出现资金被窃取的现象发生，确保自身的资金安全；五是关注交易账户的资金情况，发现资金被骗取或者盗取的，要立即向公安机关和交易场所监管机关报案或者投诉。
Answer: Investors invest in transaction-related products, whose financial security is the first to consider, and their financial security is to be protected, firstly, by choosing a place of dealing that is legally authorized by the competent government body to conduct the transaction, and not by engaging in a “black platform” or “black broker”, which is not authorized by any sector; secondly, by carefully looking at the rules of transactions at the place of dealing, the manner in which the transaction is carried out in conformity with the requirements of documents [2011]38 and [2012]37, in particular whether they have adopted a system of transactions such as centralized bids, market deals and so on; thirdly, by looking at the system of custody of the funds, which is generally a place of general liquidation by a formal clearing agency, the relative security of the funds and, in the absence of centralized liquidation, at least, the system of supervision of third-party deposits of the funds (if funds are kept in banks only and are not sufficient to guarantee the security of the funds, or the security of the funds being seized by the public trading agency or by the financial services, which are kept under surveillance of the so-called bank accounts, or the funds.
王硕：对于《清理整顿各类交易场所问答》的解读
今年315刚过，朋友圈的一条新闻却搅乱了这个本该平静的市场，《清理整顿各类交易场所问答》这个标题吸引了众多现货市场参与者的目光，“证监会官网2016年3月2日刊登宁波证监局投资者保护栏目一文《清理整顿各类交易场所问答》，措辞异常严厉，证监会近期在官网密集刊发相关文章，也据传证监会进入了几家大型交易场所进行整改工作，后续交易场所将不仅仅在所在地政府严厉管理，而且证监会也彻底的表明了态度，这与新任证监会主席上任或许有关”。2016年2月20日，刘士余出任证监会主席，从刘主席的履历来看，无疑是强硬派的代表，在上任不足满月，选择这么一个时机在证监会官网上公布此内容，不得不令人深思，那么我们逐一来看一遍，看看到底该文讲了什么内容，为了对应内容，我截取每一条的标题作为分析的标题，其中内容不做陈述。
After 315 days this year, a news piece from the community of friends upset this quiet market, the title of which is "Cleaning up all kinds of trading spaces" attracted the attention of a wide range of participants in the spot market, “The SEC Network may have something to do with the new Chairman of the SEC on 2 March 2016”, “Cleaning up all kinds of trading places” in an article entitled “Charling all kinds of trading places”, in an unusually harsh wording, the CSRC recently published articles on the network of officials, and, on less than a month's time, choosing to publish this information on the website of the CSRC officials, which we have to reflect on the subject. On 20 February 2016, Liu Yu became Chairman of the CSRC, according to President Liu's role, it was undoubtedly a hard-line representative who, at the end of his mandate, chose to do so at such a time as to make it available on the web site of the CSRC.
一、在参与地方各类交易场所交易之前，投资者需要了解哪些政策法规，主要的禁止性规定有哪些？
其实该文内容就是投资者适当性教育的基本原则，包含国发〔2011〕38号和国办发〔2012〕37号文件的内容，重深此指导内容，也是因为此文为国务院发布的现货最高标准，为大宗商品现货投资的指导思想，其内容我想大家都耳熟能详，关于这部门的解读已经说过很多次，再次就不在重复了，
which is the basic principle of appropriate sex education for investors and contains the contents of the document U.S.D.H. 2011-38 and U.S.D. 2012-37. This guidance is also due to the fact that it is the highest spot standard issued by the State Department, the guiding idea for investing in bulk commodities, which I think we are all familiar with, and which has been read many times in this sector and is not repeated again, .
二、国家发改委推进的碳交易是否需要遵守清理整顿政策？
虽然这条把38、37号文又搬出来了，但是醉翁之意不在酒，此向内容是专门写给那些“特别”的交易平台，碳排放也好，水资源也好，是因为现在平台的经营范围跨度太大，因为在国务院发布的文件中，有明确几类平台是属于监管范围之外的，为了防止这些擦边球的产生，把这些可能涉及到大宗商品现货业务的平台，统统归于监管范围内，其实碳排放这种交易模式，比较适合现货交易，国家每年有固定的碳排放指标，有些污染严重的企业可能会超过排放标准，但是没有渠道购买，有些环保企业用不完，也想转让，这种专业化的平台，国家也应该予以一定的支持，为企业提供渠道，促进企业节能减排，承担起国家环保的责任和义务，可无奈这些平台缺乏行之有效的盈利能力，尚无法自给自足，只能徘徊在行业边缘。
Although this article has removed 38 and 37 pieces of paper, it is not intoxicated with alcohol, which is dedicated to “special” trading platforms, carbon emissions and water resources, because the platform now operates on a wide scale, given that there are clear types of platforms that fall outside the scope of regulation in documents issued by the Department of State and that, in order to prevent the creation of these edgeballs, these platforms, which may involve large-scale commodity spot operations, are subject to regulation, and carbon-emission trading models, which are more suitable for spot trading, have fixed carbon emission targets for the country each year, some highly polluting enterprises may exceed emission standards, but have no access to purchase, some environmentally friendly enterprises may use them and want to transfer them. Such specialized platforms should also be supported by the State by providing an avenue for enterprises to promote emission reductions, to assume national environmental responsibilities and obligations, to the extent that these platforms lack effective profitability and are not yet self-sufficient and can only be left on the margins of the industry .
三、一些电子商务公司开展大宗商品、贵金属等产品的交易业务，是否需要符合清理整顿的相关政策？
iii. Does some e-commerce companies need to be in line with relevant clean-up policies for bulk merchandise, precious metals, etc.?
除了交易所，交易中心的名头，大家可能也听过各种电子交易市场，电子商务公司，他们可能无法取得主要监管部门金融办或者商务厅的批复文件，也无法接入银行的资金结算系统，只能通过第三方支付的形式进行资金划转，进而参与交易，此类公司风险极大，参与者权益得不到保护，大家对于这种应该谨慎对待，但这并不是说所有的都这样，因为在2010年前，很多平台也是以交易市场的形式出现的，比如广西糖网全称为广西糖网食糖批发市场，张家港化工电子交易市场，此类平台也属于正规合法的大宗商品交易平台，大家要分别对待，一定选择正规平台参与交易。
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四、网上商城组织交易业务，是否需要遵守清理整顿的相关政策？
iv. Do you want to follow the relevant clean-up policy?
虽然后面对于38、37号文的提及，但此内容实际表示了对实体商品的采购、销售模式予以肯定，也表达了监管部门希望现货市场的发展方向，以立足现货、服务现货、提升现货为遵旨，开展电子化交易，很多平台在原有模式的基础上也纷纷推出现货挂牌、现货竞价、网上商城的形式，但因此类模式涉及现货交收、检验、仓储物流等多项环节，且需要投入较大的精力、人力和物力，所以目前此种模式不作为交易平台主要的交易模式，甚至很少有真正的提及，如果平台想有更长远的发展，不妨从此类模式上下下功夫，毕竟国家支持的，妈妈也不再担心我遇到315了。
, although the subsequent reference to documents 38 and 37 actually indicates a positive view of the model for the purchase, sale and sale of real goods, as well as a desire by the regulatory authorities for the direction of the spot market to be based on spot, service spot-based, up-scaling, electronic transactions, and many platforms to build on the original model in the form of sign-ups, spot bids, online malls, but given that such a model involves a number of links such as spot delivery, inspection, warehousing logistics, and requires considerable effort, it is not currently the main trading model of a trading platform, or even very few real references. If the platform is to develop in the longer term, it might be better to work on such a model, but the mother is no longer worried that I will encounter 315 >.
五、清理整顿各类交易场所部际联席会议的工作职责是什么？ 中国证监会在其中的职责又是什么？
What are the duties of the joint inter-ministerial meeting to clean up and reshuffle all types of trading places?
六、各类交易场所在设立环节有什么准入程序？日常运营由谁监管？
第五、第六条就合并一起说了，因为说的是同一个内容，清理整顿各类交易场所部际联席会议制作为监督指导机构，并不直接对大宗商品交易平台进行管理，即我之前多次提及的属地管理，在《2016年大宗商品交易市场全景解读》中已经对此作出说明，此处不重复。
七、中国证监会负责监管的交易场所有哪些？
vii. What are the trading sites that the CSRC supervises?
第七条实际时比较有意思的，前面介绍了这么多大宗商品现货市场的内容，然后强调证监会监管的职能范围，实际也在隐晦的指出，证监会不是大宗商品现货市场的监督管理部门，实际负责为清理整顿各类交易场所部际联席会议、各省金融办和商务厅，意思大家理解。
Article 7 is interesting in practical terms by describing the content of so many large commodity spot markets. It then stresses the scope of the CVM regulatory function, and it is also implicit that the CVM is not the supervisory authority of the bulk commodity spot market and is actually responsible for the joint inter-ministerial meetings, provincial financial offices and business offices to clean up various trading sites, meaning that it is understood.
八、可以开展黄金交易的场所有哪些？这些场所由谁管理？
8 What are the places where the gold trade can take place?
再次强调，黄金是特殊的品种，除了上海黄金交易所和上海期货交易所是经国务院批准或同意开展黄金交易的交易所外，其他平台命令禁止。
九、怎么理解单向竞价，有哪些表现？
Nine, how do you understand the one-way bid?
名词解释，实际是是对第一条提及的38、37号文的第二项内容：不得采取集中交易方式进行交易。 集中交易方式 包括集合竞价、连续竞价、电子撮合、匿名交易、做市商等交易方式，但协议转让、依法进行的拍卖不在此列做出解释。
, which consists of a pool of bids, successive bids, electronic solicitations, anonymous transactions, market-based transactions, etc., with the exception of an explanation of the transfer of the agreement and the auction that is conducted in accordance with the law.
十、有家公司称他们是国家政策扶持企业，可以做艺术品份额化交易，保证资金安全，收益可观，这种交易方式是否合规？有什么风险？
Ten. What are the risks of a company claiming that they are state policy-supported enterprises that can make a share of art transactions, secure money, and generate significant returns?
再次重申，艺术品份额化交易是国家明令禁止的交易行为，不是份额化，是一一对应的实物，应该就可以了。
十一、地方产权交易场所采用电子竞价方式开展国资交易，是否符合清理整顿政策？
XI. Is it a clean-up policy for local title trading sites to use electronic competitive bidding to conduct public funds transactions?
对于产权类的平台，强调同样需要遵守38、37号文内容，可能对打擦边球的平台是打击。
for property-related platforms, emphasizing the need to also comply with the content of documents 38, 37, which may be a blow to the platform that rubs the edges.
十二、一些交易场所开展保证金交易，普通消费者投入极少量本金，就能通过拆借，用更多钱借钱交易，这种高杠杆的交易方式有什么风险？
What are the risks of this highly leveraged way of trading?
这里需要明确的是，保证金交易和拆借是两种不同的模式，一种是履约的保障，一种是配资的形式，国家在2015年一直在打击场外配资的形式。杠杆化一直是一种矛盾的统一，利润和风险成正比，杠杆越大利润越高，伴随的也会是高风险，恰当的使用杠杆，可以减少成本，增加流动性，但杠杆化也需要有一整套的风险管理体系和资金管理能力，方可有效控制风险，后续也希望有交易平台推出自由化杠杆管理，交易商根据自己的风险承受能力，选择适合自己的杠杆水平。
here needs to be clear that bond trading and borrowing are two different models, one of which is the guarantee of performance, one of which is the form of matching, where the country has been fighting off-site financing in 2015. Leveraging has always been a contradictory unity, profit-and-risk ratio, with higher profits associated with high risk, appropriate leverage, reduced costs and increased liquidity, but leveraging also requires a comprehensive set of risk management systems and financial management capabilities to effectively control risk, followed by a trading platform to introduce liberalized leverage management, and traders to choose their own leverage levels based on their own risk tolerance.
十三、目前一些文化类交易场所开展邮币卡交易业务，采取连续竞价交易方式，大量自然人投资者参与，这种交易方式是否合规？有什么风险？
xiii. Are there any risks of compliance with the current practice of trading in postal cards at some cultural trading sites, using a series of competitive transactions involving a large number of natural persons investors?
文化类交易作为目前最热门的交易品种，其蕴含的风险也是极大，证监会要从专业的角度，出来为这个火热的模式降降温，希望投资者能理智、审慎的角度，参与市场投资，避免过度投机。
Cultural transactions, as the most popular type of transaction at present, have great risks, and the SEC needs to come from a professional point of view to cool down this hot model, hoping that investors will be rational and careful in their participation in the market and avoid excessive speculation.
十四、一些交易场所开展分散式柜台交易，并号称是参照国际市场的价格来组织交易的，交易场所的会员单位在国际价格的基础上报出买入卖出价，投资者当天可以买入后卖出，或卖出后买入，是否合法？有什么风险？
XIV. What are the risks? risks?
这条作为所有内容的重点部分，称为最引人瞩目的存在，其明确指出分散式柜台交易不符合国家规定，但解读起来却最为简单，强调属地管理，即属地所出台的相应管理办法，如果属地支持，那么就可以合规、稳定的开展，所以最后用“投资者应当远离这类违规交易”而不是明令禁止此种交易模式。
, which is the focus of all the elements and is known as the most visible, makes it clear that decentralized counter transactions are not in line with national requirements, but is interpreted as simple, emphasizing territorial management, i.e. the corresponding management approach introduced by territoriality, which, if supported territorially, can be carried out in a compliant and stable manner, so the ultimate use of the phrase “investors should stay away from such irregular transactions” rather than explicitly prohibiting such trading patterns.
十五、投资者怀疑交易场所或其分支机构存在开展类期货交易、操纵市场价格、挪用窃取交易保证金、限制客户出入金、与客户对赌等违规问题，应当到哪里投诉举报？
xv. Where should a complaint be made if an investor suspects that a trading place or its branch has irregularities such as conducting a type of futures transaction, manipulation of market prices, misappropriation of a transaction bond, restriction of customer entry and exit money, and bet against a customer?
十六、投资者认为交易场所的会员、代理商侵害自己权利的，应当向哪些单位投诉维权？
xvi, where do investors consider that their rights have been violated by their members and agents?
十七、投资者能否向中国证监会或其派出机构申请认定有关交易场所是否开展了非法期货交易？
17; can investors apply to the CSRC or its sender to determine whether the relevant trading premises have engaged in illegal futures trading?
十五、十六、十七条放在一起说，在强调属地管理的原则之外，表示要打开沟通渠道，维护交易商的合法权利，对黑平台提出警示，也提醒交易商要选择合法、合规的交易平台进行交易。
15, 16 and 17 together, in addition to emphasizing the principle of territorial administration, indicate the need to open channels of communication, uphold the legitimate rights of traders, warn black platforms, and remind traders to choose legitimate and compliant trading platforms to conduct transactions.
十八、一些交易场所宣传自己是省政府批准设立，经联席会议验收通过，能否说明这些交易场所更加可靠，我可以参与吗？
. Can I be involved in a number of trading sites that promote their establishment as approved by the provincial government and which have been approved by the Joint Meeting?
“各省级人民政府按照属地管理原则，对本地区各类交易场所进行集中清理整顿，并负责对整改规范情况进行检查验收。联席会议负责统筹协调各省（区、市）的清理整顿工作，不负责对具体交易场所进行清理整顿和检查验收”，明确指出各个部门的职能范围，交易商在选择平台时应选择通过省级政府批准设立、验收的平台，但是要当认真了解交易中可能产生的各种风险，强调了交易商也有相应的责任，即完全阅读并理解交易平台的各种规则及风险防控办法，知晓投资可能产生的风险及电子化交易的风险，不能赚钱不说话，亏损就以闹索赔。
> `Provincial People's Governments, in accordance with the principle of territorial administration, undertake centralized clean-up and consolidation of the various trading sites in the region, and are responsible for inspection and inspection of regulatory changes. The joint meetings are responsible for coordinating and coordinating the clean-up of the provinces (districts and municipalities) and are not responsible for the clean-up and inspection of specific trading sites.
十九、投资者投资相关交易产品，应该从哪些方面注意保护自己的资金安全？
XIX. What attention should investors pay to protecting their own financial security?
在提醒投资者注意保护自身的合法权益、理性投资外，也在提醒交易平台应制定完善的交易、风控、资金管理制度，以投资者适当性管理为核心，切实做好投资者教育与保护工作，为投资者提供合法、合规、稳定的交易场所。
, in addition to alerting investors to protect their legitimate rights and interests, rational investments, also reminds trading platforms to develop sound trading, wind control, financial management systems that focus on investor adequacy, effective investor education and protection, and provide investors with a legitimate, compliant and stable trading space.
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