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Additional info for Commodity Exchanges And Futures Trading - Principles And Operating Methods
1. THE INSURANCE FUNCTION (a) The exchange provides liquidity relative price exchange provides (a) liquidity and relative stability price stability through a continuous market, possible because a broad and continuous made market, through possible because of large funds speculative capital not otherwise available. otherwise of large funds of of speculative available. capital (b) The machinery of the exchange proof the establishes a means of of promachinery exchange establishes (b) tection those desire it) against adverse price changes tection (for those who adverse desire (for it) against price changes through aa process process known as hedging-an that as hedging an insurance insurance device device that through is available to all all producers, producers, traders, traders, and converters.
It must must be be clearly clearly understood understood that that in instance has has the It in no instance the exchange exchange market replaced replaced the the physical physical markets markets or major degree infringed in any market or in any major degree infringed upon their their functions jurisdictions. Rather, the exchange market is functions and jurisdictions. is Rather, the exchange market upon an auxiliary auxiliary to physical markets, markets, as a new device-essentially to the the older older physical as a device essentially an insurance of the the growing needs of the old markets out of device evolved out needs of the old markets insurance device-evolved growing functions which the the old old markets markets did never and serving did not and could could never serving functions In other words, the older physical markets developed the perform alone.
Regulations are are ethical business. These regulations the developed by the themselves, acting according to their conmembers to their conthemselves, acting according developed by all present stitution or by-laws, by-laws, and are are thereafter thereafter binding present and subsubstitution or binding on all the sequent of the association and on all other buyers and sellers members of association all other sellers buyers sequent in voluntarily contract contract to by such rules. rules. The rules rules are to abide in the abide by the trade trade who voluntarily are enforced under penalty of suspension or expulsion from the associaor the associaenforced penalty of suspension expulsion tion-which usually usually means the the end of of the the violators' violators' activities in the the trade.