Recently, Shanghai Changjiang Guanxuan stopped quoting and made the non-ferrous metals industry in a hurry. All kinds of inquiries and questions were filled with colored people's social chat tools, "Why is it turned off?" , "what about the quotation in the future?" , "what benchmark pricing will be used later?"
From the questions raised by you, it is not difficult to find that the spot price benchmark is of great significance to the manufacturing industry. With reference to the history of the development of overseas manufacturing industry, this paper analyzes the past, present and future of the development of China's manufacturing industry. The article is divided into two parts, the first part mainly discusses the role of spot price benchmark, the second part mainly discusses the death of original price benchmark under "reprint and plagiarism", and the importance of price benchmark compliance.
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Thinking behind the stop and change of Yangtze River quotation (1): how to ensure the Security of Manufacturing supply chain based on spot Price benchmark
Thinking behind the Yangtze River quotation stop and change (2):
The death of the original Price benchmark under "reprint, plagiarism"
The domestic information industry started relatively late, confusing trademark names, plagiarism, reprinting and other unfair competition has become a "cost-effective" business model. Some interested people attract attention by reprinting crawler technology and copying the original prices of third-party platforms, and even deliberately confuse their names by tidying up the prices and selling them at a low price. It does a lot of harm to those original price platforms that have devoted a lot of manpower and material resources to the study of quotation methodology, compliance and accuracy, and the suspension of the operation of the "Shanghai non-ferrous metals spot market" is the embodiment of Bad money drives out good.
Compliance Management of Price benchmark Publishing platform
A widely used spot price benchmark plays the role of judges and judges of the whole market, settling trillions of spot transactions on that day in the lowest way for the entire industry chain. Market participants hand over sacred rights to the price publishing platform, and the platform must carry out strict compliance management of its own bidding process.
The third-party financial index compliance standard issued by IOSCO (The international Organization of Securities Commissions) International Securities Regulatory Commission is the international bible of price benchmark compliance management. An independent audit must be conducted on the methodology and control framework of the benchmark product of the index publisher to verify that the third-party spot price benchmark complies with and meets the requirements of the financial benchmark principles of governance, benchmark quality, methodology quality and accountability established by IOSCO.
However, through the price benchmark of IOSCO compliance standard, it is more likely to be accepted by overseas traders in the application of international trade in commodities.
Finally, the publication of the price settlement benchmark is a serious and sacred matter. Internally, it plays the role of domestic industrial pricing and profit distribution; on the outside, it represents the confrontation between Chinese-made pricing power and overseas pricing power. Once there is a problem with compliance (price manipulation, profit orientation), it will hurt the fairness of Chinese pricing in the eyes of the Chinese manufacturing industry itself and the western world. With the development of commodities in China for nearly 30 years, good money should drive out bad coins, while originals should expel plagiarism, reprint and fish eyes mixed with pearls.
Author: Lu Jialong, Senior Vice President of SMM
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SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), after more than 20 years of development, the daily spot prices of metals at home and abroad (SMM prices) cover thousands of non-ferrous metal products, such as basic metals, iron and steel, iron ore, precious metals, small metals, recycled metals, metal powders, metal compounds, processing materials, alloys, rare earths and so on, and have become the authoritative spot benchmark prices. And passed the (IOSCO) certification of the International Securities Regulatory Commission, the relevant price description and compliance methodology are detailed in https://www.smm.cn/comp/cn.
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