作者：吴 越
作者介绍：西南财经大学法学院教授
出版日期：2020年4月9日
内容提要 商品现货中远期交易平台具有促进商品交换与商品流通、管理风险等多种功 能，在服务实体经济中具有特殊地位。从历史上看，是先有现货中远期交易，而后才演化出了 期货交易，二者关联度极高。区分现货与期货交易，应从二者不同的交易目的、功能定位、主 体特征和交易结果等整体情况综合判定，而不宜倚重于依据二者某些交易规则的相似性进行 显性判断。其相关立法、行政监管和司法裁判应坚持整体判断标准，进一步促进此类平台向 服务实体经济转型。
关键词 现货交易 期货交易 整体判定论
Abstract: The commodity spot forward trading platforms have unique market functions and play a special role for the real economy by means of promoting commodity exchange and commodity circulation, managing risks, etc. Historically, futures trading originated from the commodity spot forward trading; commodity spot forward trading and futures trading interrelate intensively with each other. The distinction between commodity spot trading and futures trading should be based on the entire circumstances such as different trading purposes, functional positioning, subject characteristics and trading results, instead of merely relying on explicit judgments based on some identical or similar trading rules of the two. Its relevant legislation, administrative supervision and judicial adjudication should adhere to the overall judgment standards to further promote the transformation of such platforms to serve the real economy.