Управленец2218-50032686-792310.29141/2218-5003-2023-14-5-4QDEBDDhttps://upravlenets.usue.ru/ru/-2023/1390https://upravlenets.usue.ru/ru/-2023/1390О рисках сосуществования биржевого и внебиржевого сегментов на товарных рынкахOn the coexistence of on-exchange and OTC segments in commodity marketsИонкинаКарина АлександровнаИонкинаКарина АлександровнаIonkinaKarina A.ionkinaka@my.msu.ruКурдинАлександр АлександровичКурдинАлександр АлександровичKurdinAleksandr A.aakurdin@gmail.comLomonosov Moscow State University (Moscow, Russia)Московский государственный университет имени М.В. Ломоносова (г. Москва, РФ)HSE University (Moscow, Russia)НИУ «Высшая школа экономики» (г. Москва, РФ)0711202314547582906202328082023CC BY-NC 4.0

Внедрение биржевой торговли в России в настоящее время рассматривается как один из способов формирования конкурентной рыночной цены товара, которая способна выступать бенчмарком для внебиржевого сегмента. Однако биржевая цена товара может подвергаться искажениям, которые приводят к появлению ошибок в антимонопольном правоприменении. Статья посвящена выявлению рисков, которые возникают в условиях сосуществования биржевого и внебиржевого сегментов рынка, на основе анализа мирового опыта торговли некоторыми товарами. Методологической базой исследования выступили теория отраслевых рынков и новая институциональная экономическая теория. В работе использовался метод кейс-стади. Информационной базой послужили сведения о практиках внедрения биржевой торговли товарами в разных странах. Результатами исследования стало выделение рисков нарушения регулирующих механизмов на рынке и искажающего воздействия на национальные рынки, рисков в сферах инфраструктурных ограничений и нарушений антимонопольного законодательства, а также рисков ценового манипулирования и искажения биржевых цен. Доказано, что при сосуществовании биржевого и внебиржевого сегментов рынка эти риски могут возникнуть даже в случаях успешного развития глобальной биржевой торговли.

The introduction of exchange trade in Russia is one of the ways to form a competitive commodity price that can act as a benchmark for the over-the-counter (OTC) segment. However, the exchange price may be subject to distortions, which may cause faults in antitrust law. Using the international commodity exchange experience, we aim to identify the risks of exchange trade arising amid the coexisting on-exchange and OTC segments. Methodologically, the paper relies on industrial organization theory and new institutional economics theory. In the research, the case study method was applied and data on the practices of commodity exchange introduced in different countries were used. As a result of the study, we have identified the risks of violating regulatory mechanisms in the market and of distorting effects on national markets, the risks in the areas of infrastructure restrictions and violations of antitrust laws, as well as the risks of price manipulation and distortion of exchange prices. We have proven that in the context of the coexistence of on-exchange and over-the-counter market segments, these risks can emerge even in cases of the successful development of global exchange trading.

биржевая торговля;внебиржевая торговля;рыночная конкуренция;антимонопольное регулирование;инфраструктурные ограничения.exchange trading;over-the-counter trading;market competition;antitrust law;infrastructure restrictionsАвдашева С.Б., Шаститко А.Е., Калмычкова Е.Н. (2007). Экономические основы антимонопольной политики: российская практика в контексте мирового опыта // Экономический журнал Высшей школы экономики. Т. 11, № 2. С. 234–270.Горейко Н.А. (2011). Норма о коллективном доминировании в российской антимонопольной практике // Современная конкуренция. № 6. С. 33–49.Курдин А.А., Коломиец А.Р. (2022). Биржевые рынки энергоресурсов в России: защита от шоков или монополий? // Современная конкуренция. Т. 16, № 2. С. 34–50. https://doi.org/10.37791/2687-0657-2022-16-2-34-50.Овсянников Т.А. (2020). Признаки коллективного доминирования в законе «О защите конкуренции» помогают принимать правильные решения судьям арбитражных судов? // Вестник Московского университета. Серия 6, Экономика. № 5. С. 102–119. https://doi.org/10.38050/01300105202055.Шаститко А. (2011). Координационные и распределительные эффекты ошибок первого и второго рода // Экономическая политика. № 1. С. 114–124.Шаститко А.Е. (2011). Ошибки I и II рода в экономических обменах с участием третьей стороны-гаранта // Журнал Новой экономической ассоциации. № 10. С. 125–148.Шаститко А.Е., Ионкина К.А. (2021). Химера отечественного антитраста: институт коллективного доминирования в России // Вопросы экономики. № 7. С. 68–88. https://doi.org/10.32609/0042-8736-2021-7-68-88.Шаститко А.Е., Курдин А. (2018). Функциональное и инструментальное в определении рынка: лаборатория естественных экспериментов на Балтике // Балтийский регион. № 2. С. 4–25. https://doi.org/10.5922/2079-8555-2018-2-1.Aggarwal R. (2014). Animal spirits in financial economics: A review of deviations from economic rationality. International Review of Financial Analysis, vol. 32, pp. 179–187. https://doi.org/10.1016/j.irfa.2013.07.018Aulerich N.M., Irwin S.H., Garcia P. (2014). Bubbles, food prices, and speculation: Evidence from the CFTC’s daily large trader data files. The economics of food price volatility. University of Chicago Press. Pp. 211–253.Baffes J., Nagle P. (Eds.). (2022). Commodity markets: Evolution, challenges, and policies. World Bank Publications.Buyuksahin B., Robe M. (2011). Does ‘paper oil’ matter? Energy markets’ financialization and equity-commodity co-movements. https://doi.org/10.2139/ssrn.1855264Christie W.G., Schultz P.H. (1994). Why do NASDAQ market makers avoid odd‐eighth quotes? The Journal of Finance, vol. 49, no. 5, pp. 1813–1840.Fattouh B. (2012). Speculation and oil price formation. FEEM (Fondazione Eni Enrico Mattei. Review of Environment, Energy and Economics (Re3). https://ssrn.com/abstract=2029660Geman H. (2009). Commodities and commodity derivatives: Modeling and pricing for agriculturals, metals and energy. John Wiley & Sons.Gilbert A., Bazilian M., Gross S. (2021). The emerging global natural gas market and the energy crisis of 2021–2022. Brookings Institution.Haase M., Zimmermann Y., Zimmermann H. (2016). The impact of speculation on commodity futures markets – A review of the findings of 100 empirical studies. Journal of Commodity Markets, vol. 3, no. 1, pp. 1–15. https://doi.org/10.1016/j.jcomm.2016.07.006Laulajainen R. (1995). The geographical reach of a commodity exchange: The London metal exchange and beyond. Resources Policy, vol. 21, no. 2, pp. 133–141. https://doi.org/10.1016/0301-4207(95)98706-6Manera M., Nicolini M., Vignati I. (2016). Modelling futures price volatility in energy markets: Is there a role for financial speculation? Energy Economics, vol. 53, pp. 220–229. https://doi.org/10.1016/j.eneco.2014.07.001Meerhaeghe M.A. van, Wonnacott P. (2023). Commodity trade. Encyclopedia Britannica. https://www.britannica.com/money/topic/commodity-tradePirrong S.C. (1995). The efficient scope of private transactions-cost-reducing institutions: The successes and failures of commodity exchanges. The Journal of Legal Studies, vol. 24, no. 1, pp. 229–255. https://doi.org/10.1086/467959Salisu A., Ndako U., Vo X.V. (2023). Transition risk, physical risk, and the realized volatility of oil and natural gas prices. Resources Policy, no. 81, article no. 103383. https://doi.org/10.1016/j.resourpol.2023.103383Schelling T.C. (1960). The strategy of conflict. Cambridge: Harvard University Press.Soumaré I. (2022). Commodity exchanges: Concepts, tools and guidelines. In: Commodity exchanges. Edward Elgar Publishing.Thaler R.H., Sunstein C.R. (2009). Nudge: Improving decisions about health, wealth and happiness. London, Penguin Books.Thompson P.B. (2012). “There’s an app for that”: Technical standards and commodification by technological means. Philosophy & Technology, no. 25, pp. 87–103. https://doi.org/10.1007/s13347-011-0029-4Velkar A. (2010). ‘Deep’ integration of 19th century grain markets: Coordination and standardisation in a global value chain. LSE Working Paper No. 145/10.Williamson O.E. (1991). Comparative economic organization: The analysis of discrete structural alternatives. Administrative Science Quarterly, vol. 36, no. 2, pp. 269–296. https://doi.org/10.2307/2393356Wolak F. (2006). Lower oil price volatility for a smooth transition to a green energy future. SIEPR Policy Brief, Stanford University.Yafimava K. (2013). The EU third package for gas and the gas target model: Major contentions inside and outside the EU. Oxford Institute for Energy Studies, NG-75.Avdasheva S.B., Shastitko A.E., Kalmychkova E.N. (2007). Economic foundations of antimonopoly policy: Russian practice in the context of world experience. Ekonomicheskiy zhurnal Vysshey shkoly ekonomiki / The HSE Economic Journal, vol. 11, no. 2, pp. 234–270. (in Russ.)Goreyko N.A. (2011). The norm on collective dominance in Russian antimonopoly practice. Sovremennaya konkurentsiya / Modern Competition, no. 6, pp. 33–49. (in Russ.)Kurdin A.A., Kolomiets A.R. (2022). Energy commodity exchanges in Russia: Protection against shocks or monopolies? Sovremennaya konkurentsiya / Modern Competition, vol. 16, no. 2, pp. 34–50. https://doi.org/10.37791/2687-0657-2022-16-2-34-50. (in Russ.)Ovsyannikov T.A. (2020). Are the signs of collective dominance in law “On protection of competition” helpful for arbitration judges in taking right decisions? Vestnik Moskovskogo universiteta. Seriya 6, Ekonomika / Moscow University Economics Bulletin, no. 5, pp. 102–119. https://doi.org/10.38050/01300105202055. (in Russ.)Shastitko A. (2011). Coordination and distribution effects of I and II types of errors. Ekonomicheskaya politika / Economic Policy, no. 1, pp. 114–124. (in Russ.)Shastitko A.E. (2011). Errors of I and II types in economic exchanges with third party enforcement. Zhurnal Novoy ekonomicheskoy assotsiatsii / Journal of the New Economic Association, no. 10, pp. 125–148. (in Russ.)Shastitko A.E., Ionkina K.A. (2021). Chimera of domestic antitrust: Institution of collective dominance in Russia. Voprosy Ekonomiki, no. 7, pp. 68–88. https://doi.org/10.32609/0042-8736-2021-7-68-88 . (in Russ.)Shastitko A.E., Kurdin A. (2018). The functional and the instrumental in market definition: A laboratory for natural experiments in the Baltics. Baltiyskiy region / The Baltic Region, no. 2, pp. 4–25. https://doi.org/10.5922/2079-8555-2018-2-1. (in Russ.)Aggarwal R. (2014). Animal spirits in financial economics: A review of deviations from economic rationality. International Review of Financial Analysis, vol. 32, pp. 179–187. https://doi.org/10.1016/j.irfa.2013.07.018Aulerich N.M., Irwin S.H., Garcia P. (2014). Bubbles, food prices, and speculation: Evidence from the CFTC’s daily large trader data files. The economics of food price volatility. University of Chicago Press. Pp. 211–253.Baffes J., Nagle P. (Eds.). (2022). Commodity markets: Evolution, challenges, and policies. World Bank Publications.Buyuksahin B., Robe M. (2011). Does ‘paper oil’ matter? Energy markets’ financialization and equity-commodity co-movements. https://doi.org/10.2139/ssrn.1855264Christie W.G., Schultz P.H. (1994). Why do NASDAQ market makers avoid odd‐eighth quotes? The Journal of Finance, vol. 49, no. 5, pp. 1813–1840.Fattouh B. (2012). Speculation and oil price formation. FEEM (Fondazione Eni Enrico Mattei. Review of Environment, Energy and Economics (Re3). https://ssrn.com/abstract=2029660Geman H. (2009). Commodities and commodity derivatives: Modeling and pricing for agriculturals, metals and energy. John Wiley & Sons.Gilbert A., Bazilian M., Gross S. (2021). The emerging global natural gas market and the energy crisis of 2021–2022. Brookings Institution.Haase M., Zimmermann Y., Zimmermann H. (2016). The impact of speculation on commodity futures markets – A review of the findings of 100 empirical studies. Journal of Commodity Markets, vol. 3, no. 1, pp. 1–15. https://doi.org/10.1016/j.jcomm.2016.07.006Laulajainen R. (1995). The geographical reach of a commodity exchange: The London metal exchange and beyond. Resources Policy, vol. 21, no. 2, pp. 133–141. https://doi.org/10.1016/0301-4207(95)98706-6Manera M., Nicolini M., Vignati I. (2016). Modelling futures price volatility in energy markets: Is there a role for financial speculation? Energy Economics, vol. 53, pp. 220–229. https://doi.org/10.1016/j.eneco.2014.07.001Meerhaeghe M.A. van, Wonnacott P. (2023). Commodity trade. Encyclopedia Britannica. https://www.britannica.com/money/topic/commodity-tradePirrong S.C. (1995). The efficient scope of private transactions-cost-reducing institutions: The successes and failures of commodity exchanges. The Journal of Legal Studies, vol. 24, no. 1, pp. 229–255. https://doi.org/10.1086/467959Salisu A., Ndako U., Vo X.V. (2023). Transition risk, physical risk, and the realized volatility of oil and natural gas prices. Resources Policy, no. 81, article no. 103383. https://doi.org/10.1016/j.resourpol.2023.103383Schelling T.C. (1960). The strategy of conflict. Cambridge: Harvard University Press.Soumaré I. (2022). Commodity exchanges: Concepts, tools and guidelines. In: Commodity exchanges. Edward Elgar Publishing.Thaler R.H., Sunstein C.R. (2009). Nudge: Improving decisions about health, wealth and happiness. London, Penguin Books.Thompson P.B. (2012). “There’s an app for that”: Technical standards and commodification by technological means. Philosophy & Technology, no. 25, pp. 87–103. https://doi.org/10.1007/s13347-011-0029-4Velkar A. (2010). ‘Deep’ integration of 19th century grain markets: Coordination and standardisation in a global value chain. LSE Working Paper No. 145/10.Williamson O.E. (1991). Comparative economic organization: The analysis of discrete structural alternatives. Administrative Science Quarterly, vol. 36, no. 2, pp. 269–296. https://doi.org/10.2307/2393356Wolak F. (2006). Lower oil price volatility for a smooth transition to a green energy future. SIEPR Policy Brief, Stanford University.Yafimava K. (2013). The EU third package for gas and the gas target model: Major contentions inside and outside the EU. Oxford Institute for Energy Studies, NG-75.