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Why developed countries bulk cargo transactions with the main warehouse receipts?

        In the commercial real retail scale is very limited, bulk goods wholesale trade is heavy. Throughout its development history, the trade model has mainly experienced the physical spot trade, forward contract transactions, warehouse receipts transactions, futures contracts and other trade patterns. According to the subject of delivery can be divided into spot trading and futures trading two categories. Spot transactions are divided into physical transactions and spot cash warehouse receipts transactions in the market of economically developed countries, the daily transaction is the mainstream of frequent warehouse receipts transactions, the main logistics center and the financial center of the bulk of the transaction by the transaction " only in remote areas and non-conventional goods, the lack of warehouse receipts services, labor buyers will be directly with the seller direct cash acceptance transactions.

         Businessmen, are mercenary. Why do these economically developed countries, businessmen used warehouse receipts so that third-party warehouse to make money model?

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        From the chart analysis, the spot warehouse receipt transaction compared with the spot physical trade has the following advantages:
 
       1, a single endorsement system multiple single endorsement, many trading advantages are significant. Warehouse receipt is the subject matter of the spot transaction is a warehouse receipt, warehousing is received by the custodian storage to the depositor to pay the withdrawal of storage certificate, you can endorsement, transfer of goods under the warehouse receipts for ownership, or for pledge. Receipt of endorsement and custodian seal signed warehouse receipt is deemed to have the right to cargo, so compared to the cash settlement of each shift warehouse transport, warehouse receipts a document of the faster turnover and transaction costs lower.
 
       2, to reduce cargo damage. Physical settlement or settlement of fixed locations, resulting in each transport, each unloading, each delivery will be on the packaging of goods, the quality of damage, and even increased the risk of theft of goods destroyed by the replacement. The greater the number of physical settlement the greater the risk the greater the cost; but warehousing settlement in the premise of the warehouse does not shift warehouse receipts thousands of times tens of thousands of times will not result in cargo damage.
 
       3, to save the negotiation cycle and cost. If the place of delivery of the warehouse is fixed and the location is in the recognized logistics center, the transportation cost, the pricing basis, the quality inspection organization and the warehousing service expense can be clearly estimated, and the parties to the transaction are fair and economical. ; And physical delivery location is not fixed or the designated location of the transaction price and risk of considerable influence, in fact, both sides of the transaction the strength of the status of buyers and sellers need to transport, quality inspection methods, ports, insurance and other convenient long-term time-consuming Of the negotiations to communicate;
 
       4, the basis of efficient pricing mechanism. The pricing mechanism of all kinds of commodities is often based on the main warehouse warehouse to determine the warehouse receipt location clear and focused, after a certain period of time accumulation, will form a local mainstream traders recognized prices, such as LME copper, Shanghai Free Trade Zone copper, Foshan non-ferrous price, Chicago wheat prices, Singapore oil prices and so on. Trading price more transparent, effectively improve the efficiency of transactions. This is important for both commodity buying and selling. Warehouse prices in different major trading areas easily determine the regional price difference with the premium and discount pricing is very convenient, which is the global futures contracts all delivery warehouse receipts the main reason.
 
       5, the quality of professional acceptance neutral. Warehousing requirements on the storage of goods specified in the variety, quantity, quality, packaging, pieces and markings, storage loss criteria and so on, and storage of goods entering and leaving the strict inspection, the warehouse will issue a valid position Single Credentials. Because the warehouse quality service mechanism is neutral in the warehouse receipt mode, even if the customer discovers the goods which do not match with the warehouse receipt, the warehouse can support the parties to deal with and solve the problem because of the credit mechanism of warehouse receipts. Goods or by the responsible party compensation. Warehouse receipts and bills of lading is the only logistics service must have the goods acceptance and quality inspection services, high-end logistics services, bills of lading is mainly used for international trade, warehouse receipts can be used for domestic or international trade, China's warehouse receipt service is far lower In Europe and the United States, the vast majority of Chinese logistics companies do not have the ability to manage the quality of goods, tube to the packaging has been done, which is the proliferation of counterfeit goods in China one of the important reasons.
 
       6, the transaction parties to the lowest investment in fixed assets, the utilization of high socialization of the warehouse. In the physical trading model, the transaction of the two sides of the storage assets and management capacity building needs a larger matching investment, and the utilization rate is low, some season is not enough, and some free season. In the warehouse receipt transaction mode, both parties do not need large warehouse, but take the warehouse rent by public warehouse. The long-term cost is the lowest, and warehouse warehouse service has a large number of customers. Significantly higher than the owner-owned warehouse.
 
       7, financial services supporting strong. Warehouse receipts in Europe and the United States is the undisputed legal title of the certificate, and the transfer and pledge of convenient endorsement function, can be used to do collateral financing collateral, trade financing can also do the buying of assets, in the emphasis on paper documents The financial industry has long been used in a variety of financial services, making investment and financing needs can be supported by warehouse receipts. All major Western banks have a large number of warehouse receipts financing and settlement services products, most of the mainstream securities companies have a variety of warehouse receipts based on commodity financing and derivatives for investors to choose, the richness of warehouse receipts financial products leading China's financial sector three More than a decade.
 
       based on the above advantages of spot warehouse receipt transactions, spot warehouse receipt transactions in the US and European markets have been popular for hundreds of years. Why is China's cash warehouse transactions are currently limited to the spot trade of commodities and a small number of domestic futures exchanges, and can not be widely used in day-to-day transactions?
 
       This is related to the environment of commodity development of countries in Europe and the United States from the physical transaction to the coexistence of spot and futures trading status, the owner of logistics gradually give way to third-party logistics, has experienced nearly two hundred years of development, the market spontaneously formed government follow- China's Ming and Qing Dynasties have been accustomed to using the "salt cited" "grain cited" and other Chinese-style warehouse receipts, but the New China planned economy commodity trading market (market economy fault), the reform and opening up thirty For many years, under the government to promote the formation of the futures exchange according to the use of warehouse receipts delivery achieved good results, but our futures exchanges and the spot has always maintained a clear line, strictly control the size of warehouse receipts only for a small amount of contracts Delivery only. China's third-party ports, warehousing business emphasis on scale expansion, the service level is generally low, warehouse receipts format GB delayed (just introduced in 2014), able to carry out warehouse receipts of high credit warehouses few, a large number of manufacturers, traders Or follow the use of its own warehouses and transport from the tube to provide delivery services to customers, do not attach importance to professional quality inspection, inspection experience with our comprehensive high cost of transactions, as follows: repeated transport, high loss of goods, goods in the library time Long (especially in the production base for a long time) slow turnover, delivery mixed impetus in general, more trading links, more price increases, since the construction of warehouses and more efficient low-cost, with storage or inventory documents and other non-standard documents "Warehouse disputes and more legal risk." China's domestic banks are weak in commodity financing services, most of the banks used to use real estate or guarantee companies as financing guarantees (high cost), in recent years, only the trade finance department or transaction banking sector, many Chinese bankers even mistakenly believe that warehouse receipts only for the pledge of financing, do not know the biggest advantage of warehouse receipts is the use of transactions, the domestic letter of credit no one can follow, alienation interbank interbank funds to become a tool, one can imagine the majority of domestic banks based on warehouse receipts and financing products to pay how many.
 
        Because of the above weaker public logistics services and financial services, the vast majority of manufacturers and traders in the Chinese market are in a state of reliable cash warehouse receipts. In addition to a few foreign logistics companies to enter China, in the coastal areas to use leased bonded warehouse to meet part of the foreign trade Warehousing transactions demand, a large amount of domestic trade in bulk cash transactions are mostly in the "self-service" from the small-scale economic stage (some traders and electricity providers are also proud of). On this basis, in the "all the way along the" big strategy in the formation of China-led advanced business rules, there is a large logistics service system and service capacity gap needs to be filled.
 
        We can expect such a level of logistics, the level of trade from Europe and the United States to fight for the pricing of commodities it? This is why we set up around the electronic spot trading platform or electronic business is difficult to achieve online commodity settlement, living as "class futures" or offline trading "electronic bulletin board," the underlying causes.
 
         How to shorten our country and Europe and the United States developed countries in the field of commodity trading gap, to achieve turning overtaking? And listen to the next decomposition.

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