financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2024-28-6-59-68finance-3310Research ArticleФОНДОВЫЕ РЫНКИSTOCK MARKETSПовышение ликвидности на индийских рынках товарных деривативов: привязка торговли сельскохозяйственной продукцией к рынкам товарных деривативовEnhancing Liquidity in the Indian Commodity Derivatives Markets: Linking Agriculture Trade to Commodity Derivative Marketshttps://orcid.org/0000-0002-8684-7864СониТ. К.SoniT. K.

Тарун Кумар Сони - FPM (финансы), доцент

Нью-Дели

Tarun K. Soni - FPM (Finance), Assoc. Prof., FORE School of Management

New Delhi

tarun.soni@fsm.ac.inhttps://orcid.org/0000-0002-2850-8004СингхА.SinghA.

Амриндер Сингх - PhD, доцент кафедры бухгалтерского учета и финансов

Паунта Сахиб

Amrinder Singh - PhD, Assist. Prof. (Accounting & Finance)

Paonta Sahib

amrinder.singh@iimsirmaur.ac.inШкола менеджмента FOREИндияFORE School of ManagementIndiaИндийский институт менеджмента СирмаурИндияIndian Institute of Management SirmaurIndia2024040120252865968Copyright © Сони Т.К., Сингх А., 20242024Сони Т.К., Сингх А.Soni T.K., Singh A.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/3310

Присоединение участников цепочки создания стоимости в сельском хозяйстве, включая фермеров, трейдеров, агрегаторов, переработчиков и т. д., к рынкам товарных деривативов может стать беспроигрышным вариантом для всех заинтересованных сторон товарной экосистемы. Участники могут получить преимущество, связанное с установлением цен и управлением рисками; с другой стороны, биржи могут получить повышенную ликвидность. В этом же контексте в статье представлена концептуальная схема привлечения агентов цепочки создания стоимости в сельском хозяйстве на индийские товарные биржи. В рамках этой концепции особое внимание уделяется повышению осведомленности производителей, переработчиков и потребителей сельскохозяйственной продукции о пользе рынков товарных деривативов. Также рассматривается вопрос о стимулировании хеджеров и участников, которые должны иметь реальную подверженность воздействию сырьевых товаров, чтобы повысить их участие в работе индийских бирж. Кроме того, рекомендуется поощрять косвенное участие через торговцев опционами, торговые банки или другие специализированные агентства. В перспективе можно рассмотреть и другие стратегии, включая участие государства в рынках товарных деривативов и разрешение дробных контрактов на товарные деривативы для повышения ликвидности на индийских рынках товарных деривативов.

Integrating participants in the agricultural value chain, including farmers, traders, aggregators, processors, etc., into commodity derivative markets can become a win-win option for all stakeholders in the commodity ecosystem. Participants may gain an advantage related to price setting and risk management; on the other hand, exchanges may benefit from increased liquidity. In this same context, the article presents a conceptual scheme for attracting value chain agents in agriculture to Indian commodity exchanges. Within the framework of this concept, special attention is given to raising the awareness of producers, processors, and consumers of agricultural products about the benefits of commodity derivative markets. The issue of incentivizing hedgers and participants, who should have real exposure to commodities, is also being considered to increase their participation in the operations of Indian exchanges. Moreover, it is recommended to encourage indirect participation through option traders, investment banks, or other specialized agencies. In the long term, other strategies can also be considered, including state participation in commodity derivatives markets and allowing fractional contracts on commodity derivatives to increase liquidity in Indian commodity derivatives markets.

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The authors declare that there are no conflicts of interest present.