ECONOMIC ESSENCE AND CLASSIFICATION OF EXCHANGE ASSETS ON ORGANIZED COMMODITY MARKETS

Abstract

The purpose of this study is to consider the economic essence of exchange-traded assets and to establish their classification in the organized commodity markets. It is noted that in the conditions of globalization, organized commodity markets have become universal exchange electronic platforms and have significantly expanded the range of assets, attracting not only commodity, but also a significant number of financial instruments. According to domestic legislation, exchange-traded assets are goods admitted to trading on commodity exchanges in accordance with the rules of commodity exchanges and they can include various types of products and other things, as well as derivative contracts on commodity assets. Based on the generalization of existing views, the economic essence of exchange-traded commodity assets has been clarified as a set of goods, which include various types of raw materials or semi-finished products that can be used as underlying assets for concluding exchange contracts, standardized according to qualitative and quantitative parameters in the form of exchange specifications. It is noted that in world practice it is customary to classify types of exchange-traded assets into two main groups: commodity and financial. The parameters of exchange-traded contracts can be developed by exchanges and systematized in specifications. It is noted that in the process of formation and development of international exchange trading, certain requirements for the characteristic features of basic assets have gradually been formed: competitiveness, mass, interchangeability, ease of storage and transportation, and standardization. It is noted that the possibility of applying standardization to exchange-traded assets made it possible to unify exchange-traded futures contracts – derivatives using exchange specifications. The classification of commodity assets is given by the following groups: energy resources; metals; agricultural raw materials and semi-finished products; industrial products and semi-finished products; timber; commodity asset indices; other types of goods.