in ordinary transactions when issued by the in settlement ... · • in ordinary transactions when...
TRANSCRIPT
• In ordinary transactions when issued by the
warehouseman or a third party
• In settlement of futures
• As a trading instrument on
dedicated e-platforms
Electronic Warehouse Receipts (EWRs)
• RUCAM to run private blockchain to issue EWRs
EWRs will be negotiable under Mexican law
• Smart contracts for extrajudicial enforcement
The Proposed Mexican EWR
RUCAM
Secured
Creditors
• EWRs are not actually traded but utilized in
satisfaction of delivery obligations (1%)
• Commodities stored in
licensed warehouses
• LMEsword and LMEshield,
CME, Rosario Exchange or
Mex Ukraine
Commodity Exchanges for Futures Contracts
• A type of commodity exchange – Africa,
Dubai, Eastern Europe…
• Listing system is similar to receivables
exchanges
• Trading system is similar to
securities exchanges
EWR Platform
• How do you make the security right effective against third parties?
• Delivery does not apply
• Registration▫ Effect on EWR platform transactions?
▫ Protection buyers through the platform?
• Control
Security Right over an EWR
• Modern governing framework – law,
regulations and rulebook
▫ Trading rules
▫ [Clearing] and settlement
▫ Loss sharing rules
• Contractual framework may be insufficient
on a large scale
Framework for an EWR Platform