ืžื•ืคืขืœ ืข"ื™
Regulation

ื”ืงื•ื ื’ืจืก ื ืงืจื ืœืกื’ื•ืจ ืืช ืคืขืจ ื”ืคื™ืงื•ื— ื”ืžืกื•ื›ืŸ ืขืœ ืžื˜ื‘ืขื•ืช ืงืจื™ืคื˜ื•ื’ืจืคื™ื™ื ืขื›ืฉื™ื•

ืžืืžืจ ื–ื” ืคื•ืจืกื ืœืคื ื™ ื™ื•ืชืจ ืžืฉื ื”. ื—ืœืง ืžื”ืžื™ื“ืข ืขืฉื•ื™ ืœื ืœื”ื™ื•ืช ืขื“ื›ื ื™.

ืชื—ื™ื ื” ื“ื—ื•ืคื” ืžืฆื“ ืจื’ื•ืœื˜ื•ืจ ื‘ื›ื™ืจ ืœืฉืขื‘ืจ ืœื•ื—ืฆืช ืขืœ ื”ืงื•ื ื’ืจืก ืœืคืขื•ืœ ื›ืขืช, ืžื–ื”ื™ืจื” ื›ื™ ื—ื•ืกืจ ืคืขื•ืœื” ื‘ื ื•ืฉื ืคื™ืงื•ื— ืขืœ ืงืจื™ืคื˜ื• ืžืกื›ืŸ ืžื™ืœื™ื•ื ื™ื ืœืื•ืจ ื”ื•ื ืื” ื ืจื—ื‘ืช ื•ืื™ ืกื“ืจ ื‘ืฉื•ืง.

ื ื›ืชื‘ ืข"ื™
ืฉืชืฃ
ื”ืงื•ื ื’ืจืก ื ืงืจื ืœืกื’ื•ืจ ืืช ืคืขืจ ื”ืคื™ืงื•ื— ื”ืžืกื•ื›ืŸ ืขืœ ืžื˜ื‘ืขื•ืช ืงืจื™ืคื˜ื•ื’ืจืคื™ื™ื ืขื›ืฉื™ื•

ื™ื•โ€ืจ ืœืฉืขื‘ืจ ืฉืœ CFTC ืงื•ืจื ืœืงื•ื ื’ืจืก ืœืคืขื•ืœ ื›ืขืช ื›ืืฉืจ ื”ื•ื•ืืงื•ื ื”ืจื’ื•ืœื˜ื•ืจื™ ื‘ืงืจื™ืคื˜ื• ืžืกื›ืŸ ืžื™ืœื™ื•ื ื™ื

ืจื•ืกื˜ื™ืŸ ื‘ื”ื ื, ื™ื•โ€ืจ ืœืฉืขื‘ืจ ืฉืœ ื”ื•ื•ืขื“ื” ืœืžืกื—ืจ ื‘ืกื—ื•ืจื•ืช ืฉืœ ืืจืฆื•ืช ื”ื‘ืจื™ืช (CFTC) ื•ื›ืขืช ืขืžื™ืช ืžื›ื•ื‘ื“ ื‘ืžืจื›ื– ืคืกืืจื•ืก ืฉืœ ืื•ื ื™ื‘ืจืกื™ื˜ืช ื’โ€™ื•ืจื’โ€™ื˜ืื•ืŸ, ืคืจืกื ืงืจื™ืื” ื ืžืจืฆืช ืœืงื•ื ื’ืจืก ื‘ื“ื™ื•ืŸ ืžืฉื•ืชืฃ ื‘ืงื•ื ื’ืจืก ื‘-6 ื‘ืžืื™ ืœืกื’ื•ืจ ืืช ืžื” ืฉื”ื•ื ื›ื™ื ื” ืคืขืจ ืจื’ื•ืœื˜ื•ืจื™ ืžืกื•ื›ืŸ ื‘ืคื™ืงื•ื— ืขืœ ื ื›ืกื™ื ื“ื™ื’ื™ื˜ืœื™ื™ื. ื”ืคืขืจ ืžืชื™ื™ื—ืก ืœื”ื™ืขื“ืจ ืคื™ืงื•ื— ืคื“ืจืœื™ ืขืœ ื ื›ืกื™ื ื“ื™ื’ื™ื˜ืœื™ื™ื ืฉืœื ืžืกื•ื•ื’ื™ื ื›ื ื™ื™ืจื•ืช ืขืจืš, ืžื” ืฉื”ืฉืื™ืจ ืืช ืจื•ื‘ ืฉื•ืง ื”ืงืจื™ืคื˜ื• ืžื—ื•ืฅ ืœืกืžื›ื•ืช ื”ืจื’ื•ืœื˜ื•ืจื™ืช ืฉืœ ื”-CFTC ื•ืฉืœ ื”ื ืฆื™ื‘ื•ืช ื”ืืžืจื™ืงื ื™ืช ืœื ื™ื™ืจื•ืช ืขืจืš (SEC).

ื‘ืขื“ื•ืชื• ืžื•ืœ ืชืชื™ ื”ื•ื•ืขื“ื•ืช ืœืขื ื™ื™ื ื™ ื ื›ืกื™ื ื“ื™ื’ื™ื˜ืœื™ื™ื ื•ืฉื•ืงื™ ืกื—ื•ืจื•ืช ื‘ื‘ื™ืช ื”ื ื‘ื—ืจื™ื, ื‘ื”ื ื ื”ื–ื›ืจ ืืช ื›ื”ื•ื ืชื• ื›ื™ื•โ€ืจ ื”-CFTC ื‘ื™ืŸ 2021 ืœ-2025, ื•ื”ื“ื’ื™ืฉ ืฉื‘ื–ืžืŸ ื›ื”ื•ื ืชื• ื”ื•ื ื‘ืขืงื‘ื™ื•ืช ื”ื–ื”ื™ืจ ืืช ื”ืงื•ื ื’ืจืก ืขืœ ื—ื•ืกืจ ืžืฉืคื˜ื™:

ื‘ืžื”ืœืš ื›ืœ ื”ื–ืžืŸ ื”ื–ื”, ื—ื–ืจืชื™ ืฉื•ื‘ ื•ืฉื•ื‘ ืขืœ ืื•ืชื• ืžืกืจ ืœืงื•ื ื’ืจืก: ืชื—ืช ื”ื—ื•ืง ื”ืืžืจื™ืงื ื™ ื”ื ื•ื›ื—ื™, ืงื™ื™ื ืคืขืจ ื‘ืจื’ื•ืœืฆื™ื” ืœืฉื•ืง ื”ื ื›ืกื™ื ื”ื“ื™ื’ื™ื˜ืœื™ื™ื ืฉืื™ื ื ื ื™ื™ืจื•ืช ืขืจืš.

ื‘ื”ื ื ื”ื“ื’ื™ืฉ ื›ื™ ื”ืคืขืจ ื”ืžืชืžืฉืš ื”ื–ื” ืืคืฉืจ ื”ืชื ื”ืœื•ืช ืœื ืชืงื™ื ื” ื ืจื—ื‘ืช ื‘ืชื—ื•ื ื”ืงืจื™ืคื˜ื•, ื—ื•ืฉืฃ ืืช ื”ืžืฉืงื™ืขื™ื ืœืกื™ื›ื•ืŸ ืžื™ื•ืชืจ. ื”ื•ื ื”ืชื—ื–ืง: โ€œื”ืคืขืจ ื”ืจื’ื•ืœื˜ื•ืจื™ ืงื™ื™ื ื’ื ื”ื™ื•ื, ื•ื—ื™ื™ื‘ ืœื”ื™ืกื’ืจ ื‘ื—ืงื™ืงื” ืžืžื•ืงื“ืช; ื”ื•ื ืื™ืคืฉืจ ืœื ืกื™ื•ื ื•ืช ื”ื•ื ืื” ืื™ื ืกืคื•ืจ, ื—ืœืงื ืงื˜ื ื™ื ื•ืจื’ื™ืœื™ื ื‘ืฆื•ืจืชื ื”ืคืœื™ืœื™ืช, ืื—ืจื™ื ื’ื“ื•ืœื™ื ื‘ืคืจื•ืคื™ืœื.โ€

ื‘ืืžืฆืขื™ ืžื—ืงืจ ื”ืžืฆื‘ื™ืข ื›ื™ ื›ืžืขื˜ 20% ืžื”ืืžืจื™ืงืื™ื ืžื—ื–ื™ืงื™ื ื‘ื ื›ืกื™ื ื“ื™ื’ื™ื˜ืœื™ื™ื, ื”ื•ื ื˜ืขืŸ ื›ื™ ื’ื™ืฉื•ืช ื—ืœืงื™ื•ืช ื•ื”ืกืกื ื•ืช ืจื’ื•ืœื˜ื•ืจื™ืช ืจืง ื”ืขืžื™ืงื• ืืช ื”ืคื’ื™ืขื•ืช ืฉืžื•ืœื ืžืฉืชืชืคื™ื ืงืžืขื•ื ืื™ื™ื ื•ืžื•ืกื“ื™ื™ื ื›ืื—ื“. ื™ื•โ€ืจ ื”-CFTC ืœืฉืขื‘ืจ ืžืชื— ื‘ื™ืงื•ืจืช ืขืœ ื”ืจืขื™ื•ืŸ ื›ื™ ื”ืงืžืช ืžืกื’ืจืช ืจื’ื•ืœื˜ื•ืจื™ืช ื‘ืืจื”โ€ื‘ ืชืขื–ื•ืจ ืœืฉื—ืงื ื™ื ืœื ืœื’ื™ื˜ื™ืžื™ื™ื, ื•ื˜ืขืŸ ื›ื™ ืœื•ื’ื™ืงื” ื›ื–ื• ื’ืจืžื” ืœืืคืงื˜ ื”ืคื•ืš ื‘ื›ืš ืฉืจื•ื‘ ื”ืฉื•ืง ื ื•ืชืจ ืœื ืžืคื•ืงื—.

ื‘ื™ืŸ ื”ืฆืขื•ืชื™ื• ื”ืžืจื›ื–ื™ื•ืช, ื‘ื”ื ื ืงืจื ืœื›ืœืœื™ื ื‘ืจื•ืจื™ื ื”ืžื‘ื“ื™ืœื™ื ื‘ื™ืŸ ื ื™ื™ืจื•ืช ืขืจืš ื•ืกื—ื•ืจื•ืช, ื“ืจื™ืฉื•ืช ืจื™ืฉื•ื ื›ืคื•ืœื•ืช ืœื—ื‘ืจื•ืช ื”ืžื˜ืคืœื•ืช ื‘ืฉืชื™ื”ืŸ, ื•ืžืฉื˜ืจ ื’ื™ืœื•ื™ ืžื•ื’ื‘ืœ ื”ืžื•ืชืื ืœื ื›ืกื™ื ื›ืžื• ื‘ื™ื˜ืงื•ื™ืŸ. ื”ื•ื ื’ื ื“ื—ืง ื‘ืืžืฆืขื™ ืžื ื™ืขื” ืœื”ืœื‘ื ืช ื”ื•ืŸ, ื“ื’ื ืžื™ืžื•ืŸ ืžื‘ื•ืกืก ืขืžืœื•ืช ืœ-CFTC, ื•ื›ืœื•ืœื” ืฉืœ ืืจื’ื•ืŸ ืจื’ื•ืœืฆื™ื” ืขืฆืžื™ ืœื—ื™ื–ื•ืง ื”ืื›ื™ืคื”.

ืœื”ืฆืขื” ืœื“ืจืš ืงื“ื™ืžื”, ื‘ื”ื ื ืงืจื ืœืžื—ื•ืงืงื™ื ืœื™ื™ืฉื ื—ืงื™ืงื” ืฉืžื‘ื—ื™ื ื” ื‘ื ื›ืกื™ื ื“ื™ื’ื™ื˜ืœื™ื™ื ื›ืกื—ื•ืจื•ืช ืื• ื ื™ื™ืจื•ืช ืขืจืš, ื•ื‘ื›ืš ืžื‘ื”ื™ืจ ืืช ืชื—ื•ื ื”ืฉื™ืคื•ื˜ ื”ืจื’ื•ืœื˜ื•ืจื™. ื”ื•ื ื’ื ืชื‘ืข ืกืžื›ื•ืช ื—ื“ืฉื” ืœ-CFTC ืœืคืงื— ืขืœ ืืกื™ืžื•ื ื™ื ืฉืื™ื ื ื ื™ื™ืจื•ืช ืขืจืš ื›ืžื• ื‘ื™ื˜ืงื•ื™ืŸ, ื•ื”ืชื•ื•ืช ืขืงืจื•ื ื•ืช ื›ืžื• ื’ื™ืœื•ื™ื™ื ืžื•ืชืืžื™ื, ืจื™ืฉื•ื ื›ืคื•ืœ ืฉืœ ืกื•ื›ื ื•ื™ื•ืช, ืžื ื“ื˜ื™ื ืœืžื ื™ืขืช ื”ืœื‘ื ืช ื”ื•ืŸ ื•ื™ื•ื–ืžื•ืช ื—ื™ื ื•ืš ืฆื™ื‘ื•ืจื™ื•ืช. ื‘ื”ื“ื’ืฉืช ื”ื”ืฉืœื›ื•ืช, ื‘ื”ื ื ืกื™ื›ื ื‘ืงืจื™ืื” ื™ืฉื™ืจื” ืœืคืขื•ืœื”:

ืื ื—ื ื• ืฆืจื™ื›ื™ื ืœืคืขื•ืœ ื‘ื–ื”ื™ืจื•ืช, ืืš ื‘ืžื”ื™ืจื•ืช, ื›ื“ื™ ืœืžืœื ืืช ื”ืคืขืจ ื”ืจื’ื•ืœื˜ื•ืจื™ ื”ืžื–ื™ืง ื”ื–ื” ื›ื“ื™ ืœื”ืขื ื™ืง ืœืžืฉืงื™ืขื™ื ื”ืืžืจื™ืงืื™ื ืืช ื”ื”ื’ื ื” ืฉืžื’ื™ืขื” ืœื”ื.

ืชื’ื™ื•ืช ื‘ื›ืชื‘ื” ื–ื•