State management of commodity exchanges: A comparative study with policy implications for Vietnam
Published: July 29, 2026
Abstract
This study analyzes and compares state management models for commodity exchanges in the United States, the European Union, and the United Kingdom, thereby clarifying three regulatory philosophies: rules-based, principles-based, and hybrid approaches. Drawing on legal documents and two notable market incidents - the 2022 LME nickel crisis and the 2020 negative WTI crude oil price event - the study demonstrates that the hybrid model, which combines principles as a guiding framework with targeted technical rules at high-risk points, offers the most effective regulatory balance. The study further examines Vietnam’s current regulatory practice alongside the draft Decree on Commodity Trading via Exchanges (Draft dated September 10, 2025). On this basis, it proposes several policy recommendations to refine the regulatory model, strengthen integration capacity, and improve the resilience of Vietnam’s commodity market.
Keywords
commodity exchangescommodity derivatives marketsrules and principles governancebi-peak modelmarket surveillance.
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