摘要：Purpose – This study tackles the relationship between the agricultural commodities price increase and the financial speculation in the commodities exchange (BM&FBOVESPA), and the role of government regulation and self-regulation on that arena. Methodology/approach/design – At first, it seeks to portray the problem and establish a possible relationship of cause and effect between speculation and price increases. In a second moment, it analyzes the government regulation and the implications in having the same regulatory body - BM&FBOVESPA - responsible for creating rules and simultaneously participates in the market. Findings – As a result, this study affirms the complementarity between the two forms of regulation, the persistent confusion between them and the need for rather addressing the nature of the rules than its source organization. Practical implications – With this, I hope to contribute with new areas of discussion about commodity futures trading regulation, emphasizing deeper institutional analysis, as well as the importance of quality of established rules and the complementarity between different forms of regulation.↓Propósito – O propósito deste estudo é o de abordar a relação existente entre o aumento do preço das commodities agrícolas e sua especulação financeira na Bolsa de Mercadorias e Futuros (BM&FBOVESPA), assim como o papel da regulação governamental e da autorregulação exercida pela própria BM&FBOVESPA frente a esse problema. Metodologia/abordagem/design – Busca-se retratar o problema e apontar opiniões opostas sobre a possível relação de causa e efeito entre especulação e aumento de preços. Em um segundo momento, procura-se tratar da regulação governamental e das implicações em se ter uma mesma organização, nesse caso a BM&FBOVESPA, responsável por criar normas e simultaneamente participar do mercado. Resultados – Como resultado, afirma-se a complementariedade entre as formas de regulação, a persistente confusão entre elas e uma maior atenção à natureza das regras criadas, e não tanto à sua organização de origem. Implicações práticas – Espera-se, desta maneira, contribuir com novas frentes de discussão sobre a regulação dos mercados futuros de commodities, enfatizando uma análise institucional mais profunda, assim como a importância da qualidade das regras criadas e a complementaridade entre distintas formas de regulação para a resolução de problemas.
其他摘要：Purpose – This study tackles the relationship between the agricultural commodities price increase and the financial speculation in the commodities exchange (BM&FBOVESPA), and the role of government regulation and self-regulation on that arena. Methodology/approach/design – At first, it seeks to portray the problem and establish a possible relationship of cause and effect between speculation and price increases. In a second moment, it analyzes the government regulation and the implications in having the same regulatory body - BM&FBOVESPA - responsible for creating rules and simultaneously participates in the market. Findings – As a result, this study affirms the complementarity between the two forms of regulation, the persistent confusion between them and the need for rather addressing the nature of the rules than its source organization. Practical implications – With this, I hope to contribute with new areas of discussion about commodity futures trading regulation, emphasizing deeper institutional analysis, as well as the importance of quality of established rules and the complementarity between different forms of regulation.
