【作者】 阙波；

【导师】 曹建明；

【作者基本信息】 华东政法学院 ， 国际法， 2000， 博士

【摘要】 国际金融衍生产品及其法律监管制度是国际金融法上的一个新的研究领域。本文运用国际金融法学理论和比较法对国际金融衍生产品及其市场监管中的若干法律问题进行了研究。除导言外,全文共分八章,约22万字。上世纪国际金融创新的一个主要标志是金融衍生产品的出现和发展。大量国际衍生产品的诞生和发展,不仅深刻地改变了传统国际金融市场的格局和发展趋势,也对传统国际金融法的演变和发展带来了影响。有关金融衍生产品的法律研究通常可以从合同法、侵权法、信托法、公司法等私法角度展开,而本文则主要是从公法角度来研究金融衍生产品的国际法律监管制度。由于金融衍生产品种类繁多、金融创新持续正在进行等原因,本文主要是对现行国际监管立法中的重点问题,如金融衍生交易场所和交易中介机构的法律问题、金融衍生交易中的客户保护、金融衍生交易的风险管理制度等。第一章是对金融衍生产品及其市场演变的基本介绍。在该章内容中,本人首先对金融衍生产品从法学和经济学两个角度概括了其基本含义,并对金融衍生产品的主要分类和新出现的复杂品种做了介绍;其次,文章对金融衍生产品市场的出现和发展做了简要介绍,重点是对参与衍生交易的资格、交易目的,以及不同种类衍生产品的法律性质等问题进行了论述。第二章是对金融衍生产品国际法律监管制度的分析。上世纪60年代出现的金融创新不仅改变了传统的国际货币金融法律制度,也促进了金融衍生交易相对发达国家的金融监管立法的改革。在本章中,本人分析了各国金融衍生监管立法的演变和发展趋势,并概括出金融衍生产品国际监管法律制度的五大法律特点。第三章研究了金融衍生交易场所及其非互助化改革的法律问题,包括场所设立、产品设计、市场监管和非互助化改革所产生的法律问题等。第四章论述了金融衍生交易中介机构的法律问题,重点是中介机构的市场准入、业务行为的法律监管、交易透明度,以及禁止的业务行为等。第五章是有关金融衍生交易中客户保护的法律研究。由于金融衍生交易的风险性和创新特点,因此对客户保护成为各国金融监管立法的重要内容。本章从金融衍生交易的适合性和风险揭示原则入手,对代理衍生交易的行为规范、投资者赔偿制度和争议解决机制等法律问题进行了论述。第六章是金融衍生场外交易市场及其法律监管制度的研究。本章主要从合同发的角度对场外金融衍生交易合同的成立、法律性质、合同转让与变更、合同违约与法律救济、合同法律适用与法院管辖等问题进行分析。此外,对场外<WP=6>衍生交易市场国际法律监管制度的确立提出了本人的思考和建议。第七章是有关金融衍生产品风险管理制度的分析。首先本人对金融衍生产品的风险识别和衡量做了论述,其次是对风险管理的法律框架,以及交易场所和场外市场的风险管理重点法律制度做了比较研究和阐述。第八章是金融衍生产品在中国的实践和监管立法的思考。在对中国金融衍生产品失败实践的法律原因进行分析归纳以后,文章论述了中国发展金融衍生产品的必要性、衍生交易法律制度建设、国债期货交易法律制度重建等方面的法律问题。文章的最后部分还对中国金融监管体制和监管理念的更新做了一定的探讨。更多还原

【Abstract】 Financial innovation in the last century lead to a lot of new financial derivative products and restructure the old international capital market and its underlying legal system. The law of derivatives in not, from the legal point of law, a coherent topic. Legal analysis and study is traditionally divided into contract, tort, equity and trusts, corporate law and so on which belong to private law area. The aim of this book is try to provide a basic system of public law area which may might relevant to derivatives. Since the international financial derivatives is so comprehensive and still on developing, my effort is focus on several topics which cover the existing international derivatives legal system, the derivatives exchange, the derivative trading intermediaries, the clients protection, the OTC derivative market, the risk control system. As a market supervisor worked in Shanghai Stock Exchange and experienced the crazy T-bond futures trading in 1994 to 1995, I try to analyze the failure reason on China financial futures market and give some suggestions on the resume of government bonds future market and the need for a central financial regulator in China. The book hence divided into 8 chapters.Chapter 1 is the basic introduction of financial derivatives. Firstly I try to give a clear idea of financial derivatives based on commercial and legal analysis. Although the derivatives can be dividend into four catalogues in general which are forwards, futures, options and swaps, I also mentioned some new form of derivative including credit derivatives. Secondly I gave a brief introduction of historical development on derivatives market and a analysis on the capacity to enter into derivatives transactions and speculation, hedging, arbitrage and asset liability management reasons. Thirdly I focus on the legal nature of a derivatives contract, such as is it a gaming and wagering activity and other interests in a derivatives contract.Chapter 2 is the analysis on international legal system on financial derivatives. Financial innovation from 1960s have changed the traditional domestic legal system and the old international monetary and financial legal mechanism, it also lead a reform on the financial regulatory system on a lot of developed countries. In this chapter, I focus on the development and evolvements of some developed legal areas <WP=8>and international organizations related to the derivatives products. The result of this research is my conclusion on five characters of financial derivatives legal system.Chapter 3 is the some legal problem on derivative exchange and new demutrualizion reform and its effects on those exchanges. As a successful market, those are some requirements on the establishment, market management and surveillance of the derivative exchange. Another big issue is the for-profit company oriented reform on those traditional non-profit market. According to the document issued by IOSCO, I analyzed three main legal issues related to this new trend. Chapter 4 cover the legal issues related to derivative trading intermediaries. Since the derivatives is a brand new business for many companies, it is should be stipulated some basic requirements for the participants of this market. Fortunately, a lot of commodity future exchanges already set a legal regulatory mechanism on its members and other organizations. The most important requirement for derivative trading is the transparent requirement on its activities and account standards.Chapter 5 concern to the question of clients protection. Risk is inherent in finance, the risk involved in financial derivatives is much greater than the traditional financial business. Apart form the clients protection standards of exchanges market, many countries think to increase a higher requirement for clients who need confidence on the whole financial market. A good example is to set up client compensation system.Chapter 6 relate to the most uncertainty area of financial derivative which is over-the-counter market. In this Chapter I first look to the更多还原