【作者】 温观音；

【导师】 李曙光；

【作者基本信息】 中国政法大学 ， 经济法学， 2007， 博士

【摘要】 股指期货、利率期货、外汇期货、证券期货、混合证券等金融期货产品,以场内交易、保证金交易、风险对冲、立法和监管依赖为特征。每日盯市结算、保证金制度、结算机构担保履约等制度确保了金融期货交易的高效率与安全性。只要法律健全,那么期货交易将是安全的。如果法律不健全,期货交易就存在巨大的风险。法律所关注的风险不在于价格波动导致的单个市场主体损失,而在于因期货市场不健全导致的市场整体的负的不确定性,即期货风险是由于期货市场不健全导致的负的不确定性。期货市场的不健全或“市场失灵”,表现为市场体系不完整和市场主体及其行为不规范;其本质是缺乏统一、有效的以市场为基础的法律法规体系和监管框架;其结果就是缺乏有效控制风险的良好制度结构。由于风险控制制度不完善,所以不能有效打击市场操纵,不能将投机引导到有利于增加市场流动性和稳定市场的正道上来。在制度不健全的情况下,投机者倾向于更多地采取机会主义行为和非理性投机,过度投机使操纵变得容易,期货市场因此不能发挥其应有的功能,并且给期货市场及其参与主体、其它市场以及整个金融体系和国民经济整体带来危害与损害的不确定性。法律之所以关注上述风险,一是因为市场失灵本是公共政策关注的焦点,法律对于消除系统性风险和金融危机的蔓延责无旁贷,而立法政策目标不应当是防止某一特定机构的崩溃,而应当防止金融系统遭受传染;二是因为法律不健全容易发生极端风险事件,而所有金融领域最关心并首先要控制的就是极端风险。制定并完善期货法律法规体系,有效控制金融期货风险,是政府应承担并为金融市场提供的基本公共产品。法律为控制金融期货风险提供以下关键法律武器:驯服投机、打击操纵、维护市场完整性。确保上市交易的金融期货品种设计合理,能平衡多空利益,不存在可能导致操纵和过度投机的漏洞和瑕疵,是防范和控制风险的第一个环节,也是基础性环节。在相当长的历史时期,法律和监管规则都以上市前的审查批准作为控制风险的必要措施。这一事前控制制度容易产生产品创新与监管之间的冲突,不利于交易所迅速推出符合市场需求的期货品种。立法与监管的国际趋势是放弃上市前的审查,转而采取有利于创新的事后控制制度,即交易所可自己决定品种上市,仅当交易所上市的品种不能防止操纵或影响公共利益时,法律赋予监管机构强制修改合约条款和交易规则、中止产品上市等措施的权力。无论如何,在监管与创新之间保持平衡,是非常必要的。对交易行为进行监控,以防止过度投机和市场操纵是金融期货交易监管的核心。投机提供流动性,同时也存在过度投机的负面性。过度投机产生投机泡沫,容易诱发操纵市场的风险。抑制过度投机的最主要措施是在区分投机和套期保值的基础上,限制投机者的交易量和持仓量。操纵是故意制造人为价格的非法行为。操纵极易诱发系统性风险,因此有效打击操纵对于防范和控制风险至关重要。认定操纵通常应符合四个要件:操纵能力、操纵意图、人为价格和因果关系。防范和打击操纵的法律措施包括但不限于交易量和头寸(持仓)限制、以防止操纵为产品上市的核心条件、赋予监管机构强有力的反操纵权力、追究操纵者的民事责任和刑事责任。其中,监管机构的反操纵权力应包括中止和撤销相关资格、发布各种禁令和执行令状、修改交易所规则、紧急状态处置权、跨市场监管权等等。期货市场的财务风险集中于结算环节,这个环节若能有效地保护市场的财务完整性,就能有效避免期货市场的系统性风险。法律应构建分层结算体系,分散和化解风险。现代衍生品交易结算制度的发展趋势是分级结算,由结算会员来承担非结算会员及其客户的风险。在此基础上,执行严格而有效的保证金制度、价格限制制度、结算联保制度、风险准备金制度以及保证金安全存管与监管制度等等。更多还原

【Abstract】 This article focuses on controlling the financial futures risk by law. The financial futures, such as stock index futures, interest rate futures, foreign exchange futures or currency futures, security futures, and hybrid securities, characterize as being traded in exchange, margin, offset, high depending on legislation and regulation. Marking to market, margin system, clearing house guaranteeing the performance of the contract, and other systems ensure financial futures market’s integrity and efficiency. Were the law good, the futures market will be safe. If not, great risk exists.The law does not concentrate on individual risk, which results from price fluctuation, but on negative uncertainty of market system, which results from inperfect futures market distemperedness, namely futures risk is negative uncertainty resulting from inperfect futures market. Market failure or inperfect law show as both imperfection of market system and unlawfullness of market subjects and their behaviour.The essence of market failure is lack of laws or regulations system and supervision frame; and the result is lack of good system and structure which can control effectively risk. Due to inperfect risk controlling system, market manipulation can not be prevented effectively, speculation can not be inducted to the way of enhancing market liquidity and steadying market. In the conditions of imperfect system, manipulation becomes easy, speculators are apt to take oppotunism more,so futures market cann’t develop its fuction and take uncertainty of harms and damages to futures market and its participants, other markets and the whole financial system or national economy. Why the law focuses on the foresaid risk? Firstly, market failure is the focus of public policy, law shall be responsible for eliminating systemic risk and financial crisis spread. The aim of legislation policy shall not be to prevent breakdown of a specific agency, but prevent financial system suffering risk contagion, Secondly, inperfect law easily results to extreme risk, which is concered seriously by all financial fields and to be restrained firstly. Legislating and perfecting the laws and regulations system of futures, and controlling effectively futures risk, are basic public goods which government shall bear and provide for financial market.The law provides the following key arms to control futures risk: taming excessive speculation, preventing manipulation and protecting market integrity.Contract listing regulation is a very central measure to risk control before 2000, when the CFMA was promulgated. Be sure that the terms and conditions of the futures contract are well designed so that both the long and the short could not manipulate the prices. It’s very important. But it does not mean that regulators should examine and approve the terms and conditions. Listing by examining and approving will impose heavy cost on the market, so the examining and approving program is not a good measure to control risk of listing. In fact, there are some other means to control risk, such as suspending or disapproving the listed contract, amending exchange rules or altering the terms and conditions, emergency authority, and so on. So the CFMA abolishes the approving program before listing. The law should balance the financial innovation and necessary regulation of contract listing for public policy. Deregulation in this field is a prominent trend.The core of market surveillance of financial futures is to supervise the transaction, in order to tame excessive speculation and prevent manipulation. Speculation provides liquidity, but excessive speculation has negative effect, such as speculation bubble. Excessive speculation easily results in the risk of manipulation.The most important measure of taming excessive speculation is to restrict the Volume and open interest of speculator on the basis of differentiating the speculation and hedge. Manipulation is the illegality of making intently the artifical price, easily results in the systematic risk, so effectively stricking on manipulation is very important to prevent and control risk. To define manipulation, four elements are absolutely necessaries: (1) manipulate ability; (2) manipulate intention; (3) artificial price; and (4) causality. The legal measures of preventing manipulation include but not limited to volume and open interest limits, take preventing manipulation as core condition of marketing, give the regulatory authority strong anti market manipulation rights, claim against the civil liability of regulator. The rights of anti market manipulation thereinto shall include ceasing and withdrawing relavent qualification, emergency disposal rights, trading ban on market offenders, and modifying the exchange rules, other disruption preventive measures.The financial risk of futures market fasten on clearance.If it can effectively protect the financial integrity of the market, the systematic risk of futures market can be invoided effectively. The law shall construct tiering clearance system to detract and prevent risk. The developing trend of modern derivatives Clearance and Settlement Systems is tiering clearance, the risk of non-clearing participants and their clients is bore by clearing participants.On this base, execute rigid and effective margin system, prices limits, risk-reserve system and margin safely depositing and monitoring system etc.更多还原