【作者】 陈少云；

【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】 期货市场具有价格发现和风险管理的重要功能,实现这些功能必须具备有效的政府监管和不断完善的监管立法。政府监管对于防止过度投机、打击操纵市场、控制系统性风险具有关键作用。期货监管立法的核心问题涉及期货市场平稳运行的制度内核,是期货市场的基本框架,也是法律无法回避的核心所在,主要包括期货交易的界定与范围、期货交易中的风险控制制度、期货监管模式的体制架构、期货监管的措施与途径。期货交易的界定范围实质是期货交易的界定、法律适用和监管权限。风险控制制度旨在防范和控制好系统性风险,期货监管立法应建立完善保证金制度、当日无负债结算制度、价格限制制度、持仓限制和大户持仓报告制度、结算会员制度、风险准备金制度。有效的监管体制的构建完善,不仅要规定和规范监管机构的权力,还要平衡协调不同部门和其他监管机构之间的权力冲突,也要确立交易所和期货业协会的自律监管地位。就监管途径而言,期货监管立法应建立完善合规性监管、资本监管和信息披露的制度建设。在国际期货监管立法不断趋同、放松管制成为普遍规律的条件下,期货监管立法应该更多地向美国等先进市场国家借鉴,主动借鉴先进市场国家的监管与立法经验:首先,在监管体制上,应更多地借鉴美国模式及其经验。其次,在立法理念与监管执法理念上,应放松管制,寻求监管与创新平衡。再次,在制度建设上,应加快制定《期货交易法》这一衍生交易根本法。只有建立在现代法治的基础之上,现代期货市场才有发展的土壤。现代期货市场的存在不仅依赖于良好的市场法治,而且依赖于法治之下的政府监管。期货立法与监管之间首先必须解决好管制与放松管制这一动态平衡关系,正确处理好国家立法与政府监管之间的互动关系。在对期货市场要进行适当、有效监管的同时,应当避免监管过度或采取不当措施。有鉴于此,保持监管的法律框架具有灵活性是非常重要的。由于法律的不完备性,期货监管与立法必须形成良性互构互动,法律要不断地体现市场运作和市场监管的实际情况。更多还原

【Abstract】 Futures market plays vital role of price discovering and risk managing. In order to accomplish these functions the government must impose effective regulation on futures market,and do best at lawmaking.Only in this way,excessive speculation and manipulation would be prevented, and systematic risks would be controlled.Futures regulation is involve with the core of futures market system. The market’s basic regulation framework,measures of regulation and risk controlling system,are all included in the scope of futures regulation and legislation.The law must draw clear scope of future or non-futures among derivatives,and let the industry know which product were in the regulation scope and which agency take charge of such regulation.Risk controlling system,including but not limited to margin system, mark-to-the market,price limitation,clearing member arrangement,and so on,should be well designed.As for measures of regulation,legislation of futures regulation should pay attention to legitimacy,capital or net capital,and data disclosure.The global futures regulation and legislation trend is share the same tendency that every market is committing to deregulation while tries for effective regulation.The U.S.is the leading country in this field.So China should learn the U.S.from advanced futures regulation and legislation.First of all,we should transplant American regulation and legislation framework and her regulation experience.Next,we must transplant the regulation and legislation philosophy of deregulation and delicate balance between effective regulation and innovation.Again,we should accelerate enact the "the futures exchange act" because it is the fundamental law of future market.Only if the rule of law be established,modern futures market may develop and do good to the economy.Further,the futures market also relies on regulation.So the futures exchange law should be well designed to the market innovation and effective regulation.Regulation measures should not be misused.Since the imperfect of the law,legislation and regulation should harmonize,i.e.the law should suit the market and its regulation.更多还原