国际金融衍生交易监管法律问题研究

【作者】 孙丰明；

【导师】 李玫；

【作者基本信息】 对外经济贸易大学 ， 国际经济法， 2007， 硕士

【摘要】 随着经济全球化和金融国际化的迅速发展,金融衍生交易已成为金融市场上最具活力和影响力的金融产品。此类交易虽是自传统金融交易“衍生”而来,其发展却有后来居上、取而代之之势。良好的金融衍生交易市场也日渐成为衡量一国金融市场是否完整和成熟的标志。特别是20世纪90年代以来,无论发达国家还是新兴市场国家都加大了发展金融衍生市场的力度,许多国家和地区不断开放、完善金融衍生市场,以增强其在国际金融市场的竞争力,并将此举视为保护或争夺国际金融中心的地位的重要措施。发展金融衍生交易市场及其产品,不仅是为了顺应国际金融市场开放的潮流,扩大资本市场规模,而且最重要的是金融衍生交易其本身确实具有转移风险、发现价格等不可替代的良性功能,在降低交易成本、稳定金融市场、促进经济增长等方面具有诸多正面的社会经济效益。截止到2005年,衍生产品的市场交易额已经增加到全球所有在交易所交易的股票和债券的金额的五倍以上。金融衍生交易有其独特的优势,但是,由于金融衍生产品变化繁多,是基于多类金融资产和基础金融交易产生的,并涉及多个法律部门以及国际法律的冲突问题,各国及国际上对此类交易尚缺乏针对性的法律规定,难以对其进行有效的监管和规制,因此,交易的法律风险很大。据统计,在过去的十年中,国际上因金融衍生交易而产生的亏损有半数源自于法律风险。英国巴林银行的倒闭、美国安然帝国的崩溃等都与金融衍生交易有着千丝万缕的联系。我国金融衍生业务始于1997年3月中国银行开办的具有远期交易性质的远期结售汇业务,随着我国金融业务活动的增多,越来越多的中国企业尤其是金融机构对金融衍生交易产生了巨大的兴趣。与此同时,由于中国经济逐步融入国际金融体系,境外金融市场也正在加快发展与中国金融市场相关的金融衍生产品。境外已有数种中国金融衍生产品或中国概念的金融衍生产品。如2003年香港交易所推出H股指数期货、2004年芝加哥期权交易所推出中国指数期货产品,2006年新加坡交易所推出的新华富时A50指数期货,2006年芝加哥商品交易所推出的人民币对美元、欧元及日元等期货和期权交易等等。这些境外上市的金融衍生品将会对我国金融市场以及金融产品发展产生一定影响,并在一定程度上凸现出金融定价权旁落境外的危机。2006年11月份,按照我国入世时的承诺书,我国的金融市场已全面开放。然而面对机遇与挑战,我国目前在金融衍生交易方面的直接立法规定非常少,而且现有的一些基本法律制度如合同、外汇、担保、破产、证券等与通行的法律惯例有一些不相融合的地方,从事金融衍生交易的法律风险比较大。针对目前我国金融衍生交易的发展状况,笔者希望能够归纳、总结西方发达国家的金融监管机构以及有关国际组织的先进的制度、成熟的做法,结合我国金融衍生交易发展以及监管的现状,针对我国金融衍生交易监管的不足,提出改进和完善的建议。更多还原

【Abstract】 As the development of global economics and international finance, financial derivatives have been most energetic and effective financial product. Financial derivatives trade is based on traditional financial derivatives trade, but it is more competitive. A good financial derivatives trade becomes the signal of maturity of a financial derivatives trade market of a country. Since 1990s, both developed countries and countries which have new markets, encourage to develop their financial derivatives trade market to increase their competitive ability and get important position in international financial market. So many countries try develop their derivatives trade market because not only it is trend of financial development but also its advantages in decreasing cost of trade,stabilizing financial market, encouraging development of economics. By 2005, the notional size of the derivatives market had grown to over five times the total capitalization of all exchange-traded equity and debt in the world.Financial derivatives trade has its advantages; however, it also has some legal risks as financial derivatives products contain so many types based on different financial assets and basic financial trade, and are related to so many law departments that many countries do not have effective measures on regulation of it. According to statistics, half of losses occurred in financial derivatives trade is resulted from legal risks. Bankruptcy of Barings Bank and collapse of Enron have some connections with financial derivatives trade.In China, business of financial derivatives has been done from March 1997 when China Bank started RMB forward transactions. As more and more financial business appears, more and more Chinese corporations, especially financial organizations, have been becoming interested in transactions of financial derivatives. At the same time, as Chinese economics has more and more connections with international financial market, financial market abroad is developing financial derivatives products connected Chinese financial market and have created a lot of financial derivatives products which are connected with Chinese market. These financial derivatives haveeffected our financial market in some sense and bring us crisis of losing right of fixing price.According to the Protocol on the accession of the Peoples Republic of China, Chinese finance market has been completely open to the world since November 2006.However,to meet challenges and take opportunities, relevant laws and regulations are really needed in China. Now Chinese principal legal regulations are contract with international practices, such as contract law、exchange、collateral、bankruptcy、securities, etc. Therefore how to regulate the transactions of financial derivatives in China becomes task of top priority.According to current situation of our financial derivatives trade, author hopes to conclude and summarize successful lessons of western countries and international organizations and give some suggestions to legislation work of our country.更多还原