【作者】 吴晓；

【导师】 肖凯；

【作者基本信息】 上海交通大学 ， 法律， 2009， 硕士

【摘要】 场外衍生品交易自其产生以来,一直呈现爆炸式增长,其规模远远大于场内金融衍生品市场。但是场外交易的高风险、低透明度等特征也随着交易的发展而暴露出来。在我国,场外金融衍生品市场尚处于起步阶段,但发展极为迅速。当前,我国的相应监管法律制度还很不健全,法律制度的完善已成为这一市场健康稳健发展的迫切需求。因此,笔者认为有必要对国际上场外金融衍生品监管的法律制度进行比较详细、深入的研究,从而进一步建立并完善我国的场外金融衍生品监管的法律制度。本文通过对国航、东航巨亏案进行分析,从中指出我国目前对于场外金融衍生品监管存在的问题和缺陷,并通过对国际场外金融衍生品监管体制的比较,提出对于我国场外衍生品交易监管法律制度方面的建议,本文分为三章:第一章首先对国航、东航巨亏案进行分析,分析场外衍生品交易的风险和监管的特殊性,指出国航、东航巨亏的原因和其中存在的监管方面的法律问题。第二章通过对国际上两种不同的场外金融交易监管模式的比较,分析分业监管模式和统一监管模式各自的优缺点,指出我国监管机构应该改革目前的分业经管的现状,逐渐走向统一监管模式。第三章提出我国场外金融衍生品市场监管法律制度完善的具体措施,包括完善行业内部自律监管,健全我国场外衍生品交易监管的法律法规,完善场外衍生品交易的信息披露义务及加强与国际监管机构的合作。更多还原

【Abstract】 The OTC financial derivatives have been growing rapidly since its birth, and its scale is much bigger than the derivatives in exchange market. However, the characteristic of high risk and low transparency of OTC derivatives has been discovered with its development. In China, OTC financial derivatives market is still in its infancy, but growing very rapidly. At present, Chinese corresponding regulatory legal system is still not complete; the improvement of the legal system has become the urgent need of the market’s healthy development. Therefore, I believe that the international supervision of OTC derivatives legal system need more detailed, in-depth research so as to further establish and improve Chinese OTC derivatives regulation legal system.This paper is divided into three chapters. The first chapter analyzed the huge loss of Air China and China Eastern Airlines, and then points out the reasons of the huge loss for the existence and some legal issues about regulation. The second chapter analyzed the merits and demerits about the dividing supervision model and the centralized supervision model and pointed out that the regulatory in China should gradually change into the centralized supervision model. The last chapter presented the specific measures bout the improvement of the legal system OTC financial derivatives market, including improving self-regulation within the industry, establishing the supervision of Chinese OTC derivatives laws and regulations, and increasing the Co-operation with the international regulatory bodies.更多还原