研究院报告之四中国衍生品市场概况与未来发展.pdfVIP

中欧陆家嘴国际金融研究院报告之四                                 中国衍生品市场概况与未来发展  中国衍生品市场概况与未来发展 Chinese derivatives market’s summary and future development 吴建刚 中欧陆家嘴国际金融研究院研究员 【内容摘要】中国改革开放三十年来，经济高速成长，金融不断完善，衍生品市场也逐步发展起来。此 次金融危机暴发后，金融衍生品最早成为被归咎的对象。中国衍生品市场还处于初级发展阶段，作为后发 展国家，这就提出了危机对中国衍生品发展的启示和未来如何发展中国衍生品市场的问题。针对这一问题， 本文首先分析了近二十几年来中国场内和场外的衍生品市场发展概况，然后提出了此次金融危机对中国发 展衍生品的启示，最后对中国衍生品市场未来发展提出了一系列建议。 【关键词】衍生品市场 发展概况 危机启示 发展建议 Abstract: After three decades of Chinas reform and opening up, its economy grew rapidly, its finance system has been improved and its derivatives market although began late has also progressively been developed. After the outbreak of the financial crisis, financial derivatives have become the first target to be blamed. Chinas derivatives market is still in the early stage of development, as a developing country, the crisis put forward the question of how to learn from this crisis and develop Chinas derivatives market. To answer this question, the paper first analyzes the development of the derivatives market in past two decades, then analyzes the enlightenment of the financial crisis on Chinas development of derivatives, and finally gives a series of recommendations on the future development of Chinas derivatives market. Keywords: Derivatives market Development summary Crisis inspiration Development proposals   1 中欧陆家嘴国际金融研究院报告之四                                 中国衍生品市场概况与未来发展  目 录 一、我国场内衍生品市场发展概况3 1、商品期货市场起步较晚，但发展迅速，在某些品种上已经取得定价的主导权3 2 、外汇期货和国债期货曾经试验，但目前尚未推出5 3、股指期货经过数年准备，目前仍处于仿真交易阶段 6 4 、权证市场已经启动，但发展水平还处于初级阶段6 二、我国场外衍生品市场发展概况7 1、我国场外衍生品市场处于起步阶段7 2 、场外交易衍生品市场兼管积极推进，但仍然监管过严及缺乏系统性8 三、金融危机对中国发展衍生品市场的启示 10 1、场内市场有旺盛的生命力，在场外市场仍将继续发展的同时，鼓励