美国2010金融改革法店头衍生性商品集中结算之研究astudyonthe.pdf

Journal of Futures and Options Vol.5 No.2 November 2012 美國2010 金融改革法店頭衍生性商品集中結算之研究 A Study on the Central Clearing of Over-the-Counter Derivatives under the U.S. Financial Reform Act 2010 鄭琇霙 Hsiu-Ying Cheng1 國立政治大學國際經營與貿易學系 Department of International Business, National Chengchi University (Received: Nov. 3, 2011; First Revision: April 10, 2012; Accepted: May. 12, 2012) 摘要 金融危機後，眾多戮力於店頭衍生性交易管制改革之國家中，美國係較 早通過具體條文者。其所通過之「金融改革法案」以集中結算為原則，但非標準 化衍生性商品、外匯換匯及遠期外匯等衍生性商品，以及最終使用者所從事之衍 生性交易皆得以豁免集中結算之要求。本文探討這些例外規定設立之必要性，以 及對於法案立法目的達成性之可能影響。本文雖不否定上述例外對維持市場功能 之必要，但鑑於這些例外規定幾乎完全豁免了本次金融危機中引發問題的衍生性 交易類型，而突顯了「金融改革法案」管制思維之矛盾：一方面強調需加強店頭 市場衍生性交易的管制，另一方面卻又豁免此類商品。這在金融改革歷史上其實 並不罕見，因為面對危機後強大的要求管制聲浪，政府常容易過度管制，而且因 為欠缺足夠的理性討論空間，管制的方向也未必能對症下藥。 關鍵詞 ：店頭衍生性交易、集中結算、美國金融改革法 Abstract After the financial crisis, among the countries making efforts to reform the regulatory regime for the over-the-counter derivatives, the U.S. is one of those passing substantive legislation early. The passed bill, the Dodd-Frank Act, in principle, requires all OTC derivatives to be cleared except non-standardized derivatives, foreign exchange swaps, foreign exchange forwards, and swaps of which the counterparty is an end-user. This article discusses the need for and the possible impact of the above exemptions on the objective fulfillment of the Act. This article does not negate the need for the financial market to continue to function. However, the exemptions exactly expose the fallacy of the Act’s regulatory rationale because they almost free all the types of derivatives that caused the financial crisis. In other words, 1國立政治大學國際經營與貿易學系 , 11605台北市文山區指南路二段 64號 . Email: .tw.電話 : 886-2