(精选)金融法(双语)第八章 金融衍生产品法律制度课件.ppt

第八章 金融衍生产品法律制度 一、金融衍生产品简述 二、对金融衍生产品的监督 第八章 金融衍生产品法律制度 一、金融衍生产品简述 定义：金融衍生产品（Derivative）是与金融相关的派生物，通常是指其价值依赖于基础资产(underlying assets)价值变动的合约(contracts)。 种类：主要包括远期、期货、互换、期权以及它们与其他金融工具经分解组合形成的混合金融产品。 金融衍生产品的交易可分为场内交易和场外交易。 地位：金融衍生产品是全球金融创新的浪潮中涌现出的高科技产品，是金融创新工具的重要组成部分。 第八章 金融衍生产品法律制度 一、金融衍生产品简述 1.中国的金融衍生产品 定义：金融合约 发展特点：起步晚，发展快 现状：场内交易中产品单一，且交易限制较多；场外交易中产品品种丰富，交易的限制较少 对策：借鉴经验和教训，坚持推动金融衍生产品市场的规范发展 第八章 金融衍生产品法律制度 一、金融衍生产品简述 2.美国的金融衍生产品 Definition: a type of financial compact ； Amercia is the resource and the leader of the Financial derivatives(1972) Present situation: Profit and crisis coexist in the same(CDS 2008) 第八章 金融衍生产品法律制度 一、金融衍生产品简述 3.案例 Merrill Lynch, Pierce Fenner Smith Inc. v. Curran The central question presented by these cases is whether a private party may maintain an action for damages caused by a violation of the CEA. The United States Court of Appeals for the Sixth Circuit answered that question affirmatively, holding that an investor may maintain an action against his broker for violation of an antifraud provision of the CEA. ?The Court of Appeals for the Second Circuit gave the same answer to the question in actions brought by investors claiming damages resulting from unlawful price manipulation that allegedly could have been prevented by the New York Mercantile Exchanges enforcement of its own rules. 第八章 金融衍生产品法律制度 二、对金融衍生产品的监督 概说 体系：“三位一体”（政府部门 行业协会 交易所） 1.中国对金融衍生产品的监管 监管重要主体：银监会、证监会 监督补充主体：行业自律性组织（相关的行业协会 相关的交易平台） 二、对金融衍生产品的监督 2.美国对金融衍生产品的监督 The most developed country the world and the most perfect law structure Supervise System: 商品期货交易委员会(CFTC) 证券交易委员会（SEC）(two key elements) Self-Regulation Organizations(NFA) Boundary of the Supervise System: focous on the floor trading nearly without limit in the over-the-counter Ecps is the important part of the over-the-counter 信用违约互换(CDS) which is a type of the over-the-counter results in the 2008 crisis Reform: The Wall Street reform and Consumer Pr