场外金融衍生品交易风险防控机制研究-国际法学专业论文.docxVIP

I I 摘 要 自诞生以来，场外金融衍生品交易发展迅猛，在世界经济中逐渐发挥举足轻 重的作用，场外金融衍生品灵活性强，创新能力突出，相应的也给市场监管带来 了难度。我国场外交易起步晚，发展慢，急需改善监管环境以为场外衍生品的发 展提供空间。本文立足于我国国情，结合国际社会和发达交易市场的监管经验探 讨完善我国场外市场监管制度的途径。除引言和结语外，正文分四个部分：第一 部分是场外衍生品交易概述，在这一部分中，笔者介绍了场外衍生品交易的基本 概念，类型，特征及监管的必要性；第二部分是对发达市场场外交易制度的介绍， 在这一部分中，首先介绍了各国监管制度中普遍包含的三种方式以及国际监管合 作的成果，其中重点介绍了 ISDA 主协议的相关制度；其次是选取美国英国这两 个具有典型性的国家，分别对这两国传统的监管模式、次贷危机后监管制度的革 新进行了详细的介绍；第三部分是我国现有的监管体系以及在与发达市场监管制 度衔接时所面临的困境，从监管结构、监管内容介绍了我国的监管体系，并分析 了现行监管制度的不足之处，在讨论发达交易市场的监管制度与我国的衔接时， 重点讨论了 ISDA 确立的三项制度、美国、英国的监管制度与我国监管环境的不 协调之处，探讨我国现行监管体系在引进上述先进经验时遭遇的“尴尬”；第四 部分是国际社会和发达交易市场的监管制度对我国的借鉴意义，重点讨论了如何 在适应我国市场环境和法律环境的基础上，吸收国际先进监管制度的精华之处， 以促进我国场外交易市场的蓬勃发展。 关键词：场外金融衍生品，场外交易，监管制度，次贷危机 II II Abstract Over-the-counter (OTC) financial derivatives have developed rapidly since the day it birth, playing a more and more irreplaceable role in global market. The most distinctive features of OTC financial derivatives are flexibility and creativity, which bring challenge to the market regulation. Our OTC market is at the initial stage of market development, so is relevant law. It is urgent for our country to perfect the legal documents to boost OTC market. This paper aims to make full discussion on the improvement of our legal environment through learning the essence of other country’s risk management legislation. There are four parts in this article. The first part is an introduction of OTC financial derivatives, including the classification, feature, necessity of regulation. The second part is introduction of regulation pattern which is recognized by international world, including international cooperation. In this part, I also made an introduction on the regime of risk management legislation of the developed OTC market, such as the USA and the UK, especially the reformation after the 2008 financial crisis. The third part is comment on our current supervision regime. I made a discussion on the difference between our country and developed country to testify that we cannot imitate other country’s exp