国际金融衍生交易抵销法律问题分析-经济法学专业论文.docxVIP

第 第 PAGE 4 页 共 60 页 提要 金融衍生交易己经在国际金融活动中具有重要的意义 随着我国加入世贸组 织 我国的企业尤其是金融机构为使其所持有的金融资产不可避免受国际市场价 格波动而引发的损失风险 也对金融衍生交易产生了日益增大的需求 所以我们 必须积极审慎金融衍生交易 抵销是一个国家究竟是采取有利债权人 还是有利债务人的立法目标 政策 取向的 石蕊试纸抵销在国际金融衍生交易中 乃至国际资金交易中占有极 其重要地位 与其紧密联系的净额结算是抵销的高级形态 它不仅在 ISDA国 际互换与衍生交易协会 文件而且在国际金融衍生交易中都是最基本和最重要的 法律问题 本文采用了比较法和金融 法律学科结合的研究方法对国际金融衍生交易抵 销问题进行了分析 兼顾国内法和国际惯例 由于国际金融衍生交易涉及的法律 问题较多 具有浓重的国际色彩 所以着重介绍了权威性的 ISDA 组织及其协议 特别是 ISDA2002 年协议的最新发展 论述了国际金融衍生交易抵销的重要意义 对抵销和净额结算进行了对比 着重探讨了 ISDA 抵销条款在各国法上的效力 从完善我国金融衍生交易方面的专门立法的角度出发 针对破产 担保等方面的 法律还存在某些与此类交易不相称的规定情况 对在我国金融衍生交易大规模来 临之前 如何规范金融衍生市场的法律监管措施 并建立与完善相关的立法提出 自己多角度的见解 主题词 抵销 ISDA, 净额结算 金融衍生工具 Abstract The financial derivatives develop on large scale, and playing more and more important role in the international finance. After China’ s entry into WTO, how to evade the risk of loss of the financial assets caused by the vicissitude of international market is a big challenge for our enterprises especia lly for the financial institution. So we must take positive and prudent attitude towards financial derivatives. Set-off is a “litmus test” of jurisdiction which indicates the leading and most accurate pro-creditor or pro-creditor attitude to insolvency. Set-off plays important role in international financial derivatives, even in the view of international capital market. Netting, as the developed form is most important and fundamental not only in the ISDA Master Agreement but also in the international financ ial market. Set-off is clearly identified in the ISDA Master Agreement, which is different from the set-off in the common legal context. This thesis adopts a combined approach of comparative law and cross finance and law to analyze set-off in international financial derivatives, emphasizing international factor besides national. Considering the complexity of the legal problem concerning international financial derivatives, with strong “international characteristic”, the author introduces the authoritative and ISDA