金融衍生产品发展的新特点与国内商业银行的策略研究

New Features of Financial Derivatives and Strategy of Domestic Commercial Banks

近年来,国际金融衍生产品市场呈现三个新特点:市场需求及市场规模日趋扩大,产品创新层出不穷,风险防范问题日渐突出,并由此对国际金融市场的发展和稳定带来深刻影响。随着我国人民币汇率制度改革、利率市场化及资本市场股权分置改革等进程的不断加快,金融衍生产品在国内市场的发展契机已经到来。我国发展金融衍生市场应遵循“适应经济金融改革进程、满足市场需求、结构上由简到繁、风险上由低到高”的总体原则。国内商业银行应当以资产保值增值为目的,选择适当的产品切入金融衍生市场,并注重提高金融衍生产品的核心竞争力,加强风险防范和人才的培养与引进。

In recent years, market of international financial derivatives is marked by three features： expanding market demand and market scale, mushrooming product innovations and outstanding risk aversion problems. These features have deeply influenced the development and stability of international financial market. Along with the quickening steps in the reform of RMB exchange regime, rate marketization and split share reform in capital market, there appears a good opportunity to introduce financial derivatives in do- mestic market, In developing market of financial derivatives, we should follow the general principle of ＂coordinating with the progress of economic and financial reform and meeting market demands from simple-complicated structures and low-high risks.＂ Domestic commercial banks should keep the maintenance and appreciation of asset value as their objectives and enter this market with proper products, At the same time, they should work hard to improve the core competitiveness of the derivatives and strengthen risk prevention and train and introduce more talented staff.