现货市场与衍生品市场跨市监管研究

Cross-regulation between Cash and Derivative Markets

随着国内金融衍生品市场的逐渐兴起,发生在现货市场和衍生品市场的操纵更加难以发现,这种操纵对市场的危害性更大。本文通过研究现货和衍生品跨市场价格操纵现象,并借鉴成熟市场的监管措施,从法律法规、合约设计、日常监管、跨市场信息共享和联合监管、跨市场危机处理程序等角度提出了建议,希望能对国内跨市场监管提供借鉴。

With the launch of financial derivatives market in China, there is an increasing concern of market manipulation through cash market, which is a potential threat to market integrity. In respect of market manipulation, the author presents his insight with reference to regulatory measures of mature markets, their rules and regulations, contract design, daily regulation, cross-market information exchange, coordinated regulation and cross-market contingency measures.