衍生品市场的法律框架:国际比较与趋势

The Legal Framework of Derivatives Market: International Comparison and Trend

各国和地区的衍生品市场法律法规的形成和发展,受到历史条件和现实环境因素的影响。随着衍生品市场的蓬勃发展,全球各衍生品市场也在修订其法律法规,最明显的特征为:很多国家将衍生品同其他金融产品(现货产品)置于同一监管机构的管辖范围内;市场需求是推动衍生品监管立法的最主要动力;证券与其他衍生品(包括商品衍生品、金融衍生品)的法律适用范围得到明确界定。本文综合比较了各主要衍生品市场的法律构架,期望有所借鉴。

The laws on derivatives market is formed and developed according to the historical conditions and practical circumstance. Along the development of derivatives market, the laws on derivatives market are revised frequently, the most distinct characters are as follows. Firstly, derivatives products are regulated under the same supervision framework of other financial products. Secondly, the market demand is major power to push the revisions. Thirdly, the framework of law governing securities and other derivatives including commodity derivatives and financial derivatives are defined more clearly. In this paper, we make a contrast on major framework of derivatives market laws, and hope to be beneficial for our derivatives law system.