场外金融衍生品市场监管的国际实践与启示

Regulation of OTC financial derivatives markets:International practices and implications

近年来,全球场外金融衍生品交易的快速发展及次贷危机的爆发暴露出场外金融衍生品市场监管的缺陷和风险管理的不足。我国场外金融衍生品市场尚处于发展初期,如何构建有效的监管体系确保市场健康发展成为我国金融市场建设中面临的重要问题。该文立足于当今国际场外衍生品市场的监管实践,以次贷危机为视角分析场外衍生品市场监管体系的薄弱、不足及将来的监管动向,在此基础上提出了我国场外衍生品市场监管的政策建议。

Over the past years, the rapid development of OTC financial derivatives markets around the world as well as the outbreak of the subprime mortgage crisis has exposed the flaws in the regulation and risk management of such markets. With China＇s OTC financial derivatives market in its infancy, the question on how to build an effective regulatory system has become crucial for the sound development of the country＇s financial market. With an introduction to the regulation on OTC derivatives market in the world, this paper starts from the subprime crisis and discusses the flaws in the current regulatory system and the orientation of regulation in the future. Finally, policy recommendations are offered for China＇s regulation on its OTC derivatives market.