从美国次级债危机看金融衍生工具的法律监管

Study on Legal Supervision of Financial Derivation Instruments from U.S. Subprime Mortgage Crisis

美国次级债危机的爆发，给正在进行金融改革的中国发出了一个警示：金融业务存在巨大的风险，尤其是衍生金融工具业务。但不能因为风险就放弃发展这一市场，这无异于因噎废食，最为关键的还是要在监管制度上，使之更加完善，更加成熟。这对金融衍生品处于发展阶段的中国显得特别重要。

The eruption of the U.S. subprime mortgage crisis gives cautions to China that is having a financial reform： there exist great risks in financial operations, especially in financial derivation instruments. However, we cannot give up its development because of the risks, but importantly, we should perfect and maturate the supervision system, which is of great importance to China.