全球金融危机下中国期货市场的创新之路

The Road of Innovation for China's Futures Market under Global Financial Crisis

美国次贷危机愈演愈烈,人们普遍认为都是衍生品惹的祸。事实上,由于美国金融市场上信用衍生品与信贷资产证券化这两个场外金融衍生品(OTC)创新失当,加之衍生品市场监管缺失,引发了全球金融危机。中国期货市场在国内外错综复杂的经济形势下面临着严峻的挑战。冷静分析总结美国金融危机爆发的原因与其金融衍生品市场上存在的问题,美国的金融创新适当地"踩刹车",而中国金融创新则应适当地"踩油门",积极发展我国的衍生品市场特别是期货市场,缩短与美国、英国、日本等金融列强之间的差距,争取早日成为世界金融强国。

With the U.S. sub-prime mortgage crisis getting more and more severe, people usually ascribe it to derivatives. In fact, on American financial market, the innovation misconducts of credit derivatives and Asset-Backed Securitization （ABS） to- gether with the absence of supervision lead to global financial crisis. China＇s futures market is faced with serious challenge under the complicated economic situation both domestically and internationally. With a calm analysis and summary of the reasons for the American financial crisis and the problems on its financial market, American financial innovation should ＂step on a brake＂, but Chinese financial innovation should ＂step on the gas＂ instead to develop China＇s derivative market, especially futures market so as to narrow the gap with such financial powers as America, Britain and Japan, and strive to become a financial power at an early date.