金融衍生产品风险传导机制与金融服务贸易的安全监管——以次级贷引发的全球金融危机为例

The Supervision over the Risk Conducting Mechanism for Financial Derivatives And Financial Service Trade: Taking Global Financial Crisis Caused by Subprime Loans as an Example

本文通过对美国次级贷到次级债的产品链、相关利益者链和市场链的分析,指出美国信用衍生产品形成全球金融危机的机理,提出应将金融衍生产品交易纳入WTO金融服务贸易的统一监管框架内,利用WTO已有具有强制约束和执行力的审慎监管原则、透明度原则、承诺机制和争端解决机制,把所有金融产品参与者纳入风险资本监管,将金融机构的激励制度与风险资本回报率挂钩,从而保障金融服务贸易安全。

Based on the analysis of product chain derived from subprime loans to subprime debits related-party chain and market chain, the paper shows clearly evolutional mechanism of Global Financial Crisis Caused by credit derivatives, addressing financial derivatives brought into an universal regulation frame of WTO financial services trading. To ensure financial services trading safety, we must match incentive system design of financial institutions with risk capital-returns rates, improving use of prudent supervision principle and transparency principle and promise mechanism and dispute settlement body in being constraint and enforce.