金融衍生品交易风险控制中的制度与法律——一个法经济学分析范式

Risks Control of Financial Derivatives Transactions:Institution and Law——From a law and economics perspective

金融衍生品交易所具有的迂回性特点,决定了该种交易面对高额的迂回链条断裂成本、交易成本与管理成本。有效控制前述两种成本的制度手段,包括法律规则、行业自律规则和企业内部操作规则,这三种规则在普适性与针对性、稳定性与可变性问题上表现出各不相同的特点,不可混为一谈。控制金融衍生品交易宏观风险的主要法律手段是明确交易主体资格和各行业协会自律监管组织的法律地位,控制金融衍生品交易微观风险的主要法律手段是解决法律制度发展的相对滞后性问题、法律适用的不可预测性与差异性问题、各国法律适用冲突问题。

Because of its roundabout characteristic, the financial derivatives transactions have to face the risks of roundabout process discontinuity and high transaction costs or management costs. The effectively institutional way to control those risks com- prises law, self-disciplines of transactors and interior operating rule, which should not be mixed up because they have different needs to be stable or flexible, general or special. In order to control the macro-risks of financial derivatives transactions, what law could function is to clear the qualification to be financial derivatives transactors and to authorize corre sponding transactors＇ association or organization to self-rule themselves. In order to control the micro-risks of financial derivatives transactions, the law-makers should try to provide remedy for problems caused by legal rules that drop behind practical needs; try to handle the inscrutability and heterogeneous results of applying same legal rule; try to resolve various law conflict problems in trans-national financial derivatives transactions.