从自律走向法律:美国期货市场监管160年管窥

美国期货市场监管体系是迄今为止比较完善的期货市场监管体系,成为许多国家期货监管机构的参考模本。本研究以美国期货监管为案例,分析美国期货立法和监管的发展模式和步骤,把美国期货市场监管模式分为"四步走",进而把美国期货市场160年的监管史划分为"三时期",重点研究了1921年联邦立法前后的自律监管和法定监管特点,以及自律和法律下的市场发展状况。我国期货市场立法和监管实践可以借鉴美国期货市场的相关发展经验。

The regulatory system of US futures market is so far a relatively perfect system so that it is becoming a reference model for futures market regulators in many counties. In this paper, we studied the US futures regulation by analyzing its legislative and regulatory development mode and steps. We could compartmentalize the US regulatory mode in ＂four steps＂ , therefore, the 160 years history of US futures market regulation could be divided into ＂three periods＂ . We particularly characterize the self-regulation and legal regulation as well as the market development under these two different circumstances around 1921 when the Future Trading Act was adopted. The relative experience in the development of US futures market can be used to guide the legislation and regulation of China futures market.