全球金融衍生市场监管改革趋势及中国启示

Trends of Regulatory Reform of Global Financial Derivatives Markets and Inspirations for China

美国次贷危机引发的全球金融危机,充分暴露了传统金融衍生监管体系的制度缺陷,即金融衍生市场发展与证券监管体系的"三重不匹配"。在后次贷危机时期,全球金融衍生市场监管体系面临重构:从伦敦峰会到多伦多峰会,G-20已经将金融衍生市场监管改革作为当前全球金融市场监管改革的重点。为适应次贷危机后的全球金融衍生市场监管趋势,中国金融衍生市场发展和监管模式构建,包括加强法律法规体系完善、有序发展金融衍生工具、金融衍生市场透明度、结算制度建设、监管协调等一系列制度安排。

The global financial crisis triggered by U.S.sub-prime crisis fully exposed the institutional deficiencies of the traditional regulatory system for financial derivatives,namely,'triple match-not' between the development of financial derivatives markets and securities market regulatory system (financial supervision and financial innovation does not match;the excessive speculation and regulatory lag does not match and the incentive and restraint mechanisms of financial institutions does not match).In the post period of the sub-prime crisis,the global derivatives market supervision system faces reconstruction:from the London Summit to Toronto Summit,G-20 has taken regulatory reform of the financial derivative markets as the focus of the regulatory reform of current global financial markets.In order to meet the regulatory trends in the global financial derivatives market after the sub-prime crisis,China's financial derivatives market development and construction of regulation pattern includes a series of institutional arrangements such as the strengthening of laws and regulations system,the orderly development of financial derivatives,financial derivatives market transparency,settlement system construction and the coordination of supervision.