借鉴美国经验 防范我国CRMA风险

Learn from the U.S. Experience to Guard against the Risk of CRMA in China

全球性金融危机将信用衍生品推上了风口浪尖,出于防范信用风险而设计的金融产品是危机的导火索。在经历了市场的深刻反省后,全球的信用衍生品规模又创新高,我国也适时推出了CRMA(信用风险缓释合约)系列信用衍生品,但在我国市场机制还不成熟的条件下对其监管是对监管部门的考验。本文分析了信用衍生产品市场的发展及其风险,指出我国金融监管当局应加强对CRMA风险的防范。

Global financial crisis has put credit derivatives in the spotlight.The financial products with the initial purpose of preventing credit risk have become the fuse of big crisis.After market fluctuation unwound,the scale of global credit derivatives reached a new peak.And China introduced several CRMA credit derivatives at the appropriate time.It will be a test for the regulators in the under-fledged market.On the context of global market and international experience,this paper makes useful comments to the regulators so as to ensure the credit market in China to develop smoothly.