美国加强金融监管改革限制银行从事自营交易的动向和启示

US financial regulatory reform to restrict banks from proprietary trading and its implications

为配合多德弗兰克法案实施，美国证券交易委员会（sEc）、商品期货交易委员会（cFTc）等监管机构分别组织制“沃克尔法则”细则征求意见稿，此举引起各国政府和市场机构的广泛关注。文章概括了“沃克尔法则”细则征求意见稿中限制银行从事自营交易的主要内容，分析了其可能产生的潜在影响，整理了市场相关反应与评价，结合其对中资银行经营、特别是金融市场业务发展带来的影响与启示进行了分析和思考，并提出相关政策建议。

In order to implement the Dodd-Frank Act, the US Securities and Exchange Commission （SEC）, US Commodity Futures Trading Commission （CFTC） and other regulators have formulated the Volcker Rule＇s provisions for consultation, which aroused wide attention of various governments and market participants. The article summarizes the main contents of the Volcker Rule＇s provisions for consultation that restrict banks from proprietary trading, analyzes its potential impacts, consolidates the responses and comments from the market, and considers the impacts and implications on the business of Chinese-funded banks, in particular the development of the financial market business, followed by some relevant policy suggestions.