美国多层次风险管理市场结构演变及启示

Structure Evolvement and Illumination of American Multi-tiered Risk-management Markets

标准化的期货期权产品难以充分满足实体企业多元化风险管理需求,因此21世纪以来,美国选择了多层次风险管理市场来承载和完成多种产品、多类交易、多样信息的融通互联。2000年的《商品期货现代化法案》启动美国多层次风险管理市场建设。2008年的CFTC《再授权法案》完善豁免市场有效监管。2010年《多德-弗兰克法案》在金融危机之后重点加强场外市场监管,收束豁免范围。美国在多层次风险管理市场建设方面的实践探索值得学习借鉴。

Standard futures products cannot be used to satisfy all of the enterprises diversified risk-management demands. So from the 21st century, the US has been choosing multi-tiered market structure to complete the trades and exchanges of diversified products and information. The Commodity Futures Modernization Act made this progress started in 2000. CFTC＇s reauthorized Act improved the supervision on exempt markets in 2008. The Dodd-Frank Act strengthened the supervision on OTC markets and contracted exempt scope in 2010. American exploration in the multi-tiered risk-management markets deserves learning.