全球金融衍生品交叉上市动因及影响分析

The Cross Listing Causes and Impact Analyses of Global Financial Derivatives

金融衍生产品交叉上市成为全球市场竞争与演变的主流趋势之一。我国金融衍生品市场日益成为全球关注焦点,自沪深300股指期货上市以来已有多家境外交易所提议计划上市中国概念衍生品。本文分析金融衍生品交叉上市的主要形式与发展特点,客观分析金融衍生品交叉上市对母国市场的影响,并提出相应的对策建议。本文提出,国内开展与境外市场产品交叉上市的条件还不够成熟,但应加快金融衍生品发展和金融创新步伐,积极应对境外市场上市中国概念产品的压力,利用母国偏好效应,牢牢掌握国内金融衍生品的主动权。

Financial derivatives cross listing has became one of the mainstream trends of global market competition and evolution. Since CSI 300 stock index futures listed on CFFEX, China＇s financial derivatives market is attracting global attentions, and several foreign exchanges is planning to list Chinese concept derivatives. The paper analyzes the main forms and development characteristics of financial derivatives cross listing, presents the impacts of cross listing on home market and provides corresponding countermeasures and suggestions. We propose that although the conditions of financial derivatives cross listing with overseas markets are still not mature, we should speed up the development and innovation of financial derivatives, positively cope with the pressures of foreign markets, and firmly grasp the initiative of domestic financial derivatives with the home bias effect.