摘要
2013年12月10日,美国监管机构通过了"沃尔克规则"最终版本,监管既有强化也有弱化。沃尔克规则的问题体现在战略和战术两个层面。沃尔克规则有望减少大宗商品市场上的金融炒作和投机,给对冲基金带来的利多效应目前看来大于利空效应。规则的实施短期内肯定会对美国大型银行的竞争力带来损害,但不可过分夸大负面影响。沃尔克规则对国际金融监管规则影响的重要端倪已经在欧洲产生。对中国来说,应该及时划定界限、明确禁区、制定规则,通过适度、到位和精准的监管,规范银行等金融机构的自营等非传统业务的发展。
The U.S. federal regulators issued final rules developed jointly to implement the Volcker rule on December 10, 2013. There are both enhanced contents and weakened contents in the final rules. The problems of the Volcker rule are reflected in both strategic and tactical aspects. Implementing the Volcker rule will hopefully suppress the strength of financial speculation in the commodity markets and inject more positive effects than negative effects into hedge funds. In the short run, the Volcker rule maybe do harm to the competitiveness of the large banks in America. However, the negative effects can not be exaggerated. As for the influence on international financial supervision, an important sign has emerged in Europe. To ensure the healthy development of the unconventional business such as proprietary trading in banks and other financial institutions, China should draw boundary lines in time and supervised appropriately and accurately.
出处
《国际金融研究》
CSSCI
北大核心
2014年第5期80-87,共8页
Studies of International Finance
