商业银行交易业务审慎监管研究

Prudential Regulations on Trading Businesses of Commercial Banks

本轮金融危机充分揭示了交易业务的风险,因此,加强交易业务监管是后危机时期国际金融监管改革的重要课题之一。本文认为,交易业务风险不仅包括短期价格波动带来的市场风险,而且还包括与此相关的信用风险、操作风险和亲周期风险等。更值得关注的是,交易业务的快速发展和工具创新,扩大了金融体系的杠杆效应、复杂性和关联性,加剧了金融市场的波动度。危机以来,国际层面的交易业务监管改革主要集中在事前限制性措施和事后成本补偿性措施两个方面。国内监管当局应在更为宏观的框架内看待交易业务发展的影响,建立广覆盖、全流程的审慎交易业务监管规则,采取有效监管措施推动交易业务稳健发展,并尽可能降低交易业务快速扩张对商业银行经营模式、银行体系结构以及消费者利益可能带来的负面影响。

The latest financial crisis adequately revealed the risks of trading businesses. Strengthening the regulations on trading businesses has become one of the most important topics of the international financial regulatory reforms in the post-crisis era. The main findings of this paper are： （1） The risks of trading businesses include not only the market risk resulting from short-term market price fluctuations, but also the credit risk, operational risk and pro-cyclicality risk closely linked to price volatility, and more importantly the fast growth of trading businesses, especially the trading of structured products, have substantially increased the leverages, complexities and interdependences of the financial system, and also amplified the volatility of financial markets. （2） The international regulation reforms on trading businesses have been going along two paths： ex-ante restrictive measures and ex-post recapitalizations. （3） The chinese authority is expected to assess the possible risks of trading businesses from a macro perspective, to set up full-coverage and whole-process prudential rules on trading businesses, to take effective measures to mitigate the possible negative effects on commercial banks＇ business models, banking industry＇s structures and customer interest protections.