债务危机背景下的欧洲场外衍生品监管改革

The EU' s OTC Derivatives Market Reform after the Sovereign Debt Crisis

欧盟是全球重要的衍生品市场之一,在全球金融危机之前获得了快速的发展。然而,全球金融危机及欧洲主权债务危机的爆发,却将衍生品交易的惊人破坏力与衍生品市场的脆弱性展现得淋漓尽致。危机爆发后,欧盟进行了系统的衍生品市场监管立法改革,并于2012年颁布了"欧洲市场基础设施条例"。该条例规定了衍生品强制中央清算和交易信息登记制度,提高了衍生品交易的风险管理标准,以增加市场透明度,降低衍生品交易所带来的系统性风险,从而深刻改变欧洲金融衍生品市场面貌。我国未来的衍生品监管立法改革应当吸收欧洲的先进制度经验。

Europe is one of the two largest OTC derivatives markets in the word,which experienced rapid development before the 2008 global financial crisis.However,the destroying impacts of OTC derivatives was caught in the full beam by the 2008 financial crisis and 2010 European sovereign debt crisis.After the crisis,the EU undertook a systematic legislative reform on the OTC derivative regulation and enacted the "EMIR" in 2012.It provides the Central Clearing obligation,establishes the requirements for Trade Repositories and improves the standard for risk control for OTC derivatives,so as to enhance market transparency and reduce the systemic risks caused by OTC derivatives.These reforms have fundamentally changed the EU OTC derivatives market.In view of this,some of the reform measures could be introduced into the future regulatory reform of China's OTC markets.