股指期货与股票现货跨市交易系统性风险防范的法律构建

在股指期货与股票现货跨市交易中,股指期货的杠杆效应、价格发现功能以及股指期货与股票现货两市的联动关系等因素加剧了风险的传导,极易形成跨市系统性风险,传统的分市监管模式面临着严峻挑战。为应对跨市系统性风险,美国、欧盟等国纷纷引入宏观审慎监管理念,建立宏观审慎监管机制。我国在跨市系统性风险防范机制的法律构建上一直处于空白状态。具体而言,主要表现在宏观审慎监管机构的缺失、跨市监管法律体系不完善、跨市监管协作协议效力不强、国际协调法律机制不健全等方面。要防范跨市系统性风险,我国应当明确宏观审慎监管机构,完善跨市监管法律体系,强化跨市监管协作协议的效力,健全国际协调法律机制,以此推动我国跨市宏观审慎监管机制的法律构建。

Abstract： In the cross market transactions of stock index futures and stock spot, the leverage effect, price discovering of stock index futures and the linkage between the two markets have increased the transmission of risks, which is particularly to form trans-market risks. The traditional regulatory models have faced great challenges. To reduce the systemic risks, the United States and the EU have introduced the concept of macro prudential supervision, and established the mechanism. In our country, the risk prevention mechanism of cross market has been in a blank state. In particular, it can show that the macro prudential institution is lacking, the legal system is not perfect, the effectiveness of cooperation agreement is so weak, and the legal system of international coordination is not perfect. On this basis, we try to put forward the corresponding suggestions to promote the construction of macro prudential supervision in our country. Keywords： stock market; cross market transactions; systematic risk; macro prudential supervision; legal construction