美国股票融资交易监管:规则与实践的演进

The Evolution of Securities Credit Regulation in the U.S.

股票融资交易——包括场内融资与场外配资——是证券市场加杠杆的交易模式,也因其给市场主体带来的个别风险与系统性风险而成为金融监管的对象。1934至1971年,美国历时30多年完成了股票融资监管规则框架的建构,总的监管思路是疏而非堵。"杠杆率控制"和"信息披露"作为两个基本的监管对策统一适用于场内融资与场外配资,它们在给市场保留了融资交易空间的同时,也使监管当局得以掌控整个市场的杠杆规模,以应对潜在的风险。在金融分业监管的格局下,对股票融资交易的监管非某一家监管机构之责,而是需要各监管机构的分工协作,包括央行、其他银行业监管机构、证券监管机构、交易所以及司法机构等。这样,从证券融资交易的日常监管,到事后给予行政处罚,追究刑事责任或民事责任,都有相应的实施机制。

Securities credit transactions, both in the field and over-the-counter, are the leverage trading in securities market. These transactions have been under regulation for years because of the firm-specific risk and systemic risk caused by them. From 1934 to 1971, the United States completed the regulatory framework construction of the rules of securities credit transactions. The overall regulatory consideration is dredging rather than banning. Margin re- quirements and information disclosure are the two basic regulatory methods applicable to bro- kers, dealers, banks and other persons, which help the regulatory authorities to grasp the whole picture of the leverage scale of the market to check the potential risks while leaving space for the market force. In the separate pattern of financial supervision, securities credit transactions are not limited to the regulation of one specific authority. They need the collabo- ration and cooperation of every relevant authority, including central bank, other banking su- pervisory agencies, securities supervisory agencies, exchanges and judicial institutions. Be- sides, there are corresponding enforcement mechanisms for the securities credit transactions in daily supervision and ex-post administrative penalty, criminal and civil liability.