摘要
我国信用违约互换(CDS)市场尚处于起步阶段,而CDS市场与内幕交易存在天然的密切联系。债权人、承销商等相关合同主体对手方利用内幕信息“裸持”CDS进行投机性交易,会损害债务人的信息权利、CDS市场的交易公平性以及市场效率。CDS市场与股票市场相比有其特殊性,传统内幕交易规则用以规制CDS市场将面临一些适用困境。为此,必须视情况扩大证券法反欺诈条款的适用,约束债权人、承销商等相关合同对手方对债务人内幕信息的利用,完善CDS市场信息披露制度并强化金融机构内部防火墙。
Our country's credit default swap (CDS) market is on its infancy.CDS markets have their natural links with insider trading.The lenders,the underwriters and other counterparties of related contracts tend to use insider information for profiting from naked holding CDS.This kind of insider trading injures the information rights of the borrowers' shareholders,the justice and efficiency of CDS markets.CDS markets differ from stock markets in some aspects,which will challenge the traditional rules of insider trading.It's necessary to expand the application of the anti-fraud clause in securities law,limit the use of insider information by lenders,underwriters and other counterparties of related contracts,perfect the information disclosure system and financial institutions'"Chinese Wall".
出处
《证券市场导报》
CSSCI
北大核心
2019年第8期60-68,76,共10页
Securities Market Herald
基金
国家社科基金一般项目“论司法介入金融创新的合理限度研究”(项目编号：15BFX175)
