保险资金参与衍生品交易的理论逻辑、国际经验与监管应对

The Logic, International Experience and Regulation of Insurance Funds’ Participation in the Derivatives Markets

保险资金参与衍生品交易是保险资金运用的重要途径,有助于改善保险资金的安全性、流动性和收益性,契合当前经济金融发展的需求。境外市场对保险资金从事衍生品交易的共识是:保险资金的衍生品运用目的应为风险管理而非投机交易,但不限于风险对冲,还包括有效投资组合管理等;衍生品投资范围不做具体品种的禁限性规定,交易限额的设置较少且标准合理。借鉴保险资金参与衍生品交易的国际经验,可进一步扩大我国保险资金参与衍生品交易的范围和比例,丰富场内产品和有组织的场外交易形式,把握好“套期保值”“风险管理”等内涵及关系。

For the security,liquidity and investment yield of the insurance funds,insurers rely on derivatives to manage the underwriting and investment risks.The international regulatory consensus is the derivatives should be used for risk management rather than speculation,it is unnecessary to specify the permissible derivatives instrument and there are only a few suitable limitations on the use of derivatives by international insurer.For this reason,the international insurers participate in the derivatives market actively,particularly with respect to the exchange-traded derivatives.Therefore,it is necessary to expand the instruments,paths and limits on the insurer's trading of derivatives,clarify the hedge and risk management purpose,in order to enhance the compliance and the liberalization of insurer derivative use in china.