国际金融领域市场分割现象及其治理路径研究

International Financial Market Fragmentation and Its Governance

市场分割是指国际金融市场因金融监管的差异而发生的分隔或碎片化现象。现阶段的市场分割问题与场外衍生品的跨境交易和清算、银行资本和流动性的跨境管理、金融信息的跨境共享等方面的监管规则差异密切相关。市场分割对金融稳定的影响总体上弊大于利,表现在它对金融机构的风险管理和恢复能力、金融市场内部机制功能的发挥、国际金融监管合作的开展均会产生负面影响。市场分割问题关涉一国或地区在开放语境下对金融安全与金融效率关系的权衡,反映了全球治理中金融监管地域性和金融市场全球性之间的矛盾。就市场分割的全球治理而言,建议采取以下路径:坚持以规则为基础的治理,加强国际金融软法的约束力;完善系统治理,增强金融稳定理事会的协调力和权威性;推动综合治理,完善和发展各类跨境监管合作机制;注重源头治理,倡导“命运与共”的国际金融监管理念。

In the field of the international financial supervision, market fragmentation could be defined as "global financial market breaks into segments geographically as a result of financial regulation, with organic shared markets being less able to interact freely with one another". At current stage,market fragmentation is closely related to the divergences and discrepancies of regulatory rules in trading and clearing of OTC derivatives, banks’ management of capital and liquidity, and information sharing across border. In terms of financial stability, market fragmentation has an overall negative impact, affecting the risk management and recovery capability of financial institutions,the functioning of financial market mechanism, and the proceeding of international financial regulatory cooperation. Market fragmentation involves balancing safety and efficiency under the context of financial opening up, and reflects the contradiction between the regionalism of financial regulation and the globalization of the financial market. From the view point of global governance,there are possible paths to mitigate market fragmentation, including strengthening the binding effect of the international financial soft law, enhancing the coordination competency and authority of the FSB, developing and improving various forms of cross-border regulatory and supervisory cooperation tools, and proposing a view of "shared future" in the following international regulatory cooperation.