强监管常态下地方交易场所风险分析及对策

Risk Analysis and Countermeasures of Local Exchanges under Rigid Supervision

防范化解金融风险是金融工作的永恒主题。2020年10月,党的十九届五中全会指出新发展阶段面临诸多风险挑战。2020年12月,中央经济工作会议强调化解存量风险,防范增量风险。作为金融市场的组成部分,地方交易场所风险防控工作不容忽视。经历了多轮清理整顿,目前地方交易场所进入秩序重塑阶段,仍有许多问题急待解决,如:投资者适当性标准缺失、集中交易风险、产品经营范围超限等。产生这些问题的成因较复杂,涉及顶层设计、地方监管、地方交易场所、市场参与者等多重因素。为解决遗留问题,打赢防范化解金融风险攻坚战,提出如下几个建议:提高监管立法层级,规范展业范畴,明确交易场所主体定位,加强公众投资知识教育。

Preventing and defusing financial risks is an eternal topic of financial work.In October 2020,it was pointed out on the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China that we are facing various risks and challenges in the new stage of development.In December 2020,the Central Economic Work Conference emphasized the defuse of stock risks and preventing incremental risks.Local exchange is a component of financial market.The risk controlling of local exchange must not be neglected.After several terms of clean-up and rectification,local exchange has entered the stage of market order reconstruction,and a few problems still need to be resolved,for instance,lack of investor suitability standards,centralized trading risk,and over-limit product business scope.We figure out the cause of problems from four perspectives:central government supervision,local government regulation,local exchange,and market participants.In order to resolve remaining issues and achieve success in the battle against financial risks,it is proposed that we should improve the level of regulatory legislation,standardize the business scope of local exchange,clarify the juridical statues of local exchange,and enhance the public education on investment knowledge.