LME镍期货“逼仓”危机对金融基础设施风险管理的启示

Implications of LME Nickel Futures Crisis for Financial Infrastructure Risk Management

金融基础设施是为各类金融活动提供基础性公共服务的系统及制度安排,是金融市场稳健高效运行的基础性保障,其在金融市场运行中居于枢纽地位,具有很强的公共属性,应将防控金融风险、维护金融稳定作为其运行的重要目标。反思近期发生的镍期货“逼仓”危机中LME在风险管理制度方面表现出的缺陷,危机中所表现出的风险管理制度缺失,对进一步提高金融基础设施风险管理能力及监管水平,加快相关立法,统筹推进“布局合理、治理有效”的金融基础设施体系建设大有裨益。本文同时对场外衍生品透明度及相应企业套期保值风险管理也提出了建议。

Financial Market Infrastructure(FMI) is a system and institutional arrangement that provides basic public services for various financial activities and serves as a guarantee for the stable and efficient operation of the financial market. It has a strong public attribute and takes the prevention and control of financial risks and the maintenance of financial stability as an important objective. Reflecting on the deficiencies of the LME’s risk management system in the recent nickel futures "squeeze" crisis, the lack of risk management systems shown in the crisis will help us to further improve FMI’s risk management capabilities. It will also help speed up relevant legislation. FMI is also of great benefit in coordinating and promoting the construction of a financial infrastructure system with a "reasonable design and effective governance". This paper describes FMI and makes suggestions on the transparency of OTC derivatives and the corresponding corporate hedging risk management.