全球大变局下的金融监管——论以跨境风险控制为目标的期货市场自律管理

Financial Regulation in the Face of Global Change——On the Self-discipline Management of Futures Market Aiming at Cross-border Risk Control

期货交易所是期货市场的基础设施,期货交易所的稳定持续占位是期货市场稳定的核心基础和前提。我国已就期货市场建立了完整的法律监管体系,期货交易所自律管理的地位和职能已得到《期货和衍生品法》《期货交易管理条例》《期货交易所管理办法》的确认。在当今全球大变局背景之下,随着我国持续推进期货市场的国际化进程,期货交易所自身也面临众多跨境风险监管与控制的难题。本文将结合期货市场环境,在分析期货市场跨境风险的成因和现行对策的基础上,通过借鉴境外期货交易所的自律规则,对我国期货交易所自律规则防风险效果进行检视,并就我国期货交易所自律规则的进一步健全完善进行思考,旨在通过相关自律规则的配合运用助力实现上述目标,起到对跨境金融风险蔓延的防火墙作用。

The futures exchange is the infrastructure of the futures market,and the stable and continuous occupation of the futures exchange is the core basis and premise of the stability of the futures market.China has established a legal supervision system for the futures market,and the status and function of the self-regulatory management of the futures exchange have been confirmed by a series of laws.In the background of today's global changes,as China continues to promote the internationalization of the futures market,futures exchanges themselves are also facing many difficulties in cross-border risk supervision and control.Based on the analysis of the causes of cross-border risks in the futures market and the current countermeasures,this paper will examine the risk-prevention effect of the self-regulatory rules of China's futures exchanges by referring to the self-regulatory rules of overseas futures exchanges,and consider the further improvement of the self-regulatory rules of China's futures exchanges.It aims to help achieve the above goals through the cooperation and application of relevant self-regulatory rules,and play a firewall role against the spread of cross-border financial risks.