美国期货品种上市机制的反思与启示——以比特币期货上市为视角
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摘要
期货品种创新是期货市场发展的内生动力,完善的期货品种上市机制是企业锁定预期收益、发现价格信息以及分散经营风险的基础。美国《2000年商品期货交易现代化法》实施以来,在开放和宽松的监管环境下,美国期货市场品种创新成果斐然,使得美国期货市场始终处于世界领先地位。然而,寻求金融抑制与金融过度之间的平衡点向来是监管机构的难题,对被监管主体的过度放权也埋下了金融空转的隐患。以比特币期货上市为例,反思美国期货品种上市机制有助于为我国期货市场改革提供参考意见,以期在守住系统性风险底线的条件下实现服务实体经济发展的最终目标。
The system of new futures product listing plays an important role in futures market, which helps enterprises to lock in yields, find price information and spread risks. Since US Commodity Futures Modernization Act came into effect in 2000, US futures market has dramatically developed and leads the world because of an open and dynamic regulatory environment.However, how to balance between financial repression and financial excess is always a problem for regulators. The system of new futures product listing in China has become the bottleneck in the development of futures market, which has resulted in low efficiency and inadequate international competitions. Based on research of the system of new futures product listing in US, this paper intends to provide references to improve the system of new futures product listing in China,aimed at preventing systemic financial risks and providing service for the substantial economy.
The system of new futures product listing plays an important role in futures market, which helps enterprises to lock in yields, find price information and spread risks. Since US Commodity Futures Modernization Act came into effect in 2000, US futures market has dramatically developed and leads the world because of an open and dynamic regulatory environment.However, how to balance between financial repression and financial excess is always a problem for regulators. The system of new futures product listing in China has become the bottleneck in the development of futures market, which has resulted in low efficiency and inadequate international competitions. Based on research of the system of new futures product listing in US, this paper intends to provide references to improve the system of new futures product listing in China,aimed at preventing systemic financial risks and providing service for the substantial economy.
引文
[1]U.S.Commodity Futures Trading Commission,CFTC Statement on Self-Certification of Bitcoin Products by CME,CFE and Cantor Exchange,available at http://www.cftc.gov/PressRoom/PressReleases/pr7654-17,January 25,2018.
[2]Nicolas Christin,Traveling the Silk Road,A Measurement Analysis of a Large Anonymous Online Marketplace,The International World Wide Web Conference,May 13,2013.
[3]对等网络是一种网络结构的思想。整个网络结构中不存在中心节点,在网络中的每个节点的地位都是对等的。每一个节点大都同时具有信息消费者、信息提供者和信息通讯等三方面的功能。每个节点既充当服务器,为其他节点提供服务,同时也享用其他节点提供的服务。See Michael Einhorn,Peer-to-Peer Networking and Digital Rights Management:How Market Tools Can Solve Copyright Problems,Journal of the Copyright Society of the U.S.A.,Vol.52,Issue 2,Winter 2005,pp.239.
[4]See Satoshi Nakamoto,Bitcoin,A Peer-to-Peer Electronic Cash System,October 31,2008,available at https//bitcoin.org/bitcoin.pdf,January 25,2018.
[5]参见贾丽平:《比特币的理论、实践与影响》,《国际金融研究》2013年第12期,第18页。
[6]See Satoshi Nakamoto,Bitcoin,A Peer-to-Peer Electronic Cash System,October 31,2008,available at https//bitcoin.org/bitcoin.pdf,January 25,2018.
[7]See Lawrence Trautman,Bitcoin versus Regulated Payment Systems:What Gives,Cardozo Law Review,Vol.38,Issue 3,February2017,pp.1041-1098.
[8]See Adem Efe Gencer,Soumya Basu,Ittay Eyal,Robbert van Renesse,Emin Gün Sirer,Decentralization in Bitcoin and Ethereum,MIT Technology Review,January 15,2018.
[9]See Sergii Shcherbak,How Should Bitcoin Be Regulated,European Journal of Legal Studies,Vol.7,Issue 1,15 January 2018,pp.41-83.
[10]梅夏英:《数据的法律属性及其民法定位》,《中国社会科学》2016年第9期,第9页。
[11]参见阳东辉、吴加明:《盗窃数字编码型凭证行为性质的认定》,《法学》2013年第5期,第148-149页。
[12]樊云慧、栗耀鑫:《以比特币为例探讨数字货币的法律监管》,《法律适用》2014年第7期,第50页。
[13]参见谢杰、张建:《“去中心化”数字支付时代经济刑法的选择--基于比特币的法律与经济分析》,《法学》2014年第8期,第90页。
[14]Application of Fincen's Regulations to Persons Administering,Exchanging,or Using Virtual Currencies,March 18,2013,available at http://www.fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html,January 25,2018.
[15]IRS Virtual Currency Guidance,Virtual Currency Is Treated as Property for U.S.Federal Tax Purposes;General Rules for Property Transactions Apply,March 25,2014,available at http://www.irs.gov/uac/Newsroom/IRS-Virtual-Currency-Guidance,January 25,2018.
[16]See CME Group,Bitcoin Futures Quotes,available at http://www.cmegroup.com/trading/bitcoin-futures.html,January 25,2018.
[17]Kavid Singh,The New Wild West:Preventing Money Laundering in the Bitcoin Network,Northwestern Journal of Technology and Intellectual Property,Vol.13,Issue 1,June 15,2015,pp.57.
[18]Futures Industry Association,Open Letter To CFTC Chairman Giancarlo Regarding The Listing Of Cryptocurrency Derivatives,available at https://fia.org/articles/open-letter-cftc-chairman-giancarlo-regarding-listing-cryptocurrency-derivatives,2018年1月25日
[19]See John Labuszewski,John Nyhoff,Paul Peterson,The CME Group Risk Management Handbook:Products and Applications,CMEGroup,July 6,2010.
[20]William Spencer Topham,Re-Regulating Financial Weapons of Mass Destruction,Observations on Repealing the Commodity Futures Modernization Act and Future Derivative Regulation,Willamette Law Review,Vol.47,Issue 1,Fall 2010,pp.145-147.
[21]Commodity Futures Modernization Act§105(a)(2)(a)-(d).
[22]指定合约市场,即依据《商品交易法》第5(b)章第7 USC 7(b)款、CFTC规则以及《美国联邦法规》第17编要求注册成立的期货合约交易场所。实践中,指定合约市场一般表现为交易所。参见http://www.cftc.gov/IndustryOversight/TradingOrganizations/DCMs/dcmhowto,2018年1月25日。
[23]Dodd-Frank Wall Street Reform and Consumer Protection Act§745,7U.S.C§7a-2(c)(2012);17C.F.R.§40.11(2012).
[24]U.S.Commodity Futures Trading Commission,A CFTC Primer on Virtual Currencies,available at http://www.cftc.gov/idc/groups/public/documents/file/labcftc_primercurrencies100417.pdf,2018年1月25日。
[25]U.S.Commodity Futures Trading Commission,Order Prohibiting The Listing Or Trading Of Political Event Contracts,April 2,2012,available at http://www.cftc.gov/idc/groups/public/@rulesandproducts/documents/ifdocs/nadexorder040212.pdf,访问时间:2018年1月25日。
[26]M.Holland West,Matthew K.Kerfoot,“The Impact of Dodd-Frank on Derivatives”,Fordham Journal of Corporate&Financial Law,Vol.XVIII,2013,pp.277.
[27]U.S.Commodity Futures Trading Commission,Process for a Designated Contract Market or Swap Execution Facility to Make a Swap Available to Trade,76 Fed.Reg.77,728,available at http://www.cftc.gov/idc/groups/public/@lrfederalregister/documents/file/2011-31646a.pdf
[28]See U.S.Commodity Futures Trading Commission,A CFTC Primer on Virtual Currencies,available at http://www.cftc.gov/idc/groups/public/documents/file/labcftc_primercurrencies100417.pdf,2018年1月25日。
[29]U.S.Commodity Futures Trading Commission,CFTC Statement on Self-Certification of Bitcoin Products by CME,CFE and Cantor Exchange,available at http://www.cftc.gov/PressRoom/PressReleases/pr7654-17,January 25,2018.
[30]U.S.Commodity Futures Trading Commission,CFTC Backgrounder on Self-Certified Contracts for Bitcoin Products,available at http://www.cftc.gov/idc/groups/public/@newsroom/documents/file/bitcoin_factsheet120117.pdf,January 25,2018.
[31]DTCC Data Repository(U.S)LLC v.United States CFTC,25 F.Supp.3d 9(D.D.C.2014).
[32]DOJ Treasury Comments,supra note 40,at 10.
[33]See Alexander Okuliar,Financial Exchange Consolidation and Antitrust:Is There a Need for More Intervention?Antitrust,Vol.28,Issue 2,Spring 2014,pp.70.
[34]参见黄运成、王海东:《推进期货品种上市的注册制改革》,《中国金融》2014年第10期,第17页。
[35]参见马险峰、李杰、姚远:《美国期货市场产品创新研究--以CME期货产品创新理念、上市程序和监管环境为例》,《中国市场》2013年第35期,第42页。
[36]参见汤云龙、常飞:《美国期货品种上市机制的借鉴与启示》,《现代管理科学》2014年第3期,第83页。
[37]Office Of The Comptroller Of The Currency,Administrator Of National Banks,Occ's Quarterly Report On Bank Trading And Derivatives Activities Third Quarter 2009,available at http://www.occ.treas.gov/ftp/release/2009-161a.pdf,January 25,2018.
[38]宋晓巍、马险峰:《加快期货市场改革开放服务实体经济发展》,《证券市场导报》2017年第1期,第16页。
[39]See John Labuszewski,John Nyhoff,Paul Peterson,The CME Group Risk Management Handbook:Products and Applications,CME Group,July 6,2010.
[40]See Onnig Dombalagian,Exchanges,Listless,The Disintermediation of the Listing Function,Wake Forest Law Review,Vol.50,Issue 3,June 15,2015,pp.579-602.
[41]United Nations Statistics Division,International Standard Industrial Classification of All Economic Activities,Rev.4,available at https://unstats.un.org/unsd/cr/registry/regcst.asp?Cl=27,2018年1月25日。
[42]前引[13],谢杰、张建文,第90页。
[2]Nicolas Christin,Traveling the Silk Road,A Measurement Analysis of a Large Anonymous Online Marketplace,The International World Wide Web Conference,May 13,2013.
[3]对等网络是一种网络结构的思想。整个网络结构中不存在中心节点,在网络中的每个节点的地位都是对等的。每一个节点大都同时具有信息消费者、信息提供者和信息通讯等三方面的功能。每个节点既充当服务器,为其他节点提供服务,同时也享用其他节点提供的服务。See Michael Einhorn,Peer-to-Peer Networking and Digital Rights Management:How Market Tools Can Solve Copyright Problems,Journal of the Copyright Society of the U.S.A.,Vol.52,Issue 2,Winter 2005,pp.239.
[4]See Satoshi Nakamoto,Bitcoin,A Peer-to-Peer Electronic Cash System,October 31,2008,available at https//bitcoin.org/bitcoin.pdf,January 25,2018.
[5]参见贾丽平:《比特币的理论、实践与影响》,《国际金融研究》2013年第12期,第18页。
[6]See Satoshi Nakamoto,Bitcoin,A Peer-to-Peer Electronic Cash System,October 31,2008,available at https//bitcoin.org/bitcoin.pdf,January 25,2018.
[7]See Lawrence Trautman,Bitcoin versus Regulated Payment Systems:What Gives,Cardozo Law Review,Vol.38,Issue 3,February2017,pp.1041-1098.
[8]See Adem Efe Gencer,Soumya Basu,Ittay Eyal,Robbert van Renesse,Emin Gün Sirer,Decentralization in Bitcoin and Ethereum,MIT Technology Review,January 15,2018.
[9]See Sergii Shcherbak,How Should Bitcoin Be Regulated,European Journal of Legal Studies,Vol.7,Issue 1,15 January 2018,pp.41-83.
[10]梅夏英:《数据的法律属性及其民法定位》,《中国社会科学》2016年第9期,第9页。
[11]参见阳东辉、吴加明:《盗窃数字编码型凭证行为性质的认定》,《法学》2013年第5期,第148-149页。
[12]樊云慧、栗耀鑫:《以比特币为例探讨数字货币的法律监管》,《法律适用》2014年第7期,第50页。
[13]参见谢杰、张建:《“去中心化”数字支付时代经济刑法的选择--基于比特币的法律与经济分析》,《法学》2014年第8期,第90页。
[14]Application of Fincen's Regulations to Persons Administering,Exchanging,or Using Virtual Currencies,March 18,2013,available at http://www.fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html,January 25,2018.
[15]IRS Virtual Currency Guidance,Virtual Currency Is Treated as Property for U.S.Federal Tax Purposes;General Rules for Property Transactions Apply,March 25,2014,available at http://www.irs.gov/uac/Newsroom/IRS-Virtual-Currency-Guidance,January 25,2018.
[16]See CME Group,Bitcoin Futures Quotes,available at http://www.cmegroup.com/trading/bitcoin-futures.html,January 25,2018.
[17]Kavid Singh,The New Wild West:Preventing Money Laundering in the Bitcoin Network,Northwestern Journal of Technology and Intellectual Property,Vol.13,Issue 1,June 15,2015,pp.57.
[18]Futures Industry Association,Open Letter To CFTC Chairman Giancarlo Regarding The Listing Of Cryptocurrency Derivatives,available at https://fia.org/articles/open-letter-cftc-chairman-giancarlo-regarding-listing-cryptocurrency-derivatives,2018年1月25日
[19]See John Labuszewski,John Nyhoff,Paul Peterson,The CME Group Risk Management Handbook:Products and Applications,CMEGroup,July 6,2010.
[20]William Spencer Topham,Re-Regulating Financial Weapons of Mass Destruction,Observations on Repealing the Commodity Futures Modernization Act and Future Derivative Regulation,Willamette Law Review,Vol.47,Issue 1,Fall 2010,pp.145-147.
[21]Commodity Futures Modernization Act§105(a)(2)(a)-(d).
[22]指定合约市场,即依据《商品交易法》第5(b)章第7 USC 7(b)款、CFTC规则以及《美国联邦法规》第17编要求注册成立的期货合约交易场所。实践中,指定合约市场一般表现为交易所。参见http://www.cftc.gov/IndustryOversight/TradingOrganizations/DCMs/dcmhowto,2018年1月25日。
[23]Dodd-Frank Wall Street Reform and Consumer Protection Act§745,7U.S.C§7a-2(c)(2012);17C.F.R.§40.11(2012).
[24]U.S.Commodity Futures Trading Commission,A CFTC Primer on Virtual Currencies,available at http://www.cftc.gov/idc/groups/public/documents/file/labcftc_primercurrencies100417.pdf,2018年1月25日。
[25]U.S.Commodity Futures Trading Commission,Order Prohibiting The Listing Or Trading Of Political Event Contracts,April 2,2012,available at http://www.cftc.gov/idc/groups/public/@rulesandproducts/documents/ifdocs/nadexorder040212.pdf,访问时间:2018年1月25日。
[26]M.Holland West,Matthew K.Kerfoot,“The Impact of Dodd-Frank on Derivatives”,Fordham Journal of Corporate&Financial Law,Vol.XVIII,2013,pp.277.
[27]U.S.Commodity Futures Trading Commission,Process for a Designated Contract Market or Swap Execution Facility to Make a Swap Available to Trade,76 Fed.Reg.77,728,available at http://www.cftc.gov/idc/groups/public/@lrfederalregister/documents/file/2011-31646a.pdf
[28]See U.S.Commodity Futures Trading Commission,A CFTC Primer on Virtual Currencies,available at http://www.cftc.gov/idc/groups/public/documents/file/labcftc_primercurrencies100417.pdf,2018年1月25日。
[29]U.S.Commodity Futures Trading Commission,CFTC Statement on Self-Certification of Bitcoin Products by CME,CFE and Cantor Exchange,available at http://www.cftc.gov/PressRoom/PressReleases/pr7654-17,January 25,2018.
[30]U.S.Commodity Futures Trading Commission,CFTC Backgrounder on Self-Certified Contracts for Bitcoin Products,available at http://www.cftc.gov/idc/groups/public/@newsroom/documents/file/bitcoin_factsheet120117.pdf,January 25,2018.
[31]DTCC Data Repository(U.S)LLC v.United States CFTC,25 F.Supp.3d 9(D.D.C.2014).
[32]DOJ Treasury Comments,supra note 40,at 10.
[33]See Alexander Okuliar,Financial Exchange Consolidation and Antitrust:Is There a Need for More Intervention?Antitrust,Vol.28,Issue 2,Spring 2014,pp.70.
[34]参见黄运成、王海东:《推进期货品种上市的注册制改革》,《中国金融》2014年第10期,第17页。
[35]参见马险峰、李杰、姚远:《美国期货市场产品创新研究--以CME期货产品创新理念、上市程序和监管环境为例》,《中国市场》2013年第35期,第42页。
[36]参见汤云龙、常飞:《美国期货品种上市机制的借鉴与启示》,《现代管理科学》2014年第3期,第83页。
[37]Office Of The Comptroller Of The Currency,Administrator Of National Banks,Occ's Quarterly Report On Bank Trading And Derivatives Activities Third Quarter 2009,available at http://www.occ.treas.gov/ftp/release/2009-161a.pdf,January 25,2018.
[38]宋晓巍、马险峰:《加快期货市场改革开放服务实体经济发展》,《证券市场导报》2017年第1期,第16页。
[39]See John Labuszewski,John Nyhoff,Paul Peterson,The CME Group Risk Management Handbook:Products and Applications,CME Group,July 6,2010.
[40]See Onnig Dombalagian,Exchanges,Listless,The Disintermediation of the Listing Function,Wake Forest Law Review,Vol.50,Issue 3,June 15,2015,pp.579-602.
[41]United Nations Statistics Division,International Standard Industrial Classification of All Economic Activities,Rev.4,available at https://unstats.un.org/unsd/cr/registry/regcst.asp?Cl=27,2018年1月25日。
[42]前引[13],谢杰、张建文,第90页。