国际金融衍生工具交易的监管法律问题研究
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摘要
在金融自由化与金融创新的浪潮中，国际金融衍生工具获得了长足的发展，成为企业规避风险、银行赚取利润的主要手段。然而，近几年国际金融衍生工具交易所引发的金融风波不断发生，又使得加强对金融衍生工具的监管的呼声渐高。金融衍生工具交易过程中存在过度投机等因素将导致金融衍生工具交易引发的各种风险，这其中包括微观风险和宏观风险。然而，国际社会对国际金融衍生工具交易的特殊性缺乏了解，习惯用普通的金融监管方法来对国际金融衍生工具进行监管，结果导致大量的金融衍生交易风险成为金融监管的漏网之鱼。国际金融衍生工具交易对金融监管法律提出的更新和更高的要求。金融衍生交易对金融监管的法律影响主要表现为金融监管的结构向综合性发展，金融监管制度出现重大创新，全球化监管已成为大势所趋。综合分析各国国内对金融衍生工具交易的监管法律体系和法律制度，可以将国内监管分为两种模式和三级监管体系。国内监管的模式分别为美国模式和英国模式，三级监管体系为政府、交易所和行业自律监管。在国际方面，对金融衍生市场的总体监管全球尚没有达成共识，但是，国际清算银行与巴塞尔委员会、国际证监联合会、国际会计准则委员会、欧洲联盟等一系列国际性、区域性组织纷纷采取了一些重大的国际性法律举措。借鉴其他国家和国际上对国际金融衍生工具交易的监管法律制度，作者试图构建我国的监管法律体系。我国金融衍生工具交易监管的法律的原则应包括公平、公正、安全等原则。我国的金融衍生交易的监管体系应该是以政府，行业，交易所构成的三级监管体系。我国金融衍生交易监管的具体监管法律制度的制定应包括金融衍生工具合约的设计制度、严格控制金融衍生市场准入的法律制度、资本充足的法律规定、信息披露法律制度、场内场外监管法律制度、国际合作监管等方面。
In the tide of freedom of financial and the financial innovation, the international financial derivatives instruments are developing quickly. They have became the main methods to avoid the risks and to earn money . Nevertheless, the financial crisis made the financial supervisory became more and more urgent. The financial risks of international derivatives instruments can be divided into two parts. They are micro-risks which includes market risks and macro-risks which can destroy the effect of monetary policy. Because of lacking the knowledge of international derivatives instruments , most financial authorities use the common supervisory system to control the risks of financial derivatives. But they can't get rid of the risks of international financial derivatives. In order to meet the demands of international derivatives instruments, the supervisory system should be improved and strengthened. And there is a tendency of international supervision cooperation in the world. Domestically, there are two models of
supervision . They are called American model and English model. They supervise the international derivatives instruments through governments , market and self-discipline. Internationally, many international organizations developed different methods to control the risks of derivatives instruments. Adopted from foreign countries' experience , the author intended to build the supervisory system of China. The principle law of supervision should include equality and safety. The government , the market and the financial organizations should all take part in the supervision. The measures strengthening the supervision of international derivatives instruments include: designing of exchange contracts , controlling the market entrance , maintaining the adequate capital, market supervision and international supervision cooperation , etc.
In the tide of freedom of financial and the financial innovation, the international financial derivatives instruments are developing quickly. They have became the main methods to avoid the risks and to earn money . Nevertheless, the financial crisis made the financial supervisory became more and more urgent. The financial risks of international derivatives instruments can be divided into two parts. They are micro-risks which includes market risks and macro-risks which can destroy the effect of monetary policy. Because of lacking the knowledge of international derivatives instruments , most financial authorities use the common supervisory system to control the risks of financial derivatives. But they can't get rid of the risks of international financial derivatives. In order to meet the demands of international derivatives instruments, the supervisory system should be improved and strengthened. And there is a tendency of international supervision cooperation in the world. Domestically, there are two models of
supervision . They are called American model and English model. They supervise the international derivatives instruments through governments , market and self-discipline. Internationally, many international organizations developed different methods to control the risks of derivatives instruments. Adopted from foreign countries' experience , the author intended to build the supervisory system of China. The principle law of supervision should include equality and safety. The government , the market and the financial organizations should all take part in the supervision. The measures strengthening the supervision of international derivatives instruments include: designing of exchange contracts , controlling the market entrance , maintaining the adequate capital, market supervision and international supervision cooperation , etc.
引文
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[2]．刘云龙．试论金融衍生工具的风险及监管．投资研究．1996，2，45-48
[3]．罗强，谢赤．金融衍生工具及其风险分析．湖南大学学报(社科版)1996，3，22-27
[4]．杨光，傅尔基，刘震宇．论金融衍生工具的风险类型与成因及其及监管趋势．上海师范大学学报(社会科学版)．1998，3，28-31
[5]．王令芬．论金融衍生工具的法律监管．山东金融．1998，4，14-20
[6]．王爱俭．金融衍生工具的特点及风险管理．财经问题研究．1997，6，69-72
[7]．门明．金融衍生工具作用辨析．国际贸易问题．1999，8，46-50
[8]．刘云龙．试论金融衍生工具的风险及监控．投资研究．1996，2，44-45
[9]．陈国辉，赵春光．试论金融衍生工具的信息披露．1999，9，37-38
[10]．吴碧英．金融衍生产品风险管理评析．证券市场导报．1995，5，49-51
[11]．韩龙．对跨国银行现行法律监管缺陷的实证分析．法学家．2000，3，41-45
[12]．杜晓峰，于泽声．从巴林银行的倒闭谈对金融衍生工具的监管．财经贸易．1995，7，39-41
[13]．徐琼，唐海仕．金融创新工具的法律特征与保障．经济与法．2003，5，10-11
[14]．徐琼，孙梦云．发展国际金融创新工具的战略选择和立法保障．江西社会科学．2003，4，161-163
[15]．吕震．美国金融业重新考虑对衍生金融工具交易的监管．国际金融研究．99，3，69-70
[16]．丁俊．功能性金融监管：我国金融监管体制发展的新方向．上海金融．2001，1， 19-20
[17]．金瑜铭．浅议新巴塞尔资本协议对风险管理工作的立法影响．国际金融研究2002，1，60-65
[18]．张忠军．金融监管法论．北京：法律出版社1998，68-75
[19]．陈小平．国际金融衍生市场．北京：中国金融出版社1994，155-160
[20]．杨永清．期货交易法律制度研究．北京：法律出版社1998，195-203
[21]．徐冬根．国际金融法律与实务研究．上海：上海财经大学出版社2000，392-400
[22]．陆泽峰．金融创新与法律变革．北京：法律出版社2000，271-289
[23]．朱淑珍．金融创新与金融风险—发展中的两难．上海：复旦大学出版社2002，140-177
[24]．赵炬辉，房梁．国际金融衍生工具．上海：上海三联出版社1996，24-37
[25]．周立．金融衍生工具：发展与监管．北京：中国发展出版社1997，190-195
[26]．望见国，刘锡良．衍生金融产品．西南财经大学出版社1997，84-92
[27]．王春峰．金融市场风险管理．天津：天津大学出版社2001，76-78
[28]．宫少林．衍生会融工具：理论与实务．北京：中国金融出版社1996，102-124
[29]．文海兴．期货交易法律关系研究．北京：法律出版社1995，36-38
[30]．江曙霞．银行监督管理与资本充足性管制．北京：中国发展出版社1994，4-9
[31]．刘丰名．巴塞尔协议与国际金融法．武汉：武汉科技大学出版社1994，48-51
[32]．徐忠．金融全球化与金融风险．昆明：云南人民出版社1999，18-24
[33]．许健．银行监管国际惯例．北京：中国金融出版社1994，17-22
[34]．贺小勇．金融全球化趋势下金融监管的法律问题研究．北京：法律出版社2002，17-34
[35]. Lester G. Telser. Safety First and the Holding of Assets. Review of Economic Studies, 23, 1955, 1-16
[36]. Peter Tufamo. Financial Innovation and First-Mover Advantages. Journal .of Corporate Finance. May 1992, 83-87
[37]. Practices in the Gold Mining Industry. Journal of Finance. September 1996, 1097-1137
[38]. Claude Brown. How to Recognize a Derivative. International Financial Law Review. May 1995, 28-29
[39]. Denis Forster. New Legal Weapon on the Derivative Batterfield. International Financial Law Review. September 1995, 36-38
[40]. Schuyler K. Henderson Harmonization of derivatives regulation can wait. International Financial Law Review. September 1996, 51-56
[41]. Thomas J. Linsmeier, Neil D. Pearson. Value at Risk. Financial Analysts Journal. March 2000, 47-63
[42]. Financial Derivatives-Global Regulatory Development Journal of Bussiness. Jan 1996, 67-68
[43]. Derivatives and the banker's duties of care. International banking &Financial law. vol.14, No. 9, feb1996, 93-97
[44]. Carol J.Loomis. The Risk that Won't Go away. Fortune. March 7, 1994. 56-61
[45]. George Cranford, Bidyut Sen. Derivatives for Decision Markets-Strategic Management Issues. Published by John & Sons, Inc. 1996, 169-170.
[2]．刘云龙．试论金融衍生工具的风险及监管．投资研究．1996，2，45-48
[3]．罗强，谢赤．金融衍生工具及其风险分析．湖南大学学报(社科版)1996，3，22-27
[4]．杨光，傅尔基，刘震宇．论金融衍生工具的风险类型与成因及其及监管趋势．上海师范大学学报(社会科学版)．1998，3，28-31
[5]．王令芬．论金融衍生工具的法律监管．山东金融．1998，4，14-20
[6]．王爱俭．金融衍生工具的特点及风险管理．财经问题研究．1997，6，69-72
[7]．门明．金融衍生工具作用辨析．国际贸易问题．1999，8，46-50
[8]．刘云龙．试论金融衍生工具的风险及监控．投资研究．1996，2，44-45
[9]．陈国辉，赵春光．试论金融衍生工具的信息披露．1999，9，37-38
[10]．吴碧英．金融衍生产品风险管理评析．证券市场导报．1995，5，49-51
[11]．韩龙．对跨国银行现行法律监管缺陷的实证分析．法学家．2000，3，41-45
[12]．杜晓峰，于泽声．从巴林银行的倒闭谈对金融衍生工具的监管．财经贸易．1995，7，39-41
[13]．徐琼，唐海仕．金融创新工具的法律特征与保障．经济与法．2003，5，10-11
[14]．徐琼，孙梦云．发展国际金融创新工具的战略选择和立法保障．江西社会科学．2003，4，161-163
[15]．吕震．美国金融业重新考虑对衍生金融工具交易的监管．国际金融研究．99，3，69-70
[16]．丁俊．功能性金融监管：我国金融监管体制发展的新方向．上海金融．2001，1， 19-20
[17]．金瑜铭．浅议新巴塞尔资本协议对风险管理工作的立法影响．国际金融研究2002，1，60-65
[18]．张忠军．金融监管法论．北京：法律出版社1998，68-75
[19]．陈小平．国际金融衍生市场．北京：中国金融出版社1994，155-160
[20]．杨永清．期货交易法律制度研究．北京：法律出版社1998，195-203
[21]．徐冬根．国际金融法律与实务研究．上海：上海财经大学出版社2000，392-400
[22]．陆泽峰．金融创新与法律变革．北京：法律出版社2000，271-289
[23]．朱淑珍．金融创新与金融风险—发展中的两难．上海：复旦大学出版社2002，140-177
[24]．赵炬辉，房梁．国际金融衍生工具．上海：上海三联出版社1996，24-37
[25]．周立．金融衍生工具：发展与监管．北京：中国发展出版社1997，190-195
[26]．望见国，刘锡良．衍生金融产品．西南财经大学出版社1997，84-92
[27]．王春峰．金融市场风险管理．天津：天津大学出版社2001，76-78
[28]．宫少林．衍生会融工具：理论与实务．北京：中国金融出版社1996，102-124
[29]．文海兴．期货交易法律关系研究．北京：法律出版社1995，36-38
[30]．江曙霞．银行监督管理与资本充足性管制．北京：中国发展出版社1994，4-9
[31]．刘丰名．巴塞尔协议与国际金融法．武汉：武汉科技大学出版社1994，48-51
[32]．徐忠．金融全球化与金融风险．昆明：云南人民出版社1999，18-24
[33]．许健．银行监管国际惯例．北京：中国金融出版社1994，17-22
[34]．贺小勇．金融全球化趋势下金融监管的法律问题研究．北京：法律出版社2002，17-34
[35]. Lester G. Telser. Safety First and the Holding of Assets. Review of Economic Studies, 23, 1955, 1-16
[36]. Peter Tufamo. Financial Innovation and First-Mover Advantages. Journal .of Corporate Finance. May 1992, 83-87
[37]. Practices in the Gold Mining Industry. Journal of Finance. September 1996, 1097-1137
[38]. Claude Brown. How to Recognize a Derivative. International Financial Law Review. May 1995, 28-29
[39]. Denis Forster. New Legal Weapon on the Derivative Batterfield. International Financial Law Review. September 1995, 36-38
[40]. Schuyler K. Henderson Harmonization of derivatives regulation can wait. International Financial Law Review. September 1996, 51-56
[41]. Thomas J. Linsmeier, Neil D. Pearson. Value at Risk. Financial Analysts Journal. March 2000, 47-63
[42]. Financial Derivatives-Global Regulatory Development Journal of Bussiness. Jan 1996, 67-68
[43]. Derivatives and the banker's duties of care. International banking &Financial law. vol.14, No. 9, feb1996, 93-97
[44]. Carol J.Loomis. The Risk that Won't Go away. Fortune. March 7, 1994. 56-61
[45]. George Cranford, Bidyut Sen. Derivatives for Decision Markets-Strategic Management Issues. Published by John & Sons, Inc. 1996, 169-170.