场外金融衍生品市场监管法律制度研究

发布时间：2018-05-27 05:42

本文选题：场外金融衍生品市场 + 监管法律制度　；参考：《中国政法大学》2012年硕士论文

【摘要】：由美国次贷危机触发的全球性金融海啸用惨痛的损失向我们证明了场外金融衍生品的巨大破坏力，但危机过后场外市场的迅速升温也说明了其强大的市场需求与独特的市场价值功能。本文从我国发展场外市场的现实需要出发，针对场外市场监管存在的缺陷，构建以风险监管为核心的监管法律制度，以降低场外金融衍生品市场交易的风险，促进场外市场的健康发展。本文第一章是对金融衍生品的概述，通过对其概念的明确界定和特征的探讨为厘清其内在法律关系奠定了基础。金融衍生品是由基础性资产衍生而来的，是双方就未来特定金融利益的给付所达成的合意，本质上属于债权债务关系。第二章则是对场外金融衍生品市场的概述，通过与场内市场的比较发现了场外市场的独特之处，通过对其产生与发展历程及原因进行了深入研究，对其价值有了更深刻的理解。之后对场外市场存在的市场风险、信用风险、流动性风险、操作风险与法律风险五种风险结合相关经典实例对其进行阐述，为下文风险监管的制度构建做了铺垫。第三章通过对我国场外金融衍生品市场的发展轨迹与相应的监管法律体系进行梳理，对其中存在的市场发展缺陷、监管缺位、参与者内控不足、信用评级失控与监管法律混乱等问题进行了总结。场外市场在监管缺位的环境中规模迅猛扩大，对金融系统的稳定运行产生了巨大威胁，因此有必要进行监管法律制度的构建与完善。第四章主要对主要发达国家的场外市场监管体制以及国际组织对场外监管的安排进行介绍，为我国的制度构建提供良好的借鉴。第五章则以上章节充分论证的基础上对场外金融衍生品市场的监管法律制度提出了具有可行性的完善建议。首先是构建我国场外市场监管的框架，转变政府监管观念，建立场外金融衍生品监管协调委员会在分业监管的格局下进行监管机构之间的协调与合作，同时要加大对自律组织的培育扶持力度，不断完善其功能的发挥与组织建设的完备。其次，，进行以风险监管为核心的监管法律制度的完善，从信息披露、市场准入、市场结算、资信监管、内部控制等方面进行构建。最后，在金融全球化的趋势下，我国应当不断加强国际之间的监管合作，避免风险在全球范围内的扩散与传播。
[Abstract]:The global financial tsunami triggered by the subprime mortgage crisis in the United States proved to us the enormous destructive power of over-the-counter financial derivatives with tragic losses. But after the crisis, the rapid rise of the over-the-counter market also shows its strong market demand and unique market value function. According to the actual needs of developing OTC market in our country and the defects of OTC market supervision, this paper constructs a regulatory legal system with risk supervision as the core, in order to reduce the risk of OTC financial derivatives market transaction. To promote the healthy development of the OTC market. The first chapter of this paper is an overview of financial derivatives, through the clear definition of its concept and characteristics of the discussion for the clarification of its inherent legal relationship laid the foundation. Financial derivatives are derived from basic assets, which is the agreement reached between the two sides on the future payment of specific financial interests, which is essentially a creditor's debt relationship. The second chapter is an overview of the OTC financial derivatives market, through the comparison with the OTC market to find out the unique OTC market, through its emergence and development process and reasons for in-depth research, to its value has a deeper understanding. After that, five kinds of risks, such as market risk, credit risk, liquidity risk, operational risk and legal risk, are expounded in combination with relevant classic examples, which pave the way for the construction of the system of risk supervision. The third chapter combs the development track of the over-the-counter financial derivatives market and the corresponding regulatory legal system, and analyzes the defects of the market development, the absence of supervision, the insufficient internal control of the participants. Credit rating out of control and regulatory confusion and other issues were summarized. The over-the-counter market expands rapidly in the environment of the absence of supervision, which poses a great threat to the stable operation of the financial system. Therefore, it is necessary to construct and perfect the legal system of supervision. The fourth chapter mainly introduces the over-the-counter market supervision system of the main developed countries and the arrangement of the over-the-counter supervision by international organizations, which provides a good reference for the system construction of our country. Chapter five gives some feasible suggestions on the legal system of over-the-counter financial derivatives market on the basis of the above chapters. First of all, it is to construct the framework of over-the-counter market supervision, to change the concept of government supervision, and to establish the coordination and cooperation among regulatory agencies under the pattern of separate supervision of over-the-counter financial derivatives. At the same time, we should strengthen the cultivation and support of self-discipline organizations and improve their functions and organizational construction. Secondly, we should perfect the regulatory legal system with risk supervision as the core, and construct the legal system from the aspects of information disclosure, market access, market settlement, credit supervision, internal control and so on. Finally, under the trend of financial globalization, China should strengthen international supervision and cooperation to avoid the spread and spread of risks in the global scope.
【学位授予单位】：中国政法大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.5;D922.28

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