我国外汇保证金交易监管法律问题研究

发布时间：2018-01-25 00:44

本文关键词： 外汇保证金套期保值价格发现信用风险系统性风险　出处：《上海师范大学》2017年硕士论文　论文类型：学位论文

【摘要】：外汇保证金交易作为金融外汇市场的风险管理工具,具有价格发现、套期保值、投资获利等功能,对维护金融稳定,促进经济繁荣发挥着无可替代的积极作用。中国曾两次开放过外汇保证金市场,但投资者不成熟,技术水平匮乏,监管体系不够完善等原因令中国外汇保证金市场至今未能合法化。本文以外汇保证金交易的特点为切入点,针对外汇保证金交易过程中存在的监管法律问题进行研究,提出相关的建议。具体而言,本文共有四个部分,分别是:第一部分主要是特点的概述。分为三个方面:首先,从运行机制以及外汇合约的和其他金融衍生品的对比方面,概括出其具有更强的虚拟性特点;其次,通过对其合约的非标准化形式以及合约双方权利义务关系层面对其信用风险和法律风险进行揭示;最后通过与期货、期权等衍生产品的特性做对比以及外汇保证金交易独有的做市商模式的分析,探究其在杠杆要求方面、保证金比例方面和透明度方面有着显著的特点。第二部分主要是问题的分析。从外汇保证金交易的发展现状为出发点,总结出外汇保证金交易在监管层面存在着不足之处。共归纳为三个方面:一是作为规范该交易的法律制度在价值取向上不利于交易的进行,立法层次较低,监管权力重叠等问题;二是在具体的法律制度层面与现有的部门法之间存在着冲突;三是商业银行在该交易中的管控股措施存在着不足。第三部分主要是国际经验的介绍。本文主要介绍了美国、英国、欧洲和日本在外汇保证金交易监管法律制度方面的立法和实践经验。所介绍的内容以第二部分的问题解决为落脚点。第四部分主要针对第三部分的问题提出相关建议,以规范外汇保证金交易市场,具体内容包括:一是在宏观层面识别系统性风险以及完善危机处理机制;二是在准入制度层面和投资者保护层面进行明确的规定;三是通过在法律层面结合国外的先进经验以及ISDA主协议相关内容解决与现有法律相悖的内容。
[Abstract]:As a risk management tool in the financial foreign exchange market, foreign exchange margin trading has the functions of price discovery, hedging, investment profit and so on, which can maintain financial stability. The promotion of economic prosperity plays an irreplaceable positive role. China has twice opened the foreign exchange margin market, but investors are immature and lack of technology. China's foreign exchange margin market has not been legalized due to the imperfect regulatory system. This paper takes the characteristics of foreign exchange margin trading as the starting point. In view of the foreign exchange margin trading in the process of regulatory legal problems to be studied, put forward the relevant recommendations. Specifically, this paper has four parts. The first part is an overview of the characteristics, which is divided into three aspects: first, from the operational mechanism and foreign exchange contracts and other financial derivatives, summed up its more virtual characteristics; Secondly, it reveals the credit risk and the legal risk through the non-standardized form of the contract and the relationship between the rights and obligations of the two parties to the contract. Finally, by comparing with the characteristics of futures, options and other derivative products, as well as the unique foreign exchange margin trading market maker model analysis, explore its leverage requirements. Margin ratio and transparency have significant characteristics. The second part is the analysis of the problem. From the development of foreign exchange margin trading as the starting point. Summed up the foreign exchange margin trading in the regulatory level there are deficiencies. A total of three aspects: first, as a legal system to regulate the transaction in value orientation is not conducive to the conduct of the transaction, the lower level of legislation. Overlapping of regulatory powers; Second, there is a conflict between the specific legal system and the existing departmental law; The third part is the introduction of international experience. This paper mainly introduces the United States and the United Kingdom. The legislative and practical experience of Europe and Japan in the legal system governing foreign exchange margin transactions. The introduction focuses on the problem solving in part two. Part 4th mainly focuses on the problems in part three. Suggestions. In order to standardize the foreign exchange margin trading market, the specific contents include: first, to identify systemic risks and improve the crisis management mechanism at the macro level; The second is to make clear regulations at the level of access system and investor protection. Third, by combining the advanced experience of foreign countries and the relevant contents of ISDA master agreement in the legal level to resolve the content that is contrary to the existing law.
【学位授予单位】：上海师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.295

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