信用衍生品的法律规制:国际改革趋向及启示

信用衍生品对于提高金融机构的风险管理水平和整个金融体系的安全和效率都具有重要作用。但是,由于缺乏有效的法律规制,信用衍生品逐渐由风险管理工具转变为投机工具。危机后,全球范围内的场外金融衍生品规制框架重构渐次展开。对于信用衍生品法律规制的主要内容,可以归纳为集中清算、信用风险管理和信息透明化三个方面。这些国际改革实践,对我国信用衍生品市场及其法制的构建和发展具有重要的借鉴意义。

On the Legal Regulation of Credit Derivatives:Trends and Enlightenments of Global Reform

Credit Derivatives are useful risk management tools for financial institutions and of great importance for the security and efficiency of financial system.But credit derivatives gradually lose risk management nature and turned into speculative tools as a result of the lack of effective legal regulation.After the global financial crisis,the world's major economies have undertaken reform and reconstruction of the OTC derivatives regulation.The main contents of the reform can be divided into three parts:centra...