欧美场外衍生品透明度立法动态及对我国的启示  

On the Legislative Ongoing of the Transparency of OTC Derivatives in Europe and the United States and the Implications for China

作　　者：颜延[1] 彭润中 

机构地区：[1]南京大学法学院,江苏南京210093 [2]财政部亚太财经发展中心,上海201702

出　　处：《上海金融》2013年第5期85-90,118,共6页Shanghai Finance

摘　　要：信息披露问题是金融工具交易监管的核心问题,金融危机之后,各国纷纷加强金融衍生工具信息披露方面的立法,提升市场透明度。为防范宏观金融风险,及时掌握场外衍生品市场的动态,美、欧国家近年来均通过专门立法,要求金融机构向指定的数据仓库报告具体衍生品交易的资料。我国目前已经初步建立了场外衍生品交易的信息披露制度,但未臻完备。应当借鉴域外立法经验,进一步完善金融机构衍生品交易的备案和报告制度。以卖方作为报告主体,建立统一的报告标准和数据仓库,提高报告频率,规定实时报告义务。同时,为投资者使用报告资料提供便利。Information disclosure is the core issue of the regulation of financial instrument transactions.After the financial crisis,countries have strengthened the legislation of information disclosure in financial derivatives to enhance the transparency of the market.In order to prevent macro financial risks and to grasp in time the ongoing of the OTC derivatives market,the United States and European countries have passed specific legislations in recent years,requiring financial institutions to report specific derivatives trading material to the designated data warehouse.China has initially established the information disclosure system of OTC derivatives trading,but such system is not perfect yet.We should learn from the experience of extraterritorial legislation,further improve the filing and reporting system for derivatives trading.We should make vendor the main body of the report,establish uniform reporting standards and data warehouses,increase the frequency of reporting,and require real-time reporting obligations.Meanwhile,facilitates should be available for investors to report material.

关 键 词：金融衍生产品 透明度 信息披露 

分 类 号：F830[经济管理—金融学]