衍生品交易平台交易机制研究  

On Organized Platform Trading of Derivatives

作　　者：陈兰兰[1] 

机构地区：[1]北方工业大学文法学院,北京100144

出　　处：《北方工业大学学报》2013年第2期14-20,共7页Journal of North China University of Technology

基　　金：教育部人文社科青年基金项目"信用违约互换集中清算机制研究"(12YJC820007);中国法学会部级法学研究课题"场外金融衍生交易法律规制研究"(CLS-D1048);北京市优秀人才培养项目"金融衍生产品法律监管研究"(2009D005002000002)

摘　　要：衍生品交易平台无歧视的市场准入将降低场外衍生交易高度集中于少数市场参与者的交易主体集中度,有利于降低系统风险。交易平台向监管机构报告交易信息,有利于监管机构加强衍生交易监管,但应避免过度透明度要求降低大额交易流动性。交易平台应具备健全的风险管理和危机后交易持续机制,有利于降低交易平台中断服务引发系统风险的可能性。若交易平台运营商与市场参与者是竞争者,易产生利益冲突,应采用严格利益冲突管理机制安排。Market access requirement could provide benefits by providing fair and objective access to organized platforms, which could mitigate systematic risk by reducing the concentration of derivatives trading activity to a limited number of market participants. Moreover, a transparent centralized market can be efficiently regulated as the centralization afforded by an organized platform and also trade transparency facilitates the assessment of aggregate market activity by market supervisors. However, trade transparency regimes of organized platforms should allow for waivers for large transactions to avoid market impact and execution risks in large transactions. In addition, organized platforms should implement a sound system of operational risk management and business continuity plans to mitigate the possibility of disruption to its services. If the platform operator is also a trading participant, the organized platform should adopt robust systems and controls to mitigate and manage potential conflicts of interests.

关 键 词：衍生品交易平台 市场准入 透明度 风险管理 利益冲突管理 

分 类 号：D996.2[政治法律—经济法学]