股指期现市场跨市监管的国际经验及制度重构——基于光大816乌龙指事件的思考  

The International Experience and System Reconstruction of Cross-market Supervision on Stock Index Futures Market and Stock Spot Market——Reflection based on the Event of Dramatic Spike in Stock Indexes on 16th August Leaded by Everbright Securities

作　　者：石晓波[1] 周奋 

机构地区：[1]中南财经政法大学,湖北武汉430079 [2]华商银行,广东深圳518048

出　　处：《上海金融》2014年第3期77-84,118,共8页Shanghai Finance

基　　金：教育部人文社会科学研究一般基金项目"中国股指期货市场与股票市场跨市监管的法律制度研究"(10YJA820088)的阶段性研究成果

摘　　要：1987年美国股灾凸显出股指期现市场之间的"瀑布效应",随后跨市联合监管思想和研究开始缘起和发展。西方发达国家跨市联合监管主要围绕着跨市稳定机制、跨市信息监管和跨市反操纵监管三个重要方面展开,力图全面覆盖股指期现市场之间的风险传染,以解决金融监管与金融创新之间的结构错位,保障股指期现市场之间的稳定协同发展。我国股指期货市场推出以来,有关股指期现市场之间风险濡染的事件并不多见,但光大816乌龙指事件剑指股指期货市场与现货市场的跨市监管真空,构建和完善我国股指期现市场的跨市监管制度是我国资本市场基础性制度建设的重要任务。The 1987 stock market crash of US highlights the 'waterfall effect' between stock spot market and stock index futures market, and from then on the thoughts and researches related to cross-market supervision started and gradually spread. The cross-market supervision in West-ern developed countries mainly focuses on three important aspects: cross-market stability mechanism, cross-market information supervision and cross-market anti-manipulation supervision, trying to universally cover risk transmission between spot market and stock index futures market so as to resolve the structural dislocation between financial supervision and financial innovation, and ensure stable collaborative development between spot market and stock futures market. Since the launch of stock index futures market in China, although cases of risk infection between stock spot market and stock index futures market are rare, the dramatic spike in stock indexes event on 16th August leaded by Everbright Securities high-lighted the vacuum of cross-market supervision. Building and optimizing cross-market supervision system between stock spot market and stock in-dex futures are important tasks in basic system construction of China's capital market.

关 键 词：光大乌龙指事件 熔断机制 跨市信息监管 跨市反操纵 股指期货 

分 类 号：F830.9[经济管理—金融学]