我国二元期权交易的法律规制路径研究  

An Exploration of the Binary Option Regulation Approaches in China

作　　者：万国华[1] 李铭[1] 

机构地区：[1]南开大学法学院

出　　处：《金融监管研究》2016年第12期34-50,共17页Financial Regulation Research

摘　　要：境外二元期权存在场内交易、场外交易两种形式。场内二元期权由交易所提供,具有一定风险管理职能,受到监管当局的严格监管;场外二元期权依托互联网传播,多为发行机构与投资者的对赌交易,交易风险不容忽视。二元期权业务在我国的发展过程中有意省略了合约设计的原理说明,并割裂了其服务国民经济功能,与我国期货市场的目标、宗旨及发展思路相悖,极易沦为赌博、诈骗之工具。现阶段放开二元期权管制的条件尚不成熟,但可结合特定领域风险管理的现实需要,引导其由场外对赌回归场内交易,以发挥交易所中央对手方的制度优势,强化投资者保护,实现产品创新与规范发展的法治路径。The development of inclusive finance is an important channel for the banking industry to support supply-side reforms. However, the lack of quantitative criteria to measure and clearly characterize the process of inclusion finance results in the lack of data supporting the formulation and implementation of related policies. To scientifically assess the development and regional differences of inclusive finance in Fujian Province and to guide bank supervisions, the paper constructs an index of inclusive finance, the CPFQS, which covers five dimensions of financial service, including Permeability, Facility, Conveniences, Quality, and Regional characteristics. The weight of each dimension is determined by the method of fuzzy analytical hierarchy process AHP-FCE. The inclusive financial index in Fujian and its sub-regions and bank branches are constructed using the method of European distance for the first time. Based on inclusive financial index, we accurately measure the development process of inclusive finance in Fujian province in order to discover the weaknesses of inclusive finance and improve the financial service. Finally, we demonstrate the feasibility to replicate the index across the country.

关 键 词：二元期权 场外交易 风险管理 法律规制 

分 类 号：F832.5[经济管理—金融学]