外汇保证金交易的国际经验、制度设计和风险防范研究  

Research on International Experience,System Design and Risk Prevention of Foreign Exchange MarginTrading

作　　者：姜哲 Jiang Zhe

机构地区：[1]武汉大学董辅礽经济社会发展研究院,湖北武汉430072 [2]国家外汇管理局资本项目管理司,北京100048

出　　处：《西南金融》2020年第6期35-45,共11页Southwest Finance

基　　金：教育部哲学社会科学研究重大课题攻关项目(18JZD034)

摘　　要：本文在分析全球主要国家发展外汇保证金经验的基础上,重点对比了不同市场的监管要求,回顾了我国发展外汇保证金交易的经验教训,分析了严格禁止外汇保证金交易造成的弊端,提出当前研究重启外汇保证金交易正当其时,是正本清源的有益举措;从必要性、可行性和交易风险三个维度,分析了发展我国保证金交易的两类路径,建议按照国际主流的场外交易机制,由易到难,逐步试点,有序扩大交易币种和投资者范围,实时有效监测并分析交易行为,积极防范溢出风险。操作上,可通过加强投资者教育、建立仲裁和追偿制度、构建多层防火墙机制、强化宏观审慎调节、加强对违法保证金交易惩处等方式,切实防范重启外汇保证金交易的潜在风险。Based on the analysis of the experience of developing foreign exchange margin in major countries around the world, this article focuses on comparing the regulatory requirements of different markets, reviews the experience and lessons of the development of foreign exchange margin trading in China, analyzes the shortcomings caused by strictly prohibiting foreign exchange margin trading, and proposes that it is the right time for the current research to restart foreign exchange margin trading, which is a beneficial measure. This article analyzes the two types of paths for the development of China’s margin trading from the three dimensions of necessity, feasibility and transaction risk. It is recommended to follow the international mainstream OTC trading mechanism, gradually pilot from easy to hard, orderly expand the trading currency and investor range, effectively monitor and analyze trading behavior in real time, and actively prevent overflow risks. In operation, we can effectively prevent the potential risks of restarting foreign exchange margin trading by strengthening investor education, establishing an arbitration and recovery system, constructing a multi-layer firewall mechanism, strengthening macro-prudential adjustment, and strengthening penalties for illegal margin trading.

关 键 词：外汇保证金交易 外汇市场 场外交易 经纪商 外汇衍生品 外汇监管 风险防范 宏观审慎管理 

分 类 号：F832.5[经济管理—金融学] F832.61