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近年来,我国衍生品市场已经取得了长足发展,市场成交活跃、品种不断增加。除商品期货外,中国金融衍生品市场品种不断增加,股指期货和国债期货相继上市交易,个股期权也在酝酿当中。但是,中国金融衍生品的交易规模占比不高、交易品种偏少,与国际衍生品市场上金融衍生品占主导地位的格局不一致。因此,中国金融衍生品市场基础设施建设方面还有很多工作待开展。在此背景下,成熟市场的监管和法规体系对我有一定借鉴作用。本文梳理了欧盟衍生品的发展情况,以及金融危机前后欧盟监管机构和法律框架的变化,并据此对我金融衍生品立法提出了几点建议。欧盟认为,衍生品是交易双方达成的与所约定的基础资产的未来价值或状态相联系的金融合同①。欧盟衍生品市场历史悠久,农作物和矿产品期货交易已有数百年历史,上世纪70年代金融衍生品开始兴起,场外交易(OTC)的金融衍生品在进入21世纪后得到快速发展。
In recent years, China’s derivatives market has made great strides, with active market transactions and increasing varieties. In addition to commodity futures, China’s financial derivatives market continues to grow in variety, stock index futures and treasury bonds have been listed, individual options are brewing. However, the proportion of China’s financial derivatives trading is not high, the number of transactions less than normal, and the international derivatives market is not the dominant pattern of financial derivatives pattern. Therefore, there is still much work to be done on infrastructure construction in China’s financial derivatives market. Against this background, the regulatory and regulatory system in mature markets has some reference to me. This article reviews the development of the EU derivatives and the changes in the EU regulatory bodies and legal framework before and after the financial crisis. Based on this, I put forward some suggestions on the legislation of financial derivatives. The EU believes that derivatives are financial contracts reached by both parties in relation to the future value or status of the agreed underlying assets. The EU derivatives market has a long history. The trading of crops and mineral products has been going on for hundreds of years. Financial derivatives started to rise in the 1970s and the OTC financial derivatives developed rapidly after they entered the 21st century.