本文關(guān)鍵詞： 外匯保證金 套期保值 價(jià)格發(fā)現(xiàn) 信用風(fēng)險(xiǎn) 系統(tǒng)性風(fēng)險(xiǎn)　出處：《上海師范大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：外匯保證金交易作為金融外匯市場(chǎng)的風(fēng)險(xiǎn)管理工具,具有價(jià)格發(fā)現(xiàn)、套期保值、投資獲利等功能,對(duì)維護(hù)金融穩(wěn)定,促進(jìn)經(jīng)濟(jì)繁榮發(fā)揮著無(wú)可替代的積極作用。中國(guó)曾兩次開(kāi)放過(guò)外匯保證金市場(chǎng),但投資者不成熟,技術(shù)水平匱乏,監(jiān)管體系不夠完善等原因令中國(guó)外匯保證金市場(chǎng)至今未能合法化。本文以外匯保證金交易的特點(diǎn)為切入點(diǎn),針對(duì)外匯保證金交易過(guò)程中存在的監(jiān)管法律問(wèn)題進(jìn)行研究,提出相關(guān)的建議。具體而言,本文共有四個(gè)部分,分別是:第一部分主要是特點(diǎn)的概述。分為三個(gè)方面:首先,從運(yùn)行機(jī)制以及外匯合約的和其他金融衍生品的對(duì)比方面,概括出其具有更強(qiáng)的虛擬性特點(diǎn);其次,通過(guò)對(duì)其合約的非標(biāo)準(zhǔn)化形式以及合約雙方權(quán)利義務(wù)關(guān)系層面對(duì)其信用風(fēng)險(xiǎn)和法律風(fēng)險(xiǎn)進(jìn)行揭示;最后通過(guò)與期貨、期權(quán)等衍生產(chǎn)品的特性做對(duì)比以及外匯保證金交易獨(dú)有的做市商模式的分析,探究其在杠桿要求方面、保證金比例方面和透明度方面有著顯著的特點(diǎn)。第二部分主要是問(wèn)題的分析。從外匯保證金交易的發(fā)展現(xiàn)狀為出發(fā)點(diǎn),總結(jié)出外匯保證金交易在監(jiān)管層面存在著不足之處。共歸納為三個(gè)方面:一是作為規(guī)范該交易的法律制度在價(jià)值取向上不利于交易的進(jìn)行,立法層次較低,監(jiān)管權(quán)力重疊等問(wèn)題;二是在具體的法律制度層面與現(xiàn)有的部門(mén)法之間存在著沖突;三是商業(yè)銀行在該交易中的管控股措施存在著不足。第三部分主要是國(guó)際經(jīng)驗(yàn)的介紹。本文主要介紹了美國(guó)、英國(guó)、歐洲和日本在外匯保證金交易監(jiān)管法律制度方面的立法和實(shí)踐經(jīng)驗(yàn)。所介紹的內(nèi)容以第二部分的問(wèn)題解決為落腳點(diǎn)。第四部分主要針對(duì)第三部分的問(wèn)題提出相關(guān)建議,以規(guī)范外匯保證金交易市場(chǎng),具體內(nèi)容包括:一是在宏觀層面識(shí)別系統(tǒng)性風(fēng)險(xiǎn)以及完善危機(jī)處理機(jī)制;二是在準(zhǔn)入制度層面和投資者保護(hù)層面進(jìn)行明確的規(guī)定;三是通過(guò)在法律層面結(jié)合國(guó)外的先進(jìn)經(jīng)驗(yàn)以及ISDA主協(xié)議相關(guān)內(nèi)容解決與現(xiàn)有法律相悖的內(nèi)容。
[Abstract]:As a risk management tool in the financial foreign exchange market, foreign exchange margin trading has the functions of price discovery, hedging, investment profit and so on, which can maintain financial stability. The promotion of economic prosperity plays an irreplaceable positive role. China has twice opened the foreign exchange margin market, but investors are immature and lack of technology. China's foreign exchange margin market has not been legalized due to the imperfect regulatory system. This paper takes the characteristics of foreign exchange margin trading as the starting point. In view of the foreign exchange margin trading in the process of regulatory legal problems to be studied, put forward the relevant recommendations. Specifically, this paper has four parts. The first part is an overview of the characteristics, which is divided into three aspects: first, from the operational mechanism and foreign exchange contracts and other financial derivatives, summed up its more virtual characteristics; Secondly, it reveals the credit risk and the legal risk through the non-standardized form of the contract and the relationship between the rights and obligations of the two parties to the contract. Finally, by comparing with the characteristics of futures, options and other derivative products, as well as the unique foreign exchange margin trading market maker model analysis, explore its leverage requirements. Margin ratio and transparency have significant characteristics. The second part is the analysis of the problem. From the development of foreign exchange margin trading as the starting point. Summed up the foreign exchange margin trading in the regulatory level there are deficiencies. A total of three aspects: first, as a legal system to regulate the transaction in value orientation is not conducive to the conduct of the transaction, the lower level of legislation. Overlapping of regulatory powers; Second, there is a conflict between the specific legal system and the existing departmental law; The third part is the introduction of international experience. This paper mainly introduces the United States and the United Kingdom. The legislative and practical experience of Europe and Japan in the legal system governing foreign exchange margin transactions. The introduction focuses on the problem solving in part two. Part 4th mainly focuses on the problems in part three. Suggestions. In order to standardize the foreign exchange margin trading market, the specific contents include: first, to identify systemic risks and improve the crisis management mechanism at the macro level; The second is to make clear regulations at the level of access system and investor protection. Third, by combining the advanced experience of foreign countries and the relevant contents of ISDA master agreement in the legal level to resolve the content that is contrary to the existing law.
【學(xué)位授予單位】：上海師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：D922.295

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