第十六期我国证券创新产品的监管研究(首都经济贸易大

161IOSCO71.23.4[]2ABSTRACTAfterthecompletionofstockrecirculation,oursecuritymarketmaywaitingforaquickdevelopmentofSecurityinnovations.Butforthereasonsbelow,itishighlynecessarytoputstrongerregulationtoSecurityinnovations:Thecomplexityofsecurityinnovationmakesriskmanagementharder.andtheflexibilityofsecurityinnovationaddsmoreuncertaintytofinancialsystem.Apartfromlistedabove,securityinnovationinourcountryhasitsveryowncharacteristics:1.Unstablenessofthefinancialmarket.Whenanewproductisfirstintroduced,thetradeofthisproductcouldbeeithertooactive,ortooinactive,duetothefactthatinvestorsarenotfamiliarenoughwiththeproduct,whichcreatesanatmosphereofopportunistic,furthercausesthemarkettomorevolatile,andmakestheunstablenessofthemarketevenworse.2.Incompletenessofthelawsystem.Sincetheregulationsystemisnotperfect,theintroductionofnewproductscouldleadtofurtherdefectsofthelawsystem;orthismightalsobecausedbyinvestors’ignoranceoftheconcerningrules.Howtoregulatesecurityinnovationsisapointofarguments.AccordingtoIOSCOrulesandourinvestigation,themonitoringandregulationofsecurityinnovationsinourcountrynowfaces6majorproblems:1.incompleteregulations.2.responsibilitiesneedtobefurtherclarifiedinaprofessionalway.3.incentivesarenotworkingastheyaresupposedto.4.lackofmonitoringofthemarket.5.relievemethodslookingforwardtoimprovement.6.corporategovernanceisnoteffectiveandshouldbefurtherimplemented.Finally,wesuggestthefollowingproceduresshouldbetakenconcretely:1.Changethewayofregulationfromregulatingdifferenttypeofcorporationstothewayofregulatingdifferentfunctionofdifferentproducts.2.Consummatetheregulationsystemofsecurityinnovations.3.Insurethatthemonitoringsystemiswatchedandoptimizetheweightsofdifferentregulationways.second.4.Holdthestepsofinnovationtoaspeedthatisendurable.Accordingtotheprinciple“simplefirst,complexnext,developingwithregulation”,developfurthercontractsandfuturecontractsfirstbeforedevelopingoptionsandswapproducts.[KeyWords]:innovation,development,risk,waysofregulation,function(business)regulation.31.........................51.1....................................................................................................51.2.......................................................................................61.3...................................................................................82.................92.1...............................................................................92.1.1........................................................92.1.2..........................................................102.2.....................................................................................112.2.1.................................................................................................112.2.2IOSCO............................................................152.2.3......................................................................................................162.3.........................................................................................193......203.1......................................................................................203.2.....................................................................................................................214..................224.1.............................................................................................224.2.............................................................................................................244.3.....................................................................255............................285.1.................................................................................285.2.............................................................................345.3.....................................................................36......................................43.............454UnderlyingAssets1.1.1DerivativesUnderlyingAssets19948(InternationalSwapsandDerivativesAssociationISDA)()()512;;;;34227181362(37119891995657198230198520006766002005113343721.2620041071.312320053182.2.1200488.792%84602.1.1(LIFFE)19841100(FinancialTimes-StockExchange100Index)(FinancialTimes-StockExchangeEurotrack1000Index)19851989319891990332001129LIFFEUSF(UniversalStockFutures)2.1.2101996KOSPI200199629752.21999IOSCO2.2.1198819996112004626()2006()8%12.51988(InternalRatings-BasedApproachIRB)IRB1988IRBIRBIRB112234(1)(2)13KLMNL20065142.2.2IOSCO3030IOSCOComprehensiveApproachLSPPR={max(L,S)+Max(min(L,S)-Max(L,S),0)}(1)c150buildingblockspecificrisk(generalrisk)VAR1998VARRM2.2.3363(NFA)1974161(FSA)2(IMRO)(SFA)(PIA)311998172318OCC2.3(Basel)2003429()(Basel)(CP3)2006420037315200420061988193.3.119921995200420052006200420058199720052582005ETFETF2006201--3.2=20&pkID=8168&keyword=21124.4.11220051222200431(200410[2006]343=------/+VARRMVARRM23218010095%5%70%STST60%50%30%20%90