金融衍生市场做市商法律制度研究

中国政法大学硕士学位论文金融衍生市场做市商法律制度研究姓名：梁俊杰申请学位级别：硕士专业：@指导教师：李曙光2007040112070WTO20069820073623RESEARCHONLEGALSYSTEMOFMARKETMAKERSOFFINANCIALDERIVATIVESMARKETABSTRACTThedevelopmentofmoderneconomiesischaracterizedbythevirtualnature,whichismainlyreflectedinfinancialderivativesmarketwiththefurthereconomicdevelopment.Thefinancialderivativesmarket,anewlyinnovatedsystemfortradepromotionandriskprevention,enhancesgreatlytheeconomicdevelopmentandchangeshuman’seconomiclifewiththemultiplicationofwealth.Influencedbythevirtualnature,however,financialderivativesmarketbearshugerisksunavoidably-aminornegligenceoftherisksmayresultinadisaster.Thefinancialdisasterbreakingoutthroughouttheworldsincetheappearanceoffinancialderivativeproductsin1970sarethebestexamples.Withtheeconomicglobalization,countriesallovertheworldmaysharethedevelopmentbenefitstogether,buttheymayalsobeboundedinasamedisadvantageoustrain,fromthepointofwhich,thefinancialcrisisthatoncesweptthewholeAsiagivesusalesson.Basedontheconsiderationoftheabovetwopoints,undoubtedly,Chinashould“keepupwiththeworld”ononehandandmakeproperarrangementsthatconformtothecountry’scurrentsituationagainstthenewtrendsofworldfinancialdevelopmentontheotherhandwithChina’sentryintotheWTOandespeciallytheopeningupofdomesticfinancialmarket.TheestablishmentoftheShanghaiExchangeofFuturesTradeinSeptember8th2006andthepromulgationoftheBylawsofRegulationofFuturesTradeinMarch6th2007shouldbeoutofquestionthesignalsofthespeedingupofthedevelopmentoffinancialderivativesmarketofourcountry.ThedevelopmentandsystemarrangementoftheWesternersso-calledmarketthat“favoredbydevilsandangelstogether”isthecenteroffinancialworkofChinesegovernmentonthepresentstage.4Becauseoftheretardantestablishmentandinsufficientdevelopmentofthefinancialderivativesmarketofourcountry,themarketislessactiveandhardtocontroltheriskseffectively,so,thesettlementofthetwoproblemsshouldbethepreconditionsofthegiantdevelopmentofthemarket.Themarketmakersystem,whichhasbeenprovedtoworkeffectivelyinthedevelopedmarkets,cansolvetheabovetwoproblemscomparativelyharmoniously.Therefore,theauthorbelievesthattheintroductionofmarketmakersystemaccordswiththeoverallbenefitsofourcountry’sfinancialderivativesmarket.Thispapermakestheoreticargumentationoftheintroductionofmarketmakersinthefinancialderivativesmarketofourcountryandmakessystemdesignsatacertaindegreewiththeusageofvariousanalysismethodssuchascomparativeanalysis,historicalreview,legaleconomicanalysisandtheoreticstudywithpractice.Thepaperisdividedintofourchapters.Themaincontentsarebrieflyintroducedasfollows:ChapterOne:Briefintroductionandanalysisoffunctionofmarketmakersoffinancialderivativesmarket.Firstly,theauthoranalyzesthecharacteristicsoffinancialderivativesmarket,introducesitsriskcharacteristics,pointsoutthenecessityofthedevelopmentofthemarketinourcountry.Secondly,theauthorcomparativelyanalyzesthecharacteristicsofmarketmakersinthemarket.Lastly,theauthordiscussesandanalyzesthemainfunctionsofmarketmakers.ChapterTwo:Thelegalrelationshipanalysisofmarketmakersoffinancialderivativesmarket.Inthischaptersubjectanalysisandrelevantlegalrelationshipanalysisofmarketmakersatthelegalpointofviewaremade.Furthermore,theauthoranalyzestherelationshipofmarketmakersatthedifferentpointofviewbyCivilLawandEconomicLaw.ChapterThree:Theriskcontrolandlegalregulationofmarketmakersoffinancialderivativesmarket.Inthischaptertheauthordiscussesandanalyzestheriskofthemarketmakersandgivesthesuggestionofcontrol.Thenlegalanalysisofnecessity,objectandmethodsaremade.ChapterFour:TheLegislationselectionoftheintroductionofmarketmakersin5thefinancialderivativesmarket.ThischaptermakesjurisprudentialanalysisoftheintroductionofmarketmakersinChina,basicsystemarrangementoftheintroductionthroughtheconsiderationoftherealpracticesinourcountry,andthelawmakingsuggestionsofthissystem.Keywords:Financialderivativesmarket,Marketmaker,Legalregulation,Legislationselection82070WTO309101VirtualEconomyIdea-based-assets2Derivatives,FinancialDerivativesDerivativesSecurity,DerivativesFinancialInstrumentGreenspan,Alan.RemarksbyChairmanAlanGreenspan:Newchallengesformonetarypolicy.FRB:FederalReserveBoardSpeech1999200322003155199721117302070(BIS)19951200200020001ForwardsFutures1994200115200712212002161295%5%OptionsSwaps1Exchange-tradedDerivativesCMECBOENYBTNYMEXOver-the-CounterDerivatives,OTCDerivatives2001552002221319901994229028862971.7%200095.23.220015941123TheBankofInternationalSettlement:BISQuarterlyReview,June2001,“”8.64.7200619415(MarketMaker12165615(NASDAQ)1971,90306060007000(DesignatedPrimaryMarket-MakerProgram,DPM),1999,1()2()12193(NYSE)1997112001202()()342902120001.62002430,2212,3423NASDAQ40NASDAQ1224123200030030120006215952511232003264521200320051802721040112003