鼓励参与全球新兴衍生产品市场的推荐意见

RecommendationstoEncourageGlobalMarketParticipationonEmergingDerivativesMarkets鼓励参与全球新兴衍生产品市场的推荐意见Presentationby演讲者:GaryDeWaal,GeneralCounselandDirectorofLegalandCompliance,FimatGroup飞马集团法律及合规部总监兼法律顾问AdjunctProfessorofLaw,BrooklynLawSchool布鲁克林法学院法律兼任教授11August2005:Beijing,PRC二零零五年八月十五日：中国北京GaryDeWaal:FIA/Beijing2__2EffectiveMarkets有效市场Derivativesmarketsflourishwhere:如符合下列条件，衍生产品市场将会蓬勃发展：1.productsarewelldesignedandaredeemedbymarketparticipantstoprovidegoodhedgingopportunities;产品设计完善，给市场参与者提供良好的风险对冲机会；2.pricediscoveryisfairandtransparent,andthereisadequateliquidity;市场定价公平、透明，有充足的流动量；3.thereareeffectiverulesprohibitingmarketoffenses(forexample,manipulation)andfraudulentpractices,aswellasgoverningmarketoperations;therulesareappliedandenforcedimpartially;andthereisafairmeanstoadjudicatedisputes;and已制订有效的规则，能阻止市场干扰(例如操控行为)及欺诈行为，并能监管市场运作；有关规则能公正地运用及实施；设有公平的纠纷仲裁制度；及4.thereisaneffectivesettlementandclearingsystem.采用有效的结算及交收系统。GaryDeWaal:FIA/Beijing3__3WellDesignedProducts产品设计完善Derivativesproductsarewelldesignedwhen:如符合下列条件，衍生产品的设计已属完善：1.Thereispredictablecorrelationbetweenpricesinthecashandderivativesmarkets;现货与衍生产品市场的价格之间有可预知的关系；2.atcontractexpirationthereisconvergencebetweenthederivativesproductandcashmarketprice;and当合约届满时，衍生产品与现货市场的价格趋于一致；及3ifaproductisphysicallydelivered,thedeliverymethodissufficientlyrobusttominimizethelikelihoodofaneffectivemanipulation.如果以实物交收方式交付产品，交付方法须要相当稳妥，将出现操控行为的可能性降至最低。considercashvs.physicalsettlement考虑现金及实物交收方式ifphysicalsettlement,anticipatemanipulativeconduct如果是实物交收，可能会出现操控行为GaryDeWaal:FIA/Beijing4__4Transparency透明度Pricediscoveryisfairandtransparentwhenprices:如价格符合下列条件，市场定价将属公平及透明1.Reflectsupplyanddemand;能反映供需情况2.aredetermined,whetherthroughopenoutcryoranequivalentelectronicbiddingprocess,orthroughapplicationofafairandimpartialalgorithm,throughasystemthatispredictableandverifiable;不论透过公开叫价或同等的电子叫价程序，或使用公平及公正的计算方法，或透过可预知及验证的系统，均能limittheadvantagestoinsiders;限制内部知情人员的优势；requireandenforcearobustaudittrail;规定及实施稳健的审核程序；ifelectronic,hasrobustnessandredundancy;and如以电子方式交易，能确保系统稳健及设有备用系统；及3.arerapidlymassdisseminated.数据能迅速向公众发放。GaryDeWaal:FIA/Beijing5__5Liquidity流动性Derivativesmarketsareliquidwhen:如符合下列條件，衍生產品市場將具流动性：1.Hedgersareconfidenttheycanenterandexitthemarketwithminimumslippage;对冲者相信进出市场的成本差额不多；2.largeorderscanbeaccommodatedwithminimumslippage进行大手买卖时的成本差额不多thismightmeanallowinglargeorderstobeexecutedoffexchange;and这意味着容许场外进行大手买卖；及3.openinterestbuildsuprobustlythroughacontract’stermandnormallydeclinesonlyascontractexpirationapproaches.未平仓合约在合约期间稳步上升，并往往在临近合约届满时下降。GaryDeWaal:FIA/Beijing6__6EffectiveRulesandEnforcement有效规则及实施Rulesareeffectivewhen:如符合下列条件，规则才属有效：1.Marketparticipantsbelieve“thegameisfair”;参与者相信“这是场公平的游戏”2.theyareclearlywrittenandpubliclydisseminated;有关规则以书面方式明文规定，并且已告知公众officialtranslationreasonablyreflectsnativelanguage正规译本能合理反映原文内容；3.theyprohibitclassicoffenses:forexample,fraudandmanipulation;有关规则能阻止典型的市场干扰：例如欺诈及操控行为retailparticipantsrequireseparatecustomerprotectionrules;becarefultoapplyonalimitedscope(forexample,donotcapturehedgersinrulestoprotectsmallspeculators)对零售参与者须另行制订独立的客户保护规则，并注意在限定范围内使用(例如，不要因过度保护个别投机者而限制了对冲者的正常活动)；GaryDeWaal:FIA/Beijing7__7EffectiveRulesandEnforcement有效规则及实施4.theyarefairlyapplied;必须公平运用noperceivedoractualdiscriminationagainstoutsiders(vs.insiders)orforeigners(vs.nationals);and不可在意识中或实际上歧视局外人(相对知情人员而言)或国外人士(相对本国人士而言)；及5.thereareeffectivemeanstoadjudicatedisputesimpartially.设有公正而有效的纠纷仲裁制度。GaryDeWaal:FIA/Beijing8__8SettlementandClearing结算及交收Settlementandclearingiseffectivewhen:如符合下列条件，结算及交收将属有效：1.Tradesendupintheirproperhomes已完成的交易能去到该回的地方thesystemmustaccommodatetheinternationalpracticeofbifurcatingexecutionandclearanceandpermittheuseofomnibusaccounts;and系统必须容许分开执行买卖及交收手续的国际惯例，并准许使用综合账户；及2.defaultsofclearingmembersdonotdisruptthemarketplace即使结算会员无力偿债，亦不会扰乱市场运作Typicallyrequires;标准规定；1.dailymarktomarketofallopenpositionsandtheassessmentofmargin;and每日按市价计算所有未平仓合约及进行保证金评核；及2.methodologyfordealingwithclearingmemberdefaults(forexample,minimumcapitalrequirementsforclearingmembers;initialguaranteefund;subsequentassessments)处理结算会员无力偿债情况的方法(例如，就结算会员订明最低资金要求、初步担保金、额外贷款评核)。GaryDeWaal:FIA/Beijing9__9PromotingLiquidity提高流动性Keytopromotingliquidityistoencouragespeculation.若要提高流动性，关键在于鼓励投机参与。1.Encouraginginternationalparticipationrequires:鼓励国际参与。要求：abilitytopay/expatriateprofits;能够支付／汇出利润；reasonablerequirementstoparticipate(forexample,submissiontojurisdictionoflocalregulator;requirementofdisclosureofbasicinformation);and符合合理的参与需求(例如遵守当地监管机构的司法要求、须披露基本数据)；及adoptionofinternationalstandards.采纳国际标准。2.Speculationisnotbad.Excessesinspeculationarebad.投机并无不妥，过度投机才是坏事。GaryDeWaal:FIA/Beijing10__10PromotingLiquidity提高流动性1.Toencourage,donotprohibitspeculationevenwhenpricesmoveadverselytonationalinterest.若要鼓励参与，即使价格走势对本国利益不利，亦不应阻止投机。ofcourse,sometimes,priceswilldramaticallyincreaseordecrease!Ifthisisaconcern,adoptclearrulesthatauthorizemarketpausesorhaltsintrading.当然，价格有时会大起大落。如关注这问题，须明订暂停市场运作或中止交易的规则。2.Donotcreateinadvertentimpediments(forexample,highfeesor