《多德-弗兰克法》衍生金融监管变革与启示

《多德-弗兰克法》通过清算所与交易所将场外衍生品纳入场内交易与清算,规定了衍生品清算所的核心原则,要求系统重要性金融机构提交"生前遗嘱",规定了跨国衍生金融监管的恳求条款与威胁条款,也保留了衍生金融交易在破产中的自动终止例外。这些变革启示着我国应适时将场外衍生品纳入场内交易与清算,完善主导型衍生品清算所系统性风险防范制度,强化落实金融监管协调机制以防范金融期货风险,防范金融期货合约自动终止规则例外本身可能引发的系统性风险,依据合作与对等原则应对跨国衍生金融监管的挑战。

Derivative Financial Regulatory Reforms in Dodd-Frank Act and Enlightenments

Dodd-Frank Act brings 0TC derivatives into floor trading and settlement by Clearing House and Exchange, set core principles derivatives for clearing House, requests system importance financial institutions to submit living will, makes provisions of beseech and threat for multinational derivative financial supervision, and persists automatic termination exception financial derivatives transaction in bankruptcy. These reforms give such enlightenments for our country as bringing OTC derivatives trading and clearing turn into the field, perfecting leading derivatives clearing house systemic risk prevention system, strengthening the implementation of financial supervision coordination mechanism to guard against the risk of financial futures, guarding against systemic risks itself caused by automatic termination exception rules for financial futures contract and dealing with challenges for multinational derivative financial supervision according to the principle of reciprocity and cooperation.