香港场外衍生产品市场监管制度改革

香港针对原有对场外衍生产品缺乏有力监管、金管局与证监会的监管重叠与空白、缺少有效争议解决与危机处理机制等问题，对场外衍生产品市场监管制度进行改革，明确客体和主体适用范围，加强金管局与证监会间的紧密合作，提高信息披露要求，建立集中结算制度，规范金融中介及系统重要性市场参与者。此次改革体现全球场外衍生产品市场监管制度改革的共同发展趋势，重视各监管机构间协作，强调动态实时监控，但也存在一些问题尚未解决。

New Development of the Reform of the HK OTC Derivatives Market Supervision System

There were a number of problems, such as, the lack of firm supervision over OTC derivative products, overlapping, and blank spots between the HKMA and the SFC, and the lack of effective dispute resolution and crisis management mechanism in the supervision of the OTC derivatives market in Hong Kong. To solve these problems, the HK government has carried out a reform of the supervision system and the concrete measures involve defining the application scope of the object and the subject, strengthening the corporation between the HKMA and the SFC, improving information disclosure requirements, establishing a centralized clearing system, and regulating financial intermediaries and systematically important market participants. This reform reflects the common trend of global reform of OTC derivatives market supervision system, attaches importance on inter - agency collaboration, and emphasizes the dynamic real- time monitoring. There are, however, still some problems to be solved.