期货市场中小交易者保护与政府介入方式选择

期货市场中小交易者是否需要监管方式给予附加的保护,政府监管当局介入中小交易者保护的理论基础是什么。研究得出通过市场的方式并不能给中小交易者提供足够的保护,交易所出于自身利益的考虑只有不完全激励保护中小交易者。政府监管介入应当考虑监管的成本和收益,在交易所激励充分的领域政府监管当局不应当介入,在交易所激励不充分的领域政府应当和交易所共同履行监管职能,通过外部监管改变交易所激励,为中小投资者提供保护。

Individual Investor Protection in Futures Market and Intervention Mode of Regulatory Authority

Considerable discussion focuses on whether it needs a regulatory way to give additional protection for individual investors in the futures market and what is the theoretic foundation for the regulatory authority to intervene in the individual investor protection.The study concludes that individual investors are unlikely under enough protection only by market measures because the exchanges out of their own interests cannot have enough incentive mechanism for individual investors.The regulatory authority should consider the cost and income of intervention.The regulatory authority should not intervene in the fields that the exchanges have enough incentive.However,in the fields that the exchanges have less incentive,the regulatory authority together with the exchanges should fulfill the function to protect individual investors with external regulatory measures to change the incentive in the exchanges to provide more individual investor protection.