鼓励参与全球新兴衍生产品市场的推荐意见.ppt

mendationstoEncourageGlobalMarketParticipationonEmergingDerivativesMarkets鼓励参与全球新兴衍生产品市场的推荐意见Presentationby演讲者:GaryDeWaal,pliance,FimatGroup飞马兼AdjunctProfessorofLaw,BrooklynLawSchool兼任教授11August2005:Beijing,PRC 二零零五年八月十五日:中国北京EffectiveMarkets有效市场Derivativesmarketsflourishwhere:如符合下列条件,衍生产品市场将会蓬勃发展: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thereisaneffectivesettlementandclearingsystem. 采用有效的结算及交收系统。2WellDesignedProducts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: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ifaproductisphysicallydelivered,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。 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3Transparency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arerapidlymassdisseminated. 数据能迅速向公众发放。4Liquidity流动性Derivativesmarketsareliquidwhen: