摘要
期货品种创新是期货市场发展的内生动力,完善的期货品种上市机制是企业锁定预期收益、发现价格信息以及分散经营风险的基础。美国《2000年商品期货交易现代化法》实施以来,在开放和宽松的监管环境下,美国期货市场品种创新成果斐然,使得美国期货市场始终处于世界领先地位。然而,寻求金融抑制与金融过度之间的平衡点向来是监管机构的难题,对被监管主体的过度放权也埋下了金融空转的隐患。以比特币期货上市为例,反思美国期货品种上市机制有助于为我国期货市场改革提供参考意见,以期在守住系统性风险底线的条件下实现服务实体经济发展的最终目标。
The system of new futures product listing plays an important role in futures market, which helps enterprises to lock in yields, find price information and spread risks. Since US Commodity Futures Modernization Act came into effect in 2000, US futures market has dramatically developed and leads the world because of an open and dynamic regulatory environment.However, how to balance between financial repression and financial excess is always a problem for regulators. The system of new futures product listing in China has become the bottleneck in the development of futures market, which has resulted in low efficiency and inadequate international competitions. Based on research of the system of new futures product listing in US, this paper intends to provide references to improve the system of new futures product listing in China,aimed at preventing systemic financial risks and providing service for the substantial economy.
出处
《东方法学》
CSSCI
北大核心
2019年第1期113-122,共10页
Oriental Law
基金
中国金融期货交易所2018年度计划课题"全面开放背景下期货市场跨境监管与执法协作研究"阶段性成果
关键词
期货品种
金融过度
金融监管
比特币期货
future product
financial excess
financial supervision
bitcoin futures
