鼓勵參與全球新興衍生產(chǎn)品市場的推薦意見ppt課件

1、Recommendations to Encourage Global Market Participation on Emerging Derivatives Markets鼓勵參與全球新興衍消費品市場的引薦意見 Presentation by 演講者 : Gary DeWaal, General Counsel and Director of Legal and Compliance, Fimat Group 飛馬集團(tuán)法律及合規(guī)部總監(jiān)兼法律顧問 Adjunct Professor of Law, Brooklyn Law School布魯克林法學(xué)院法律兼任教授 11 August 2005

2、: , PRC二零零五年八月十五日：中國北京Effective Markets有效市場 Derivatives markets flourish where:如符合以下條件，衍消費品市場將會蓬勃開展：products are well designed and are deemed by market participants to provide good hedging opportunities; 產(chǎn)品設(shè)計完善，給市場參與者提供良好的風(fēng)險對沖時機(jī)； 2.price discovery is fair and transparent, and there is adequate liqui

3、dity; 市場定價公平、透明，有充足的流動量； 3.there are effective rules prohibiting market offenses (for example, manipulation) and fraudulent practices, as well as governing market operations; the rules are applied and enforced impartially; and there is a fair means to adjudicate disputes; and已制定有效的規(guī)那么，能阻止市場干擾(例如操控行為

4、)及欺詐行為，并能監(jiān)管市場運作；有關(guān)規(guī)那么能公正地運用及實施；設(shè)有公平的糾紛仲裁制度；及there is an effective settlement and clearing system.采用有效的結(jié)算及交收系統(tǒng)。2Well Designed Products產(chǎn)品設(shè)計完善 Derivatives products are well designed when:如符合以下條件，衍消費品的設(shè)計已屬完善： There is predictable correlation between prices in the cash and derivatives markets;現(xiàn)貨與衍消費品市場的價

5、錢之間有可預(yù)知的關(guān)系；2.at contract expiration there is convergence between the derivatives product and cash market price; and當(dāng)合約屆滿時，衍消費品與現(xiàn)貨市場的價錢趨于一致；及if a product is physically delivered, the delivery method is sufficiently robust to minimize the likelihood of an effective manipulation.假設(shè)以實物交收方式交付產(chǎn)品，交付方法需求相當(dāng)穩(wěn)

6、妥，將出現(xiàn)操控行為的能夠性降至最低。consider cash vs. physical settlement思索現(xiàn)金及實物交收方式 if physical settlement, anticipate manipulative conduct假設(shè)是實物交收，能夠會出現(xiàn)操控行為 3Transparency透明度 Price discovery is fair and transparent when prices:如價錢符合以下條件，市場定價將屬公平及透明 1.Reflect supply and demand; 能反映供需情況 2.are determined, whether throug

7、h open outcry or an equivalent electronic bidding process, or through application of a fair and impartial algorithm, through a system that is predictable and verifiable;不論透過公開叫價或同等的電子叫價程序，或運用公平及公正的計算方法，或透過可預(yù)知及驗證的系統(tǒng)，均能 limit the advantages to insiders; 限制內(nèi)部知情人員的優(yōu)勢； require and enforce a robust audit

8、trail;規(guī)定及實施穩(wěn)健的審核程序； if electronic, has robustness and redundancy; and如以電子方式買賣，能確保系統(tǒng)穩(wěn)健及設(shè)有備用系統(tǒng)；及 are rapidly mass disseminated.數(shù)據(jù)能迅速向公眾發(fā)放。 4Liquidity流動性 Derivatives markets are liquid when:如符合以下條件，衍生產(chǎn)品市場將具流動性：Hedgers are confident they can enter and exit the market with minimum slippage;對沖者置信進(jìn)出市場的本錢差額

9、不多； large orders can be accommodated with minimum slippage進(jìn)展大手買賣時的本錢差額不多this might mean allowing large orders to be executed off exchange; and 這意味著允許場外進(jìn)展大手買賣；及 open interest builds up robustly through a contracts term and normally declines only as contract expiration approaches.未平倉合約在合約期間穩(wěn)步上升，并往往在臨近

10、合約屆滿時下降。 5Effective Rules and Enforcement有效規(guī)那么及實施 Rules are effective when:如符合以下條件，規(guī)那么才屬有效 ： Market participants believe “the game is fair; 參與者置信 “這是場公平的游戲 they are clearly written and publicly disseminated;有關(guān)規(guī)那么以書面方式明文規(guī)定，并且已告知公眾 official translation reasonably reflects native language正規(guī)譯天性合理反映原文內(nèi)容；

11、they prohibit classic offenses: for example, fraud and manipulation;有關(guān)規(guī)那么能阻止典型的市場干擾：例如欺詐及操控行為 retail participants require separate customer protection rules; be careful to apply on a limited scope (for example, do not capture hedgers in rules to protect small speculators)對零售參與者須另行制定獨立的客戶維護(hù)規(guī)那么，并留意在限定

12、范圍內(nèi)運用(例如，不要因過度維護(hù)個別投機(jī)者而限制了對沖者的正常活動)； 6Effective Rules and Enforcement有效規(guī)那么及實施they are fairly applied;必需公平運用 no perceived or actual discrimination against outsiders (vs. insiders) or foreigners (vs. nationals); and不可在認(rèn)識中或?qū)嵺`上歧視局外人(相對知情人員而言)或國外人士(相對本國人士而言)；及 5.there are effective means to adjudicate dis

13、putes impartially. 設(shè)有公正而有效的糾紛仲裁制度。 7Settlement and Clearing結(jié)算及交收 Settlement and clearing is effective when:如符合以下條件，結(jié)算及交收將屬有效 ： Trades end up in their proper homes已完成的買賣能去到該回的地方 the system must accommodate the international practice of bifurcating execution and clearance and permit the use of omnibus

14、 accounts; and系統(tǒng)必需允許分開執(zhí)行買賣及交收手續(xù)的國際慣例，并準(zhǔn)許運用綜合賬戶；及 defaults of clearing members do not disrupt the marketplace即使結(jié)算會員無力償債，亦不會擾亂市場運作 Typically requires;規(guī)范規(guī)定 ； daily mark to market of all open positions and the assessment of margin; and每日按市價計算一切未平倉合約及進(jìn)展保證金評核；及 methodology for dealing with clearing member

15、 defaults (for example, minimum capital requirements for clearing members; initial guarantee fund; subsequent assessments)處置結(jié)算會員無力償債情況的方法(例如，就結(jié)算會員訂明最低資金要求、初步擔(dān)保金、額外貸款評核) 。 8Promoting Liquidity提高流動性 Key to promoting liquidity is to encourage speculation.假設(shè)要提高流動性，關(guān)鍵在于鼓勵投機(jī)參與。 Encouraging international p

16、articipation requires:鼓勵國際參與。要求： ability to pay/expatriate profits; 可以支付匯出利潤；reasonable requirements to participate (for example, submission to jurisdiction of local regulator; requirement of disclosure of basic information); and符合合理的參與需求(例如遵守當(dāng)?shù)乇O(jiān)管機(jī)構(gòu)的司法要求、須披露根本數(shù)據(jù))；及 adoption of international standard

17、s.采用國際規(guī)范。 2.Speculation is not bad. Excesses in speculation are bad.投機(jī)并無不妥，過度投機(jī)才是壞事。 9Promoting Liquidity提高流動性 To encourage, do not prohibit speculation even when prices move adversely to national interest. 假設(shè)要鼓勵參與，即使價錢走勢對本國利益不利，亦不應(yīng)阻止投機(jī)。 of course, sometimes, prices will dramatically increase or dec

18、rease! If this is a concern, adopt clear rules that authorize market pauses or halts in trading. 當(dāng)然，價錢有時會大起大落。如關(guān)注這問題，須明訂暫停市場運作或中止買賣的規(guī)那么。Do not create inadvertent impediments (for example, high fees or taxes).不要制造非故意的妨礙 (例如高昂費用或稅項)。 10Anticipating Manipulation預(yù)料能夠出現(xiàn)的操控行為 Techniques to minimize the ri

19、sk of manipulation:以下方法可減少出現(xiàn)操控行為的時機(jī) Large trader reporting;大手買賣報告 Require brokers to report clients who maintain positions in excess of certain levels; omnibus accounts must also report such clients (and omnibus accounts of omnibus accounts). 對于持倉量超出特定程度的客戶，經(jīng)紀(jì)需求作出報告；如屬綜合賬戶，亦須作出報告。 Regulators must ha

20、ve the ability to aggregate clients who maintain positions at different brokers;監(jiān)管機(jī)構(gòu)必需有才干會聚透過不同經(jīng)紀(jì)持倉的客戶； 11Anticipating Manipulation預(yù)料能夠出現(xiàn)的操控行為consider imposing position limits; can use an “own or control standard思索采取持倉限制；可運用擁有或控制規(guī)范will encourage over the counter financial engineering if too severe;如

21、限制太嚴(yán)，將鼓勵進(jìn)展場外金融工程；3.effective enforcement and private rights to action; and有效實施法規(guī)及私人訴訟權(quán)益；及jawboning (i.e., persuasion by the regulators). 壓服(即監(jiān)管機(jī)構(gòu)的游說任務(wù))。12Conclusion結(jié)論 Market participants determine the success of markets.市場參與者決議市場的成敗。Speculation is important.投機(jī)是一種重要活動。Prices someday will move dramatically in a manner adverse to perceived national interests. Outright bans and prohibitions or unexpected changes in rules are not the way to deal with market distort