摘要
实现我国期货市场对外开放有助于我国抢占国际大宗商品贸易中的定价话语权,但期货市场双向开放利弊相随。我国金融监管机构应当采取相应措施,以在市场对外开放之后防止境外金融危机波及我国市场。本文通过对域外金融监管规则和“伦镍案”进行全面分析,结合我国市场现状,提出以下思路:在宏观金融监管层面,从“引进来”的角度出发,一方面,我国可以对境外交易所设置相应的准入门槛,以事前监管的方式防范化解金融风险;另一方面,我国可以明确对境外投资者的域外管辖权限,以事后问责的手段保障我国金融市场的有序运行。此外,我国独特的期货市场监管制度对保障金融市场稳定发展亦有重要价值。我国应保持制度自信,同时可以考虑进一步赋予交易所自律监管权限,充分利用交易所来规范跨境期货交易行为。
The realization of the opening up of China's futures market will help China to seize the pricing power in international commodity trade.However,the two-way opening of the futures market has both advantages and disadvantages.China's financial regulators should take corresponding measures to prevent the overseas financial crisis from affecting domestic market after opening to the outside world.Through a comprehensive analysis of the extra-territorial financial regulatory rules and the"Nickel case",this paper,combined with the current situation of China's market,puts forward the following idea:at the macro-financial regulatory level,from the perspective of"bringing in",on the one hand,China can set corresponding entry thresholds for overseas exchanges,so as to prevent and resolve financial risks by means of ex-ante supervision;on the other hand,China can clarify the extraterritorial jurisdictional competence of overseas investors,and safeguard the orderly operation of China's financial market by means of ex-post accountability.In addition,China's unique regulatory system for the futures market is also of great value in ensuring the stable development of the financial market.China should maintain its institutional self-confidence,and at the same time,it can consider further empowering the exchanges with self-regulatory authority and fully utilizing the exchanges to regulate cross-border futures trading behaviors.
出处
《西南金融》
北大核心
2024年第12期16-26,共11页
Southwest Finance
关键词
期货市场
对外开放
金融开放
大宗商品贸易
资本市场
境外投资者
金融风险
金融监管
futures market
opening up
financial opening up
commodity trade
capital market
foreign investors
financial risk
financial regulation
作者简介
王炜炫,男,北京大学法学院博士研究生,研究方向:金融法、数据法。
