鼓励参与全球新兴衍生产品市场的推荐意见ukv

Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,_,*,_,*,Gary DeWaal: FIA/Beijing,16,Recommendations to Encourage Global Market Participation on,Emerging Derivatives Markets,鼓励参与全球新兴衍生产品市场的推荐意见,Presentation by,演讲者,: Gary DeWaal,General Counsel and Director of Legal and Compliance, Fimat Group,飞马,集团法律及合规部总监,兼,法律顾问,Adjunct Professor of Law, Brooklyn Law School,布鲁克林法学院法律,兼任,教授,11 August 2005: Beijing, PRC,二零零五年,八,月十五日：中国北京,Effective Markets,有效市场,Derivatives markets flourish where:,如符合下列条件，衍生产品市场将会蓬勃发展：,products are well designed and are deemed by market participants to provide good hedging opportunities;,产品设计完善，给市场参与者提供良好的风险对冲机会；,2.price discovery is fair and transparent, and there is adequate liquidity;,市场定价公平、透明，有充足的流动量；,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,there is an effective settlement and clearing system.,采用有效的结算及交收系统。,2,Well Designed Products,产品设计完善,Derivatives products are well designed when:,如符合下列条件，衍生产品的设计已属完善：,There is predictable correlation between prices in the cash and derivatives markets;,现,货,与衍生产品市场的价格之间有可预知的关系；,2.at contract expiration there is convergence between the derivatives product and cash market price; and,当合约届满时，衍生产品与现,货,市场的价格趋于一致；及,if a product is physically delivered, the delivery method is sufficiently robust to minimize the likelihood of an effective manipulation.,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。,consider cash vs. physical settlement,考虑现金及实物交收方式,if physical settlement, anticipate manipulative conduct,如果是实物交收，可能会出现操控行为,3,Transparency,透明度,Price discovery is fair and transparent when prices:,如价格符合下列条件，市场定价将属公平及透明,1.Reflect supply and demand;,能反映供需情况,2.are determined, whether through 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,limit the advantages to insiders;,限制内部知情人员的优势；,require and enforce a robust audit trail;,规定及实施稳健的审核程序；,if electronic, has robustness and redundancy; and,如以电子方式交易，能确保系统稳健及设有备用系统；及,are rapidly mass disseminated.,数据能迅速向公众发放。,4,Liquidity,流,动,性,Derivatives markets are liquid when:,如符合下列條件，衍生產品市場將具流动性：,Hedgers are confident they can enter and exit the market with minimum slippage;,对冲者相信进出市场的成本差额不多；,large orders can be accommodated with minimum slippage,进行大手买卖时的成本差额不多,this might mean allowing large orders to be executed off exchange; and,这意味着容许场外进行大手买卖；及,open interest builds up robustly through a contracts term and normally declines only as contract expiration approaches.,未平仓合约在合约期间稳步上升,，并往往在临近合约届满时下降。,5,Effective Rules and Enforcement,有效规则及实施,Rules are effective when:,如符合下列条件，规则才属有效,：,Market participants believe “the game is fair”;,参与者相信,“,这是场公平的游戏,”,they are clearly written and publicly disseminated;,有关规则以书面方式明文规定，并且已告知公众,official translation reasonably reflects native language,正规译本能合理反映原文内容；,they prohibit classic offenses: for example, fraud and manipulation;,有关规则能阻止典型的市场干扰：例如欺诈及操控行为,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),对零售参与者须另行制订独立的客户保护规则，并注意在限定范围内使用,(,例如，不要因过度保护个别投机者而限制了对冲者的正常活动,),；,6,Effective Rules and Enforcement,有效规则及实施,they are fairly applied;,必须公平运用,no perceived or actual discrimination against outsiders (vs. insiders) or,foreigners (vs. nationals); and,不可在意识中或实际上歧视局外人,(,相对知情人员而言,),或国外人士,(,相对本国人士而言,),；及,5.there are effective means to adjudicate disputes impartially.,设有公正而有效的纠纷仲裁制度,。,7,Settlement and Clearing,结算及交收,Settlement and clearing is effective when:,如符合下列条件，结算及交收将属有效,：,Trades end up in their proper homes,已完成的,交易,能去到该回的地方,the system must accommodate the international practice of bifurcating execution and clearance and permit the use of omnibus accounts; and,系统必须,容许分开执行买卖,及交收手续的国际惯例，并准许使用综合账户；及,defaults of clearing members do not disrupt the marketplace,即使结算会员无力偿债，亦不会扰乱市场运作,Typically requires;,标准规定,；,daily mark to market of all open positions and the assessment of margin; and,每日,按市价计算,所有未平仓合约及进行保证金评核；及,methodology for dealing with clearing member defaults (for example, minimum capital requirements for clearing members; initial guarantee fund; subsequent assessments),处理结算会员无力偿债情况的方法,(,例如，就结算会员订明最低资金要求、初步担保金、额外贷款评核,),。,8,Promoting Liquidity,提高流,动,性,Key to promoting liquidity is to encourage speculation.,若要提高流动性，关键在于鼓励投机,参与,。,Encouraging international participation requires:,鼓励国际参与。要求：,ability to pay/expatriate profits;,能够支付汇出利润；,reasonable requirements to participate (for example, submission to jurisdiction of local regulator; requirement of disclosure of basic information); and,符合合理的参与需求,(,例如,遵守当地监管机构的司法要求,、须披露基本数据,),；及,adoption of international standards.,采纳国际标准。,2.Speculation is not bad. Excesses in speculation are bad.,投机并无不妥，过度投机才是坏事。,9,Promoting Liquidity,提高流,动,性,To encourage, do not prohibit speculation even when prices move adversely to national interest.,若要鼓励参与，即使价格走势对本国利益不利，亦不应阻止投机。,of course, sometimes, prices will dramatically increase or decrease! If this is a concern, adopt clear rules that authorize market pauses or halts in trading.,当然，价格有时会大起大落。如关注这问题，须明订暂停市场运作或中止交易的规则。,Do not create inadvertent impediments (for example, high fees or taxes).,不要制造非故意的障碍,(,例如高昂费用或税项,),。,10,Anticipating Manipulation,预料可能出现的操控行为,Techniques to minimize the risk of manipulation:,以下方法可减少出现操控行为的机会,Large trader reporting;,大手交易报告,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).,对于持仓量超出特定水平的客户，经纪须要作出报告；如属综合账户，亦须作出报告。,Regulators must have the ability to aggregate clients who maintain positions at different brokers;,监管机构必须有能力汇聚透过不同经纪持仓的客户；,11,Anticipating Manipulation,预料可能出现的操控行为,consider imposing position limits; can use an “own or control” standard,考虑采取持仓限制；可使用拥有或控制标准,will encourage over the counter financial engineering if too severe;,如限制太严,，将鼓励进行场外金融工程；,3.effective enforcement and private rights to action; and,有效实施,法规及私人诉讼权力,；及,jawboning (i.e., persuasion by the regulators).,说服,(,即监管机构的游说工作,),。,12,Conclusion,结论,Market participants determine the success of markets.,市场参与者决定市场的成败。,Speculation is important.,投机是一种重要活动。,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 distortions.,价格有时出现大幅波动，可能对预计的本国利益不利。彻底禁止,买卖,，或突然更改规则，均非处理市场反常情况的适当方式。,Anticipate manipulation by adopting an early warning system of large trader reporting and possibly position limits.,透过采用预警系统,(,大手交易报告及可能制订持仓限制,),，预测可能出现的操控行为。,13,Conclusion,结论,Ultimately. the market must be, and must be perceived to be, fair. That being said, one “size” of regulation does not fit “all;” national exchanges should respond to local concerns and needs, and adopt rules that reflect this. However, accommodate international business by ensuring that rules are consistent with well-established international business methods!,最,终,，市场必须公平运作，亦必须公认为公平运作。因此，同一套规例不能适用于所有情况，不同国家的交易所须要因应当地的考虑因素及需求，采取相关的规则。然而，在处理国际事务时，须确保有关规则符合周全完善的国际事务处理方法。,14,Questions,问题？,15,演讲完毕，谢谢观看！,