场外金融衍生产品的监管.doc

摘要：场外金融衍生产品由于其具有套期保值、风险管理和转移、流通性好等功能，同时具有监管宽松、信用风险高等缺点。OTC（场外衍生产品市场）的管理主要依靠行业自律，其规则多是国际互换与衍生品协会（ISDA）制定的相关文件。因此，各国由于关于场外金融衍生产品监管的制度不完善，使得场外金融衍生产品在快速发展的同时也存在着很高的风险及诸多不合理之处。本文在对场外金融衍生产品进行介绍的基础上，通过对多种场外金融衍生产品的分析，找出其中存在的问题，并提出合理化建议。

关键词：金融衍生产品； 场外衍生品； 市场监管； 风险

Abstract:With functions as hedging, risk management, and good negotiability, financial derivatives out of Stock Exchange are largely welcomed by large-scale enterprises and institutions, mainly financial institutions; However, the shortcomings should never be ignored, such as the loose administration, high risks of security. The management of OTC relies largely on self-discipline of the industry, and regulations are made by ISDA. Therefore, the imperfection in the management of financial derivatives out of Stock Exchange leads to high risks and many unreasonable factors along with its fast development. Based on the introduction to financial derivatives out of Stock Exchange, this paper aims to find the existing problems and propose a series of reasonable suggestions through the analysis of varied kinds of financial derivatives out of Stock Exchange.　    

Keywords: financial derivatives; derivatives out of Stock Exchange; market administration; risks

　　虽然我国受金融危机的影响相对较小，但我们决不能掉以轻心，相反，我国OTC市场还很年轻，我国政府部门有必要对其进行严格监管，使得OTC市场得到健康发展。

　　我们在发展全国经济的同时，一定要清醒的意识到金融产品的负面影响，提前做好准备，既不能无视国情盲目的发展我国的OTC市场，也不能因噎废食不去发展我国的衍生品市场。衍生产品是把“双刃剑”，我们要能够区分利害关系，做到把优势发挥到最大，把风险与损失降到最低。因此各监管部门要加强沟通，国家要完善相关法律，保障和促进我国场外衍生产品市场的快速健康发展。