浅谈金融衍生产品在国内的法律适用和立法建议

发布时间：2018-06-12 22:43

本文选题：金融衍生产品 + 《ISDA主协议》　；参考：《华东政法大学》2010年硕士论文

【摘要】：金融衍生产品市场是全球金融市场体系和全球经济体系的重要组成部分。自1972年美国芝加哥商业交易所推出金融期货以来,金融衍生产品发展十分迅速,已经在世界金融市场体系中占举足轻重的地位。我国的金融衍生产品市场起步较晚但发展极度迅猛。金融衍生产品交易适用的国际通用文本是国际掉期和衍生交易协会出版的《ISDA主协议》,包括ISDA文本以及附件和信用支持文件及定义。该协议适用英格兰法或者纽约州法,由于法系和社会、经济、文化等与我国国情相差较大,在国内具体的交易中,特别是解决交易的争议处理中存在着不明确性。2007年3月,中国人民银行组织市场参与者就金融衍生产品交易主协议的内容、文本结构、适用范围、签署形式及公布方式等进行研究,形成了《中国银行间市场金融衍生产品交易主协议》,简称《NAFMII主协议》《NAFMII主协议》是以《ISDA主协议》为参照文本,充分吸收国际经验同时兼采本土特色,契合中国法律框架,结合我国金融衍生产品市场的实际情况,融合中国的《合同法》、《公司法》、《物权法》、《企业破产法》等多部法律形成的,已逐渐成为中国主要金融产生产品市场参与者关于人民币利率、汇率、债券衍生产品交易的首选法律文本。但是,《NAFMII主协议》也是依照《ISDA主协议》的三大基础制度设计的,因为三大基础制度已经是全球主要金融衍生产品交易国家的公认制度,而这些制度与我国现行的法律存在冲突。本文结合实际工作经验,通过案例分析,试图对于三大制度在我国的适用情况进行分析并提出立法建议。
[Abstract]:Financial derivatives market is an important part of global financial market system and global economic system. Since the Chicago Mercantile Exchange introduced financial futures in 1972, financial derivatives have developed very rapidly and have played an important role in the world financial market system. The financial derivative market of our country starts late but develops extremely fast. The international text applicable to financial derivatives trading is the ISDA Master Agreement published by the International Swaps and Derivatives Trading Association, including ISDA texts and attachments and credit supporting documents and definitions. The agreement applies to English law or New York law. Because the legal system, society, economy and culture differ greatly from our country's national conditions, there is uncertainty in specific domestic transactions, especially in the settlement of disputes over transactions. The people's Bank of China has organized market participants to study the content, text structure, scope of application, form of signature and mode of publication of the master agreement on financial derivatives trading, The "Master Agreement on Financial Derivatives Trading in the Interbank Market of China", referred to as "NAFMII Master Agreement" and "NAFMII Master Agreement", is based on the reference text of "ISDA Master Agreement", which fully absorbs international experience and adopts local characteristics. In line with the legal framework of China and the actual situation of the financial derivatives market in China, the Chinese contract Law, the Company Law, the property Law, the Enterprise bankruptcy Law, and other laws have been formed. It has gradually become the preferred legal text for the trading of RMB interest rate, exchange rate and bond derivatives. However, NAFMII master agreement is also designed according to the three basic systems of ISDA master agreement, because the three basic systems have already been recognized by the major financial derivatives trading countries in the world, and these systems conflict with the current laws of our country. Based on the practical experience and case analysis, this paper tries to analyze the application of the three systems in China and put forward some legislative suggestions.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：D922.28

【引证文献】