境内期货市场双向开放问题探讨
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摘要
期货市场作为当前我国资本市场的重要组成部分,在资本市场双向开放中扮演了越来越重要的角色。坚定不移、风险可控地推动期货市场对外开放,是逐步实现人民币资本项目可兑换的重要举措。目前期货市场发展面临瓶颈,需要解决好如何协调市场创新、对外开放、服务实体和防范风险的关系。当前期货市场双向开放待解决的问题,本质上仍是基础条件有待夯实、行政管理向市场化发展过渡时面临的长期问题。为此,应兼顾好开放红利与潜在风险损失间的平衡。近中期,建议有序扩大境内市场对外开放,加速境内市场主体全球化步伐,同时完善双向开放中的风险防范体系。长期来看,应从资源整合、完善立法、健全品种体系、加强定价权争夺、强化理论创新等多方面,做大做强我国期货市场。
The futures market is playing an important role in China capital market and its two-way opening scheme. It is meaningful to advance the capital account convertibility of RMB by unswervingly promoting the opening-up of the futures market with controllable risks. The difficulties futures market facing with is to coordinate the relations between market innovations, opening-up measures, serving entity economic development and risk prevention. The long-standing issue of two-way opening-up reform for futures market is still essentially the basic condition that needs to be strengthened, and the long-term problem facing the transition of administrative management to market-oriented development. Therefore, regulators should balance the openingup dividends and potential risk losses. In the medium term, it is suggested that an orderly expansion of the domestic market is necessary, accelerating the globalization of China market, meanwhile, improving the risk prevention system in two-way opening reform. From a longer horizon, the futures market should be enlarged and strengthened from various aspects, such as resource integrations, legislation improvements, products consummations, global pricing strengthening and theoretical innovations, etc.
The futures market is playing an important role in China capital market and its two-way opening scheme. It is meaningful to advance the capital account convertibility of RMB by unswervingly promoting the opening-up of the futures market with controllable risks. The difficulties futures market facing with is to coordinate the relations between market innovations, opening-up measures, serving entity economic development and risk prevention. The long-standing issue of two-way opening-up reform for futures market is still essentially the basic condition that needs to be strengthened, and the long-term problem facing the transition of administrative management to market-oriented development. Therefore, regulators should balance the openingup dividends and potential risk losses. In the medium term, it is suggested that an orderly expansion of the domestic market is necessary, accelerating the globalization of China market, meanwhile, improving the risk prevention system in two-way opening reform. From a longer horizon, the futures market should be enlarged and strengthened from various aspects, such as resource integrations, legislation improvements, products consummations, global pricing strengthening and theoretical innovations, etc.
引文
[1]Friedman M.The Need for Futures Markets in Currencies[J].The Cato Journal,2011,31:635-641.
[2]Gallagher,Kevin P.“The politics of reregulating cross-border finance”,Ruling Capital:Emerging Markets and the Reregulation of Cross-Border Finance,1st ed[M].Cornell University Press,ITHACA;LONDON,2015,pp:99-123.
[3]Shin N T S.Effectiveness of Currency Futures Market in Hedging Foreign Exchange Risk[J].Management International Review,1981,21(4):5-16.
[4]Peter M.Garber,Derivatives in International Capital Flows[R].NBER Working Papers 6623,National Bureau of Economic Research,1998.
[5]董辅礽.我国期货市场的国际化与期货立法[R].证券与期货市场发展高级研讨会,长沙,1997,11.
[6]甘大力.中国期货市场国际化:主要问题与创新对策[J].新金融,2013,(05):36-40.
[7]姜哲.程序化交易的潜在风险和监管体系研究[J].金融监管研究,2017,(06):78-94.
[8]刘道云.关于完善期货法立法的导向性建议[J].证券市场导报,2017,(11):9-15.
[9]李强.世界证券、期货市场国际化的经验比较及借鉴[J].财贸研究,2002,(05):53-57.
[10]陆丰,顾元媚,黄思远.中国期货市场国际化的现状及路径研究[J].开发性金融研究,2017,(02):54-59.
[11]罗剑.开放条件下原油期货市场的风险管理与监管研究[D].上海社会科学院,2015.
[12]欧阳琛,朱国华.中国期货市场对外开放战略选择及应对策略[J].现代管理科学,2013,(02):38-40.
[13]孙海霞,郑凌云,张鹏.全球金融衍生品交叉上市动因及影响分析[J].证券市场导报,2013,(11):27-33.
[14]上海期货交易所《“期货法”立法研究》课题组.“期货法”立法研究[M].北京:中国金融出版社,2013.
[15]宋晓巍,马险峰.加快期货市场改革开放服务实体经济发展[J].证券市场导报,2017,(01):12-17.
[16]唐波.改革开放三十年来的期货市场及其法制建设历程[J].华东政法大学学报,2009,(03):61-70.
[17]王擎.资本市场开放与金融安全[M].北京:中国金融出版社,2011.
[18]王学勤,吴前煜.从自律走向法律:美国期货市场监管160年管窥[J].证券市场导报,2009,(10):20-26.
[19]叶萍.改革开放以来我国期货市场发展历程回顾与展望[J].江西社会科学,2008,(09):95-101.
[20]张璇,张玉智.期货交易所与监管层多主体博弈分析-以交易品种竞争为视角[J].技术经济与管理研究,2015,(03):18-21.
[21]张异冉.我国期货市场对外开放问题研究[J].中国物价,2017,(10):37-40.
[22]中国金融期货交易所外汇事业部.外汇期货国际经验与国内市场设计[M].中国财政经济出版社,2015.
1.最新统计数据截至2018年12月。
2 .参见《关于商业银行开展代客境外理财业务有关问题的通知》(银监办发[2006]164号)。
3 .鉴于我国期货交易所的事业单位属性,虽已实现自收自支,但本质上仍是一种财政转移支付。
4.日本早期发展期货市场时,不同品种由不同政府部门分业监管,这种“多龙治水”的管理模式表面上有效协调了期、现货市场,但实际上严重阻碍了日本期货行业正常发展,在监管尺度、风险控制上存在明显冲突。
[2]Gallagher,Kevin P.“The politics of reregulating cross-border finance”,Ruling Capital:Emerging Markets and the Reregulation of Cross-Border Finance,1st ed[M].Cornell University Press,ITHACA;LONDON,2015,pp:99-123.
[3]Shin N T S.Effectiveness of Currency Futures Market in Hedging Foreign Exchange Risk[J].Management International Review,1981,21(4):5-16.
[4]Peter M.Garber,Derivatives in International Capital Flows[R].NBER Working Papers 6623,National Bureau of Economic Research,1998.
[5]董辅礽.我国期货市场的国际化与期货立法[R].证券与期货市场发展高级研讨会,长沙,1997,11.
[6]甘大力.中国期货市场国际化:主要问题与创新对策[J].新金融,2013,(05):36-40.
[7]姜哲.程序化交易的潜在风险和监管体系研究[J].金融监管研究,2017,(06):78-94.
[8]刘道云.关于完善期货法立法的导向性建议[J].证券市场导报,2017,(11):9-15.
[9]李强.世界证券、期货市场国际化的经验比较及借鉴[J].财贸研究,2002,(05):53-57.
[10]陆丰,顾元媚,黄思远.中国期货市场国际化的现状及路径研究[J].开发性金融研究,2017,(02):54-59.
[11]罗剑.开放条件下原油期货市场的风险管理与监管研究[D].上海社会科学院,2015.
[12]欧阳琛,朱国华.中国期货市场对外开放战略选择及应对策略[J].现代管理科学,2013,(02):38-40.
[13]孙海霞,郑凌云,张鹏.全球金融衍生品交叉上市动因及影响分析[J].证券市场导报,2013,(11):27-33.
[14]上海期货交易所《“期货法”立法研究》课题组.“期货法”立法研究[M].北京:中国金融出版社,2013.
[15]宋晓巍,马险峰.加快期货市场改革开放服务实体经济发展[J].证券市场导报,2017,(01):12-17.
[16]唐波.改革开放三十年来的期货市场及其法制建设历程[J].华东政法大学学报,2009,(03):61-70.
[17]王擎.资本市场开放与金融安全[M].北京:中国金融出版社,2011.
[18]王学勤,吴前煜.从自律走向法律:美国期货市场监管160年管窥[J].证券市场导报,2009,(10):20-26.
[19]叶萍.改革开放以来我国期货市场发展历程回顾与展望[J].江西社会科学,2008,(09):95-101.
[20]张璇,张玉智.期货交易所与监管层多主体博弈分析-以交易品种竞争为视角[J].技术经济与管理研究,2015,(03):18-21.
[21]张异冉.我国期货市场对外开放问题研究[J].中国物价,2017,(10):37-40.
[22]中国金融期货交易所外汇事业部.外汇期货国际经验与国内市场设计[M].中国财政经济出版社,2015.
1.最新统计数据截至2018年12月。
2 .参见《关于商业银行开展代客境外理财业务有关问题的通知》(银监办发[2006]164号)。
3 .鉴于我国期货交易所的事业单位属性,虽已实现自收自支,但本质上仍是一种财政转移支付。
4.日本早期发展期货市场时,不同品种由不同政府部门分业监管,这种“多龙治水”的管理模式表面上有效协调了期、现货市场,但实际上严重阻碍了日本期货行业正常发展,在监管尺度、风险控制上存在明显冲突。