國(guó)際股指期貨市場(chǎng)的風(fēng)險(xiǎn)管理及其借鑒(存儲(chǔ)版)
【正文】 oniou，A.，Koutmos，G. amp。另外，交易所在必要的時(shí)候動(dòng)用會(huì)員的結(jié)算準(zhǔn)備金、會(huì)員的全部資金、交易所的風(fēng)險(xiǎn)準(zhǔn)備金、保險(xiǎn)公司的賠償金、商業(yè)銀行的緊急授信額度和交易所的資產(chǎn)等資金。期貨經(jīng)紀(jì)公司應(yīng)建立有效的內(nèi)部控制體系，及時(shí)發(fā)現(xiàn)問題，解決問題。故應(yīng)在期貨法律中引入刑罰權(quán)。三．國(guó)外股指期貨市場(chǎng)風(fēng)險(xiǎn)監(jiān)管對(duì)我國(guó)的啟示從世界各國(guó)監(jiān)管模式的實(shí)踐來(lái)看由于股指期貨具有杠桿效應(yīng)和做空機(jī)制，由于它涉及到股票現(xiàn)貨市場(chǎng)的波動(dòng)和保證金銀行第三方存管及交易結(jié)算制度，實(shí)際上橫跨了期貨、證券和銀行三大領(lǐng)域，所以監(jiān)管權(quán)限的統(tǒng)一是股指期貨市場(chǎng)的發(fā)展趨勢(shì)。強(qiáng)行平倉(cāng)制度的實(shí)行，能及時(shí)制止風(fēng)險(xiǎn)的擴(kuò)大和蔓延。如果投資者在多個(gè)經(jīng)紀(jì)商處開戶，則要將該投資者在各賬戶下的持倉(cāng)合并計(jì)算。交易保證金是指結(jié)算會(huì)員存入中金所專用結(jié)算賬戶中確保合約履約的資金，是已被合約占用的保證金。吸收信譽(yù)好的會(huì)員與投資者，對(duì)信譽(yù)差的投資者實(shí)行市場(chǎng)禁入等措施，同時(shí)加強(qiáng)對(duì)會(huì)員與投資者的財(cái)務(wù)稽查與信譽(yù)考核。日本股指期貨市場(chǎng)實(shí)行的是多元三級(jí)監(jiān)管模式。例如，我國(guó)的機(jī)構(gòu)投資者還不規(guī)范；相關(guān)的法律和法規(guī)不完善；信用體系不健全，存在虛假的財(cái)務(wù)報(bào)告，透明度低；市場(chǎng)過度投機(jī)和非理性投資加劇了市場(chǎng)波動(dòng)，影響市場(chǎng)的正常運(yùn)轉(zhuǎn)等等。，即違約風(fēng)險(xiǎn)，是指股指期貨合約一方不履行規(guī)定的條款而導(dǎo)致另一方發(fā)生損失的可能性。投資者進(jìn)行交易時(shí)，只需交納一定數(shù)量的保證金，就可以進(jìn)行超出保證金十幾倍甚至幾十倍的交易。有利于優(yōu)化投資者結(jié)構(gòu)、完善證券市場(chǎng)的功能、為國(guó)內(nèi)外金融機(jī)構(gòu)投資者提供更好的服務(wù),加強(qiáng)我國(guó)金融市場(chǎng)競(jìng)爭(zhēng)力。關(guān)鍵詞：股指期貨 風(fēng)險(xiǎn)監(jiān)管 風(fēng)險(xiǎn)管理Abstract: Being the most successful financial innovation in the international financial market in l980s, stock index futures has been one of the financial derivatives of best Transaction and Liquidity in Stock market. It is helpful to regulate the stock market, to the reformation of stateowned enterprise so as to ensure the smooth issuance and listing of new shares. Financial innovation results in new financial risks inevitably. The leverage feature of stock index futures, excessive market speculation, price volatility, imperfection of the market mechanism, and other factors will bring many risks to participants.Under the back ground of the sources of risk, learning from the international monitoring modes and risk management about stock index futures is necessary to establish a proper system of risk management in stock index futures of
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