金融法（双语）第八章金融衍生产品法律制度

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1、第八章金融衍生产品法律制度一、金融衍生产品简述二、对金融衍生产品的监督第八章金融衍生产品法律制度一、金融衍生产品简述定义：金融衍生产品（Derivative）是与金融相关的派生物，通常是指其价值依赖于基础资产(underlyingassets)价值变动的合约(contracts)。种类：主要包括远期、期货、互换、期权以及它们与其他金融工具经分解组合形成的混合金融产品。金融衍生产品的交易可分为场内交易和场外交易。地位：金融衍生产品是全球金融创新的浪潮中涌现出的高科技产品，是金融创新工具的重要组成部分。第八章金融衍生产品法律制

2、度一、金融衍生产品简述1.中国的金融衍生产品定义：金融合约发展特点：起步晚，发展快现状：场内交易中产品单一，且交易限制较多；场外交易中产品品种丰富，交易的限制较少对策：借鉴经验和教训，坚持推动金融衍生产品市场的规范发展第八章金融衍生产品法律制度一、金融衍生产品简述2.美国的金融衍生产品Definition:atypeoffinancialcompact；AmerciaistheresourceandtheleaderoftheFinancialderivatives(1972)Presentsituation:Profit

3、andcrisiscoexistinthesame(CDS2008)第八章金融衍生产品法律制度一、金融衍生产品简述3.案例MerrillLynch,PierceFenner&SmithInc.v.CurranThecentralquestionpresentedbythesecasesiswhetheraprivatepartymaymaintainanactionfordamagescausedbyaviolationoftheCEA.TheUnitedStatesCourtofAppealsfortheSixthCir

4、cuitansweredthatquestionaffirmatively,holdingthataninvestormaymaintainanactionagainsthisbrokerforviolationofanantifraudprovisionoftheCEA.TheCourtofAppealsfortheSecondCircuitgavethesameanswertothequestioninactionsbroughtbyinvestorsclaimingdamagesresultingfromunlawf

5、ulpricemanipulationthatallegedlycouldhavebeenpreventedbytheNewYorkMercantileExchange'senforcementofitsownrules.第八章金融衍生产品法律制度一、金融衍生产品简述3.案例（1）Theformationofthefuterestradingmarketisnecessaryinthattimes.Thecompositionofthefuturetradingmarketisthehedgers,thespeculato

6、rs,thefloorbrokersandthepetitioners.（2）UndertheapproachtothetaskofdeterminingwhetherCongressintendedtoauthorizeaprivatecauseofactionhaschangedsignificantly,federalcourts,  followingacommon-lawtradition,regardedthedenialofaremedyastheexceptionratherthantherule.AsJu

7、sticeFrankfurterexplained:OurcasessubsequenttoCortv.Ashhaveplainlystatedthatourfocusmustbeon"theintentofCongress."Throughtheanalysisofthiscase,thelawandthelegalprecedent,theJusticeFrankfurterholdthatthecourtshouldfocusontheintentofCongress.第八章金融衍生产品法律制度一、金融衍生产品简述3

8、.案例（3）Indeterminingwhetheraprivatecauseofactionisimplicitinafederalstatutoryschemewhenthestatutebyitstermsissilentonthatissue,theinitialfocusmustbeonthe