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普遍认为,2008年全球金融危机源于监管者未能有效控制系统性风险,而对以衍生品为代表的复杂金融工具的监管失败是此次金融危机的罪魁祸首。因此,加强全球金融监管力度,尤其是衍生品的监管成为国际共识。随后,防范衍生品引发系统性风险的措施很快集中在建立强制的中央对手方清算制度。但是强制清算并非防范系统性风险的万能药方,衍生品监管应采用鼓励多种方式并存的灵活性监管结构来实现系统性风险防范目标。本文认为,在相互认可的路径下进行国际衍生品监管,不仅有利于促进创新、实现有效监管,积累监管的成功经验和失败教训;还能保持监管多样化所具备的阻止风险蔓延的防火墙功能,从而避免一国监管失败引发全球金融系统的崩盘。
It is generally believed that the global financial crisis in 2008 stemmed from the failure of regulators to effectively control systemic risks. The failure of the supervision of complex financial instruments such as derivatives was the culprit of the financial crisis. Therefore, strengthening global financial supervision, especially the regulation of derivatives, has become an international consensus. Subsequently, measures to prevent systemic risk from derivatives quickly focused on the establishment of a mandatory central counterparty liquidation system. But compulsory liquidation is not a panacea for preventing systemic risks. Derivatives should adopt the flexibility regulatory structure that encourages coexistence of various means to achieve the systemic risk prevention objectives. This paper argues that international derivatives supervision under the path of mutual recognition is not only conducive to promoting innovation, realizing effective regulation and accumulating regulatory success and failure lessons, but also maintaining the diversified regulatory functions to prevent the spread of risks of firewalls, Thus avoiding the collapse of the global financial system caused by the failure of a country’s regulation.