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证券衍生品是资本市场发展到特定阶段的产物。通过比较不同类型证券衍生品的特征与法律属性,同时对境外主要市场的相关立法经验进行考察,本文认为,契约型衍生品与证券型衍生品都可以从同一基础资产衍生而来,但是二者存在明显区别,分别具备期货与证券不同的特征属性,宜清晰划分各自法律适用的边界,分别由期货法和证券法进行调整。
Securities derivatives are the product of the development of the capital market to a specific stage. By comparing the characteristics and legal attributes of different types of securities derivatives and examining the relevant legislative experiences in major overseas markets, this paper argues that both contractual derivatives and securities derivatives can be derived from the same underlying asset, but both There are obvious differences, with different characteristics of futures and securities, should be clearly divided the boundaries of their respective laws, respectively, by the futures law and securities law to be adjusted.