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作为专门针对信用风险的避险工具,信用违约互换交易已成为现代金融市场的重要组成部分,但交易投机化和监管空白化却又孕育出新的全面市场风险,并在美国国际集团(AIG)濒临破产事件中得以凸显。为纾解银行系统长期积累的信贷风险,我国应尽快开展信用违约互换交易,但应对交易主体资格、交易信息披露、履约争议解决、市场稳定性影响等事项构建严格的持续监管机制。
As a hedging tool specifically targeting credit risk, credit default swaps have become an important part of modern financial markets. However, transaction speculation and regulatory blanking have given rise to new comprehensive market risks. At the same time, AIG ) Is highlighted in the brink of bankruptcy. In order to relieve the credit risk accumulated in the banking system for a long time, China should start credit default swaps as soon as possible. However, a strict and continuous supervision mechanism should be established on such issues as the qualification of transaction participants, the disclosure of transaction information, the settlement of performance disputes and the impact of market stability.