无论是1997年的亚洲金融危机还是2007年的次贷危机,都与金融衍生品的迅猛发展有着重要的联系。尽管金融衍生品在规避风险等方面具有重要作用,但是历经数次危机后人们开始逐渐认识到金融衍生品的风险性,甚至有人认为金融衍生品是洪水猛兽。事实上,金融衍生品作为一种工具本身并无好坏之分,关键是如何有效地对其进行监管。虽然危机已经离去,但是金融衍生品的发展并未停止。在后危机时代,相关国际组织以及世界主要国家、地区开始加强监管合作,共同致力于防范金融衍生品有可能带来的各种风险。只有认真反思危机前金融衍生品的监管制度,才能发现其中存在的问题。虽然后危机时代相关国际组织和世界主要国家、地区已经为金融衍生品监管的变革做出了诸多努力,但是对后危机时代金融衍生品的监管仍有许多问题值得人们思考。 Both the Asian financial crisis in 1997 and the subprime crisis in 2007 have an important connection with the rapid development of financial derivatives. Although financial derivatives play an important role in avoiding risks, people have come to realize the risk of financial derivatives after several crises. Some even think that financial derivatives are a scourge. In fact, financial derivatives as a tool itself is not good or bad, the key is how to effectively regulate it. Although the crisis has left, the development of financial derivatives has not stopped. In the post-crisis era, the relevant international organizations, as well as major countries and regions in the world, began to step up their supervision and cooperation and jointly committed themselves to guarding against the potential risks posed by financial derivatives. Only when we carefully reflect on the regulatory system of financial derivatives before the crisis can we find out the problems that exist in them. Although the relevant international organizations in the post-crisis era and major countries and regions in the world have made great efforts for the reform of the supervision of financial derivatives, there are still many problems worthy of consideration for the regulation of financial derivatives in the post-crisis era.