摘要:This paper starts with analysis why the U.S. sub-prime crisis had been caused, which mainly describes the inspiration of the U.S.
ny developed countries in the world. In contrast, China's financial institutions, in the international financial market development, market access was very slow. China's financial regulatory authorities need to consider the openness of China's financial institutions outside, and need to apply principle of equivalence to the openness of foreign financial institutions, proper control of the entry speed of foreign financial institutions. Then, as to improve the regulation of foreign financial institutions, China’s “anti-monopoly law” was August 1, 2008 formally implemented, to take various measures to try to curb transnational corporations acts of unfair competition and monopoly, according to the law of regulating the market order, so that competition is being standardized and legalized (Congleten, RD 2009b) .
6.2 Enact relative rules and laws
With the continuous development of financial derivatives, the relevant laws and regulations have gradually built up. In view of the reality that the frequent bankruptcy incidents due to speculation, in 80s, 20th century, the world's largest OTC derivatives market trade associations - the International Swaps and Derivatives Association (ISDA), promulgated in 1992 “ISDA Master Agreement” (the International Swaps and Derivatives Association Master Agreement), and into the new century, it has promulgated the “2002 Moderator agreement” revision. The agreement now has been signed as the main basis for a variety of financial derivatives agreements. European Banking Federation, European Savings Bank Group and the European Cooperative Bank Association had also in 2001 and in 2004 promulgated the "financial transactions in the main agreement." These documents include foreign exchange, securities and other financial derivatives, including transactions in a standardized protocol model, which are aimed at regulating financial derivatives transactions, control the risk of financial derivative transactions
. These agreements provide a valuable reference for China to develop financial derivatives related to the legal system.
Learning from foreign experience, the management departments of China has released documents that related to laws and regulations. However, it should be noted that the relevant legislation of China's financial derivatives market is still in its infancy, there are a lot of shortcomings. Mainly in the following three aspects:
First of all, lack of legislative uniformity and consistency in the major thinking. So far from derivatives appeared on the market, China has always been the lack of a uniform standard in the relevant laws throughout the derivatives market transactions, the corresponding banks in the law is filled by some temporary legal requirements or documents. This not only enables the relevant legal provisions derivatives with a temporary and non-consistency, but is also often likely to lack the appropriate legal protection when a particular derivative products business appears, and always after problems, the relevant department promulgated temporary rules and regulations, it is not effective. For example, 2004, China Banking Regulatory Commission issued the “Financial Institutions Derivatives transactions Interim Measures,” but because of subsequent events in the outbreak of the CAO in 2005, China Banking Regulatory Commission had to re-issued “overseas Chinese-funded banks to handle the risks of derivatives pro
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