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.
he transaction is to reduce the spread risk, expand profitability, improve and deepen operational efficiency. Should establish the appropriate “from the macro to micro” control system, provides the type of transaction, trading volume and the principal amount, and carefully choose the type of financial derivative products; and secondly, we must strengthen internal control, strict control of transaction procedures, will operate the right to Settlement right to supervise the separation, there must be strictly structured operational authority to increase the punishment of unauthorized transaction; then, establish specialized risk management and regulatory authorities, the transaction records of personnel transactions, confirmed that pro forma market value, evaluation, measurement and prevention of financial derivatives trading process in the face of the credit risk , market risk, liquidity risk, settlement risk, operational risk and legal risks. The department should be responsible directly to the decision-making, should timely report on market conditions and the company’s transactions.
6.4.2 System control in Stock Exchange
Exchange is a derivatives trading organizer and market manager, through the development of place trading rules, regulates market business operations, to ensure that trading under the conditions of open, fair, competition, and played a vital role to resist the risk of financial derivatives. First of all, we must improve the trading system, to develop a reasonable and timely adjustment of margin percentage in order to avoid a chain reaction of default risk. According to the size of the actual capital of the agencies, to determine their position limits, to differ hedgers, speculators, arbitrageurs and the manipulators, encouraging hedging, appropriate curb speculation, to avoid insider trading, market manipulation happens; then secondly, to establish a rational and strict settlement system, the widespread practice of “mark to the market system” to strengthen the clearing, settlement and payment systems management, coordinate of cash and derivative markets, domestic and overseas markets, increased market liquidity in derivative products and response capabilities; again, strengthen financial supervision and information disclosure, according to the characteristics of derivative products, reform the traditional accounting methods and principles for the development of uniform rules and procedures for the disclosure of information so that management and users can master the clarity of the risk of exposure to develop countermeasures, to establish a rational and scientific risk-control systems to reduce and prevent risks from occurring.
6.4.3 Central Bank’s macro-control and regulation
The central bank, as a country's monetary policy-makers and the principal actors of financial regulation, plays a pivotal role in the management of financial derivatives transactions. First of all, we should improve the legislation on financial derivatives to set up a special complete set of laws to develop uniform standards for the management of the transaction, to absorb the transaction into an effective internal control system; and secondly, to enhance supervision of financial institutions engaged in financial derivatives transactions, make provision of financial institutions involved in the transaction amount of minimum capital, to determine the risk-taking
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