国际金融衍生产品法律制度研究
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摘要
国际金融衍生产品及其法律监管制度是国际金融法上的一个新的研究领域。本文运用国际金融法学理论和比较法对国际金融衍生产品及其市场监管中的若干法律问题进行了研究。除导言外,全文共分八章,约22万字。
上世纪国际金融创新的一个主要标志是金融衍生产品的出现和发展。大量国际衍生产品的诞生和发展,不仅深刻地改变了传统国际金融市场的格局和发展趋势,也对传统国际金融法的演变和发展带来了影响。有关金融衍生产品的法律研究通常可以从合同法、侵权法、信托法、公司法等私法角度展开,而本文则主要是从公法角度来研究金融衍生产品的国际法律监管制度。由于金融衍生产品种类繁多、金融创新持续正在进行等原因,本文主要是对现行国际监管立法中的重点问题,如金融衍生交易场所和交易中介机构的法律问题、金融衍生交易中的客户保护、金融衍生交易的风险管理制度等。
第一章是对金融衍生产品及其市场演变的基本介绍。在该章内容中,本人首先对金融衍生产品从法学和经济学两个角度概括了其基本含义,并对金融衍生产品的主要分类和新出现的复杂品种做了介绍;其次,文章对金融衍生产品市场的出现和发展做了简要介绍,重点是对参与衍生交易的资格、交易目的,以及不同种类衍生产品的法律性质等问题进行了论述。第二章是对金融衍生产品国际法律监管制度的分析。上世纪60年代出现的金融创新不仅改变了传统的国际货币金融法律制度,也促进了金融衍生交易相对发达国家的金融监管立法的改革。在本章中,本人分析了各国金融衍生监管立法的演变和发展趋势,并概括出金融衍生产品国际监管法律制度的五大法律特点。第三章研究了金融衍生交易场所及其非互助化改革的法律问题,包括场所设立、产品设计、市场监管和非互助化改革所产生的法律问题等。第四章论述了金融衍生交易中介机构的法律问题,重点是中介机构的市场准入、业务行为的法律监管、交易透明度,以及禁止的业务行为等。第五章是有关金融衍生交易中客户保护的法律研究。由于金融衍生交易的风险性和创新特点,因此对客户保护成为各国金融监管立法的重要内容。本章从金融衍生交易的适合性和风险揭示原则入手,对代理衍生交易的行为规范、投资者赔偿制度和争议解决机制等法律问题进行了论述。第六章是金融衍生场外交易市场及其法律监管制度的研究。本章主要从合同发的角度对场外金融衍生交易合同的成立、法律性质、合同转让与变更、合同违约与法律救济、合同法律适用与法院管辖等问题进行分析。此外,对场外
衍生交易市场国际法律监管制度的确立提出了本人的思考和建议。第七章是有关金融衍生产品风险管理制度的分析。首先本人对金融衍生产品的风险识别和衡量做了论述,其次是对风险管理的法律框架,以及交易场所和场外市场的风险管理重点法律制度做了比较研究和阐述。第八章是金融衍生产品在中国的实践和监管立法的思考。在对中国金融衍生产品失败实践的法律原因进行分析归纳以后,文章论述了中国发展金融衍生产品的必要性、衍生交易法律制度建设、国债期货交易法律制度重建等方面的法律问题。文章的最后部分还对中国金融监管体制和监管理念的更新做了一定的探讨。
Financial innovation in the last century lead to a lot of new financial derivative products and restructure the old international capital market and its underlying legal system. The law of derivatives in not, from the legal point of law, a coherent topic. Legal analysis and study is traditionally divided into contract, tort, equity and trusts, corporate law and so on which belong to private law area. The aim of this book is try to provide a basic system of public law area which may might relevant to derivatives. Since the international financial derivatives is so comprehensive and still on developing, my effort is focus on several topics which cover the existing international derivatives legal system, the derivatives exchange, the derivative trading intermediaries, the clients protection, the OTC derivative market, the risk control system. As a market supervisor worked in Shanghai Stock Exchange and experienced the crazy T-bond futures trading in 1994 to 1995, I try to analyze the failure reason on China financial futures market and give some suggestions on the resume of government bonds future market and the need for a central financial regulator in China. The book hence divided into 8 chapters.
Chapter 1 is the basic introduction of financial derivatives. Firstly I try to give a clear idea of financial derivatives based on commercial and legal analysis. Although the derivatives can be dividend into four catalogues in general which are forwards, futures, options and swaps, I also mentioned some new form of derivative including credit derivatives. Secondly I gave a brief introduction of historical development on derivatives market and a analysis on the capacity to enter into derivatives transactions and speculation, hedging, arbitrage and asset liability management reasons. Thirdly I focus on the legal nature of a derivatives contract, such as is it a gaming and wagering activity and other interests in a derivatives contract.
Chapter 2 is the analysis on international legal system on financial derivatives. Financial innovation from 1960s have changed the traditional domestic legal system and the old international monetary and financial legal mechanism, it also lead a reform on the financial regulatory system on a lot of developed countries. In this chapter, I focus on the development and evolvements of some developed legal areas
and international organizations related to the derivatives products. The result of this research is my conclusion on five characters of financial derivatives legal system.
Chapter 3 is the some legal problem on derivative exchange and new demutrualizion reform and its effects on those exchanges. As a successful market, those are some requirements on the establishment, market management and surveillance of the derivative exchange. Another big issue is the for-profit company oriented reform on those traditional non-profit market. According to the document issued by IOSCO, I analyzed three main legal issues related to this new trend.
Chapter 4 cover the legal issues related to derivative trading intermediaries. Since the derivatives is a brand new business for many companies, it is should be stipulated some basic requirements for the participants of this market. Fortunately, a lot of commodity future exchanges already set a legal regulatory mechanism on its members and other organizations. The most important requirement for derivative trading is the transparent requirement on its activities and account standards.
Chapter 5 concern to the question of clients protection. Risk is inherent in finance, the risk involved in financial derivatives is much greater than the traditional financial business. Apart form the clients protection standards of exchanges market, many countries think to increase a higher requirement for clients who need confidence on the whole financial market. A good example is to set up client compensation system.
Chapter 6 relate to the most uncertainty area of financial derivative which is over-the-counter market. In this Chapter I first look to the
上世纪国际金融创新的一个主要标志是金融衍生产品的出现和发展。大量国际衍生产品的诞生和发展,不仅深刻地改变了传统国际金融市场的格局和发展趋势,也对传统国际金融法的演变和发展带来了影响。有关金融衍生产品的法律研究通常可以从合同法、侵权法、信托法、公司法等私法角度展开,而本文则主要是从公法角度来研究金融衍生产品的国际法律监管制度。由于金融衍生产品种类繁多、金融创新持续正在进行等原因,本文主要是对现行国际监管立法中的重点问题,如金融衍生交易场所和交易中介机构的法律问题、金融衍生交易中的客户保护、金融衍生交易的风险管理制度等。
第一章是对金融衍生产品及其市场演变的基本介绍。在该章内容中,本人首先对金融衍生产品从法学和经济学两个角度概括了其基本含义,并对金融衍生产品的主要分类和新出现的复杂品种做了介绍;其次,文章对金融衍生产品市场的出现和发展做了简要介绍,重点是对参与衍生交易的资格、交易目的,以及不同种类衍生产品的法律性质等问题进行了论述。第二章是对金融衍生产品国际法律监管制度的分析。上世纪60年代出现的金融创新不仅改变了传统的国际货币金融法律制度,也促进了金融衍生交易相对发达国家的金融监管立法的改革。在本章中,本人分析了各国金融衍生监管立法的演变和发展趋势,并概括出金融衍生产品国际监管法律制度的五大法律特点。第三章研究了金融衍生交易场所及其非互助化改革的法律问题,包括场所设立、产品设计、市场监管和非互助化改革所产生的法律问题等。第四章论述了金融衍生交易中介机构的法律问题,重点是中介机构的市场准入、业务行为的法律监管、交易透明度,以及禁止的业务行为等。第五章是有关金融衍生交易中客户保护的法律研究。由于金融衍生交易的风险性和创新特点,因此对客户保护成为各国金融监管立法的重要内容。本章从金融衍生交易的适合性和风险揭示原则入手,对代理衍生交易的行为规范、投资者赔偿制度和争议解决机制等法律问题进行了论述。第六章是金融衍生场外交易市场及其法律监管制度的研究。本章主要从合同发的角度对场外金融衍生交易合同的成立、法律性质、合同转让与变更、合同违约与法律救济、合同法律适用与法院管辖等问题进行分析。此外,对场外
衍生交易市场国际法律监管制度的确立提出了本人的思考和建议。第七章是有关金融衍生产品风险管理制度的分析。首先本人对金融衍生产品的风险识别和衡量做了论述,其次是对风险管理的法律框架,以及交易场所和场外市场的风险管理重点法律制度做了比较研究和阐述。第八章是金融衍生产品在中国的实践和监管立法的思考。在对中国金融衍生产品失败实践的法律原因进行分析归纳以后,文章论述了中国发展金融衍生产品的必要性、衍生交易法律制度建设、国债期货交易法律制度重建等方面的法律问题。文章的最后部分还对中国金融监管体制和监管理念的更新做了一定的探讨。
Financial innovation in the last century lead to a lot of new financial derivative products and restructure the old international capital market and its underlying legal system. The law of derivatives in not, from the legal point of law, a coherent topic. Legal analysis and study is traditionally divided into contract, tort, equity and trusts, corporate law and so on which belong to private law area. The aim of this book is try to provide a basic system of public law area which may might relevant to derivatives. Since the international financial derivatives is so comprehensive and still on developing, my effort is focus on several topics which cover the existing international derivatives legal system, the derivatives exchange, the derivative trading intermediaries, the clients protection, the OTC derivative market, the risk control system. As a market supervisor worked in Shanghai Stock Exchange and experienced the crazy T-bond futures trading in 1994 to 1995, I try to analyze the failure reason on China financial futures market and give some suggestions on the resume of government bonds future market and the need for a central financial regulator in China. The book hence divided into 8 chapters.
Chapter 1 is the basic introduction of financial derivatives. Firstly I try to give a clear idea of financial derivatives based on commercial and legal analysis. Although the derivatives can be dividend into four catalogues in general which are forwards, futures, options and swaps, I also mentioned some new form of derivative including credit derivatives. Secondly I gave a brief introduction of historical development on derivatives market and a analysis on the capacity to enter into derivatives transactions and speculation, hedging, arbitrage and asset liability management reasons. Thirdly I focus on the legal nature of a derivatives contract, such as is it a gaming and wagering activity and other interests in a derivatives contract.
Chapter 2 is the analysis on international legal system on financial derivatives. Financial innovation from 1960s have changed the traditional domestic legal system and the old international monetary and financial legal mechanism, it also lead a reform on the financial regulatory system on a lot of developed countries. In this chapter, I focus on the development and evolvements of some developed legal areas
and international organizations related to the derivatives products. The result of this research is my conclusion on five characters of financial derivatives legal system.
Chapter 3 is the some legal problem on derivative exchange and new demutrualizion reform and its effects on those exchanges. As a successful market, those are some requirements on the establishment, market management and surveillance of the derivative exchange. Another big issue is the for-profit company oriented reform on those traditional non-profit market. According to the document issued by IOSCO, I analyzed three main legal issues related to this new trend.
Chapter 4 cover the legal issues related to derivative trading intermediaries. Since the derivatives is a brand new business for many companies, it is should be stipulated some basic requirements for the participants of this market. Fortunately, a lot of commodity future exchanges already set a legal regulatory mechanism on its members and other organizations. The most important requirement for derivative trading is the transparent requirement on its activities and account standards.
Chapter 5 concern to the question of clients protection. Risk is inherent in finance, the risk involved in financial derivatives is much greater than the traditional financial business. Apart form the clients protection standards of exchanges market, many countries think to increase a higher requirement for clients who need confidence on the whole financial market. A good example is to set up client compensation system.
Chapter 6 relate to the most uncertainty area of financial derivative which is over-the-counter market. In this Chapter I first look to the
引文
一、法律类中文参考书目:
曹建明、陈治东(主编):《国际经济法专论》(第一至六卷),法律出版社,1999年10月版。
刘飏(主编)、曹建明(副主编):《金融安全与法制建设》,法律出版社,1999年7月版。
曹建明、贺小勇(著):《世界贸易组织》,法律出版社,1999年9月版。
曹建明(著):《欧洲联盟法——从欧洲统一大市场到欧洲经济货币联盟》,浙江人民出版社,2000年2月版。
吴志攀(主编):《国际金融法》,法律出版社,1999年1月版。
吴志攀(著):《金融全球化与中国金融法》,广州出版社,2000年10月版。
徐冬根(主编):《国际金融法律与实务研究》,上海财经大学出版社,2000年6月版。
徐冬根等(编著):《美国证券法律与实务》,上海社会科学院出版社,1997年4月版。
姚梅镇(主编)、余劲松(修订):《国际经济法概论》,武汉大学出版社,1999年11月版。
刘丰名(著):《国际金融法》,中国政法大学出版社,1997年10月版。
李仁真(主编):《国际金融法》,武汉大学出版社,1999年12月版。
李双元(著):《走向21世纪的国际私法:国际私法与法律趋同化》,法律出版社,1999年8月版。
沈达明(编著):《国际金融法上的抵销权》,对外经济贸易大学出版社,1999年5月版。
杨永清(著):《期货交易法律制度研究》,法律出版社,1998年5月版。
余延满(著):《合同法原论》,武汉大学出版社,1999年12月版。
杨桢(著):《英美契约法论》,北京大学出版社,2000年4月版。
张国炎(著):《期货市场法律问题初探》,世界图书出版社,1994年10月版。
董安生(著):《国际货币金融法》,中国人民大学出版社,1999年5月版。
陆泽峰(著):《金融创新与法律变革》,法律出版社,2000年1月版。
李明良(著):《期货法》,人民法院出版社,1999年12月版。
徐明、郁忠民(主编):《证券市场若干法律问题研究》,上海科学院出版社,1997年4月版。
彭冰(著):《资产证券化的法律解释》,北京大学出版社,2001年11月版。
杨松(著):《国际法与国际货币新秩序研究》,北京大学出版社,2001年11月版。
于绪刚(著):《交易所非互助化及其对自律的影响》,北京大学出版社,2001年11月版。
黄毅、杜要忠(译):《美国金融服务现代化法》,中国金融出版社,2000年5月版。
[美]艾伦·加特(著),陈雨露等人(译):《管制、放松与重新管制》,经济出版社,1999年9月版。
菲利普·伍德(著):《国际金融的法律与实践》,中国经济出版社,1991年12月版。
[英]里查德·德尔(著),王建梅等人(译):《全球证券市场风险及监管》,宇航出版社,1999年9月版。
杨光华(编著):《美国期货管理法规概论》,中国商业出版社,1994年6月版。
二、金融经济类中文参考书目:
周立(著):《金融衍生工具发展与监管》,中国发展出版社,1997年1月版。
生柳荣(著):《当代金融创新》,中国发展出版社,1998年5月版。
胡继之(主编):《金融衍生产品及其风险管理》,中国金融出版社,1997年11月版。
谭跃、潘永红(著):《金融互换》,广东经济出版社,1999年9月版。
孙杰(著):《货币与金融:金融制度的国际比较》,社会科学文献出版社,1998年8月版。
钱小安(著):《21世纪金融大趋势:金融创新因果》,中国金融出版社,1999年7月版。
约翰·赫尔(著),张陶伟(译):《期权、期货和衍生证券》,华夏出版社,1997年1月版。
徐前进(著):《金融创新》,中国法制出版社,1994年8月版。
张光平(著):《巴林倒闭与金融衍生工具》,上海人民出版社,1996年10月版。
赵炬辉、房梁(编著):《国际金融衍生工具》,上海三联书店,1996年12月版。
文宗瑜(著):《证券场外交易的理论与实务》,人民出版社,1998年4月版。
施东晖(著):《证券交易所竞争论》,上海远东出版社,2001年12月版。
戴相龙(主编):《领导干部金融知识读本》,中国金融出版社,1997年11月版。
默顿·米勒(著),刘勇、刘菲(译):《默顿·米勒论金融衍生工具》,清华大学出版社,1999年12月版。
帕特里克J·卡塔尼亚(主编):《商品期货交易手册》,中国对外经济贸易出版社,1993年3月版。
梁云祥、陶涛(编著):《对冲基金的神话及其破灭》,新华出版社,1999年7月版。
国际清算银行:《巴塞尔委员会银行监管委员会文献汇编》,中国金融出版社,1998年7月版。
大和证券业务开发部(编著):《金融衍生产品风险管理》,中国金融出版社,1999年2月版。
[美]斯考特·斯卢茨基(编著),石晓军等人(译):《全球期货巨头谈明天》,机械工业出版社,2000年1月版。
三、英文参考书目
Alastair Hudson: The Law on Financial Derivatives, Sweet & Maxwell, 1996
Simon James: The Law of Derivatives, LLP Reference Publishing, 1999
Hunt, P.J.: Financial Derivatives in Theory and Practice, Chichester, New York, J.Wiley & Sons, 2000
Wilmott Paul: Derivative, the theory and practice of financial engineering, Chichester, John Wiley, 1998
Christidi, Vasiliki: Derivatives and risk management, reflections on policymaking in the world financial markets and the regulation of investment business,
Derivatives and other financial instruments, Company Law Committee, London Law Society, 1996
Frederic S. Mishkin & Stanley G. Eakins: Financial Markets and Institutions(second edition), An Imprint of Addison Wesley Longman, Inc. 1998
Pennington: Corporate Insolvency Law, Butterworths, 1997
John R.C. White: Regulation of Securities and Futures Dealing, Sweet & Maxwell, 1992
Jonathan Fisher & Jane Bewrsey: The Law of Investor Protection, Sweet & Maxwell, 1997
R. M. Goode: Conflict of interest in the changing financial world, The Institute of Bankers, 1986
Barry Rider & Charles Abrams & Eilis Ferran: Guide to the Financial Services Act 1986, second edition, CCH Editions Limited, 1989
Banks McDowell: The Crisis in Insurance Regulation, Quorum Books, 1994
R. M. Goode: Legal Problems of Credit and Security, Sweet & Maxwell, 1982
Robert R. Pennington: The Law of The Investment Markets, Blackwell Law, 1990
Chris Reed: Electronic Finance Law, Woodhead-Faulkner, 1991
Chris Reed: Digital Information Law, The Centre for Commercial Law Studies, 1996
David Loader, Lesley Bainbridge: Derivatives Operations, Securities Institute (Services) Limited, 1997
Michael Blair QC, Loretta Minghella, Michael Taylor, Mark Threipland & George Walker: Financial Services & Markets Act 2000, Blackstone Press Limited, 2001
Peter Elstob(editor): Derivatives 2001 of the Futures and Options Association, Pensord Press,Wales UK, 2001
Jane Sandiford: Derivatives Intelligence for The Risk Professional, Garnett Dickinson Print Ltd, 2001
London Clearing House Limited: Global Clearing of OTC Swaps and Understanding London SPAN and Market Protection
Derivatives Use, Trading & Regulation, the official journal of Futures and Options Association, Volume Six, 2000
Alistair Alcock: The Financial Services and Markets Act 2000: A Guide to The New Law, Jordan Publishing Ltd, 2000
The Securities Institute Yearbook 2000-2001: Investing In The Future, Pensord Press Wales UK, 2000
The Securities Institute Yearbook 2001-2002: Achieving Excellence in Tomorrow’s Financial Marketplace, St Ives Roche Ltd, Cornwell UK, 2001
Rod Apps & David Goacher: The Monetary and Financial System, Bankers Books Limited, 1996
Graham Roberts: Law Relating to Financial Services, 4th Edition, Financial World Publishing, 2001
Sir Guenter Treitel: The Law of Contract, 10th Edition, Sweet & Maxwell, 1999
The Magazine of the Securities Institute:Securities & Investment Review No. 86-90
International Investment Services: Global Custodian Winter 2000 to Winter 2001
Charlesworth & Morse: Company Law, 16th Edition, Sweet & Maxwell, 1999
Paul Dobson, Clive M. Schmitthoff: Business Law, 15th Edition, Sweet & Maxwell, 1991
Robert Souster: Financial Services, 3rd Edition, Chartered Institute of Bankers, 1996
Jo Shaw: Law of the European Union, 3rd Edition, Creative Print & Design(Wales) Ltd, 2000
曹建明、陈治东(主编):《国际经济法专论》(第一至六卷),法律出版社,1999年10月版。
刘飏(主编)、曹建明(副主编):《金融安全与法制建设》,法律出版社,1999年7月版。
曹建明、贺小勇(著):《世界贸易组织》,法律出版社,1999年9月版。
曹建明(著):《欧洲联盟法——从欧洲统一大市场到欧洲经济货币联盟》,浙江人民出版社,2000年2月版。
吴志攀(主编):《国际金融法》,法律出版社,1999年1月版。
吴志攀(著):《金融全球化与中国金融法》,广州出版社,2000年10月版。
徐冬根(主编):《国际金融法律与实务研究》,上海财经大学出版社,2000年6月版。
徐冬根等(编著):《美国证券法律与实务》,上海社会科学院出版社,1997年4月版。
姚梅镇(主编)、余劲松(修订):《国际经济法概论》,武汉大学出版社,1999年11月版。
刘丰名(著):《国际金融法》,中国政法大学出版社,1997年10月版。
李仁真(主编):《国际金融法》,武汉大学出版社,1999年12月版。
李双元(著):《走向21世纪的国际私法:国际私法与法律趋同化》,法律出版社,1999年8月版。
沈达明(编著):《国际金融法上的抵销权》,对外经济贸易大学出版社,1999年5月版。
杨永清(著):《期货交易法律制度研究》,法律出版社,1998年5月版。
余延满(著):《合同法原论》,武汉大学出版社,1999年12月版。
杨桢(著):《英美契约法论》,北京大学出版社,2000年4月版。
张国炎(著):《期货市场法律问题初探》,世界图书出版社,1994年10月版。
董安生(著):《国际货币金融法》,中国人民大学出版社,1999年5月版。
陆泽峰(著):《金融创新与法律变革》,法律出版社,2000年1月版。
李明良(著):《期货法》,人民法院出版社,1999年12月版。
徐明、郁忠民(主编):《证券市场若干法律问题研究》,上海科学院出版社,1997年4月版。
彭冰(著):《资产证券化的法律解释》,北京大学出版社,2001年11月版。
杨松(著):《国际法与国际货币新秩序研究》,北京大学出版社,2001年11月版。
于绪刚(著):《交易所非互助化及其对自律的影响》,北京大学出版社,2001年11月版。
黄毅、杜要忠(译):《美国金融服务现代化法》,中国金融出版社,2000年5月版。
[美]艾伦·加特(著),陈雨露等人(译):《管制、放松与重新管制》,经济出版社,1999年9月版。
菲利普·伍德(著):《国际金融的法律与实践》,中国经济出版社,1991年12月版。
[英]里查德·德尔(著),王建梅等人(译):《全球证券市场风险及监管》,宇航出版社,1999年9月版。
杨光华(编著):《美国期货管理法规概论》,中国商业出版社,1994年6月版。
二、金融经济类中文参考书目:
周立(著):《金融衍生工具发展与监管》,中国发展出版社,1997年1月版。
生柳荣(著):《当代金融创新》,中国发展出版社,1998年5月版。
胡继之(主编):《金融衍生产品及其风险管理》,中国金融出版社,1997年11月版。
谭跃、潘永红(著):《金融互换》,广东经济出版社,1999年9月版。
孙杰(著):《货币与金融:金融制度的国际比较》,社会科学文献出版社,1998年8月版。
钱小安(著):《21世纪金融大趋势:金融创新因果》,中国金融出版社,1999年7月版。
约翰·赫尔(著),张陶伟(译):《期权、期货和衍生证券》,华夏出版社,1997年1月版。
徐前进(著):《金融创新》,中国法制出版社,1994年8月版。
张光平(著):《巴林倒闭与金融衍生工具》,上海人民出版社,1996年10月版。
赵炬辉、房梁(编著):《国际金融衍生工具》,上海三联书店,1996年12月版。
文宗瑜(著):《证券场外交易的理论与实务》,人民出版社,1998年4月版。
施东晖(著):《证券交易所竞争论》,上海远东出版社,2001年12月版。
戴相龙(主编):《领导干部金融知识读本》,中国金融出版社,1997年11月版。
默顿·米勒(著),刘勇、刘菲(译):《默顿·米勒论金融衍生工具》,清华大学出版社,1999年12月版。
帕特里克J·卡塔尼亚(主编):《商品期货交易手册》,中国对外经济贸易出版社,1993年3月版。
梁云祥、陶涛(编著):《对冲基金的神话及其破灭》,新华出版社,1999年7月版。
国际清算银行:《巴塞尔委员会银行监管委员会文献汇编》,中国金融出版社,1998年7月版。
大和证券业务开发部(编著):《金融衍生产品风险管理》,中国金融出版社,1999年2月版。
[美]斯考特·斯卢茨基(编著),石晓军等人(译):《全球期货巨头谈明天》,机械工业出版社,2000年1月版。
三、英文参考书目
Alastair Hudson: The Law on Financial Derivatives, Sweet & Maxwell, 1996
Simon James: The Law of Derivatives, LLP Reference Publishing, 1999
Hunt, P.J.: Financial Derivatives in Theory and Practice, Chichester, New York, J.Wiley & Sons, 2000
Wilmott Paul: Derivative, the theory and practice of financial engineering, Chichester, John Wiley, 1998
Christidi, Vasiliki: Derivatives and risk management, reflections on policymaking in the world financial markets and the regulation of investment business,
Derivatives and other financial instruments, Company Law Committee, London Law Society, 1996
Frederic S. Mishkin & Stanley G. Eakins: Financial Markets and Institutions(second edition), An Imprint of Addison Wesley Longman, Inc. 1998
Pennington: Corporate Insolvency Law, Butterworths, 1997
John R.C. White: Regulation of Securities and Futures Dealing, Sweet & Maxwell, 1992
Jonathan Fisher & Jane Bewrsey: The Law of Investor Protection, Sweet & Maxwell, 1997
R. M. Goode: Conflict of interest in the changing financial world, The Institute of Bankers, 1986
Barry Rider & Charles Abrams & Eilis Ferran: Guide to the Financial Services Act 1986, second edition, CCH Editions Limited, 1989
Banks McDowell: The Crisis in Insurance Regulation, Quorum Books, 1994
R. M. Goode: Legal Problems of Credit and Security, Sweet & Maxwell, 1982
Robert R. Pennington: The Law of The Investment Markets, Blackwell Law, 1990
Chris Reed: Electronic Finance Law, Woodhead-Faulkner, 1991
Chris Reed: Digital Information Law, The Centre for Commercial Law Studies, 1996
David Loader, Lesley Bainbridge: Derivatives Operations, Securities Institute (Services) Limited, 1997
Michael Blair QC, Loretta Minghella, Michael Taylor, Mark Threipland & George Walker: Financial Services & Markets Act 2000, Blackstone Press Limited, 2001
Peter Elstob(editor): Derivatives 2001 of the Futures and Options Association, Pensord Press,Wales UK, 2001
Jane Sandiford: Derivatives Intelligence for The Risk Professional, Garnett Dickinson Print Ltd, 2001
London Clearing House Limited: Global Clearing of OTC Swaps and Understanding London SPAN and Market Protection
Derivatives Use, Trading & Regulation, the official journal of Futures and Options Association, Volume Six, 2000
Alistair Alcock: The Financial Services and Markets Act 2000: A Guide to The New Law, Jordan Publishing Ltd, 2000
The Securities Institute Yearbook 2000-2001: Investing In The Future, Pensord Press Wales UK, 2000
The Securities Institute Yearbook 2001-2002: Achieving Excellence in Tomorrow’s Financial Marketplace, St Ives Roche Ltd, Cornwell UK, 2001
Rod Apps & David Goacher: The Monetary and Financial System, Bankers Books Limited, 1996
Graham Roberts: Law Relating to Financial Services, 4th Edition, Financial World Publishing, 2001
Sir Guenter Treitel: The Law of Contract, 10th Edition, Sweet & Maxwell, 1999
The Magazine of the Securities Institute:Securities & Investment Review No. 86-90
International Investment Services: Global Custodian Winter 2000 to Winter 2001
Charlesworth & Morse: Company Law, 16th Edition, Sweet & Maxwell, 1999
Paul Dobson, Clive M. Schmitthoff: Business Law, 15th Edition, Sweet & Maxwell, 1991
Robert Souster: Financial Services, 3rd Edition, Chartered Institute of Bankers, 1996
Jo Shaw: Law of the European Union, 3rd Edition, Creative Print & Design(Wales) Ltd, 2000
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