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International Supervision Of Financial Derivatives

Posted on:2005-09-10Degree:DoctorType:Dissertation
Country:ChinaCandidate:X Y ChengFull Text:PDF
GTID:1116360122481899Subject:International Law
Abstract/Summary:PDF Full Text Request
As far as the structure is concerned, this dissertation is divided into five Chapters, excluding Preface and Conclusion. In Chapter 1, the various financial derivatives from the very basic perspectives are discussed. In Chapter 2, the legal issues related to the regulation of financial derivatives are analyzed. In Chapter 3, the legislative regulation of financial derivatives in developed countries or regions are discussed. In Chapter 4, the legal issues of international regulation of financial derivatives are discussed; and in Chapter 5, the legal regulations of financial derivatives in China are discussed.In Chapter 1, it is mainly discussed and analyzed the definition, characteristics, origin, developments, economic functions and risk system of financial derivatives, difference between financial derivatives and gambling, classification of financial derivatives, and classification of participants in financial derivatives. In this Chapter, the author draws a relatively complete outline of the most fundamental aspects of financial derivatives, hopefully, to work out what kind of financial instruments the financial derivatives are from the basic aspects of financial derivatives. Upon the appearance of financial derivatives, in a number of aspects, they led to arguments among scholars or professionals. Because the name and definition of financial derivatives have caused great debate, the author first seeks the origin of name of financial derivatives by examining the names of financial derivatives that appeared earliest on the financial markets. Then, definitions that are frequently used by scholars and professionals are analyzed so as to find out why such definitions have brought about so much debate. The author continues to further discuss financial derivatives and analyze such aspects of financial derivatives as the characteristics, economic functions, origin, developments and risk system of financial derivatives, so as to have a clear and substantive understanding of the basics of financial derivatives. In order to more clearly understand the particularities of financial derivatives, the author compares the financial derivatives with securities and gambling. Finally, this Chapter talks about the classifications of financial derivatives and their participants, aimed at a preliminary understanding of the specific operation of financial derivatives.In Chapter 2, it mainly deals with the issues of financial derivatives and financial regulation, regulatory regimes of financial derivatives, and manners of regulation of Exchange-traded (On-exchange) and Over-the-counter (OTC) financial derivatives. In this Chapter, in respect of financial regulation, the author conducts a preliminary analysis of the basic issues on financial regulatory intervention and four factors leading to financial market failure: monopoly, negative externalities, public goods and asymmetry of information. Then, taking into account the characteristics of financial derivatives in Chapter 1, the author analyzes the reasons for financial regulatory intervention in financial derivatives. The analysis of financial market failure caused by financial derivative is mainly from the perspective of economics, the reasons for the necessity of financial regulation are sifted out, and it is demonstrated that, ultimately, the purpose of financial regulation is to hope that the effectiveness of financial markets may function normally. In respect of the effectiveness of financial markets, the author analyzes the legal purposes of regulation of financial derivatives from the perspectives of legislative regulation and practice in some countries or regions. The financial regulatory regimes are analyzed, and are mainly three kinds as the administrative regulation, self-regulation and comprehensive regulation. After analyzing the economic reasons for the regulation of financial regulations and the legislative intentions, this Chapter further discusses regulation of Exchange-traded and OTC transactions of financial derivatives. In respect of the regulatio...
Keywords/Search Tags:International
PDF Full Text Request
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