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A Research On The Information Disclosure Institution Of The Financial Derivative Transactions

Posted on:2012-01-04Degree:MasterType:Thesis
Country:ChinaCandidate:X ShiFull Text:PDF
GTID:2166330335957582Subject:Economic Law
Abstract/Summary:PDF Full Text Request
Financial derivative instruments is the products of financial innovation. With its sophisticated design, financial instruments have the ability to avoid risks, but it has also revealed its defects of inducing and spreading risks. Financial derivative instruments is only a means to avoid risks. From the perspective of value judgments, it should be neutral. There is no right or wrong in itself, the key depends on whether people knows how to use it reasonable, which involves the issue of regulations construction. Among all those related regulations, information disclosure system is the most important one, for financial derivatives market is the place of exchange risks, and the capacity of grasping information determines the size of risks.In this paper, one point lies in the foundation of the information disclosure system about the financial derivatives transactions, which is the basis of the whole paper; the other point lies in the development and improvement of our country's relevant regulations, which is the focus of the whole paper. In view of the financial instruments'technical and operational characters, this paper uses the research method of combined analysis of economics and law. Methods of positivism analysis, comparative analysis and historic analysis are comprehensive used to elaborate the necessity, significance and urgency of the information disclosure system about the financial derivatives transactions.In terms of the structure and content of the paper, it is divided into three parts which are introduction, body and conclusion. The body is divided into four parts. The first part is an overview of the financial derivatives, which includes the concepts, characters and categories of the financial derivatives.The summery of this section is prepared for the following parts. The second part interprets the theoretical basis of the information disclosure system about the financial derivatives transactions. This part mainly describes the"bounded rationality"theory, the"roundabout production"theory, and reviews the"contract theory". The"bounded rationality"theory is used to show that it is difficult for the parties of the transaction to make optimal decisions due to various factors; the"roundabout production"theory is used to show the complexity and the importance of the information disclosure system of the financial derivatives; and by reviews the"contract theory", the article mainly shows that the distribution of the rights and obligations to both parties are unequal. Therefore, strengthening the information disclosure of financial derivatives transactions is in line with the idea of"substantive justice"which is a modern legal concept.The third part is the international learning of the legal system of information disclosure about the financial derivatives transactions. This part mainly introduces the related rules of the United States, the Basel Committee and the IOSCO. The study of the United States is in accordance with the United States'regulatory system of information disclosure, specifically, it mainly describes the information disclosure rules of the market intermediaries, the market discipline organizations, the executive, and the judicial. In terms of the comparative study of the international organizations, this paper focuses on the empirical study of the specific documents related to the information disclosure system of the derivative transactions, which are issued by the international organizations.The fourth part is the key part of this paper, this part firstly overviews the current situations and problems of our country's information disclosure system of the derivative transactions, and then by examining these issues and by learning from the other countries, the author Proposed some suggestions ,which includes the values, the basic principles and some specific measures and proposals. The proposal consists of improving legislation, improving regulatory institution, strengthening coordination mechanisms and strengthening the financial enterprises'self-discipline.
Keywords/Search Tags:Financial derivative instruments, information disclosure, Financial Regulation
PDF Full Text Request
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