Study On Some Issues Of Disclosure Regulations On Otc Derivatives Transactions

Since the very beginning, OTC derivatives transaction has attracted much attention for its high-risk nature. Since the financial crisis, the international community began to change the regulation idea of OTC derivatives transaction, from the original"No Regulation"to proper regulation. Effective financial regulation based on effective information. Furthermore, information disclosure is the first step of effective regulation. In the OTC derivatives market, the contradiction between individual transaction and public regulation is a major contradiction. And disclosure regulation is a powerful tool to reconcile this contradiction. International community has attached importance to the disclosure of OTC derivatives transaction though master agreement, regulatory rules and accounting standards, to achieve effective regulation.After China Inter-Bank Market Financial Derivatives Master Agreement issued, OTC derivatives transaction market has also entered a new era. However, the information disclosure regulation system of China is not perfect, which means that many relative rules have their defects. How to improve our nation's information disclosure regulation system has great significance to the development of China's OTC derivatives market and China's economy.The current study of OTC derivatives information disclosure focus on improving traditional accounting system, or analyzing international rules through the perspective of international law. Furthermore, all the studies have not distinguished the OTC transactions and exchange transactions. The theses lack of a comparative study between China's information disclosure system and international rules, which don't have much practical significance to the development China OTC derivatives market.This paper consists four parts. Firstly, it analyzes the nature of existing information disclosure regulations and divides the regulations into three categories, which are master agreement about the transaction contracts, regulatory rules issued by regulatory authorities and accounting standards. Secondly, the paper analyzes the legal background and history of various types of disclosure rules to investigate important mechanisms of them. On basis of these, it compares Chinese rules and foreign rules to stricture our disclosure rules. Ultimately, learning from international experience in developed countries and national rules, the thesis proposes the legislative proposals and institutional arrangement to improve information disclosure regulation system of China's OTC derivatives market.