The Market Failure Of International Financial Derivatives Exchange And The Digital Governance Research

In recent years, the international derivatives market transactions was more high performance, regardless of exchange trade market (EXT) or over-the-counter (OTC) market, derivatives trading volume can be said to be showing explosive growth. International OTC derivatives market's average annual growth rate of about 40% and rising.Derivatives market as a market economy has developed to an advanced stage of the product, to a large extent complementary and the development of the infrastructure market, and becoming virtual economy's major components, significantly changed the economic system and structure. A derivatives market led to the virtual contents of the economic entities in the economic development an important role in promoting the same time, demonstrate the economic entities with some degree of detachment, causing risk derivatives market transactions and market failures, from a certain point of view, the derivatives market transactions and financial wealth to the unreasonable configuration and transfer, directly or indirectly, on a series of macroeconomic and other stakeholders have a negative impact on the entire cause serious macroeconomic impact, and may lead to failures of macroeconomic policy. Therefore, the study of international trade in financial derivatives market failures and governance is extremely necessary.Financial derivatives market failure is the main cause regulatory risks and lead to the emergence. Market failure from the perspective of micro-economic analysis of that market in the allocation of resources on the invalidity or inefficient, the market can not guarantee that the allocation of resources in line with the requirements of the Pareto. The market failure of market system itself can not overcome the deficiencies. Competition is not entirely negative external effects, public information asymmetries and materials.This article to grows the market failure with the mathematical model to conduct the digitization governance research, explores and establishes the risk early warning mechanism two kind of digitization government pattern from the electronic commerce and the measure financial organ risk. Based on this and draws the conclusion, thought that faced with the derivation transaction's market failure, we must have the vigilant psychology, from analyzes its origin, to the establishment unified finance risk early warning mechanism, is advantageous when the bitter experience arises suddenly the financial event, takes the measure early, crisis control's spread, slows down in the financial movement the fierce fluctuation, reduces to financial and even the entire economic system's influence.Certainly at present, according to our country finance derivation market digitization development present situation, when develops our country finance derivation market must be safe, can only proceed in an orderly way, at the right moment develops has had the condition derivative product; At the same time, when advances our country finance derivation market development, more importantly develops the digitized transaction, speeds up the construction finance derivation market transaction the digitized government mechanism. When construction digitization government mechanism should follow the validity, the coordination, the accountability, the government by law principle.