Research On The Legal System Of Credit Default Swap Supervision In China

Credit default swaps have been in the international financial market for more than 20 years,while the scholars and government of various countries have studied quite a lot about its legal system of supervision.After the subprime mortgage crisis,academics and governments in all countries unanimously approved that credit default swaps should be regulated.For example,the United States Congress passed Dodd-Frank Wall Street Reform and Consumer Protection Act,through which proposed the regulation of credit default swaps.And,Her Majesty's Treasury submitted a new method of financial regulation-judgments,focus and stability,which reported subverts the original financial regulatory system.The Guidelines on Credit Default Swaps formulated by National Association of Financial Market Institutional Investors came into effect on September 23,2016,and the CDS for China version came into practice.However,due to the lack of supervision,credit default swap did not play its due role in practice in China.Therefore,it's urgent to research on the legal system of credit default swap in China.The first chapter of this article introduces the basic situation of this topic selection.Firstly,it points out that China's credit default swaps are approved and the supervision is absent.There are practical and necessary research backgrounds for the supervision of credit default swaps;secondly,this paper proposes to promote the theory.The theoretical significance of theoretical innovation can also guarantee the practical significance of the efficient development of credit default swaps and the promotion of financial innovation;again whether OTC derivatives need to be supervised,how to supervise OTC derivatives and how to trade credit default swaps.This special type of OTC derivatives supervision introduces the status of foreign research at three levels;then it briefly introduces the domestic research status of financial derivatives,CRM and CDS supervision;and finally explains the research ideas and research methods used in this paper.For example,research methods,comparative research methods,and empirical research methods that combine analysis and synthesis,and summarize the innovations and deficiencies of this article.The second chapter of this article looks at the risk of credit default swaps to study the basic theory of credit default swaps.First,it describes the operational mechanism of credit default swaps,laying the foundation for subsequent analysis;secondly,it analyzes the participants of credit default swaps.Including the meaning,position and role of buyers,sellers,rating agencies,and regulatory agencies to explore the legal risks involved in participating entities;once again through the analysis of credit default swap transaction process,reveal and analyze reference assets,purchase and sale behaviors And the legal risks involved in the event of default;Finally,from the perspective of value analysis,it considers the need to supervise the participants of credit default swaps and trading behaviors,and puts equal emphasis on safety and efficiency.However,it can combine specific The problem is biased.The third chapter of this article points out that China has not yet established a legal supervision system for credit default swaps.Supervision regulations are scattered in various financial laws and regulations.It points out four aspects of China's credit default swaps from the four aspects of regulatory models,regulatory systems,regulatory bodies,and regulatory rules.The problems existing in supervision,such as the traditional industry supervisory model,appear to be fatigued in the face of an increasingly developed financial derivatives market,regulatory norms are not structured,supervisory authorities have overlapping powers,responsibilities are unclear,and regulatory rules are not applicable.The fourth chapter of this article introduces the supervisory experience of credit default swaps outside the region.First,it introduces the three pillars of the international financial derivatives trading standard agreement and analyzes its applicability in China.Then it elaborates the regulatory laws of the United Kingdom and the United States.And its highlights.In the fifth chapter of this paper,combining the above analysis,the proposal to create a regulatory legal system for credit default swaps is to establish a supervisory model for industry + purpose + behavior.The State Council has set up a financial derivatives supervision and management committee to be responsible for credit default swap products.In the overall supervision of financial derivatives within the Bank,under the Central Bank,the Financial Supervisory Authority conducts behavior supervision,establishes a regulatory system for credit default swaps,and proposes the establishment of specific regulatory rules,including the establishment of a comprehensive market access system and unified information.Disclosure system and strict punishment system,strengthen the supervision of rating agencies.