政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/110150
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113311/144292 (79%)
Visitors : 50931372      Online Users : 972
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
    •  Adv. Search
    Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer Goto mobile version


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/110150


    Title: 跨國破產事件之爭議問題探討—以店頭衍生性金融交易市場及其案例為探討中心
    A study on legal issues regarding cross-border insolvency cases : focus on over-the-counter derivatives markets and the relevant cases
    Authors: 張家欣
    Chang, Chia-hsin
    Contributors: 林國全
    張家欣
    Chang, Chia-hsin
    Keywords: 跨國破產
    店頭衍生性金融交易
    系統性風險
    提前終止與淨額結算
    金融改革法令
    Cross-border insolvency
    Over-the-counter (OTC) derivatives
    Systemic risk
    Close-out netting
    Financial regulatory reforms
    Date: 2015
    Issue Date: 2017-06-01 09:53:33 (UTC+8)
    Abstract: 在金融市場國際化之趨勢下，各國金融交易參與者極可能受到跨國破產事件的影響。同時，受到金融創新潮流的驅使，非傳統金融工具的商業活動亦構成金融市場重要環節之一，從而探討破產法制對於非傳統金融交易契約之處理方式，實有其重要性。本文以店頭衍生性金融交易市場以及所選取案例為中心，探討跨國破產事件相關議題，包括破產法制對於店頭衍生性金融交易所給予的特殊規定（或在破產法制下承認提前終止與淨額結算條款之效力，以下均統稱為「破產法特殊規定」），以及相關跨國破產事件之可能處理模式或合作途徑。

    本文以國內外學術文獻、法院見解之整理為基礎，進行法學分析，並輔以金融實務觀點進行研究，於各相關部分同時探討我國法制。本文分為七章，內容簡介如後。

    首先，於第一章說明研究動機、目的、研究方法與架構，同時也限定研究範圍。又因跨國破產事件具多樣性與複雜性，為使本文討論範圍明確與聚焦，故於第二章先行提出具體跨國破產事件之美國與英國案例及其爭議問題，並以其做為本文探討中心與範圍，探討內容即包含破產法制涉及店頭衍生性金融交易之規範實體面議題，以及跨國破產事件處理方式之程序面議題。後續章節將陸續探討上開問題。

    第三章簡介店頭衍生性金融交易，以及說明其常見契約結構、相關法律問題。本章同時介紹「單一主契約模式」與「提前終止與淨額結算條款」之概念，學者及實務工作者有謂上開契約條款之功能，包含避免於破產程序中破產管理人選擇性履行或拒絕契約、降低交易對手信用風險、提升未違約方之再避險可能性、減少銀行業之資本計提成本、降低系統性風險等，而其中最具爭議性的降低系統性風險功能，也是目前全球多國破產法制承認提前終止與淨額結算條款具有效性的重要理由之一。本章著重於顯示店頭衍生性金融交易之當事人約定事項與破產法制間之關聯性，此屬於破產法制之規範實體面議題，以便於次一章接續介紹外國破產法制之相關具體內容。本章內容與後續各章均有密切關聯，故有說明之必要。

    第四章先說明破產法制之一般原則，再分別於美國、英國、歐盟、日本、以及我國法制下，觀察破產法制對於店頭衍生性金融交易之例外規定（或在破產法制下承認提前終止與淨額結算條款之效力），著重於說明破產法制立法或承認「提前終止與淨額結算條款」效力之現況，並參考外國文獻探討其立法理由是否具有充足正當性，以及其規定是否有修訂或調整之必要。相對於第三章彙整學說及實務觀點以說明「提前終止與淨額結算條款」之功能，本章則援引外國文獻對破產法制立法或承認「提前終止與淨額結算條款」效力之批評，並做出該條款效力於破產法制中至少應調整為受有一定限制之結論，也就是訂有交易提前終止權之暫時凍結期間、於具系統重要性金融機構清理程序中適用股東與債權人共同承擔損失機制、交易雙方善意無偏頗等，以及在我國法制下亦宜採取同等看法。本章最後分析本文第二章案例在破產法制下之實體面問題，同時也藉此試行探討「提前終止與淨額結算條款」在破產法制下的效力範圍以及第二章案例合成型債務抵押債券交易中有關「序位轉換條款」之效力爭議。本文認為美國破產法院、英國法院係分別各自依其破產法制與公共政策對「序位轉換條款」做出效力判斷，各具實體理由；以及「序位轉換條款」在我國法制下應屬有效。

    第五章在本論文題旨範圍內，先說明2007年-2009年金融危機後，二十國集團（G20）所提出的國際性指導建議，之後擇要介紹美國與歐盟依循上開建議，對於店頭衍生性金融交易市場所採行的金融改革法規，包含（但不限於）交易執行平台、集中清算、交易資料之申報、對未集中清算交易加強徵提擔保品等管理措施；此外，在跨國交易監理層面上，簡要介紹替代遵循之概念。本章並說明以上規範與跨國破產事件之關係。本章在整體研究架構上的功能有二，一方面是做為第四章破產法規範實體面議題與第六章跨國破產法制程序面議題之連結，也就是觀察美國及歐盟金融改革法令對第四章所述破產法特殊規定之影響，以及金融改革法案所對應第六章目前國際金融市場之實務發展趨勢以及特殊清理架構下之相關規定。另一方面，相對於第六章係探討發生跨國破產事件時之程序處理模式，第五章則是從破產事件發生前之前階段觀察，藉由事前建構市場監理措施及規劃，以期促進跨國破產事件發生時之處理效能。

    第六章探討跨國破產事件處理方式之程序面議題。先敘明跨國破產立法所採行的基礎原則理論，包含普及原則、屬地原則、修正式普及原則、現代化屬地原則；同時簡要介紹相關跨國破產法制。繼而說明金融穩定理事會 （FSB）相關建議，以及觀察近期國際金融實務發展。之後，綜結第四章至第六章之內容，按跨國破產事件之實體面議題與程序面議題，對於涉及店頭衍生性金融交易之跨國破產事件，說明本文在相關立法論或處理合作模式層面上所採取之立場。最末，分析本文第二章案例之程序處理問題。

    最後，第七章就本論文探討範圍以及第二章所提出之問題，進行總結論，並試行對我國金融市場參與者提出相關建議。
    Abstract

    Due to globalization of financial markets, it is hard for market participants to avoid the impact arises from cross-border insolvency events. With the trend of financial innovation, non-traditional financial instruments become an important role in financial markets, and it’s necessary to understand the treatment of these instruments under insolvency law systems. This thesis discusses specific legal issues with regard to cross-border insolvency events in over-the-counter (OTC) derivatives financial markets with focus on the relevant cases selected, including the special treatment of OTC derivatives under insolvency law systems and the potential procedures or coordinate ways to deal with the cases.

    Based on and reference to research of academic papers and court decisions, this thesis discusses issues through legal analysis supplemented with views of financial practice. The relevant parts are also discussed under Taiwan’s law system. This thesis proceeds in 7 chapters briefly described as follows.

    Chapter 1 explains the objective, purpose, and fundamental structure together with the method used of this thesis. Assumptions and Confines of this thesis are also described in this chapter. Given diversity and complexity of cross-border insolvency events, Chapter 2 attempts to present actual cases for discussion in order to providing the scope and focuses of this thesis. Key finding of the presented cases includes substantive legal issues of insolvency laws applied to OTC derivatives transactions and procedural legal issues of dealing with cross-border insolvency events. Matters aforementioned will be addressed in further chapters.

    Chapter 3 describes the basic understanding of OTC derivatives and the legal elements of participants’ transaction contracts in market practice. This chapter also describes the concepts of “the single agreement approach” and “close-out netting provisions”. As academic opinions and practical views mentioned, close-out netting provisions encompass the functions of eliminating the risk of “cherry-picking” by a liquidator in the insolvency proceeding, minimizing counterparty credit risk by calculating exposures on a net basis, promoting the possibility of re-hedging transactions, applying lower capital requirements by regulators to refer to netted transactions for bank industry, and reducing systemic risk in the financial system. Insolvency law systems which allow the effectiveness of close-out netting provisions heavily rationalize the legislation as being founded on preventing the threat of systemic risk. While some academic papers argue that the rationalization on the basis of reducing systemic risk is unconvincing or unnecessary for reasons. Chapter 3 primarily concerns the connections between OTC derivatives contracts and insolvency law systems, in the dimension of substantive legal issues. What addressed in this chapter is highly connected with the subsequent chapters.

    Chapter 4 describes the general principles of insolvency laws at first, and then observes the exclusions of OTC derivatives transactions under insolvency law systems of U.S., UK, EU, Japan and Taiwan respectively, focusing on issues respecting of validity and enforceability of close-out netting provisions. Compared with Chapter 3 which describes the functions of close-out netting stated by advocators, this chapter illustrates challenges or arguments posed by academic papers with different views. Reference to the relevant academic opinions, this thesis considers that the effectiveness of close-out netting provisions shall, at least, be subject to restrictions to a reasonable extent, such as temporary stays on early termination rights as well as on enforcement rights of security interests, application of the bail-in tool in SIFIs’ resolution procedures, and each party’s good faith. The aforesaid views are also proposed to be referenced by Taiwan’s law regime in the future. In the end of this chapter, it analyzes the cases presented in Chapter 2 within the scope of substantive issues of insolvency laws, and concludes that both U.S. bankruptcy court’s ruling and UK courts’ decisions on the flip clause embedded in CDO instruments are correct respectively pursuant to their own insolvency laws and public policies. In addition, this thesis is in the opinion that the flip clause shall be effective under Taiwan’s current insolvency law system.

    Chapter 5 will first describe the international guidelines suggested by G20 after 2007-2009 financial crisis. It will then go on to introduce the financial regulatory reforms adopted by U.S. and EU following G20’s guidelines, including the mandatory requirements for trading on the regulated platforms, clearing through a central counterparty (CCP), reporting to a trade repository (TR), and exchanging margins for non-centrally cleared OTC derivative transactions. Besides, the concept of substituted compliance is briefly explained herein for implementing the regulatory regimes to cross-border activities. Chapter 5 also observes the connections between the aforesaid regulatory reforms and cross-border insolvency events. Under the structure of this thesis, substantive legal issues in Chapter 4 and procedural legal issues in Chapter 6 are bridged by Chapter 5. While Chapter 6 emphasizes on ex post measures to handle cross-border insolvency events, this Chapter 5 considers ex ante measures that monitor and supervise OTC derivatives markets and that also have been expected to promote ex post measures in case.

    Chapter 6 addresses the procedural aspects while dealing with cross-border insolvency cases. First, the theoretical principles for cross-border insolvency law are explained, including universality, territoriality, modified universality and modern territoriality. It herein also introduces legislative regimes in relation to UNCITRAL Model Law on Cross-Border Insolvency and some jurisdictions’ international insolvency laws. Second, it turns to suggestions made by FSB. Third, the recent international trend in market practice is observed. Then, section 4 of this Chapter proposes framework of regulatory aspects and cooperation arrangements to process cross-border insolvency events, comprehensively in the substantive and the procedural dimensions. Lastly, it analyzes the cases presented in Chapter 2 within the scope of procedural issues of insolvency laws.

    Chapter 7 summaries conclusions on this thesis and on issues raised in Chapter 2. This final Chapter also tries to provide suggestions to our financial market participants in Taiwan.
    Reference: 一、中文部分
    （一）書籍
    1.尹正友、張兴祥，中美破产法律制度比较研究，法律出版社，2009年6月。
    2.王晓琼，跨境破产中的法律冲突问题研究，北京大学出版社，2008年1月。
    3.朱浩民，衍生性金融商品，智勝文化事業有限公司，2001年2月。
    4.李後政，國際民事訴訟法論，五南圖書出版股份有限公司，2015年7月三版。
    5.孫森焱，民法債編總論（下冊），2014年9月訂正版。
    6.孫森焱，民法債編總論（上冊），2014年10月修訂版。
    7.陳計男，破產法論，三民書局股份有限公司，2004年4月，修訂三版。
    8.許耀明，國際私法新議題與歐盟國際私法，2009年4月初版。
    9.黃立，民法債編總論，2006年。
    10.儲蓉，信用衍生性金融商品，財團法人台灣金融研訓院，2008年3月。

    （二）學位論文
    1.徐千惠，衍生性商品相關契約法律關係之比較研究—以ISDA契約為例，東吳大學法學院法律學系法律專業碩士班碩士論文，2008年1月。
    2.郝月葵，論破產程序中「進行中雙務契約」之處理—以智慧財產權授權契約為中心，國立中央大學產業經濟研究所碩士論文，2005年7月。
    3.唐敏寶，外國民事裁判之承認，國立政治大學法律學研究所博士論文，2010年3月。

    （三）期刊論文/專書論文
    1.王文宇，從衍生性金融商品論現代契約法之新議題，法令月刊第53卷第8期，頁33-44，2002年8月。
    2.沈冠伶，國際債務清理程序之基本問題，臺灣法學雜誌第144期，頁93-118，2010年1月。
    3.陳國樑，論破產法上之抵銷權，強制執行法破產法論文選輯（楊建華主編），五南圖書出版公司，頁498-511，1984年7月。
    4.陳逸竹，論國際破產—以日本法為出發點，萬國法律雜誌第151期，頁24-34，2007年2月。
    5.陳聰富，誠信原則的理論與實踐，政大法學評論，第104期，頁1-60，2008年8月。
    6.鄭有為，從日本「民事再生法」的誕生看燦爛輝煌的二十一世紀破產法學，載：破產法學的美麗新世界，2012年9月3版。

    （四）研究報告/研討會資料
    1.馮震宇（計劃主持人）、黃立坪、黃筱文、黃嘉敏，歐盟金融工具市場指令(MiFID)對衍生性金融商品影響之研究，2008年7月（臺灣期貨交易所股份有限公司委外研究報告）
    2.財團法人理律文教基金會2012超國界法律研討會（網站http://www
    .leeandli.org.tw/national_20121216.html，最後閱覽日：2015/05/
    30）：議題三：從超國界法律思維出發論外國債務清理裁判之承認與執行（研究資料，理律文教基金會， 2012年7月），第1頁至第19頁(http://www.leeandli.org.tw/download/national/2012/議題三-從超國界法律思維出發論外國債務清理裁判之承認與執行(完).pdf，最後閱覽日：2015/05/30）。

    （五）參考網站
    http://www.ardf.org.tw
    http://www.leeandli.org.tw
    http://www.tpex.org.tw
    http://www.twse.com.tw
    http://jirs.judicial.gov.tw


    二、英文部分
    （一）書籍
    1.Acharya Viral V., Cooley Thomas F., Richardson Matthew and Walter Ingo, Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance (2011), John Wiley & Sons, Inc.
    2.Aicher, Robert D.（Editor）, Derivatives: Legal, Practices and Strategies（2010）, Aspen Publishers.
    3.Allen, William A. International Liquidity and the Financial Crisis (2013), Cambridge University Press.
    4.Bender, Seth P., Negotiating skills for the ISDA Master Agreement: The Essential Playbook for Over-The-Counter Derivatives (2011), Pearson Education.
    5.Beatty, Jeffrey F. and Samuelson, Susan S., Essentials of Business Law (2008), Thomson Learning.
    6.Blum, Brian A., Bankruptcy and Debtor/Creditor (2006), Aspen.
    7.Bush, Derek M., Eitel, Mitchell S., and Makow, Lawrence S. (Co-Chairs), A Guide to Financial Institutions 2011: Navigating the New Landscape (2011) , Practising Law Institute.
    8.Cao, Jin, Banking Regulation and the Financial Crisis (2012), Routledge.
    9.Castagnino, John-Peter, Derivatives-The Key Principles (3rd edition, 2009), Oxford University Press.
    10.CCH Attorney-Editor Publication, Dodd-Frank Wall Street Reform and Consumer Protection Act - Law, Explanation and Analysis (2010), Wolters Kluwer.
    11.Dalhuisen, Jan, Dalhuisen on Transnational Comparative, Commercial, Financial and Trade Law (Vol.3) : Financial products, financial services and financial regulation (Oxford and Portland, Hart, 4th edn, 2010)
    12.Das, Satyajit, Credit Derivatives-CDOs and Structured Credit Products (3rd., 2005)
    13.Epstein, David G. and Nickles, Steve H., 2009-2010 BANKRUPTCY CODE AND RELATED MATERIALS FOR LAW STUDENTS (2009), WEST.
    14.Frey, Martin A., Frey, Phyllis Hurley & Swinson, Sidney K., An Introduction to Bankruptcy Law (5TH ed., 2007), Thomson/Delmar Learning.
    15.Fletcher, Ian F., Insolvency in Private International Law – National and International Approaches (2nd. Edition, 2005), Oxford University Press.
    16.Garner, Bryan A. (Editor in Chief), Black’s Law Dictionary (Ninth Edition, 2009), Thomson Reuters.
    17.Gifis, Steven H., Law Dictionary (1996）, Barron`s Educational Series.
    18.Gooch, Anthony C. & Klein, Linda B., Documentation for Derivatives（1993）, Euromoney Publications.
    19.Goode, Roy, Principles of Corporate Insolvency Law (fourth edition, 2011), Sweet & Maxwell.
    20.Greene, Edward F. / Beller, Alan L. / Rosen, Edward J. / Silverman, Leslie N. / Braverrman, Daniel A. / Sperber, Sebastian R., U.S. Regulation of the International Securities and Derivatives Markets, Volume 2 (2009) , Wolters Kluwer.
    21.Gregory, Jon, Counterparty credit risk–The new challenge for global financial markets（2010）, Wiley.
    22.Harding, Paul, Mastering the ISDA Master Agreements (1992 and 2002)：a practical guide for negotiation (3rd ed., 2010) , FT Press.
    23.Harding Paul and Johnson Christian A., Mastering the ISDA Collateral Documents-A practical guide for negotiators (2nd edition, 2012) , FT Press.
    24.Ho, Look Chan （General Editor）, Cross-Border Insolvency: A Commentary on the UNCITRAL Model Law (Third Edition, 2012), Globe Law and Business.
    25.Jan Job de Vries Robbe’, Securitization Law and Practice-In the Face of the Credit Crunch（2008）,Wolters Kluwer.
    26.Jan Job de Vries Robbe’, Structured Finance-On from the Credit Crunch-The Road to Recovery (2009), Kluwer Law International.
    27.Jorion Philippe, Financial Risk Manager Handbook（2009）, Wiley.
    28.Lastra, Rosa M. (Editor), Cross-Border Bank Insolvency (2011), Oxford University Press.
    29.Lynch, Aidan B. (Editor), Derivatives Reform and Regulation (2011), Nova Science Publishers, Inc.
    30.McCracken, Sheelagh, The Banker’s Remedy of Set-off (2010), Bloomsbury Professional.
    31.McDonald, Robert L., Fundamentals of Derivatives Markets (2009), Northwestern University.
    32.Muñoz, David Ramos & Consultant editor: Ingram, Kevin, The law of transnational securitization (2010), Oxford University Press.
    33.Olivares-Caminal Rodrigo, Douglas John, Guynn Randall, Kornberg Alan, Paterson Sarah, Singh Dalvinder, Stonefrost Hilary, and Consultant Editors: Ho, Look Chan & Segal Nick, Debt Restructuring (2011), Oxford University Press.
    34.Omar, Paul J. （Editor）, International Insolvency Law (2008 reprinted 2010), Ashgate.
    35.Schwartz, Robert J. and Smith, Clifford W. Jr.（editors）, Derivatives Handbook—Risk Management and Control (1997), John Wiley & Sons, Inc.
    36.Wessels, Bob, Cross-Border Insolvency Law -International Instruments and Commentary (2007), Kluwer Law International..
    37.Wilson, Gregory P., Managing to the New Regulatory Reality-Doing Business under the Dodd-Frank Act（2011）, Wiley Finance.
    38.Wood, Philip R, Principles of International Insolvency (1995), Sweet & Maxwell.

    （二）期刊論文/專書論文
    1.Abe, Shin, “Japan”, in: Cross-Border Insolvency: A Commentary on the UNCITRAL Model Law, 277-288 (General editor - Look Chan Ho, Third Edition, 2012), Globe Law and Business.
    2.Adams, Stephen D., Derivatives Safe Harbors in Bankruptcy and Dodd-Frank: A Structural Analysis, 1-29 (April 30, 2013), Harvard University`s DASH repository, available at :https://dash.harvard.edu/bitstream/handle
    /1/10985175/AdamsSafe%20Harbors.pdf?sequence=3 (last visited on：2015/04/08)
    3.Aicher, Robert D., Chapter 14 DERIVATIVES AND BANKRUPTCYT, in: Derivatives: Legal, Practices and Strategies, from 14-1 to 14-195（Robert D. Aicher ed., 2010）, Aspen Publishers.
    4.Allen, Julia Lees, Derivatives Clearinghouses and Systemic Risk: A Bankruptcy and Dodd-Frank Analysis, Stanford Law Review, Vol. 64, p.1079-1108 (2012)
    5.Arons, Tomas, Recognition of Debt Restructuring and Resolution Measures under the European Union Regulatory Framework, in: International Insolvency Review, vol.23, issue I, 57-72 (2014, Editor: Professor Ian F. Fletcher), Wiley.
    6.Awrey, Dan, Complexity, Innovation, and the Regulation of Modern Financial Markets, 2:2 Harvard Business Law Review, 235 - 294 (2012)
    7.Ayotte, Kenneth M. and Skeel, David A. Jr., Bankruptcy Law as a Liquidity Provider, University of Chicago Law Review, Vol. 80, No.4, 1557-1624 (2013)
    8.Barteld, Leah, Cross-Border Bankruptcy and the Cooperative Solution, 9 BYU Int`l L. & Mgmt. R. 27-51 (2012).
    9.Bartowski, Michat, “Poland”, in: Cross-Border Insolvency: A Commentary on the UNCITRAL Model Law (General editor-Look Chan Ho, Third Edition, 2012), Globe Law and Business.
    10.Bernstein Donald S, Graulich Timothy, Meyer Damon P and Stewart Robert, Chapter 1 Recognition and Comity in Cross-Border Insolvency Proceedings, in: The International Insolvency Review, 1-14 (October 2013 – editor: Donald S Bernstein), Law Business Research Ltd.
    11.Bhide Amar, An Accident Waiting to Happen: Securities Regulation and Financial Deregulation, in What Caused the Financial Crisis (Jeffrey Friedman ed., 2011), University of Pennsylvania Press.
    12.Bliss, Robert R., Bankruptcy Law and Large Complex Financial Organizations: A Primer., vol.27, Economic Perspectives, 48-58, Federal Reserve Bank of Chicago (First Quarter/2003).
    13.Böger, Ole, Close-out netting provisions in private international law and international insolvency law (Part II), Uniform Law Review, Volume 18, issue 4, p.532-p.563 (2013).
    14.Böger, Ole, Close-out netting provisions in private international law and international insolvency law (Part I), Uniform Law Review, Volume 18, issue 2, p.232-p.261 (2013) .
    15.Bolton, Patrick and Oehmke, Martin, Should Derivatives Be Privileged in Bankruptcy? (March 5, 2014). Journal of Finance (2015), 70(6), 2352-2394.
    16.Bongini, Paola and Nieri, Laura, Identifying and Regulating Systemically Important Financial Institutions, 1-28 (July 26, 2013). Economic Notes, Forthcoming. Available at SSRN: http://ssrn.
    com/abstract=2331238
    17.Clarke Simon and Lamberton Eleanor, Collateral damage: a reference pool of CDO claims, 25(7) Journal of International Banking Law and Regulation, 315-329 (2010).
    18.Dallara, Charles H., Containing extraterritoriality to promote financial stability, Banque de France , Financial Stability Review, No. 17, 47-59 ( April 2013）
    19.Duffie, Darrell and Skeel, David A. Jr., A Dialogue on the Costs and Benefits of Automatic Stays for Derivatives and Repurchase Agreements, 1-25 (2012). Open access by Penn Law: Legal Scholarship Repository, Faculty Scholarship, Paper 386.http://scholarship.law.upenn.edu/faculty_scholarship /386 (last visited on：2015/04/08)
    20.Edwards, Franklin R. & Morrison, Edward R., Derivatives and the Bankruptcy Code: Why the Special Treatment? 22 Yale Journal on Regulation, 91-122 (2005).
    21.Eidenmüller, Horst, Lex Mercatoria, the ISDA Master Agreement, and Ius Cogens, in: St. Grundmann, F. Möslein, K. Riesenhuber (eds.), “Contract Governance”, 407 – 412 (Oxford: Oxford University Press, 2015).
    22.Farnsworth, E. Allan, Good Faith in Contract Performance, in J. Beatson and D. Friedmann(eds.), GOOD FAITH AND FAULT IN CONTRACT LAW 155(Oxford:Clarendon Press 1995).
    23.Farnsworth, E. Allan Good Faith Performance and Commercial Reasonableness under the Uniform Commercial Code, 30 U. of CHICAGO L. Rev. 666,672 (1963).
    24.Ferrarini, Guido and Saguato, Paolo, Reforming securities and derivatives trading in the EU: from EMIR to MiFIR, Journal of Corporate Law Studies 13(2), 319-359 (October 2013).
    25.Friedman Jeffrey, Capitalism and the Crisis: Bankers, Bonuses, Ideology, and Ignorance, in What Caused the Financial Crisis (Jeffrey Friedman ed., 2011), University of Pennsylvania Press.
    26.Fleming, Michael & Sarkar, Asani The Failure Resolution of Lehman Brother, Federal Reserve Bank of New York Economic Policy Review, Vol. 20, No. 2, 175-206 (March 2014).
    27.Geen David, Grosshandler Seth, Hughes Katherine, Kleyman Igor, Mcilwain Knox L., Riley Samantha, and Snodgrass M. Benjamin, A Step Closer to Ending Too-Big-To-Fail: The ISDA 2014 Resolution Stay Protocol and Contractual Recognition of Cross-border Resolution, Futures & Derivatives Law Report, Volume 35, Issue 3, p.1-p.17.( April 2015), Thomson Reuters.
    28.Gooch, Anthony C. and Klein, Linda B.,“United States Case Law” of CHAPTER 4：A REVIEW OF CASE LAW AFFECTING SWAPS AND RELATED DERIVATIVES INSTRUMENTS, in：Derivatives Handbook–Risk Management and Control（Edited by Robert J. Schwartz and Clifford W. Smith, Jr., ed.1997）, John Wiley & Sons, Inc.
    29.Gordon, Jeffrey N. and Ringe, Wolf-Georg, Bank Resolution in the European Banking Union: A Transatlantic Perspective on What It Would Take, Columbia Law Review, vol.115, no.5, 1297-1370 (2015).
    30.Greene, Edward F. and Potiha Ilona, “Issues in the extraterritorial application of Dood-Frank’s derivatives and clearing rules, the impact on global markets and the inevitability of cross-border and US domestic coordination”, Capital Markets Law Journal, Vol. 8, Issue 4, 338-394 (October 2013）
    31.Greenberg, Mark I., Chapter 4 THE ISDA MASTER AGREEMENT, in Derivatives: Legal, Practices and Strategies, from 4-1 to 4-52（Robert D. Aicher ed., 2010）, Aspen Publishers.
    32.Greenberg, Mark I., Chapter 5 COLLATERAL: CREDIT SUPPORT ANNEXES AND CREDIT SUPPORT PROVIDER, in Derivatives: Legal, Practices and Strategies, from 5-1 to 5-24（Robert D. Aicher ed., 2010）, Aspen Publishers.
    33.Griffith, Sean J., Governing Systemic Risk: Towards a Governance Structure for Derivatives Clearinghouses, Emory Law Journal, Vol. 61, No. 5, p.1153-1240 (2012)
    34.Grohsgal,Bruce, Case in Brief Against “Chapter 14”, ABI Journal, Vol. 33, p.44 and p.113 (2014).
    35.Ho, Look Chan, “England”, in: Cross-Border Insolvency: A Commentary on the UNCITRAL Model Law, 141-244 (General editor - Look Chan Ho, Third Edition, 2012), Globe Law and Business.
    36.Ho, Look Chan, The Financial Collateral Directive’s Practice in England, page 1-60. Journal of International Banking Law and Regulation, Vol. 151, 2011. Available at SSRN: https://ssrn.com /abstract=1789701 (last visited on：2015/04/08)
    37.Ho, Look Chan, the Principle against Divestiture and the Pari Passu Fallacy, page 1-17 (January 23, 2010). Butterworths Journal of International Banking and Financial Law, Vol. 25, No. 1, p. 3, 2010. Available at SSRN: https://ssrn.com/abstract=1541203 (last visited on：2015/04/08).
    38.Ho, Look Chan, Applying Foreign Law under the UNCITRAL Model Law on Cross-Border Insolvency, page 1-15 (2009). Butterworths Journal of International Banking and Financial Law, Vol. 24, p.655 (2009). Available at SSRN: http://ssrn.com/
    abstract=1530880 (last visited on：2015/05/30).
    39.Jackson, Thomas H. and Skeel, David A. Jr., Dynamic Resolution of Large Financial Institutions, Harvard Business Law Review, Vol. 2, p.435-460 (2012).
    40.Jickling, Mark and Ruane, Kathleen Ann, Chapter 4 - The Dodd-Frank Wall Street Reform and Consumer Protection Act: Title VII, Derivatives, in: Derivatives Reform and Regulation, 99-119 (Editor: Aidan B. Lynch, 2011), Nova Science Publishers, Inc.
    41.Johnson, Christian, "Regulatory Arbitrage, Extraterritorial Jurisdiction, and Dodd-Frank: The Implications of US Global OTC Derivative Regulation," Nevada Law Journal: Vol. 14, Issue 2, Article 14, p.542-619 (2014).
    42.Johnson, Ian, Chapter 9. England & Wales, in: The International Insolvency Review, 106-135 (October 2013 – editor Donald S Bernstein), Law Business Research Ltd.
    43.Lane, John, Global Crisis Management, in : Globalization And Systemic Risk(edited by Douglas D Evanoff, David S Hoelscher, and George G Kaufman, 2009), World Scientific.
    44.Lastra, Rosa M., International Law Principles Applicable to Cross-Border Bank Insolvency, in: Cross-Border Bank Insolvency, 161-184 (Rosa M. Lastra ed., 2011), Oxford University Press.
    45.Leifer, Simon J., European Perspective of “Legal issues relating to the ISDA Master Agreement from the European and US Perspectives”, in: Paul Harding, Mastering the ISDA Master Agreements (1992 and 2002)：a practical guide for negotiation (Paul Harding as the Author, 3rd ed., 2010) , FT Press.
    46.Lipsky, John, Through the Looking Glass: The Links between Finacial Globalization And Systemic Risk, in Globalization And Systemic Risk (edited by Douglas D Evanoff, David S Hoelscher, and George G Kaufman, 2009), World Scientific.
    47.LoPucki, Lynn M., Cooperate in International Bankruptcy: A Post-Universalist Approach, Cornell Law Review, vol. 84, 696-762 (1999).
    48.Lubben, Stephen J., the Bankruptcy Code without Safe Harbors, American Bankruptcy Law Journal, Vol. 84, 123 (2010).
    49.Lubben, Stephen J., Repeal the Safe Harbors, American Bankruptcy Institute Law Review, Vol. 18, 319 (2010).
    50.Lubben, Stephen J., Derivatives and Bankruptcy: The Flawed Case for Special Treatment, U. Pa. J. Bus. Law, Vol. 12, No. 1, pp. 61 (2009).
    51.Mason, Rosalind, Cross-Border Insolvency Law: Where Private International Law and Insolvency Law Meet, in: International Insolvency Law, 27-60 (Paul J. Omar ed., 2008 reprinted 2010), Ashgate.
    52.Melnik, Selinda A, “United States”, in: Cross-Border Insolvency: A Commentary on the UNCITRAL Model Law, 437-544 (General editor - Look Chan Ho, Third Edition, 2012), Globe Law and Business.
    53.Mengle, David L., Close-out Netting and Risk Management in Over-the-Counter Derivatives,1-23, published by International Swaps and Derivatives Association and Fordham University（June 1, 2010）.Available at SSRN: http://ssrn.com/abstract=1619480(last visited on：2015/03/20).
    54.MOHAN, S. Chandra., Cross-border Insolvency Problems: Is the UNCITRAL Model Law the Answer ?, International Insolvency Review, vol. 21, issue 3, 199-223 (2012). Research Collection School of Law.
    55.O’CONNOR, J. F., GOOD FAITH IN ENGLISH 91-2 (Aldershot: Dartmouth, 1999).
    56.Omar Paul J. (editor), in International Insolvency Law (2008 reprinted 2010) , Ashgate.
    57.Peters, Georgina, Developments in the EU, in: Cross-Border Bank Insolvency, 128-160 (Rosa M. Lastra ed., 2011), Oxford University Press.
    58.Posner, Richard A. The Causes of the Financial Crisis, in What Caused the Financial Crisis (Jeffrey Friedman ed., 2011), University of Pennsylvania Press.
    59.Rajak Harry, The Culture of Bankruptcy, in Paul J. Omar ed., International Insolvency Law, 3-25 (2008, reprinted 2010), Ashgate.
    60.Roe, Mark J., Structural Corporate Degradation Due to Too-Big-To-Fail Finance (May 1, 2014). 162 University of Pennsylvania Law Review 1419-1464 (2014).
    61.Roe, Mark J., Derivatives Markets in Bankruptcy, Comparative Economic Studies, Vol. 55, Issue 3, 519-534 (2013).
    62.Roe, Mark J. & Tung, Frederick, Breaking Bankruptcy Priority: How Rent-Seeking upends the Creditors’ Bargain, Virginia Law Review, Volume 99, 1235-1290 (2013).
    63.Roe, Mark J., The Derivatives Market’s Payment Priorities as Financial Crisis Accelerator, Standford Law Review volume 63, issue 3, 539-590 ( March, 2011)
    64.Russo, Daniela, CPSS‑IOSCO Principles for financial market infrastructures: vectors of international convergence, Banque de France, Financial Stability Review, No. 17, 69-78 ( April 2013）
    65.Skeel, David A. Jr. and Jackson, Thomas H., Transaction Consistency and the New Finance in Bankruptcy (February 22, 2012), Columbia Law Review, Vol. 112, 152-202 (2012).
    66.Sommer, Joseph H., Why Bail-In? And How!, FRBNY Economic Policy Review, Vol. 20, No. 2, 207-228 (December 2014).
    67.Sullivan & Cromwell LLP, Basel III Capital and Liquidity Framework, in: Derek M. Bush, Mitchell S. Eitel and Lawrence S. Makow (Co-Chairs), A Guide to Financial Institutions 2011: Navigating the New Landscape, 347-354 (2011) , Practising Law Institute.
    68.Sullivan, Timothy P.W., Swapped Disincentives: Will Clearinghouses Mitigate the Unintended Effects of the Bankruptcy Code’s Swap Exemptions?, Fordham L. Review, Volume 80, issue 3, P.1491-1524 (2011).
    69.Sackheim, Michael S., Chapter 3 COMMODITIES REGULATION AND DERIVATIVES, in Derivatives: Legal, Practices and Strategies, from 3-1 to 3-21（Robert D. Aicher ed., 2010）, Aspen Publishers.
    70.Schwarcz, Steven L. Derivatives and Collateral: Balancing Remedies and Systemic Risk, University of Illinois Law Review, Vol. 2015, No. 2, 699-720 (2015).
    71.Schwarcz, Steven L. and Sharon, Ori, The Bankruptcy-Law Safe Harbor for Derivatives: A Path Dependence Analysis, 71 Wash. & Lee L. Rev., 1715-1755 (2014).
    72.Schwarcz, Steven L., Systemic Risk. Duke Law School Legal Studies Paper No. 163; Vol. 97, No. 1, Georgetown Law Journal, 193-249 (2008).
    73.Stout, Lynn A., Derivatives and the Legal Origin of the 2008 Credit Crisis (June, 29 2011), Harvard Business Law Review, Vol. 1, pp. 1-38, 2011.
    74.Tondel, Lawrence C., Chapter 1 INTRODUCTION TO DERIVATIVES, in Derivatives: Legal, Practices and Strategies from from 1-1 to 1-61（Robert D. Aicher ed., 2010）, Aspen Publishers.
    75.Vasser, Shmuel, Derivatives in Banruptcy, The Business Lawyer, Volume 60, No.4, 1507-1546（August 2005）.
    76.Venokur, Sherri, and Marchetti, Peter, Metavante vs.Section 2 (a)(iii)(1)of the ISDA Master Agreement: The Context Is Everything, Futures & Derivatives Law Report, Vol.31, Issue 4, 19-33（April, 2011）.
    77.Vo, Lily D., Substituted Compliance: An Alternative to National Treatment for Cross- Border Transactions and International Financial Entities, Georgetown Journal of Law & Public Policy, Vol. 13, p.85-128 (2015).
    78.Wallison, Peter J., Housing Initiatives and Other Policy Factors, in What Caused the Financial Crisis (Jeffrey Friedman ed., 2011), University of Pennsylvania Press.
    79.Wessels, Bob, The Europen Union Regulation on Insolvency Proceedings (Recast): The First Commentaries, European Company Law, vol.13, issue 4, 129–135 (2016).
    80.Wessels, Bob, A Global Approach to Cross-Border Insolvency Cases in a Globalizing World, The Dovenschmidt Quarterly, 16-25 (March 2013, No.1), Eleven international.
    81.Wilmarth, Arthur E., The Dark Side of Universal Banking: Financial Conglomerates and the Origins of the Subprime Financial Crisis, Vol. 41, No. 4,Connecticut Law Review, 963-1050(2009).
    82.Worthington, Sarah, Insolvency Deprivation, Public Policy and Priority Flip Clauses, International Corporate Rescue, Volume 7, Issue 1, 28-39 (2010).
    83.Yamauchi, Keith D., Should reciprocity be a part of the UNCITRAL Model Cross-Border Insolvency Law?. International Insolvency Review, Volume 16, Issue 3, 145-179 (2007).

    （三）研究報告/工作報告
    1.BCBS & IOSCO, Margin requirements for non-centrally cleared derivatives (March 2015), available at : http://www.bis.org/bcbs/ publ/d317. pdf (last visited on：2015/06/30).
    2.Bliss, Robert R. and Kaufman, George G., Derivatives and Systemic Risk: Netting, Collateral, and Closeout, 1-24 (May 10, 2005). FRB of Chicago Working Paper No. 2005-03. Available at SSRN: https://ssrn.com/abstract =730648 (last visited on：2015/
    04/08).
    3.CPMI-IOSCO – Recovery of financial market infrastructures（October 2014）, available at : http://www.bis.org/cpmi/publ/
    d121.pdf (last visited on：2015/05/01).
    4.European Financial Market Lawyers Group (EFMLG), Protection for Bilateral Insolvency Set-Off and Netting Agreement under EC Law, paragraph 57-58, 73-111, pp.21, 26-37 (OCTOBER 2004). Available at: http://www.efmlg.org/Docs/Documents/2004%20
    October%20EFMLG%20report%20-%20Protection%20for%20Bilateral%20Insolvency%20Set-Off%20and%20Netting%20Agreements%20under%20EC%20Law.pdf (last visited on：2015/04/08).
    5.ESMA, Final Report - Review of the Regulatory and Implementing Technical Standards on reportingunder Article 9 of EMIR, available at : https://www.esma.europa.eu/sites/default/files/library/2015/
    11/2015-esma-1645_-_final_report_emir_article_9_rts_its.pdf(last visited on：2015/12/01).
    6.ESMA, Discussion Paper-The trading oligation for derivatives under MiFIR(20 Septmber 2016), ESMA/2016/1389, available at : https://www.esma.europa.eu/sites/default/files/library/2016-1389_dp_trading_obligation_for_derivatives_mifir.pdf (last visited on：2016/10/30).
    7.Ferrarini, Guido and Saguato, Paolo (2014) Regulating Financial Market Infrastructures, ECGI Working Paper Series in Law, 259/2014. Available at : http://eprints.lse.ac.uk/59683/ (last visited on：2015/05/01).
    8.Financial Conduct Authority, Markets in Financial Instruments Directive II Implementation – Consultation Paper I (2 December 2015), CP15/43, available at :https://www.fca.org.uk/publication
    /consultation/cp15-43.pdf (last visited on：2015/12/30).
    9.FSB, Cross-border Recognition of Resolution Action, available at : http://www.financialstabilityboard.org/2014/09/pr_140929/（last visted on：2015/05/30）.
    10.FSB, Improving Financial Regulation_Report of the Financial Stability Board to G20 Leaders, Available at :http://www.
    financialstabilityboard.org/wp-content/uploads/r_090925b.pdf?page_moved=1 (last visited on：2015/05/01).
    11.FSB, Jurisdictions’ ability to defer to each other’s OTC derivatives market regulatory regimes, FSB report to G20 Finance Ministers and Central Bank Governors (18 September 2014), ,available at : http://www.fsb.org/wp-content/uploads/r_140918.pdf?page_moved=1 (last visited on：2015/05/01).
    12.FSB, Key Attributes of Effective Resolution Regimes for Financial Institutions, available at : http://www.financialstabilityboard.org
    /2014/10/r_141015/（last visted on：2015/05/30）.
    13.FSB, Progress and Next Steps Towards “Ending Too-Big-To-Fail” (TBTF), Report of the Financial Stability Board to the G-20, available at : http://www.fsb.org/wp-content/uploads/ r_130902.
    pdf?page_moved=1（last visted on：2015/05/30）.
    14.FSB, Cross-border Recognition of Resolution Action, Consultative Document, available at: http://www.fsb.org/wp-content/uploads/c
    _140929.pdf（last visted on：2015/05/30）.
    15.Gordon, Jeffrey N. and Ringe, Wolf-Georg, Bank Resolution in the European Banking Union: A Transatlantic Perspective on What it Would Take, 1-49, Columbia Law Review (August 20, 2014), Forthcoming; Columbia Law and Economics Working Paper No. 465; Oxford Legal Studies Research Paper No. 18/2014. Available at SSRN: http://ssrn.com/abstract=2361347（last visted on：2015
    /5/30）.
    16.Paech, Philipp, Close-out Netting, Insolvency Law and Conflict-of-Laws, LSE Law, Society and Economy Working Papers 14/2014, page 1-33. Available at SSRN: http://ssrn.com/abstract=
    2414400 (last visited on：2015/05/30).
    17.Pirrong, Craig, The Economics of Central Clearing: Theory and Practices, ISDA Discussion Papers Series Number One – May 2011, Available at: http://www2.isda.org/attachment/MzE0NA==
    /ISDAdiscussion_CCP_Pirrong.pdf (last visited on：2015/03/20).
    18.Report of the Contact Group on the Legal and Institutional Underpinnings of the International Financial System: Insolvency Arrangements and Contract Enforceability (September 2002), available at: http://www.bis.org/publ/gten06.htm (last visited on：2015/05/30).
    19.UNCITRAL Legislative Guide on Insolvency Law (2004), Available at:http://www.uncitral.org/pdf/english/texts/insolven/05-80722_Ebook.pdf（last visted on：2015/06/08）

    （四）其他網站資料
    About UNCITRAL, available at:http://www.uncitral.org/uncitral/en/
    about_us.html (last visited on：2015/05/30)

    Agreement on new European rules to regulate Financial Derivatives (EMIR), Available at: http://ec.europa.eu/finance/financial-markets/ derivatives/index_en.htm (last visited on：2015/03/20)

    Authority and Swiss Financial Market Supervisory Authority Call for Uniform Derivatives Contracts Language, available at : https://www.
    fdic.gov/news/news/press/2013/pr13099.html (last visited on：2015/04/08)

    Banking Act 2009, available at: http://www.legislation.gov.uk/ ukpga/2009/1/pdfs /ukpga _20090001_en.pdf (last visited on：2015/04/08)

    Basel II: International Convergence of Capital Measurement and Capital Standards: A Revised Framework - Comprehensive Version, available at: http://www.bis.org/publ/bcbs128.pdf (last visited on：2015/03/20)

    Basel Committee on Banking Supervision , Report and Recommendations of the Cross-border Bank Resolution Group, available at: http://www.bis.org/publ/bcbs169.pdf （last visted on：2015/05/30）

    Bloomberg Business-David McLaughlin, Lehman to Settle ‘Saphir’ Derivatives Dispute With Perpetual (November 20, 2010), Available at:
    http://www.bloomberg.com/news/articles/2010-11-20/lehman-reaches-
    accord-with-perpetual-in-saphir-derivatives-court- battle (last reviewed
    on：2015/02/12)

    Braun, Eberhard and Tashiro, Annerose, Cross-Border Insolvency Protocol Agreements between Insolvency Practitioners and their Effect on the Rights of Creditors, International Insolvency Institute`s E-Library, Available at : http://iiiglobal.org/component/jdownloads/finish/362
    /4271.html

    Brief of Amicus Curiae by International Swap Derivatives Association (August 20,2012), Available at: www2.isda.org/attachment/NDcyNA
    ==/ISDA Amicus Brief_Filed.pdf (last visited on：2015/03/20)

    Brief of Amicus Curiae by International Swaps and Derivatives Association, Inc. (November 1, 2010), available at: http://www2.isda.org/functional-areas/legal-and-documentation/amicus-briefs/page/1(last visited on：2015/02/16)

    Brief of Amicus Curiae by Securities Industry and Financial Markets Association (November 1, 2010), available at: http://www.sifma. org/issues/item.aspx?id=21961 (last visited on：2015/04/08)

    CFTC, General Press Releases 7384-16, “CFTC Signs MOU with the European Securities and Markets Authority Related to Recognized Central Counterparties”, available at: http://www.cftc.gov/PressRoom /PressRoom /PressReleases/pr7384-16 (last visited on：2016/06/30).

    Chadbourne & Parke LLP -Alastair Goldrein, US “Ipso Facto" and UK “Anti Deprivation” : the Lehman “Flip” Clause(August 18 2010), available at: http://www.lexology.com/librarydetail.aspx?g=da26f4d6
    -4408-4d7f-b7eb- a5df039bbcdb (last reviewed on：2015/02/12)

    Clifford Chance Client Brifing, Development of CCP in Japan – Interest Rate Swap Clearing, Available at: http://www.cliffordchance.com
    /briefings/2012/04/development_of_ccpinjapaninterestrateswa0.html (27 April 2012) (last visited on：2015/03/20)

    Clifford Chance Client Brifing, New Japanese Regulations on Central Clearing, Trade Information Storage and Reporting in relation to OTC Derivatives Transactions, Available at: http://www.cliffordchance.com
    /briefings/2012/10/new_japanese_regulationsoncentralclearing.html (2 November 2012) (last visited on：2015/03/20)

    Clifford Chance Client Brifing, Recent developments in OTC derivatives regulations in Japan (23 October 2014), Available at: http://www.cliffordchance.com/briefings/2014/10/recent_developmentsinotcderivative.html (last visited on：2015/03/20)

    Collins, Hugh, Flipping Wreck: Lex Mercatoria on the Shoals of Ius Cogens, Available at http://www.lse.ac.uk/collections/law/projects/tlp/ conference.htmconference.htm(last visited on：2015/04/20)

    DLA Piper, FINANCIAL SERVICES REGULATION, Exchange – International Newsletter, Issue 25, p.28 (February 2015) , available at: http://hb.betterregulation.com/external/Exchange%20-%20International%20Newsletter%20-%20Issue%2025.pdf (last visited on：2015/05
    /01).

    Eberhard Braun and Annerose Tashiro, Cross-Border Insolvency Protocol Agreements between Insolvency Practitioners and their Effect on the Rights of Creditors, International Insolvency Institute`s E-Library, Available at : http://iiiglobal.org/component/jdownloads/finish /362/4271.html

    European Commission, Information about Directive 2014/65/EU on markets in financial instruments including date of entry into force and links to summary and consolidated version, available at : https://ec.europa.eu/info/law/markets-financial-instruments-mifid-ii-directives _en-2014-65-eu/law -detail (last visited on：2016/4/30).

    European Commission, EU rules on derivatives contracts, available at: http://eur-lex.europa.eu/legal-content/EN/LSU/?uri=CELEX:32012R0648 (last visited on：2015/05/01).

    European Commission, Implementing measures for Directive 2014/65/EU on markets in financial instruments, available at : https://ec.europa.eu/info/law/markets-financial-instruments-mifid-ii-directive-2014-65-eu/implementation/implementation-eu- visited on：countries_en (last visited on：2016/4/30).

    European Commission, First `equivalence` decisions for central counterparty regulatory regimes adopted today (30 October 2014), available at: http://europa.eu/rapid/press-release_IP-14-1228_en.htm (last visited on：2015/05/01).

    European Commission, Information about the Directive 2014/59/EU on bank recovery and resolution including date of entry into force and links to summary and consolidated version., available at : https://ec.europa.eu/info/law/bank-recovery-and-resolution-directive-2014-59-eu/law-details_en

    European Commission, EMIR: Frequently Asked Questions (10 July 2014), available at : https://ec.europa.eu/info/files/emir-frequently
    -asked-questions_en (last visited on：2015/05/01)

    European Commission, Markets in Financial Instruments Directive (MiFID II): Frequently Asked Questions(15 April 2014), available at : http://europa.eu/rapid/press-release_MEMO-14-305_en.htm (last visited on：2015/05/01).

    ESMA, Press Release, “ESMA readies MiFID II, MAR, and CSDR” (25 Septmber 2015), ESMA/2015/1466, available at : https://www.esma.
    europa.eu/sites/default/files/library/2015/11/2015-1466_press_release_-_final_mifid_ii_mar_csdr_0.pdf (last visited on：2015/12/30).

    EXPLANATORY MEMORANDUM TO THE BANKING ACT 2009 (MANDATORY COMPENSATION ARRANGEMENTS FOLLOWING BAIL-IN) REGULATIONS 2014, paragraph 7.2-7.3 (2014 No. 3330), available at: http://www.betterregulation.com/external/uksiem_
    20143330_en.pdf (last visited on：2015/04/08)

    FDIC press releases (November 5, 2013), Federal Deposit Insurance Corporation, Bank of England, German Federal Financial Supervisory Authority and Swiss Financial Market Supervisory Authority Call for Uniform Derivatives Contracts Language, available at : https://www.
    fdic.gov/news/news/press/2013/pr13099.html (last visited on：2015/
    04/08)

    FDIC, The Orderly Liquidation of Lehman Brothers Holdings Inc. under the Dodd-Frank Act, FDIC Quarterly, early release for the upcoming 2011, Volume 5, No.2, available at : https://www.fdic.gov/bank/analytical/quarterly/2011_vol5_2/lehman.pdf (last visited on：2015/05/01)

    “Fitch Amends Counterparty Criteria for Derivative Issues Following Lehman Court Settlement” (14 Mar 2011), available at : http://www.fitchratings.com.tw/rws/press-release.html?report_id=692261 (last visited on：2015/04/20)

    G20 Leaders Statement: The Pittsburgh Summit（September 24-25, 2009, Pittsburgh）, Available at : http://www.g20.utoronto.ca/2009/2009
    communique0925.html#system (last visited on：2015/05/01)

    Hamilton, Jesse, and Brush,Silla, Ending ‘Too Big to Fail’ Could Rest on Obscure Contract Language, July 29 2014 Bloomberg news, available at : http://www.bloomberg.com/news/print/2014-07-29/
    ending-too-big-to-fail-could-rest-on-obscure-contract-language.html（last reviewed on：2015/6/8）

    Harrington, Bill, ANALYSIS: US margin rule for swaps obliges securitization issuers to overhaul structures, add resources, and rethink capital structures (04 November, 2015), available at : http://www.debtwire.com/info/2015/11/04/analysis-us-margin-rule-swaps-obliges-securitization-issuers-overhaul-structures-add-resources-rethink-capital-structures/ (last visited on：2015/12/01)

    IFXCO, International Foreign Exchange and Currency Option Master Agreement Published as of June 1, 2005, available at: https://www.
    newyorkfed.org/medialibrary/microsites/fxc/files/ifxco_booklet.pdf(last visited on：2015/03/20)

    ISDA 2016 Bail-in Art 55 BRRD Protocol (Dutch/French/German/Irish/
    Italian/Luxembourg/Spanish/UK entity-in-resolution version) , available at: http://www2.isda.org/functional-areas/protocol-management/
    protocol/28 (last visited on：2016/07/30)

    ISDA Latest News (May 5, 2016), ISDA Launches Resolution Stay Jurisdictional Modular Protocol, available at: http://www2.isda.org/news/isda-launches-resolution-stay-jurisdictional-modular-protocol (last visited on：2016/06/30)

    ISDA 2015 Universal Resolution Stay Protocol, available at: https://www2.isda.org/functional-areas/protocol-management/protocol/22 (last visited on：2015/12/30)

    ISDA 2015 Universal Resolution Stay Protocol, FAQs, available at: http://assets.isda.org/media/f253b540-88/b5d497ff-pdf/ (last visited on：2015/12/30)

    ISDA 2014 Resolution Stay Protocol，available at : https://www2.
    isda.org/functional-areas/protocol-management/protocol/20 (last visited on：2015/04/10)

    ISDA 2014 Resolution Stay Protocol, FAQs, available at: https://www2.isda. org/functional-areas/protocol-management/faq/20/ (last visited on：2015/ 04/10)

    ISDA 2014 RESOLUTION STAY PROTOCOL, available at: http://assets.isda.org/media/f253b540-25/958e4aed.pdf/ (last visited on：2015/04/10)

    ISDA Latest News (November 12, 2014), ISDA Publishes 2014 Resolution Stay Protocol, available at:http://www2.isda.org/news/
    isda-publishes-2014-resolution-stay-protocol(last visited on：2015
    /04/10)

    ISDA Latest News (October 11, 2014), Major Banks Agree to Sign ISDA Resolution Stay Protocol, available at : http://www2.isda.org/news/major-banks-agree-to-sign-isda.org/news/major-banks-agree-to-sign-isda-resolution-stay-protocol(last visited on：2015/04/10)

    ISDA, Press Release (February 21st, 2014), ISDA Publishes ISDA 2014 Credit Derivatives Definitions, http://www2.isda.org/newsroom /press-releases/page/9 (last visited on：2015/03/20)

    ISDA, Press Release (July 11, 2011), ISDA Publishes 2011 Equity Derivatives Definitions, http://www2.isda.org/newsroom/press- releases/page/21 DEFINITIONS (last visited on：2015/03/20), 無法由官方網站查閱定義書內容。

    ISDA, Guidance Note on the form of Amendment to ISDA Master Agreement for use in relation to Section 2 (a)(iii), Available at: http://www.isda.org/publications/pdf/Guidance _Note_
    amendment_agreement.pdf（last visited on：2015/3/12）

    ISDA News Release dated October 25, 2010, available at http: / / www.
    isda.org/media/ press /2010 /press102510.html. (last visited on：2015/03/20)

    Letter to ISDA, authored jointly by The Federal Deposit Insurance Corporation (FDIC), together with the Bank of England, the German Federal Financial Supervisory Authority (BaFin), and the Swiss Financial Market Supervisory Authority (FINMA), available at : https://www.fdic.gov/news/news/press/2013/pr13099a.pdf (last visited on：2015/04/08)

    Making derivatives markets in Europe safer and more transparent, European Commission Press Release（Brussels, 15 September 2010）, Available at: http://europa.eu/rapid/press-release_IP-10-1125_en.htm (last visited on：2015/03/20)

    Marriage, Madison, Ex-Moody’s staff raise alarm over ABS ‘meltdown’ (November 10, 2013), available at: https://www.ft.com /content/6b8cfc2c-4861-11e3-a3ef-00144feabdc0（last reviewed on：2015/6/8）

    Michihiro Mori, Japan finalizes insolvency law reform, The IFLR Guide to Japan 2006, 29,31 (January, 2006), Available at: http://www.jurists. co.jp /en/publication/tractate/docs/r_060111.pdf (last reviewed on：2015/01/10)

    OTC derivatives statistics at end-December 2014, available at: http://
    www.bis.org/publ/otc_hy1504.htm (last visited on：2015/03/20)

    Paulus, Christoph, Judicial Cooperation in Cross-Border Insolvencies - An outline of some relevant issues and literature, available at: http://siteresour
    ces.worldbank.org/GILD/Resources/GJF2006JudicialCooperationinInsolvency_PaulusEN.pdf(last visited on：2015/05/30).

    Presentation to Rule Writing Teams from the CFTC, FCA, FDIC, FHFA, FRB, and OCC by William J. Harrington, P.7, in: Conference Call Between Staff of the Prudential Regulators (Farm Credit Administration, Federal Deposit Insurance Corporation, Federal Housing Finance Agency, Federal Reserve Board, and the Office of the Comptroller of the Currency) and the U.S. Commodity Futures Trading Commission, William Harrington and Richard Michalek (May 12, 2015), available at : https://www.federalreserve.gov/newsevents/rr-commpublic/harrington-michalek-call-20150512.pdf (last visited on：2015/06/30)

    Press Release (July 11, 2011) by ISDA, ISDA Publishes 2011 Equity Derivatives Definitions, http://www2.isda.org/newsroom//press- releases/page/21 DEFINITIONS (last visited on：2015/03/20)

    Press Release (February 21st, 2014) by ISDA, ISDA Publishes ISDA 2014 Credit Derivatives Definitions, http://www2.isda.org/newsroom /press-releases/page/9 (last visited on：2015/03/20)

    Rochelle, Bill, “Lehman, Spansion, Six Flags, Spheris: Bankruptcy”, available at: http://www.bloomberg.com/news/articles/2010-04-16/ lehman-brothers-smurfit- parking-madoff-ptc-fleetwood-bankruptcy（last reviewed on：2015/3/12）

    The Sydney Morning Herald-Elisabeth Sexton, Perpetual allowed to keep Lehman Brothers settlement secret (March 25, 2011), available at: http://www.smh.com.au/business/perpetual-allowed-to-keep-
    lehman-brothers-settlement-secret-20110324-1c8js.html#ixzz3u5ynwhos (last reviewed on：2015/02/12)

    The Wall Street Journal-Joseph Checkler, Banks Say Lehman Seeks Unfair Edge in `Flip Clause` Fight (April 15, 2014), available at:http://www.wsj.com/articles/SB10001424052702304572204579503641563916368 (last reviewed on：2015/02/12)

    Transposition of the Bank Recovery and Resolution Directive, by HM Treasury (July 2014). Available at: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/335755/PU1678_final__1_.pdf(last visited on：2015/04/08)

    TRI-Leiden, Insolvency Protocols Project, available at : http://www.tri-leiden.eu/project/categories/insolvency-protocols-project/#_ftn2 (last visited on：2015/12/30)

    TRI-Leiden, Database of Protocols, available at : https://www.dropbox.com/sh/qp71ufpr0g4lpbr/AADm7SOBWoRmTm364iJKzl7Ua?dl=0 (last visited on：2015/12/30).

    UNIDROIT Principles on the Operation of Close-out Netting Provisions - Overview, available at:http:http://www.unidroit.org/overview-netting（last visted on：2015/05/30）

    UNIDROIT, Principles on the Operation of Close-out Netting Provisions, available at: http://www.unidroit.org/instruments/capital- markets/netting（last visted on：2015/05/30）

    UNIDROIT, Adoption of the Principles on the Operation of Close-out Netting Provisions (memorandum prepared by the Secretariat), available at: http: // www.unidroit.org/english/governments/
    councildocuments/2013session/cd92-06a-e.pdf (last visited on：2015/05/30).

    Wessels, Bob, CROSS-BORDER INSOLVENCY AGREEMENTS: WHAT ARE THEY AND ARE THEY HERE TO STAY? (Provided to INSOL International Fellow course 2012 by Bob Wessels), p.1-p.19, available at : https://www.insol.org/Fellowship%202012/Literature/ Module%20A/Session%201/Additional%20Reading/2011-05%20Wessels%20-%20Cross%20border%20agreements.pdf (last visited on：2015/05/30).

    コメントの概要及びコメントに対する金融庁の考え方，http://www.fsa.go.jp/news/25/20140305-1/01.pdf (last visited on：2015/04/08).

    （五）參考網站
    http://www.bis.org
    http://www.bloomberg.com
    http://www.betterregulation.com
    http://www.cftc.gov
    http://www.debtwire.com
    http:// www.fca.org.uk
    https://www.federalreserve.gov
    http://www.financialstabilityboard.org
    http://www.fitchratings.com.tw
    http://www.fsb.org
    http://www.fsa.go.jp/
    http://www.ft.com
    https://www.gov.uk
    http:// www.isda.org
    http://www.legislation.gov.uk
    http://www.lse.ac.uk
    https://www.newyorkfed.org
    http://www.sec.gov
    http://www.tpex.org.tw
    http://www.uncitral.org
    http://www.unidroit.org
    http://ec.europa.eu
    http://eur-lex.europa.eu
    http://iiiglobal.org
    http://law.e-gov.go.jp/cgi-bin/idxsearch.cgi
    http://ssrn.com
    Description: 碩士
    國立政治大學
    法學院碩士在職專班
    97961114
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0097961114
    Data Type: thesis
    Appears in Collections:[Master of Laws Program for Executives] Theses

    Files in This Item:

    File SizeFormat
    111401.pdf2619KbAdobe PDF2386View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback