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    Title: 我國店頭衍生性金融商品之監理 - 以集中結算為中心
    OTC Derivatives Supervision in Taiwan – Focusing on Central Clearing
    Authors: 陳敏玲
    Chen, Minling
    Contributors: 劉連煜
    陳敏玲
    Chen, Minling
    Keywords: 店頭衍生性商品監理改革
    集中結算
    臺灣店頭衍生性商品集中結算
    OTC derivatives market reform
    Central clearing
    OTC derivatives central clearing in Taiwan
    Date: 2021
    Issue Date: 2021-09-02 17:12:40 (UTC+8)
    Abstract: 國際間於2008年全球金融危機後致力於店頭衍生性商品市場監理改革，除推動店頭衍生性金融商品集中交易、集中結算、交易申報交易資料儲存庫，以提高店頭市場透明度，利於主管機關監理市場風險；並以提高對未集中結算交易之資本計提需求以及保證金要求，由市場參與者提供交易更多擔保以降低風險，同時亦間接促進集中結算，加強全球金融市場穩定。國際間推動店頭衍生性商品集中結算至今，於成果顯著。
    金管會為提高對我國店頭衍生性商品市場的監理，採取國際標準，於2013年完成店頭衍生性商品交易申報資料儲存庫建置；2018年完成期貨交易法修正；2019年指定期交所為店頭衍生性金融商品集中結算機構，規劃我國店頭衍生商品集中結算制度，逐步推動強制集中結算目標，接軌國際金融監理標準，進一步推動我國金融市場國際化。
    本文藉由探討國際店頭衍生性商品集中結算制度與市場發展，分析我國店頭衍生性商品市場結構與規模，討論店頭衍生性商品集中結算制度建置之必要性與實益；再以國際店頭衍生性商品監理標準以及推動強制集中結算制度發展以及其所面臨的問題，提供我國店頭衍生性商品市場未來發展之建議。
    OTC derivatives market reforms is G-20 agreement after 2008 financial crisis: “all standardised OTC derivative contracts should be traded on exchanges or electronic trading platforms and cleared through central counterparties. OTC derivative contracts should be reported to trade repositories. Non-centrally cleared contracts should be subject to higher capital requirements as well as margin requirements”. The implementation is to increase OTC market transparency and increase financial market stability.
    Financial Supervisory Commission conducted the principle of global OTC derivatives market reform to strength OTC derivatives supervision in Taiwan: Trade Repository was fully implemented in 2013, Futures Trading Act was amended to regulate mandatory centrally cleared OTC derivatives in late 2018, and Taiwan Futures Exchange was appointed as the authorized OTC derivatives CCP in 2019 to gradually implementing mandatory centralized clearing in Taiwan.
    The thesis introduces the global OTC derivative market reform and the latest regulatory implementation update by FSB, analyzes the necessity and benefits of implementing OTC derivatives central clearing in Taiwan, and also provides comments by reviewing the practices and issues that global OTC derivatives market have encountered.
    Reference: 中文著作
    王詠心，(2014)。後金融海嘯時代證券期貨市場監理之國際趨勢。 財團法人孫運璿學術基金會。
    洪櫻芬，(2010)。全球金融危機專輯增訂版第九章衍生性金融商品之問題及監理改革建議。中央銀行。
    劉連煜，(2019)。現代證券交易法實例研習。元照出版公司。
    劉連煜，(2020)。資本市場與證券法學新思維。元照出版公司。

    中文期刊論文
    石振綱，(2019)。Nasdaq Clearing 面臨結算會員重大違約處理方式。臺灣期貨雙月刊，(49)，頁 24 - 27。
    何殷如，(2012)。全面解讀信用違約交換 (CDS)。證券暨期貨月刊，30(11)，頁 37 - 52。
    何殷如，(2013)。後金融海嘯時代全球資產證券化的發展與挑戰。證券暨期貨月刊，31(3)，頁 24 - 36。
    林家璋、簡兆翌，(2019)。新修正「期貨交易法」部分條文相關內容之淺析。證券暨期貨月刊，37(3)，頁 5 - 17。
    邱之駿，(2013)。我國店頭衍生性商品交易資訊儲存庫之建置。 證券暨期貨月刊，31(1)，頁 5 - 23。
    許正誼，(2010)。全球結算組織協會，(CCCP12) 紐約會議。證交資料(582)，頁 22 - 49。
    許玲佩、陳韋呈、陳翊鳳，(2019)。建置我國店頭衍生性商品集中結算機制初步規劃。證券暨期貨月刊，37(3)，頁 18 - 39。
    許鈴佩、余欣庭，(2021)。主管機關認可期交所為合格集中結算交易對手。臺灣期貨雙月刊(61)，頁 12 - 15。
    陳伯松，(2009)。金融海嘯中的金融商品：CDOs 與CDSs。證券櫃檯月刊(139)，頁 26 - 30。
    陳姿先，(2010)。美國房地產市場問題暨政府因應對策對我國之啟示。中央銀行國際金融參考資料(60)，頁 38 - 94。
    陳美菊，(2009)。全球金融危機之成因、影響及因應。國家發展委員會經濟研究年刊(9)，頁 261 - 296。
    陳靜芳、王宏瑞、陳重圳，(2015)。從法令規範的角度初探臺灣店頭衍生性商品監理制度之發展及政策方向。期貨與選擇權學刊，8(1)，頁 86 - 120。
    彭德明，(2008)。美國金融機構事件與次級房貸危機動向分析。中央銀行國際金融參考資料(56)，頁 1 - 13。
    曾宛如，(2009)。金融海嘯下金融監理之反思。月旦法學雜誌(168)，頁 81 - 92。
    詹淑櫻、葉華容，(2008)。全球金融危機的衝擊與因應。中華經濟研究院國際經濟所國際經濟情勢雙週報(1665)，頁 5 - 17。
    劉邦海，(2010)。店頭衍生性商品集中結算交易對手結算之研究。 中央銀行季刊，32(4)，頁 17 - 42。
    劉彩卿等，(2016)。國際主要交易所發展與經營策略淺析。證券服務(655)，頁 47 - 58。
    蔡鴻璟，(2015)。店頭衍生性商品集中結算近期發展概況。證券服務(635)，頁 22 - 31。
    鄧淑芬，(2009)。專題研討四：店頭衍生性商品比對及集中結算機制之探討。證券櫃檯月刊(144)，頁 33 - 38。
    鄧淑芬，(2010)。證券商衍生性商品業務之發展沿革與展望。證券暨期貨月刊，28(6)，頁 27 - 33。
    鄧淑芬，(2015)。證券商經營店頭衍生業務規範之介紹。證券暨期貨月刊，33(5)，頁 5 - 15。
    蘇慧芬，(2011)。新加坡證券期貨法之整合對我國金融監理之啟發。Journal of Futures and Options, 4(1).
    龔玲雅，(2014)。金融市場基礎設施準則暨中央銀行監管職責之探討。中央銀行國際金融參考資料(66)，頁 31 - 83。

    研究計畫
    林國全計畫主持人，2012。《衍生自有價證券之金融商品是否應納入證券交易法第 157條之1禁止內線交易規範之標的及相關民事損害賠償之計算》。證券交易所委託研究報告。
    盧陽正計畫主持人，2009。《信用結構型金融商品風險管理與結算制度集中化管理之可行性分析 - 從美國次貸風暴事件剖析》。中華民國證券商業同業公會委託研究報告。

    學位論文
    邱富農(2016)。我國衍生性商品業務監理現況之檢討—以銀行業為中心。國立政治大學法律科際整合研究所碩士論文。
    徐千惠(2008)。衍生性商品相關契約法律關係之比較研究—以ISDA契約為例。東吳大學法律學系碩士論文。
    許凱竣(2018)。我國衍生性商品規範之近期發展：對照美國法上 Dodd-Frank Act 後之改革取徑。國立交通大學科技法律研究所碩士論文。
    陳泰延(2014)。我國衍生性商品監理及行為規範之探討。東吳大學法律學系在職專班碩士論文。
    曾名阜(2019)。美國金融風暴後衍生性商品管制變遷與我國「期貨交易法」2018年修正之對照。國立交通大學科技法律研究所在職專班碩士論文。
    曾雯雯(2013)。衍生性商品法律規範之比較研究。東吳大學法律學系在職專班碩士論文。
    鄭琇霙(2011)。店頭衍生性商品交易集中結算之研究—以美國 2010年金融改革法案為中心。國立政治大學國際經營與貿易研究所碩士論文。

    中文網站
    立法院系統， https://lis.ly.gov.tw/lglawc/lawsingle?0^988118890C068C988118819706609A911989CD06621C891B890C
    金融監督管理委員會，https://www.fsc.gov.tw/ch/index.jsp
    臺灣期貨交易所，https://www.taifex.com.tw
    證券櫃檯買賣中心，https://www.tpex.org.tw/web

    其他中文文獻
    陳秋月(2004)。美國「兩千年商品期貨現代化法」管理思維變革之研究。行政院及所屬各機關出國報告。
    臺灣期貨交易所合格集中結算交易對手(QCCP)資訊揭露。擷取自 https://www.taifex.com.tw/file/taifex/event/cht/QCCP/index.html (Last visit 19 May 2021)
    證券櫃檯買賣中心/ 衍生性商品交易資訊儲存庫專區/ 交易資訊。擷取自 https://www.tpex.org.tw/web/extend/product/daily/TRDaily.php?l=zh-tw (Last visit 19 May 2021)
    證券櫃檯買賣中心金融市場基礎設施 資訊揭露報告。 擷取自證券櫃檯買賣中心： https://www.tpex.org.tw/js/pdf/viewer.html?file=/storage/derivatives_trading/%E6%AB%83%E8%B2%B7%E4%B8%AD%E5%BF%83PFMI%E8%B3%87%E8%A8%8A%E6%8F%AD%E9%9C%B2%E5%A0%B1%E5%91%8A.pdf (Last visit 19 May 2021)

    英文期刊論文
    Davis, Roy J. (1981). Commodity Exchange Act: Statutory Silence Is Not Authorization for Judicial Legislation of an Implied Private Right of Action, The. 46(2), p.316 - 335. from: https://scholarship.law.missouri.edu/mlr/vol46/iss2/2/ (Last visit 19 May 2021)

    英文網站
    Basel Framework. https://www.bis.org/basel_framework/
    BIS. https://www.bis.org/
    CFTC. https://www.cftc.gov/
    CME. https://www.cmegroup.com/
    FIA. https://www.fia.com/
    ISDA. https://www.isda.org/

    其他英文文獻
    ABN AMRO Clearing etc. (2020). A PATH FORWARD FOR CCP Resilience, Recovery, and Resolution.
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    BIS. (2012). Collateral requirements for mandatory central clearing of over-the-counter derivatives. from: https://www.bis.org/publ/work373.pdf (Last visit 19 May 2021)
    BIS. (2019). Triennial Central Bank Survey of Foreign Exchange and Over-the-counter (OTC) Derivatives Markets in 2019. from: https://www.bis.org/statistics/rpfx19.htm (Last visit 19 May 2021)
    BIS. (2020). Statistical release: OTC derivatives statistics at end-June 2020. from: https://www.bis.org/publ/otc_hy2011.pdf (Last visit 19 May 2021)
    CCP12. (2020). PROGRESS AND INITIATIVES IN OTC DERIVATIVES. from: https://ccp12.org/wp-content/uploads/2020/02/Progress_and_Initiatives_in_OTC_Derivatives-A_CCP12_Report.pdf (Last visit 19 May 2021)
    CPMI-IOSCO. (2017). Recovery of financial market infrastructures v2. from: https://www.bis.org/cpmi/publ/d162.pdf (Last visit 19 May 2021)
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    DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT of 2010, Pub. L No. 111-203, from: https://www.congress.gov/111/plaws/publ203/PLAW-111publ203.pdf (Last visit 19 May 2021)
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    Description: 碩士
    國立政治大學
    法學院碩士在職專班
    108961041
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0108961041
    Data Type: thesis
    DOI: 10.6814/NCCU202101165
    Appears in Collections:[Master of Laws Program for Executives] Theses

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