English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113318/144297 (79%)
Visitors : 51039789      Online Users : 902
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/140.119/71133


    Title: 美國 2010 金融改革法店頭衍生性商品集中結算之研究
    Other Titles: A Study on the Central Clearing of Over-the-Counter Derivatives under the U.S. Financial Reform Act 2010
    Authors: 鄭琇霙
    Cheng, Hsiu-Ying
    Contributors: 國際經營與貿易學系
    Keywords: 店頭衍生性交易;集中結算;美國金融改革法
    OTC derivatives;central clearing;the Dodd-Frank Act
    Date: 2012.11
    Issue Date: 2014-11-04 18:21:12 (UTC+8)
    Abstract: 金融危機後，眾多戮力於店頭衍生性交易管制改革之國家中，美國係較早通過具體條文者。其所通過之「金融改革法案」以集中結算為原則，但非標準化衍生性商品、外匯換匯及遠期外匯等衍生性商品，以及最終使用者所從事之衍生性交易皆得以豁免集中結算之要求。本文探討這些例外規定設立之必要性，以及對於法案立法目的達成性之可能影響。本文雖不否定上述例外對維持市場功能之必要，但鑑於這些例外規定幾乎完全豁免了本次金融危機中引發問題的衍生性交易類型，而突顯了「金融改革法案」管制思維之矛盾：一方面強調需加強店頭市場衍生性交易的管制，另一方面卻又豁免此類商品。這在金融改革歷史上其實並不罕見，因為面對危機後強大的要求管制聲浪，政府常容易過度管制，而且因為欠缺足夠的理性討論空間，管制的方向也未必能對症下藥。
    After the financial crisis, among the countries making efforts to reform the regulatory regime for the over-the-counter derivatives, the U.S. is one of those passing substantive legislation early. The passed bill, the Dodd-Frank Act, in principle, requires all OTC derivatives to be cleared except non-standardized derivatives, foreign exchange swaps, foreign exchange forwards, and swaps of which the counterparty is an end-user. This article discusses the need for and the possible impact of the above exemptions on the objective fulfillment of the Act. This article does not negate the need for the financial market to continue to function. However, the exemptions exactly expose the fallacy of the Act’s regulatory rationale because they almost free all the types of derivatives that caused the financial crisis. In other words, on the one hand, the Act emphasizes the need to tighten the regulation of the OTC derivatives, while on the other hand it exempts most of such derivatives from mandatory clearing. It is not uncommon in the history of financial regulatory reforms. The reason is because in response to the call and pressure for more regulation after financial crisis, a government tends to over-regulate and regulate in a way that cannot tackle the problem due to lack of sufficient room for rational discussion.
    Relation: 期貨與選擇權學刊, 5(2)
    Data Type: article
    Appears in Collections:[國際經營與貿易學系 ] 期刊論文

    Files in This Item:

    File Description SizeFormat
    5-2_-b_2.pdf649KbAdobe PDF2629View/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