信用违约互换市场中内幕交易法律规制研究
Research on Insider Trading in Credit Default Swap Market
Abstract
信用违约互换(CreditDefaultSwaporCDS,后文简称为CDS)作为近三十年来最为重要的金融创新,其在帮助贷款人对冲风险、促进资金融通乃至分散整个金融系统的风险方面都发挥了重要作用。CDS作为一种金融衍生品,自其诞生以来很长一段时间,实际上处于不受监管的状态。然而在2008年的金融危机中,原本旨在对冲风险的CDS却成为了风险的策源地,这引起了各国监管部门的反思。CDS市场中的内幕交易在CDS的异化中扮演了至关重要的角色。在CDS市场最为发达的美国,CDS已被定性为证券的一种而受到诸多制度的约束,其中就包括内幕交易规则。但是,由于CDS市场的特殊性,内幕交易规则在对CDS市场的适用... As the most prominent innovative financial instruments in the last 30 years, Credit Default Swap (CDS) has played a vital role in helping creditors to hedge risks, providing capital facilities and spreading risks of financial system. For a long time after the immerse of CDS, a financial derivative, in fact it enjoyed a position free from supervision. However, during the time of the financial crisi...