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...