股指期货与股票现货跨市场交易宏观审慎监管论——以国务院金融稳定发展委员会的设立为背景

江西财经大学学报 ›› 2020, Vol. 0 ›› Issue (1): 120-133.

股指期货与股票现货跨市场交易宏观审慎监管论——以国务院金融稳定发展委员会的设立为背景

刘辉

湖南大学法学院,湖南长沙 410082

收稿日期:2019-10-14 出版日期:2020-01-25 发布日期:2020-12-14
作者简介:刘辉,湖南大学副教授,法学博士,主要从事金融法研究,联系方式liuhui030107@hnu.edu.cn。
基金资助:
国家社会科学基金一般项目“新发展理念下中国金融机构社会责任立法问题研究”（17BFX009）; 湖南大学中央高校基本科研业务费专项资金资助项目“结构金融法的理论与实践”（531118010399）

On Macro Prudential Supervision of Stock Index Futures and Stock Spot Cross Market Transactions: In the Context of the Establishment of the CFSDSC

LIU Hui

Hunan University, Changsha 410082, China

Received:2019-10-14 Online:2020-01-25 Published:2020-12-14

摘要/Abstract

摘要： “8.16光大乌龙指事件”“5.28股市断崖式下跌事件”和“5.6千股跌停事件”的接踵而至,沉重宣告了中国股指期货与股票现货跨市场交易宏观审慎监管法制的疏漏。根据风险回应型金融法基本原理,跨市场交易宏观审慎监管法制必须回应系统性风险管理和跨市场协同稳定的基本需求。为此,应当赋予国务院金融稳定发展委员会宏观审慎监管决策权和人民银行宏观审慎监管执行权,保留个股涨跌停板制度并建立跨市场交易熔断机制,建立跨市场交易共享监管和流动性管理法律制度以及重要机构投资者重点交易行为监管法律制度,制定《期货法》以统领宏观审慎监管基本法律制度体系。

关键词: 股指期货, 跨市场交易, 宏观审慎监管, 熔断机制, 期货法

Abstract: The ensuing incidents of“8.16 Everbright's Fat Finger Events”,“5.28 Stock Market Dramatically Dropping Event”and“5.6 Thousands of Shares Limited-down Events”heavily proclaimed the careless omission of the legal system for macro prudential supervision of China's stock index futures and stock spot cross market transactions. According to the basic principles of risk responsive financial law, the macro prudential supervision for the cross market transactions must respond to the basic needs of systematic risk management and cross market coordination and stability. Therefore, the government should grant the decision-making power of macro prudential supervision to the Council for Financial Stability and Development of the State Council (CFSDSC), grant the executive power of macro prudential supervision to People's Bank of China, keep the limit up or down system for individual stocks and establish the circuit breaker mechanism for cross market transactions, establish a legal system for cross market transaction sharing supervision and liquidity management, as well as a legal system for the supervision of key trading behaviors of important institutional investors, and formulate the“Futures Law”to guide the basic legal system for macro prudential supervision.

Key words: stock index futures, cross market transactions, macro prudential supervision, circuit breaker, futures law

中图分类号:

DF438.7

刘辉. 股指期货与股票现货跨市场交易宏观审慎监管论——以国务院金融稳定发展委员会的设立为背景[J]. 江西财经大学学报, 2020, 0(1): 120-133.

LIU Hui. On Macro Prudential Supervision of Stock Index Futures and Stock Spot Cross Market Transactions: In the Context of the Establishment of the CFSDSC[J]. Journal of Jiangxi University of Finance and Economics, 2020, 0(1): 120-133.

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