CAJ | 학술논문

衍生品具有风险管理和价格发现的重要功能，是金融发展过程中不可或缺的交易工具。从历史上看，衍生品之所以总与危机联系在一起，其原因不在于衍生品本身，而在于缺乏适度、必要的监管。近年来，全球衍生品市场呈现出增长迅猛、交易杠杆比例不断提高等特点，因此，我们应对衍生品进行更为有效的监管，可采取启动跨市场联合监管、使交易走上监管前台，优先发异彩“场内衍生品”等措施。
연생품구유풍험관리화개격발현적중요공능，시금융발전과정중불가혹결적교역공구。종역사상간，연생품지소이총여위궤련계재일기，기원인불재우연생품본신，이재우결핍괄도、필요적감관。근년래，전구연생품시장정현출증장신맹、교역강간비례불단제고등특점，인차，아문응대연생품진행경위유효적감관，가채취계동과시장연합감관、사교역주상감관전태，우선발이채“장내연생품”등조시。
The derivatives are the necessary transaction method in the financing development, for which have the important functions of venture management and price discovery. The derivatives are always connected with the crisis, which reasons are not the derivative itself, but it is lack of moderate supervision. Recently, there emerge new characteristics, which including increasing rapidly and the proportion of transaction lever raising increasingly in the global derivative market. So we should carry on more effective supervision to the derivatives, which including starting the inter-market coordinated supervision, making the transaction step to the stage and developing the board derivatives precedely.