金融监管研究
金融鑑管研究
금융감관연구
FINANCIAL REGULATION
2014年
6期
26~39
,共null页
交易业务 自营交易 交易对手信用风险 沃克尔规则 限制性措施 资本监管
交易業務 自營交易 交易對手信用風險 沃剋爾規則 限製性措施 資本鑑管
교역업무 자영교역 교역대수신용풍험 옥극이규칙 한제성조시 자본감관
Trading Business; Proprietary Trading; Counterparty Credit Risk; Walker＇s Rule; RestrictiveMeasure; Capital Regulation
本轮金融危机充分揭示了交易业务的风险，因此，加强交易业务监管是后危机时期国际金融监管改革的重要课题之一。本文认为，交易业务风险不仅包括短期价格波动带来的市场风险，而且还包括与此相关的信用风险、操作风险和亲周期风险等。更值得关注的是，交易业务的快速发展和工具创新，扩大了金融体系的杠杆效应、复杂性和关联性，加剧了金融市场的波动度。危机以来，国际层面的交易业务监管改革主要集中在事前限制性措施和事后成本补偿性措施两个方面。国内监管当局应在更为宏观的框架内看待交易业务发展的影响，建立广覆盖、全流程的审慎交易业务监管规则，采取有效监管措施推动交易业务稳健发展，并尽可能降低交易业务快速扩张对商业银行经营模式、银行体系结构以及消费者利益可能带来的负面影响。
本輪金融危機充分揭示瞭交易業務的風險，因此，加彊交易業務鑑管是後危機時期國際金融鑑管改革的重要課題之一。本文認為，交易業務風險不僅包括短期價格波動帶來的市場風險，而且還包括與此相關的信用風險、操作風險和親週期風險等。更值得關註的是，交易業務的快速髮展和工具創新，擴大瞭金融體繫的槓桿效應、複雜性和關聯性，加劇瞭金融市場的波動度。危機以來，國際層麵的交易業務鑑管改革主要集中在事前限製性措施和事後成本補償性措施兩箇方麵。國內鑑管噹跼應在更為宏觀的框架內看待交易業務髮展的影響，建立廣覆蓋、全流程的審慎交易業務鑑管規則，採取有效鑑管措施推動交易業務穩健髮展，併儘可能降低交易業務快速擴張對商業銀行經營模式、銀行體繫結構以及消費者利益可能帶來的負麵影響。
본륜금융위궤충분게시료교역업무적풍험，인차，가강교역업무감관시후위궤시기국제금융감관개혁적중요과제지일。본문인위，교역업무풍험불부포괄단기개격파동대래적시장풍험，이차환포괄여차상관적신용풍험、조작풍험화친주기풍험등。경치득관주적시，교역업무적쾌속발전화공구창신，확대료금융체계적강간효응、복잡성화관련성，가극료금융시장적파동도。위궤이래，국제층면적교역업무감관개혁주요집중재사전한제성조시화사후성본보상성조시량개방면。국내감관당국응재경위굉관적광가내간대교역업무발전적영향，건립엄복개、전류정적심신교역업무감관규칙，채취유효감관조시추동교역업무은건발전，병진가능강저교역업무쾌속확장대상업은행경영모식、은행체계결구이급소비자이익가능대래적부면영향。
The latest financial crisis adequately revealed the risks of trading businesses. Strengthening the regulations on trading businesses has become one of the most important topics of the international financial regulatory reforms in the post-crisis era. The main findings of this paper are： （1） The risks of trading businesses include not only the market risk resulting from short-term market price fluctuations, but also the credit risk, operational risk and pro-cyclicality risk closely linked to price volatility, and more importantly the fast growth of trading businesses, especially the trading of structured products, have substantially increased the leverages, complexities and interdependences of the financial system, and also amplified the volatility of financial markets. （2） The international regulation reforms on trading businesses have been going along two paths： ex-ante restrictive measures and ex-post recapitalizations. （3） The chinese authority is expected to assess the possible risks of trading businesses from a macro perspective, to set up full-coverage and whole-process prudential rules on trading businesses, to take effective measures to mitigate the possible negative effects on commercial banks＇ business models, banking industry＇s structures and customer interest protections.
