CAJ | 학술논문

如何处理期货法与证券法的关系涉及四个层次的制度安排：（1）金融立法体系的内部协调；（2）与衍生交易相关的监管机构的设置；（3）交易所的业务范围与分工；（4）特定交易品种的上市地点。域外近年来流行的“大证券法”模式并不适用于我国，而美国期货立法在演进过程中处理与证券法关系的实践则提供了有益的启示。顺应我国大宗商品市场与金融衍生品市场的发展，一部独立且综合性的期货立法势在必行。为此，需要妥善处理二者在证券衍生品上的交叉；交易所层面则应以投资者利益保护为导向而设置上市品种，并充分发挥市场竞争的作用。
여하처리기화법여증권법적관계섭급사개층차적제도안배：（1）금융입법체계적내부협조；（2）여연생교역상관적감관궤구적설치；（3）교역소적업무범위여분공；（4）특정교역품충적상시지점。역외근년래류행적“대증권법”모식병불괄용우아국，이미국기화입법재연진과정중처리여증권법관계적실천칙제공료유익적계시。순응아국대종상품시장여금융연생품시장적발전，일부독립차종합성적기화입법세재필행。위차，수요타선처리이자재증권연생품상적교차；교역소층면칙응이투자자이익보호위도향이설치상시품충，병충분발휘시장경쟁적작용。
The relationship between the Securities Act and Futures Act is relevant to （ 1 ） the harmonization of financial laws, （2） regulatory and supervisory arrangements of derivative transactions, （3） division of businesses between exchanges, and （4） where anchor products are traded. The all - inclusive securities law model, a seemingly fashionable legislative model worldwide, doesn＇ t fit China; while the US segregated legislation model evolved from its long history of practices, might be a useful model for Chi- na. Given the prosperous commodity markets and financial derivative markets, a Futures Act independent from the Securities Act might be the right choice for China. In determining which is the governing law for securities derivatives, the investor - protection and market -promotion shall be the ultimate goals.