衍生金融工具市场

我国衍生金融工具市场发展的外部环境与内部动因

The External Environment and Internal Cause for the Development of Our Country 's Derivative Financial Instrument

本港的衍生金融工具市场是亚洲最大市场之一，反映本港金融市场日趋先进。

Hong Kong 's derivatives market is among Asia 's largest , reflecting the increased sophistication of its financial markets .

衍生金融工具市场作为金融市场的风险管理机制，对维护金融稳定、促进经济繁荣发挥着无可替代的积极作用，它已成为一个完整、健康的现代金融体系不可缺少的重要组成部分。

Derivatives market , as the measure to manage financial risk , functioning as a efficient means to keep financial system in sound steadiness and promote the development of the financial system , has been a indispensable part of a complete and well-developed modern financial system .

因此，结合我国实际状况对试点工作加以深入的分析探讨，有利于我国衍生金融工具及其市场的健康发展和完善。

Thus , the embedded analysis and discuss of experimental tasks gives derivative financial instrument and its market beneficial pathway .

微观上要求衍生金融工具的市场主体规范自身行为和交易策略，建立内部风险管理机制，增强交易透明度，强化安全的结算制度以控制衍生金融风险。

And marketing bodies should standardize activities and operating strategies from the view of the enterprises in order to control the risk of derivative financial instruments .

针对市场风险，应增强我国资本市场的有效性，包括培育良好的资本市场环境、培育理性的投资者、完善信息披露制度、大力发展衍生金融工具交易市场；

To the market risk , should strengthen the validity of the capital market of our country , including cultivate good capital market environment , cultivate rational investor , perfect information announcing system , develop derivatives trade market ;

但是衍生金融工具在完善资本市场定价机制的同时也大大地增加了资本市场的系统性风险。

However , derivative financial instruments not only improved the capital market pricing mechanism , but also greatly increased the systemic risk of the capital market .

二十世纪八十年代以来，衍生金融工具在国际金融市场的舞台上才刚开始开始崭露头角，又在世界范围内掀起了一股新浪潮，即金融自由化浪潮。

Since the 1980s , when the financial derivatives in international financial market are just starting on the stage , the world has begun to appear a fresh wave , namely the financial liberalization .

我国的衍生金融工具于1991年正式推出，产生的时间较晚。衍生金融工具市场也属于起步阶段。

The come out of derivative financial instruments in China domestic is formally in the year 1991 which is later and is still in its infancy stage .

除了传统的金融期货、金融期权、金融互换和远期合约这些基础衍生金融工具外，伴随资产证券化产生的担保债务凭证、信用违约互换等创新衍生金融工具也在金融市场中占据了重要地位。

In addition to the traditional basic financial instruments , such as financial options , financial exchanges and forward contracts , Collateralized Debt Obligation , Credit Default Swap became popular in financial markets .