金融衍生工具市场

20世纪90年代以来，金融衍生工具市场上的危机事件和交易风波的频繁发生引起国际社会的广泛关注，国家的立法监管得到进一步加强。

Since the 1990s of the 20th century , crises and frequent storms in the financial derivatives market have caused widespread concern in the international community , the legislation was further strengthened .

实际上，许多国家，特别是金融衍生工具市场发展水平领先的美国一直都在致力于对这一领域的法律规制，许多国际组织也做了诸多有益的尝试。

In fact , many countries , especially the United States which is the leader of financial derivatives market has been working in this field in legal regulation , and many international organizations have also made a lot of useful efforts .

第五部分是对于发展我国金融衍生工具市场的法律思考。

Part five is the legal perspective on developing China 's financial derivative market .

第四部分探讨了银行业在金融衍生工具市场中的作用，从其担任的主体角度进行了剖析，这是本章的重点。

Part Four focuses on the role of banking in the market of financial derivatives , regarding the banker as a main .

同时，中国的金融衍生工具市场同国际金融衍生工具市场一样跌宕起伏。

At the same time , the market of the financial derivatives of china undulates as the international market of the financial derivatives does .

与这些国家和地区相比，我国金融衍生工具市场十分落后，品种匮乏，监管水平低下。随着金融市场的开放及全球经济一体化的发展，金融衍生工具在我国的发展已是大势所趋。

Compared with these nations and regions , the market of s in our country is backward : the variety is not rich and the supervision level is inferior .

但是，由于信息的不完全、市场上的投机行为、市场的局限性和线性范式的局限性导致了市场失灵的发生，这样就容易造成金融衍生工具市场系统风险。

However , because of the incomplete information , speculation behavior , limitation of the market and limitation of linear normal form , the market does not work which apt to cause the market system risk of financial derivative .

政府监管、行业协会内部管理和交易所自律的三级监管体制依然是国际金融衍生工具市场监管的主流制度，但在具体的结构设计方面并没有形成一个固定的、一成不变的模式。

The three-tiered regulatory system of government regulation , self-regulation of the exchange and trade association internal management is still in the mainstream of the international financial derivatives market supervision system , but in the specific design of the structure , there is not a fixed , static model .

金融衍生工具在规避市场风险，降低融资成本方面发挥强大的作用。

It plays a strong role in avoiding market risk and reducing financing costs .

金融衍生工具使金融市场的信用链条加长，因而风险也随之加大。

Financial derivatives in financial markets enhance the credit chain , which also will increase the risks .

金融衍生工具在电力市场的运用

Financial Derivatives in Power Market

近年不断创新的金融衍生工具为金融市场的参与者提供了筹集资本和转移风险的工具，而且还为其创造了在市场变化中获取利润的机会。

In recent years the new-born financial derivative instruments provide the financial market participants with the instruments of financing capitals and transfer risks . Moreover they also create the chance for the participants to make profit in the changing market .

一国的金融结构对发展衍生工具市场特别是场外衍生市场有非常重要的意义。

In China , the characters of financial instruments and institutions are the necessary elements of OTC market .

可以这样比喻，国际金融衍生工具是国际金融市场的高科技产物，它们出现的本来原因是为了避险的需要，也就是保值增值，抵御各种市场风险。

It can be compared that the international financial derivatives in international financial markets are the products of " high tech ", they appear due to the need to hedge , that is , increasing the value , avoiding a variety of market risks .

在此后的时间里，金融期货、期权、互换、衍生证券等金融衍生工具在国际金融市场不断出现，带来了金融业的一场革命。

After that , financial futures , options , swaps , Derivative securities and asset securitization appear one by one , which led to a big bang in financial filed . Almost all big banks and investment institution are engaged in creation and transaction of FDI .

VaR（风险价值）是目前金融市场风险测量的主流方法，被广泛应用于投资组合、金融衍生工具、市场风险和信用风险的分析中。

VaR ( Value at Risk ) is currently the mainstream of risk measurement methods in financial markets , and is widely used in the portfolio , financial derivatives , market risk and credit risk analysis .