Please use this identifier to cite or link to this item: https://ah.nccu.edu.tw/handle/140.119/137003


Title: 我國店頭衍生性金融商品之監理 - 以集中結算為中心
OTC Derivatives Supervision in Taiwan – Focusing on Central Clearing
Authors: 陳敏玲
Chen, Minling
Contributors: 劉連煜
陳敏玲
Chen, Minling
Keywords: 店頭衍生性商品監理改革
集中結算
臺灣店頭衍生性商品集中結算
OTC derivatives market reform
Central clearing
OTC derivatives central clearing in Taiwan
Date: 2021
Issue Date: 2021-09-02 17:12:40 (UTC+8)
Abstract: 國際間於2008年全球金融危機後致力於店頭衍生性商品市場監理改革,除推動店頭衍生性金融商品集中交易、集中結算、交易申報交易資料儲存庫,以提高店頭市場透明度,利於主管機關監理市場風險;並以提高對未集中結算交易之資本計提需求以及保證金要求,由市場參與者提供交易更多擔保以降低風險,同時亦間接促進集中結算,加強全球金融市場穩定。國際間推動店頭衍生性商品集中結算至今,於成果顯著。
金管會為提高對我國店頭衍生性商品市場的監理,採取國際標準,於2013年完成店頭衍生性商品交易申報資料儲存庫建置;2018年完成期貨交易法修正;2019年指定期交所為店頭衍生性金融商品集中結算機構,規劃我國店頭衍生商品集中結算制度,逐步推動強制集中結算目標,接軌國際金融監理標準,進一步推動我國金融市場國際化。
本文藉由探討國際店頭衍生性商品集中結算制度與市場發展,分析我國店頭衍生性商品市場結構與規模,討論店頭衍生性商品集中結算制度建置之必要性與實益;再以國際店頭衍生性商品監理標準以及推動強制集中結算制度發展以及其所面臨的問題,提供我國店頭衍生性商品市場未來發展之建議。
OTC derivatives market reforms is G-20 agreement after 2008 financial crisis: “all standardised OTC derivative contracts should be traded on exchanges or electronic trading platforms and cleared through central counterparties. OTC derivative contracts should be reported to trade repositories. Non-centrally cleared contracts should be subject to higher capital requirements as well as margin requirements”. The implementation is to increase OTC market transparency and increase financial market stability.
Financial Supervisory Commission conducted the principle of global OTC derivatives market reform to strength OTC derivatives supervision in Taiwan: Trade Repository was fully implemented in 2013, Futures Trading Act was amended to regulate mandatory centrally cleared OTC derivatives in late 2018, and Taiwan Futures Exchange was appointed as the authorized OTC derivatives CCP in 2019 to gradually implementing mandatory centralized clearing in Taiwan.
The thesis introduces the global OTC derivative market reform and the latest regulatory implementation update by FSB, analyzes the necessity and benefits of implementing OTC derivatives central clearing in Taiwan, and also provides comments by reviewing the practices and issues that global OTC derivatives market have encountered.
Reference: 中文著作
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研究計畫
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Description: 碩士
國立政治大學
法學院碩士在職專班
108961041
Source URI: http://thesis.lib.nccu.edu.tw/record/#G0108961041
Data Type: thesis
Appears in Collections:[法學院碩士在職專班] 學位論文

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