論我國《期貨法》的調整範圍

Discussion on the Adjustment Range of Futures Law

期貨市場本質上是一個法治市場，專門的期貨立法是適應市場發展新形勢、提升市場發展層次和水平的關鍵。與近年來期貨市場的不斷創新發展相比，我國期貨市場的法治化建設仍亟待加強。經過20多年的發展，我國期貨市場已經逐步形成了以《期貨交易管理條例》為核心的監管規則體系，但是《期貨交易管理條例》主要側重於對期貨市場的行政監管，法律層面的《期貨法》一直沒有制定出來。《期貨法》的調整範圍是期貨市場立法過程中需要首先解決的問題，研究《期貨法》的調整範圍，重點就是要明確《期貨法》調整和規範哪些法律關係，釐清《期貨法》與《證券法》關於“證券衍生品”的調整邊界，明確場外衍生品市場的監管原則，從而實現《期貨法》與其他部門法在調整範圍上的協調銜接，避免出現法律適用的不確定性以及法律調整上的交叉重疊。

Futures market is essentially a legal market, legislation in futures market is the key factor to meet with the new trend of market development and to improve the level of futures market. April 2014, the State Council issued the Several Opinions on the Further Healthy Development of Capital Market, which made top-level design and strategic planning on the reform and development of futures market. The adjustment range of Futures Law is a basic problem on legislation in futures market, which is to find out the legal relationships adjusted and standardized by Futures Law and the coordination convergence among different laws. This paper will focus on three essential questions of the adjustment of Futures Law: the legal definition of Futures, the coordination of adjustment range of Futures Law and Securities Law, and whether the OTC derivatives markets should be adjusted by the Futures Law.