新加坡證券期貨法之整合對我國金融監理之啟發

ＡStudy on Integration of Singapore Securities and Futures Acts and Improvement of Financial Supervision

我國證券業與期貨業有逐漸整合之趨勢，證券投資人亦可從事期貨交易，由於證券市場與期貨市場之價格具有連動性，內線消息及市場操縱行為不僅會影響現貨市場，亦會影響期貨市場，本研究參考新加坡2002年首次制定證券期貨法之經驗，分析我國證券交易法及期貨交易法之重要差異，可能導致業者與投資人法規套利之情事。我國金融商品歸屬於有價證券或期貨契約，其相關法令規定之適用各異，易造成同類型商品間的不公帄競爭，以及業者與投資人之法規套利空間，影響我國證券期貨市場之監理效率，不利與國際證券期貨市場之競爭。由於整合法令工程鉅大，耗時費力，故宜審慎為之，建議可俟市場參與者與行政部門及立法單位取得共識，考量相關成本效益後，採循序漸近方式逐步推動我國資本市場之整合。

More and more Taiwan securities firms concurrently operate futures business. Investors may also trade stock and futures. Because there is highly market price correlation between stock market and futures market, insider trading and market manipulation in securities market or futures market may have serious impact on both markets. This thesis takes the Singapore Securities and Futures Act for reference to analyze the disparity between Taiwan Securities Transaction Act and Futures Trading Act. The regulation arbitrage may be made by traders to trade futures instead of stocks in order to prevent from the serious punishment of Securities and Exchange Act. Besides, the financial product recognized as securities or futures contract is applicable to securities or futures related regulations whose requirement and punishment are different from each other. In the end, it will deteriorate the supervision efficiency and the international competitiveness. Concerning the work regarding integration of financial regulations could be tremendous, it is suggested that this issue shall be raised deliberately and consider the cost-benefit to take measures in due course based on the consensus of the market participants, administrative departments and legislative institution.