店頭衍生性金融商品監理制度的有效共同管理架構

An Effective Co-Regulation Framework for the OTC Derivatives Market Regulatory Regimes

店頭衍生性金融商品被認為是引起西元2008年至2009年金融風暴的主要原因，在銀行的大量紓困案與房市危機之後，政府監管機構、投資人、銀行機構不得不承認，不能繼續放任衍生性金融商品市場沒有規範，因其已持續對全球金融系統造成重大風險。然而，對期貨契約要如何增加法規範的掌控，是集體面臨的困境，這刺激了少數全球經理人的先期行動，且最終由美國來主導。改革委員會及監管機構已盯上未受規範的店頭衍生性金融商品市場所存在的可能風險，主要在於交易對手風險、交易紀錄、集中結算、更高資本及最低邊際的不明確交換。監管機構、套利、交易成本，及市場重整間全球不一的挑戰，也困擾著監管當局，包括陶德－法蘭克華爾街改革和消費者保護法案（Dodd-Frank Wall Street Reform Act），以及巴塞爾銀行國際架構（Basel International Framework for Banks）。本研究首先對相關文獻做實質的分析，用來對比和比較各國店頭法規架構的觀點，及陶德－法蘭克法案對全球店頭衍生性金融商品市場的衝擊，並對現在國家法規執行不一致的狀況提出解決方法。本研究分析後，將歸納統整並做出詮釋，以更精準的定義及針對歧見，提出適用全球的店頭衍生性金融商品市場法規範的有效共同合作架構。

The over-the-counter (OTC) derivative has been accredited as a primary factor that caused the financial avalanche of 2008-2009. In the aftermath of massive bank bailouts and housing crises, government regulators, investors and banking institutions were forced to acknowledge that the derivatives market could not continue on unregulated, as it continued to pose significant risks to the global financial system. However, how to gain regulatory control over futures contracts was a dilemma faced by all, and which prompted pioneering actions by a few global agencies, and eventually the by the United States. Reformatory committees and regulators have since focused upon the potential risks of an unregulated OTC derivative market, mainly the counterparty risk, trade recording, central clearings, and higher capital and minimum margins for uncleared swaps. Challenges of global inconsistencies between regulators, arbitrage, transaction costs and market fragmentation plagued efforts of regulatory regimes, including the Dodd-Frank Wall Street Reform Act and the Basel International Framework for Banks. A qualitative review of literature is conducted to contrast and compare perspectives of national OTC regulatory frameworks, the impact of the Dodd-Frank Act on the global OTC derivatives markets, and proposed solutions to the existing inconsistencies between national regulatory implementations. This study will review and analyze the outcomes of the review in order to better define and draw a conclusion in regard to the ramifications of an effective co-regulation framework for the OTC derivatives market regulatory regimes that proves to be globally harmonic. The solution, as found by the research, is to institute properly formulated counter-measures of OTC transacttions through a framework of vested institutional policy-makers.