摘要:This paper starts with analysis why the U.S. sub-prime crisis had been caused, which mainly describes the inspiration of the U.S.
ure market economy, a major information disclosure and publication of the relevant policies have strict procedures, disclosure leaks and dissemination rumors will be severely punished to ensure that transactions are fair, just and open. China's securities laws and regulations will clarify the rumors that the obligations of the issuer is limited to clarify the “public media” rumors appear, which is obviously too narrow; on the “important issues” standard definition is unclear, the concept of a great extension. In addition, information disclosure frequency is too low.
4.3 Regulatory mechanism of foreign financial derivative market
4.3.1 The United States, multi-monitor mode
The United States is a typical pattern of the coexistence of multiple regulators, which is a mixture of body type model and functional regulation model. From an institutional regulation point of view, include:
(1) Federal Commodity Futures Trading Commission (CFTC), a full-time responsible for supervising the futures market.
(2) The Securities and Exchange Commission (SEC). In accordance with the law, SEC has the right to regulate securities options, foreign exchange and stock index options trading.
(3) The Federal Reserve Board and the Comptroller of the Currency Department are responsible for supervising commercial banks engaged in derivatives trading. From a function of regulation point of view, CFTC and the SEC are also a function of regulators; because their primary responsibility is the regulation of markets and products rather than the regulation of the users of the product or market, and “Commodity Exchange Act” also detailed provisions on regulatory competence between the two sides. But with the continuous expansion of derivatives, the two sides began to rise conflicts in some areas of derivative regulation, and eventually they reached an agreement in 1981, in view of the stock futures not only has the characteristics of securities, conferred by the “federal securities laws”, but also has characteristics of futures contracts conferred by “Commodity Exchange Act”, therefore regulated by the CFTC and the SEC jointly. Furthermore, Stock options and stock index options go by SEC jurisdiction, futures options owned by CFTC jurisdiction.
In addition, in the U.S. derivatives market, there are the National Futures Association and the futures exchanges such as self-regulatory organization.
National Futures Association, in 1974, established under the authority of “Commodity Futures Trading Commission Act”, its primary responsibility is managing the registration of all futures brokers, members of the audit dispute, futures education, as well as the futures brokerage business-related matters
However, the U.S. futures exchange’s functions include: examination and approval membership to engage in financial derivatives trading; supervision and management of various types of derivatives contracts; monitor compliance with trade laws and regulations and enforcement, and arbitration to resolve disputes arising from transactions; processing the illegal activities of transactions members. This multi-regulatory model of the United States stemmed from 1929 ~ 1933 years of the Great Depression. The purpose is to deal with the devastating impact of the crisis, to help the U.S. financial markets and even the entire national economy recover slowly from the Great Depression, tow
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