公司未来五年发展规划21.pdfVIP

美国期货市场：何以在危机中“独善其身”？ 美国期货监管第3 个五年规划及启示 马险峰 汪 （中国证监会研究中心，北京100033 摘要：近年来，美国期货市场发展基本未受金融危机的影响，甚至在华尔街金融 改革法案中，还取得了对柜台衍生品及其交易商的监管权，获得了更大的发展空 间。这主要是源于期货市场运行规范、监管目标原则明确以及监管工作富有成效。 美国期货交易委员会 《2007 ～2012 战略规划》，对其使命宣言,战略目标及任务 规划，业务流程、手段和策略，未来趋势和挑战，跨部门合作，绩效架构，项目 评估等进行了详细规划。美国期货市场与我国市场的发展阶段和条件差异较大， 美国期货监管战略规划在具体政策措施方面与我国会有所不同，但在目标原则、 监管理念和技术方法等方面，对我国科学制订期货市场的 “十二五”规划，有重 要的启示与借鉴。 关键词：美国期货市场；金融衍生品；期货监管；期货市场发展 作者简介：马险峰，经济学博士，中国证监会研究中心研究员、期货组组长，研 究方向：资本市场发展。汪 ，任职于中国证监会研究中心（借调）。 中图分类号：F830.9 文献标识 ：A Abstact: Successfully undergone the last financial crisis, the U.S. futures market has not only played an important role in sustaining the market stability and integrity, but also win itself great developing opportunities for being given the regulatory authority over OTC derivatives products and dealers by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The success of U.S. futures market relies on its ordered market operation, clear regulatory objectives and principals as well as effective regulation. The Commodity Futures Trading Commission Strategic Plan 2007~2012 specifically describes its regulatory efforts in the following aspects:mission statement, strategic goals and outcomes; business process, means and strategies; future business trends and challenges; coordination on cross-cutting issues; performance measures; program evaluations. Despite the distinction between specific rules and enforcement measures due to different developing stage and conditions between U.S. and Chinese futures markets, we can still learn important experience from this plan in terms of its regulatory principals, concepts, technology and methods when making our 12th Five-year Plan of Chinese Futures Market. Key words:U.S. futures market,financial derivatives,futures regulation, futures market development 美国期货交易委员会（简称CF