是先有立法,在法律的规范下进行金融创新活动?还是先进行金融创新活动,待金融创新发展到一定阶段再进行立法?这是一个先有鸡还是先有蛋的命题。一项金融产品的创新过程同时也是与法律制度互相作用、互相磨合的过程。在英美法系国家,金融产品的产生往往是创新者为了实现利益最大化的目标,寻找法律上的空隙进行创新的结果。它形成了对原有法律制度的突破;反过来,金融创新产品的出现又是对现有法律 Is the first legislation, under the law of financial innovation activities? Or the first financial innovation activities, until the financial innovation to a certain stage and then carry out the legislation? This is a chicken or egg proposition. The process of innovation of a financial product is also a process of mutual interaction and mutual legal system. In Anglo-American countries, the production of financial products is often the result of innovators seeking innovations in the legal gap in order to achieve the goal of maximizing profits. It formed a breakthrough in the original legal system; in turn, the emergence of financial innovation products is the existing law