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信用风险缓释工具作为金融风险管理工具,具有完善市场风险分担机制的功能。2008年国际金融危机表明信用违约互换等金融衍生产品监管的缺位极易诱发金融危机。信用违约互换(CDS)是信用风险缓释工具中的代表性产品,以其为对象研究后危机时代信用风险缓释工具的监管制度,有着重大的示范意义。我国在完善信用风险缓释工具业务监管机制时,应在坚持既有信用风险缓释工具规则中的良好制度以及借鉴发达国家及国际组织有关信用风险缓释工具业务变革经验的基础上,坚持鼓励创新和防范风险并重的监管理念,确立专门的监管机构,完善信用风险配置机制和市场运作机制,完善标准化交易机制,控制杠杆率,完善中央对手方清算机制及信息披露制度等。
As a financial risk management tool, the credit risk mitigation tool has the function of improving the market risk sharing mechanism. The international financial crisis in 2008 showed that the lack of supervision of financial derivative products such as credit default swaps could easily lead to the financial crisis. Credit default swaps (CDSs) are the representative products of credit risk mitigation tools. It is of great significance to study the regulatory system of credit risk mitigation tools in the post-crisis era. In improving the regulatory mechanism of credit risk mitigation tools, China should adhere to the good rules of existing credit risk mitigation tools and learn from the experience of business transformation of credit risk mitigation tools in developed countries and international organizations Innovate and guard against both risks and risks, establish a special regulatory body, improve the credit risk allocation mechanism and market operation mechanism, improve the standardized trading mechanism, control the leverage ratio, improve the liquidation mechanism of central counterparties and the information disclosure system.