摘要
金融危机让2007年被取消的提价规则是否应当恢复成为美国卖空监管争议的焦点。该规则自1937年出台到废除在美国整整实行了70年。废除提价规则是证交会经过长期酝酿和论证后做出的改革,在危机根源没有确诊情况下,草率否定不仅破坏了监管政策与规则的连贯性,而且也给监管机构监管声誉造成永久伤害。但迫于公众的呼声和国会的压力,证交会不得不推出新的改革方案。分析美国卖空监管制度的演变与改革,本文有两个结论:一是监管政策稳定与连贯是维护金融稳定和提升监管声誉的必要保障;二是机制的灵活与动态适应能力是确保监管政策稳定与连贯的前提。
The US financial crisis made the abolished uptick rule become the focus of the short-selling regulation disputes. This rule had been executed for 70 years from 1937 to 2007. The SEC abolished the uptick rule after long-term investigation and discussion. Without the real cause of financial crisis, the rash overthrow not only spoils the consistency of regulatory policies and rules, but also causes the unrecoverable damage to the regulator＇ s reputation. However, under the pressure of the public and congress, the SEC reluctantly launched a new reform. In this article, I draw two conclusions through the analysis of the evolution and reform of the US short-selling regulatory system. Firstly, the consistency and stability of regulatory policies and rules provide the guarantee for financial stability and regulatory reputation. Secondly, the flexibility and dynamic adaptability of the mechanism are the promise of the consistencv and stabilitv of re^ulatorv policies and rules.
出处
《证券市场导报》
CSSCI
北大核心
2010年第2期46-52,共7页
Securities Market Herald
关键词
卖空机制
金融稳定
提价规则
市场监管
Short-selling, Financial Stability, Uptick Rule, Market surveillance
