摘要
场外衍生品数据的非标准化合约特性、信息不对称及分散性市场结构,导致场外金融风险呈现隐匿性累积特征.场外衍生品监管因主体多元性、产品异质性及报告标准碎片化引致前端规制失序,叠加分业监管模式下后端数据整合效能弱化,加剧既有风险治理的制度供给缺口.交易报告库规制范式虽具法理正当性与实践必要性,然其功能显化进程中,仍面临建制主体法律地位失范、数据归集义务覆盖不全等制度性梗阻.对此,须建构宏观制度供给动态调适、中观技术治理协同共治、微观权责配置周延保障之3维纾解路径.
Non-standardized contract characteristics,information asymmetry,and the fragmented market structure of OTC derivatives lead to the concealed accumulation of financial risks in the OTC market.The regulation of OTC derivatives is hampered by the diversity of market participants,the heterogeneity of products,and fragmented reporting standards,leading to disordered front-end regulation.Additionally,the weak backend data integration capability under a segmented regulatory model exacerbates the gap in institutional supply for risk governance.The regulatory paradigm of the transaction reporting library,though theoretically and practically necessary,still faces institutional obstacles such as the lack of legal status for regulatory bodies and incomplete coverage of data collection obligations during its implementation.To address this,a three-dimensional regulatory strategy is required:macro-level institutional supply adjustment,meso-level technical governance collaboration,and micro-level rights and responsibilities allocation to ensure comprehensive support.
作者
蔡丽楠
Cai Linan(Henan University of Economics and Law,Zhengzhou 450018)
出处
《信息安全研究》
北大核心
2025年第9期854-860,共7页
Journal of Information Security Research
关键词
场外衍生品数据
金融数据
交易报告库
金融监管
规制路径
OTC derivatives data
financial data
transaction reporting library
financial regulation
regulatory approach
