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场外衍生品是现代金融工程高度发展的产物,1997年亚洲金融危机后的各种与场外衍生品相关的巨额亏损企业倒闭事件和2008年由次级住房贷款的金融危机都体现了场外金融衍生品的巨大杀伤力。本文首先概述了美国现有的场外衍生品市场的监管制度包括政府监管和自律组织监管与缺陷。在第三部分尝试性地提出对其现有场外衍生品监管体制完善的初步构想。
OTC derivatives are highly developed products of modern financial engineering. Both the large loss-making corporate failures related to off-exchange derivatives after the 1997 Asian financial crisis and the financial crisis of sub-prime mortgage loans in 2008 both reflected off-balance-sheet The huge lethality of financial derivatives. This article begins with an overview of the existing regulatory regime in the OTC market in the United States, including the regulation and defects of government regulation and self-regulatory organizations. In the third part, I tentatively put forward the tentative idea of how to improve the existing supervisory system of OTC derivatives.