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2006年1月1日实施的《证券法》第2条规定,证券衍生品种发行、交易的管理办法,由国务院依照本法的原则规定。由此打开了创设和交易金融衍生工具的法律空间。而在目前正如火如荼的股权分置改革进程中,权证作为一种衍生证券,已经为股改的顺利推进发挥着重要的作用,但同时也暴露出了一些问题。2006年,国务院同意中国证监会筹建上海金融衍生品期货交易所。这些情形均表明,对于金融衍生工具这一具有高风险性、强杠杆性和虚拟性的特殊金融产品,亟需展开深入的研究。基于此,本刊特辑国家社科基金项目“金融衍生工具法律规制问题研究”课题组的一组文章(作为中期研究成果之一),分别从金融衍生工具法律规制的创新、金融衍生工具的法律属性、金融衍生工具上市机制的构建、金融衍生工具上市地点的选择和考量、金融衍生工具的法律监管与合作等方面进行了研究。
Article 2 of the Securities Law implemented on January 1, 2006 stipulates that the measures for the administration of the issuance and trading of securities derivatives shall be provided by the State Council in accordance with the principles of this Law. This opens up the legal space to create and trade financial derivatives. In the process of share-trading reform in full swing, warrants as a derivative securities have played an important role in the smooth progress of stock reform, but at the same time, some problems have been exposed. In 2006, the State Council agreed that the CSRC should set up the Shanghai Financial Derivatives Futures Exchange. All of these cases show that there is an urgent need for further research on the special financial products with high risk, strong leverage and virtuality of financial derivatives. Based on this, a series of articles (as one of the mid-term research results) of the special issue of the National Social Science Fund Project “Study on the Legal Regulation of Financial Derivatives” published in this special issue are reviewed from the legal regulation of financial derivatives, the law of financial derivatives Property, the construction of listing mechanism of financial derivatives, the selection and consideration of the place where financial derivatives are listed, the legal supervision and cooperation of financial derivatives.