国际金融衍生品交易法律风险及民事责任研究

发布时间：2018-05-17 05:40

本文选题：国际金融衍生品交易 + ISDA协议　；参考：《上海交通大学》2014年博士论文

【摘要】：金融衍生品交易合同是以特定金融利益交付为标的的双务、诺成、有偿合同。通常，金融衍生品被分为远期、期货、期权、互换等四种基本类型，在场外交易的品种主要有远期、期权和互换，国际金融衍生品交易一般是指场外交易。国际金融衍生品交易不仅存在着市场风险、流动性风险、信用风险、操作风险，还存在着诸多因素导致的法律风险，其中，一国没有对金融衍生品交易作特别法律规定以及各国法律规定不一致是法律风险产生的主要原因，场外交易比场内交易风险更大。金融衍生品交易合同与赌博、保险合同都具有射幸性，金融衍生品交易中的套期保值交易类似于保险、而投机套利类似于赌博，因此金融衍生品交易有被重新定性的法律风险。射幸合同和附期限、附条件合同的区别是，附期限和附条件的效果要么是使已成立的合同发生效力，要么是使已经成立并生效的合同失去效力，而射幸合同已经成立并生效，只是法律效果不确定。场外交易是高风险交易，一国通常会通过立法对交易者的资格从主体类别、专业知识、市场经验、资金实力等方面给予准入限制。因此，在国际场外金融衍生品交易中，存在着交易对手主体资格瑕疵的法律风险。交易员违反企业内部授权也可能导致交易主体资格瑕疵。国际场外金融衍生交易通常采用ISDA等标准主协议进行，单一协议、净额结算和信用支持被誉为ISDA协议的三大支柱。但在交易对手破产时，交易可能面临破产方清算人行使别择权而使单一协议下的同一合同内多笔交易分化成多个合同交易而无法实施终止净额结算来减小风险；同样，在破产制度下，ISDA信用支持可能被认定为发生在“临界期间”的无对价的“优惠处分”而无效，在重整制度下，法律限制债权人行使信用支持条款下担保物权，非经重整执行人同意，债权人不得行使优先权。另外，质押式信用支持可能因为物权法定原则而效力不确定，所有权转移式信用支持在大陆法系国家可能会被视为“流质契约”而被禁止。因此，在场外金融衍生品交易法律制度上，我国应顺应经济健康发展的要求，改革相关法律制度，避免场外金融衍生品交易被重新定性的法律风险；要放宽、明确市场准入制度，尽最大可能避免交易主体不适格的风险；修改诸如破产法、物权法等法律制度，避免国际金融衍生品交易标准协议中单一协议、终止净额结算和信用支持等条款适用时的法律风险。在民事法律责任归属上，除了追究致使合同交易无效和可撤销一方的法律责任，对于交易商可能存在的错误陈述、欺诈、操纵等侵权行为，，可以根据案情实际，从交易商的信托义务着手，针对拥有不同交易知识、经验、经济实力的最终用户，赋予交易商不同程度的包括风险提示和建议义务在内的注意义务和适合性义务，追究交易商的法律责任，慎用情势变更原则。因为，本文认为，这些注意义务、适合性义务和信义义务恰好是连接场外金融衍生品交易侵权行为与受到损害的因果关系的有力证明。除引言外，本文共分六章。第一章，在详细研究了每一种金融衍生交易合同的法律关系的基础上，抽象出四种基本金融合同的共同的法律性质，最后概括地探讨了金融衍生品交易的法律风险。第二章是第一章对金融衍生品交易法律性质研究的延续，论述了金融衍生品交易合同射幸性及其与合同附期限和附条件的区别以及金融衍生品交易可能被重新定性为赌博合同和保险合同的法律风险。第三章在介绍了各国场外金融衍生品交易主体市场准入限制规定的基础上，重点研究了国家机构、公司以及个人在交易主体不适格情况下交易的法律风险及责任承担。第四章论述了场外金融衍生品交易国际标准主协议之单一协议、净额结算和信用支持三大支柱与一些国家的破产法、合同法等的矛盾和法律风险，在吸取国外立法经验的基础上提出了我国相关的立法改进建议，以避免交易风险。第五章论述了交易商侵权的构成要件及其理论基础，即包含注意义务、适合性义务、信息披露等在内的交易商对最终用户应负有的相对、有限的信托义务。第六章主要通过案例论述了不实陈述与操纵的法律认定及民事责任承担。
[Abstract]:Financial derivatives are divided into four basic types : forward , futures , option and exchange . Generally speaking , financial derivatives are divided into four basic types : forward , futures , option , exchange and so on .

Financial derivatives trading contracts and gambling , insurance contracts are honoured , hedging transactions in financial derivatives transactions are similar to insurance , and speculative arbitrage is similar to gambling , and therefore financial derivatives transactions have a re - defined legal risk . The effect of terms of attachment and conditions of attachment is either to have the effect of a contract established and to effect a contract that has been established and entered into force , except that the legal effect is uncertain .

Off - site transactions are high - risk transactions , and a country usually gives access restrictions on the qualification of traders from the subject category , professional knowledge , market experience , financial strength and so on through legislation . Therefore , in the international OTC financial derivatives trading , there is a legal risk of the defects of the subject qualification of the counterparty . The traders violate the internal authority of the enterprise and may lead to the defects of the subject qualification of the transaction .

The international OTC financial derivatives usually adopt the standard principal agreement such as ISDA , single agreement , net settlement and credit support are regarded as the three main pillars of ISDA agreement . However , when the counterparty is bankrupt , the transaction may be faced by the liquidator of the bankrupt party to exercise the right to make multiple transactions within the same contract under a single agreement into a plurality of contract transactions to reduce the risk ;
Similarly , under the insolvency regime , ISDA credit support may be deemed to have occurred in the absence of a " preferential treatment " of the " critical period " . In the reorganization system , the law restricts the creditor from exercising the security right under the credit support clause , and the creditor may not exercise priority . In addition , the pledge type credit support may be invalid due to the legal principle of the right to property , and the transfer - of - title credit support may be regarded as a " pledge contract " in the countries of the continental law system .

Therefore , in the legal system of OTC derivatives trading , our country should comply with the requirements of economic and health development , reform the relevant legal system and avoid the re - qualification of the OTC derivatives trade ;
To relax , clear the market access system , and make the best possible to avoid the risk of the subject of the transaction ;
This paper discusses the legal risks in the application of such clauses as bankruptcy law , property law and so on , and avoids the legal risk of single agreement , termination of net settlement and credit support in the standard agreement of international financial derivatives trade . In addition to the legal liability of the party , such as false statement , fraud and manipulation , which can be found by the dealer , the liability of the dealer should be investigated .

In addition to the introduction , this article is divided into six chapters .

In the first chapter , on the basis of studying the legal relation of each financial derivative trade contract , the common legal nature of four basic financial contracts is abstracted , and the legal risk of financial derivatives trade is discussed .

The second chapter is the continuation of the study on the legal nature of financial derivatives trading , and discusses the difference between the contract emission of financial derivatives and the term and conditions of the contract , as well as the possibility of the financial derivatives trading as the legal risk of gambling contracts and insurance contracts .

In the third chapter , on the basis of introducing the restrictions on the market access restrictions of OTC derivatives , the paper focuses on the legal risks and responsibilities of the State institutions , companies and individuals in dealing with the subject of the subject .

The fourth chapter discusses the single agreement , net settlement and credit support of the main agreement on the international standard of OTC derivatives trade , and puts forward some relevant legislation improvement suggestions on the basis of drawing up the experience of foreign legislation , so as to avoid the risk of transaction .

The fifth chapter discusses the constitutive requirements and the theoretical basis of the dealer ' s infringement , that is , the relative and limited fiduciary duty of the dealer to the end - user , including the obligation of attention , the suitability obligation , the disclosure of information , etc .

The sixth chapter mainly discusses the legal confirmation and civil liability assumption of untrue statement and manipulation .
【学位授予单位】：上海交通大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：D996.2

【参考文献】