新闻 > 经济
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170911/31352355.html
Server: cms-9-53
Date: 2024/12/02 14:14:49

Powered by China
China

期货市场不应该为经济波动“背锅”

2017-09-11 09:17:39   中国经济网

国商品交易委员会原主席蒂莫西·马萨德:

美国商品交易委员会原主席蒂莫西·马萨德9月8日在2017第二届中国(郑州)国际期货论坛上表示,在经济波动性较大或出现泡沫时常常归咎于期货市场,这其实是一个误区。

马萨德表示,现在有些人还对期货市场心存疑虑。尤其在经济出现不稳定的时候人们会快速采取行动控制交易。比如在2015年有人认为股指期货是造成中国股市暴跌的重要原因;2008年金融危机时也有人质疑衍生品市场没有得到很好的监管。“其实世界金融发展史上这种现象是十分常见的,但事实上期货市场对实体经济有着十分重要的价值。”马萨德说。

他认为,期货市场是帮助企业来应对波动性的。“现实中,在波动性较大的时候,大家往往会对期货市场有更多批评,在美国是这样,在中国也如此。但是我们不应该因为出现波动或者资产泡沫就指责期货市场本身。在自由经济中,企业需要承担供给端价格波动的风险,因此,企业需要发现价格并且对风险进行管理,在这种情况下,企业可以利用期货市场这个工具。”他说。

马萨德说,期货市场的价值在于能够帮助企业来对冲常规的商业风险,从而对风险和价值进行重新分配。“所以为了实现期货市场价值最大化,期货市场必须要吸引企业的参与,来服务企业的利益。”

在马萨德看来,要想使期货市场功能更好地发挥,市场需要有更好的流动性。“因此,期货市场设计出的规则和体系必须最大限度地方便企业参与。这包括合约设计、价格指数、交割地点以及交割标准,这些都必须能够满足企业需求。”

“在任职期间,我一直强调发展期货市场来服务企业的需求。我们的监管框架很多时候是有意屈服于市场参与者,美国商品期货委员会并不决定合约的内容,而是市场参与者自己来制定合约,我们要做的只是监管和评估。”他说。

此外,马萨德认为,监管框架会直接影响期货市场实现价值最大化。“我们也必须要建立起法制,保障市场可预期性,还必须通过监管框架建设推动透明度和诚信,要建立实施各项准则保证客户得到公平对待,客户资金得到保护,另外我们还必须要制定各项标准,保证期货市场和清算场所的正常运行,对那些操纵市场的不法分子则要进行严厉打击。”

“监管部门要建立好框架来防止市场操纵行为的发生,包括通过影响现货的价格来操纵市场及逼仓等行为。限制持仓、保证金的要求都是必要的,特别是在价格出现剧烈波动的时候必须要能够暂时停止或者放缓交易。”马萨德说。

“需要注意的是,监管框架的建设不应该过度干预市场。”据马萨德介绍,美国的监管部门制定的标准在保证交易及结算等有序、正常运行的同时,不过度干预市场。“只有这样才能促进市场创新及发展。”

404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170911/31352355.html
Server: cms-9-53
Date: 2024/12/02 14:14:49

Powered by China
China
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170911/31352355.html
Server: cms-9-53
Date: 2024/12/02 14:14:49

Powered by China
China

相关阅读

404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170911/31352355.html
Server: cms-9-53
Date: 2024/12/02 14:14:49

Powered by China
China
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170911/31352355.html
Server: cms-9-53
Date: 2024/12/02 14:14:49

Powered by China
China
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170911/31352355.html
Server: cms-9-53
Date: 2024/12/02 14:14:49

Powered by China
China
分享到:
0 0
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170911/31352355.html
Server: cms-9-53
Date: 2024/12/02 14:14:49

Powered by China
China
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170911/31352355.html
Server: cms-9-53
Date: 2024/12/02 14:14:49

Powered by China
China

美图推荐

404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170911/31352355.html
Server: cms-9-53
Date: 2024/12/02 14:14:49

Powered by China
China
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170911/31352355.html
Server: cms-9-53
Date: 2024/12/02 14:14:49

Powered by China
China
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170911/31352355.html
Server: cms-9-53
Date: 2024/12/02 14:14:49

Powered by China
China
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170911/31352355.html
Server: cms-9-53
Date: 2024/12/02 14:14:49

Powered by China
China

为您推荐

加载更多>>
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170911/31352355.html
Server: cms-9-53
Date: 2024/12/02 14:14:49

Powered by China
China
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170911/31352355.html
Server: cms-9-53
Date: 2024/12/02 14:14:49

Powered by China
China
404 Not Found

404 Not Found

Sorry for the inconvenience.
Please report this message and include the following information to us.
Thank you very much!

URL: http://3g.china.com:8080/act/news/11155042/20170911/31352355.html
Server: cms-9-53
Date: 2024/12/02 14:14:49

Powered by China
China