衍生品市场的法逻辑--兼及“期货法”立法之六大问题

摘要

衍生品合约在本质上属合同之列，亦应受《合同法》调整，但在平衡自由价值与公平正义价值时，应充分考虑其射幸性。从合同到市场，衍生品合约的法律规制由自由与公平正义二元价值间的线性平衡嬗变为安全、效率、自由和公平正义四元价值间的立体平衡。我们在“期货法”立法过程中，当基于此四元价值体系对立法宗旨、场外衍生品调整、衍生品种上市、强制减仓、持仓限额、投资者适当性等具体问题作出回应。%Derivative contracts are in essence a form of contract and are adjusted by the Contract Law.However,we should fully consider their aleatoric nature contracts when balancing the value of freedom and the value of justice.From the contract to the market,the legal regulation on derivative contracts is marked by the four values of security,efficiency,freedom and justice rather than by freedom and justice only.Therefore,in the legislative process of the Futures Act,we should,based on the system of four values, respond to issues such as purpose of legislation, the adjustment of OTC derivatives,listing of derivatives,reducing the position under coercion,position limits,and the investor eligibility.