世界顶级期货交易商破产原因探究——来自曼氏金融的教训

摘要

无论是中国还是其他国家,企业的违规丑闻总是给阳光下的交易蒙上一层阴影,尤其是像曼氏金融这样的全球顶级期货交易商,作为资本市场主要的金融机构,违规事件不仅给公众带来惨重的损失,也给其自身造成巨大的负面影响.2011年10月世界顶级期货交易商曼氏金融受欧债危机影响而破产,然而破产后的这几年却一直与多起诉讼抗争,而随着2017年1月监管机构对高管的处罚和同年3月曼氏金融与普华永道的和解,此事终于落下帷幕,由此表明大型期货公司在转型中,要处理好短期业绩快速增长和长期合规运营的关系,并且通过美国监管机构对曼氏金融的重罚,中国也应吸取经验,加大对大型金融机构的监管力度,增加违规发现的几率以及违规处罚成本,才可以保证市场的公平运行.%The scandals of violation of firms always cast a shadow over sunshine transactions, whether in China or abroad.Especi-ally, the MF Global, the world's top futures dealer, as the main financial institution in the capital market. The violations not only br-ing extreme loss to investors but also cause a great negative impact on the firm. In October 2011, the world's top futures trader MF Global went bankrupt affected by the debt crisis in Europe, MF Global had been fighting with several litigation in the years after the bankruptcy, with the punishment to executives from the regulatory authority in January 2017 and the settlement of MF Global and PWC in the same year in March, the matter finally came to an end.This shows that large-scale futures companies should deal with the relati-onship between the short-term performance of rapid growth and the long-term compliance operations, and through the US regulators' heavy penalties on MF Global, China should also learn something from the experience, increase the supervision for the large financial institutions, the probability of illegal discovery and the penalties cost of irregularities, so as to guarantee the fair operation of the market.