由經濟觀點論金融市場上以衍生性商品進行市場投機之管制 (Regulation of Speculation in the Financial Market: Focusing on Derivative Instruments)
台大法學論叢，39卷3期，2010年9月，頁167-222, 2010 (NTU Law Journal, Vol. 39, Issue 3, pp. 167-222, 2010)
58 Pages Posted: 6 May 2011
Date Written: November 1, 2010
This article argues that market speculation is a conduct to acquire benefits by undertaking risk. Derivative instruments are powerful tools for market participants to conduct market speculation, which may help hedging, market making and completing investment market. However, pure and excessive speculation might cause net loss of market efficiency and create external costs. Some speculative transactions may imply asymmetric information. Market speculation might also lead to market abuse and even systemic risk. These reasons provide the basis to regulate market speculation by derivatives trading. This paper argues that Taiwan law might build on current regulatory model centring on the type of financial institution and devise legal rules to restraint the amount of speculative transactions and to avoid risk from spreading in order to contain problems from market speculation. In addition, in the retail market, Taiwan law might employ a certain degree of direct product regulation in order to clarify terms of relevant derivative contracts and the rights and obligations of parties in order to reduce the negative consequences of speculation/investment by way of derivative instruments.
Note: Downloadable document is in Chinese.
Keywords: 投機、避險、衍生性商品、期貨、信用違約交換、經濟分析、系統性風險、賭博、保險利益、集中清算 (speculation, hedging, derivatives, futures, credit default swap, economic analysis, systemic risk, gambling (wagering), insurable interest, clearing)
JEL Classification: K10
Suggested Citation: Suggested Citation