全球ETF市场繁荣背后的系统性隐忧辨析

交易所交易基金(ETF)市场规模不断膨胀,产品结构日趋复杂和不透明,参与者关系越发相互关联,已经模糊了原有的传统业务认识,对金融市场稳定的潜在系统性影响受到更多监管关注,包括交易冲击影响,合成结构下的互换交易对手方风险及抵押品风险,融券交易的累加风险,杠杆风险,以及透支原有产品认识等。对境内ETF市场来说,目前还不存在滋生隐患的土壤,主要任务还是适度借鉴创新,不断提高风控水平,推动市场健康稳定发展。

Systemic Worries Behind the Prosperity of Global ETF Market

Global ETFs Markets catch more supervisory attention recently,due to their expanding market size,more and more complex and opacity product structure,and participant relationship interconnections.The focuses include trading influence,counterparty risk and collateral risk under the synthetic structure,accumulated risk from securities lending,leverage risk,and overdraft on traditional product understanding.But the domestic ETFs market should be less concerned,as its main task is to promote stable development through moderate innovation and improving risk-control level.