金融衍生产品风险传导机制与金融服务贸易安全的监管——以次级贷款引发的全球金融危机为例

美国的次级贷款到次级债券形成了抵押资产支持证券（MBS）、发行债务抵押债券（CDO）和信用违约互换（CDS）等一系列产品链和包括专业抵押贷款公司、评级机构、对冲基金、特设目的体、投资银行等在内的利益相关者链条。出于利益驱动，各利益相关者通过产品链，又将信贷市场、衍生品市场、股票市场和大宗商品市场连接贯通。当全球的投资者进行投资时，美国市场与各国市场连接起来。这即为美国信用衍生产品形成全球金融危机的传导机理。因此，应将金融衍生产品交易纳入WTO金融服务贸易的统一监管框架内，对所有创造金融基础产品及其衍生产品的参与者纳入监管，由专业清算机构作为场外衍生品交易的中央担保方，披露表外衍生产品信息、风险敞口和资产减记，逐步加强金融服务贸易安全的监管。

Risk Transmission Mechanism for Financial Derivatives and Supervision over Financial Services Trade Safety——Taking Global Financial Crisis Triggered by a Sub-prime Mortgage as an Example

In the United States, such product chains ranging from sub - prime mortgage loans to sub - loan bonds, have been born as mortgage -backed securities （MBS）, collateralized debt obligations （CDO） and credit default swaps （CDS）as well as the stakeholder chains including professional mortgage companies, rating institutions, hedge funds, special purpose vehicles （SPV）, investment banks, etc. For profit -seeking purpose, the various stakeholders link credit market, derivatives market, the stock market through the product chains with commodity markets. When global investors make investment, the United States market, in turn, is connected with the markets in various countries. This is the conduction mechanism for U.S. credit derivatives resulting in global financial crisis. Therefore, financial derivatives transactions should be incorporated into the uniform WTO financial services regulatory framework, putting all the participants creating primary financial products and derivatives into supervision, making professional liquidation bodies central security party for over- the -counter derivatives, responsible for disclosure of such information on off - balance derivatives, exposures and asset written - offs, gradually strengthening the financial supervision over the safety of trade in services.