从巴林银行案和中航油事件看衍生工具的风险控制

许多著名的衍生性金融工具灾难并非全因衍生性交易本身所引起,而是由于缺乏健全的风险控制制度。巴林银行破产案和2004年底发生的中航油事件即是这样两个典型案例。通过这两个震惊世界的案例可以看出,企业从事衍生工具交易必须要建立和完善风险控制机制,但更重要的是,应当切实保证相关的控制政策和程序被有效地执行。

Risk Control over Derivative Instruments: Case Studies

Most catastrophes of derivatives are not the results of the derivative itself but of the lack of effective risk control mechanisms.The collapse of the Baring Bank and the failure of China Aviation Oil(Singapore) are two typical cases which resulted from the failure of internal control.Before engaging in derivative transactions,entities should establish and maintain effective risk control mechanisms.More importantly,the entities should ensure that all relevant control policies and procedures are implemented rigorously.