| 衍生品合约失败案例研究及其启示 |
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| 引用本文： | 刘凤元.衍生品合约失败案例研究及其启示[J].证券市场导报,2010(3). |
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| 作者姓名： | 刘凤元 |
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| 作者单位： | 华东政法大学经济法律研究院; |
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| 基金项目： | 国家社科基金项目(项目编号:09BFX061) |
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| 摘 要： | 开发新衍生品合约需要耗费大量资源,且并不是每一个新合约都会成功。本文对全球部分失败衍生品合约分析发现,现货保值需求不足、交易成本过高、合约规模太大以及交割规则不合理等因素,都可能导致合约交易量偏低甚至退市。文章最后还分析了沪深300指数可能影响交易量的潜伏缺陷。
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| 关 键 词： | 金融衍生品 金融创新 衍生品开发 衍生品市场 |
Case Study about the Failure Derivatives Contracts and Their Lessons |
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| Liu Fengyuan.Case Study about the Failure Derivatives Contracts and Their Lessons[J].Securities Market Herald,2010(3). |
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| Authors: | Liu Fengyuan |
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| Abstract: | Developing new derivatives contracts may require lots of resources, and not any new contract would be successful. We globally analyzed some failure derivatives contracts, and found that insufficient cash hedge demand, too high trading cost, excessively large contract size, and unreasonable deliver rule all could lead to a low contract volume, even delisting. At last, in this paper we analyzed a potential defect that Shanghai and Shenzhen 300 index may affect the volume of futures contracts. |
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| Keywords: | Financial Derivatives Financial Innovation Derivative product development Derivatives market |
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