商业银行金融衍生产品的开展与风险管理__--__交通银行金融衍生产品探讨.pdf

IV 商业银行金融衍生产品的开展和风险管理 ——交通银行金融衍生产品探讨摘 要 到 2006 年底,按照 WTO 协议规定,中国银行业全面放开,外资银行迅速抢滩中国金融市场。 2005 年以来中国人民银行进行了汇率制度改革、相继推出了促进外汇远期交易等一系列创新措施,各大国有银行纷纷上市,管理模式和经营思路逐渐与国外接轨,衍生创新产品成为中国商业银行业发展的新动向,是竞争的焦点和利润的新的增长点,同时也是监管部门的进行风险管理的新领域和难点。金融衍生产品在国际金融市场有着上百年的发展历史, 其产品设计、交易模式和风险管理相对成熟, 而国内的衍生产品市场还处于初创时期。金融衍生产品的复杂性和监管的困难性决定了其在我国的发展不会类同于普通的金融产品,所以商业银行原有的比较单一的产品的模式(存贷业务)将不能适应新发展的要求。本论文以交通银行为典型例子,通过对其金融衍生产品发展、交易和管理的探讨,来研究我国商业银行金融衍生产品的发展和风险管理问题。主要内容包括,国际商业银行金融衍生产品的发展现状和我国金融衍生产品市场的发展介绍,对在我国的开展业务的中外商业银行的金融衍生产品的发展进行分析,对人民银行、银监会等监管部门推出的指导和监管条例等进行梳理;其次,以交通银行为具体实例,从商业银行衍生产品自身风险管理和监管机构风险监管的角度,阐述机构局部和整个 V 市场的风险管理和监管问题;最后,对我国商业银行衍生产品发展的方向和前景进行展望,并提出具有指导意义的发展思路。关键字: 金融衍生产品,商业银行,风险管理 VI THE FINANCIAL DERIVATIVES DEVELOPMENT AND RISK MANAGEMENT MERCIAL BANKS ——The Elementary Derivatives Research in Bank of Communication ABSTRACT According to the agreement of WTO, foreign banks will be permitted to run all kinds of bank prod ucts by the end of 2006, so they will crowd into China’s financial market after the opening policy of China’s banking. The People’s Bank of China drove the initial rate system reform in 2005, following by a series of innovations including developing FX forwards. At the same time, commercial banks we re listed in overseas market in ession, while their managerial mo del and operational strategy e integrated into the global market. As a result, derivatives, which chart the orientation of modern finance, have e a new trend mercial banking development in China as well as new territory of risk management in supervising department. And also ther e will be a tug of war petition for new profits development. Derivatives boast hundreds of year s’ history in globa l financial market with mature products designing, exch ange model and ri sk management. However, derivatives are still in th e primary stage in China. Ordinary VII products will not fit domestic market due plexity of derivatives and difficulty of supervising. So co mmercial ba