On Joint Supervision on Financial Derivatives Market: an Analysis based on Supervision Production Efficiency and Reliability Designing

Jiang-hua HU, Zong-cheng ZHANG

Abstract


The abnormalities in each aspect of the financial derivatives trade are likely to affect the market efficiency. The paper uses the thought of the financial engineering to decompose the supervision of the derivatives market. The paper also elaborates the relationship between the input and the efficiency of the supervision in each aspect through establishing product function and stochastic process to explain the influence from the specialization input to the supervision efficiency and applying reliability designing theory to prove the high efficiency of the joint supervision. And the paper discusses the margin of the united organization through using the cost and revenue comparison principle of the division theory to put forward the consideration for establishing the mode and frame of the derivatives joint supervision in China.
Key words: the financial derivatives, joint supervision, efficiency, reliability designing
Résumé: Le fonctionnement anormal de chaque étape ou de chaque aspect dans la transaction des dérivés financiers peut exercer des influences sur l’efficacité du marché. Le présent article, en utilisant la pensée de travaux financiers, entreprend une analyse sur l’activité de contrôle du marché des dérivés. L’auteur établit la fonction de production et le processus stochastique pour exposer la relation entre l’entrée du contrôle et l’efficacité du contrôle. Il prouve la haute efficacité du mode de contrôle conjoint avec la théorie de conception de la fiabilité et discute des limites de l’organisation conjointe. De ce, l’auteur propose sa conception sur le mode de contrôle conjoint des dérivés de notre pays et la construction de son cadre.
Mots-clés: dérivés financiers, contrôle conjoint, efficacité, fonction de production, conception de la fiabilité
摘要:金融衍生品交易所涉及的每一個環節和方面的不正常,都有可能影響市場效率。本文運用金融工程的思想,對衍生品市場的監管活動進行分解,通過建立生產函數和隨機過程闡述在每一個方面和環節的監管投入與監管效率的關係,以此說明專業化投入優勢對監管效率的影響,運用可靠性設計理論證明聯合監管模式的高效率,並用分工理論的成本收益比較原理,論述聯合組織的邊界,在此基礎上,提出我國衍生品聯合監管的模式和框架建立的設想。
關鍵詞:金融衍生品;聯合監管;效率;生產函數;可靠性設計

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DOI: http://dx.doi.org/10.3968%2Fj.ccc.1923670020070304.002

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