期貨交易及風險控管制度之探討

The Study of Futures Trading Risk Management Mechanism

陳靜怡(CHING-YI CHEN)

指導教授 ： 黃劭彥

國立中正大學/管理學院/會計資訊與法律數位學習碩士在職專班/碩士(2016年)

摘要

由於期貨市場於2011年8月發生期貨重大違約及眾多客訴糾紛事件，經主管機關指示期貨公會與期貨業者共商研議期貨交易風險控管機制規範。惟歷經近2年研議，2013年7月推出實施的新版期貨交易風險控管機制，期貨市場仍於2015年8月再度發生了大額且大量之超額損失、違約及客訴糾紛事件。因此，本研究主要藉由專家問卷訪談方式，探討該風控專案規範之實施效益與相關實務風險問題，進一步分析瞭解現行期貨交易及風險控管相關之內部控制作業規範是否未臻完善，或於實際落實面上有否窒礙難行之處，或有否衍生期貨商與客戶間更難以化解之糾紛問題。

針對本研究分析中所發現之期貨交易風險控管制度於作業規範面、人員管理面、交易人保護面相關問題及潛在風險，最後提出具體改進建議，期能發揮減少客訴交易糾紛及防範重大違約案件發生之效果，亦或能有助於降低期貨商經營風險，促進期貨市場穩健發展。

關鍵字

客訴 ； 違約 ； 風險控管 ； 期貨交易

並列摘要

In August 2011, fundamental default and lots of customer complaints occurred in the futures market, therefore, the supervisory organization commanded the futures association and futures companies to co-study the regulations about management mechanism to control futures trading risk. However, after nearly two years, a new version of management mechanism of futures trading risk was launched and implemented in July 2013. Nevertheless, many large value over-losses, default and customer complaints still occurred in the futures market. Therefore, in this study, we adopt expert’s questionnaire and interview method. This study try to investigate the implementation effectiveness about the 2013 risk management regulation. Furthermore, the study analyze whethrer internal control operation procedure related to the present futures trading and risk management or not. Is there any difficulty to implement the requlation in the practical facet? Is there any trouble derived between the futures company and the customer?

The result of this study is that further trading potential risks relate to operation standard aspects, personnel management aspects and transaction personprotection aspects of the risk management mechanism. Finally, this study provides some suggestions and hope that customer complaints can be reduced, and fundamental default can be prevented. In addition, these suggestions can also be helpful in reducing the operation risk of the futures companies and in promoting the stable development of futures market.

並列關鍵字

Customer Complaint ； Default ； Risk Management ； Futures Trading Risk

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