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標題: | 從 0206 期權事件論期貨經紀商代為沖銷之法律意涵 Legal Implications of Brokers’ Offsetting of Futures Position on Behalf of the Principal:A Case Study of the 0206 Options Idcident |
作者: | Chia-Chen Hsieh 謝佳珍 |
指導教授: | 唐代彪 |
關鍵字: | 期貨,0206,代為沖銷,善良管理人,保證金, futures,0206,offset the futures position on behalf of the principal,offset mechanism,good administrators,margin trading, |
出版年 : | 2019 |
學位: | 碩士 |
摘要: | 本文主要是藉由0206事件探討代為沖銷之法律意涵。經過文獻參考及瞭解期貨市場主要運作狀況後,得到結論如下:
期貨交易為保證金交易,代為沖銷機制主要目的在於為避免期貨市場發生違約交割事件,具有穩定市場結算交割運作之功能,除屬期貨經紀商應盡之善良管理人義務之一,亦屬主管機關所賦予之具公法性質的義務,而另一方面,期貨經紀商在接受期貨交易人開戶從事期貨下單交易前,期貨經紀商須對期貨交易人盡到告知期貨風險義務,畢竟期貨商品為高風險高槓桿商品,期貨交易人雖有機會獲得高報酬,但也有可能遭受重大損失,所以風險告知事項極為重要。 再者,期貨經紀商與期貨交易人在下單前已簽署載有代為沖銷之委任簽約、因此一旦市場行情碰觸到有代為沖銷條件時,期貨經紀商即應執行代為沖銷,倘當時未採代為沖銷反而涉有未盡善良管理人義務之虞,而期貨交易人則應接受代為沖銷後的損益結果,並不得以代為沖銷結果為虧損,歸責於期貨經紀商未盡善良管理人責任而要求損害賠償。 由於期貨市場交易速度之快,期貨經紀商與期貨交易人都難掌握期貨市場價格之瞬間變化,為解決人為判斷代為沖銷時機、數量或價格所帶來的期貨交易爭議事件,未來或可建議採用電腦平倉,期使代為沖銷程序更為合理、透明,同時期貨交易人亦應加強期貨保證金之管理及提高對期貨交易風險的認知,以降低期貨交易糾紛案件。 This paper mainly discusses the legal issues on futures brokers offset the futures position on behalf of the principal (hereafter referred to as “offset mechanism '). After studying literatures and understanding the main operations of the futures market, the conclusions are as follows: Futures trading is a margin trading. The main purpose of the offset mechanism is to avoid the occurrence of default and stabilize the settlement in the futures market. This is one of the duties as good administrators to the futures brokers. Before accepting new accounts and futures orders., futures brokers should inform futures traders the nature and potential risks of the futures and the losses may be caused from the trading. Therefore, informing the futures traders the risks of the futures is very critical in the futures trading. Futures brokers and futures traders have signed a commission contracts in agreement with offset mechanism before the order is placed. Therefore, once the specific conditions have been met, the futures brokers should execute the offset. If the futures brokers don’t execute the offset and violate the duty of good administrators, the futures traders should undertake the loss resulting from the offset mechanism. Due to the changing speed in the futures market is very fast, it is difficult for futures brokers and futures traders to realize the instantaneous changes in the futures prices. In order to solve the futures offset mechanism disputes caused by the human judgment, using computer to offset the position of the futures can provide more reasonable and transparent trading procedure. Moreover, in order to reduce disputes between brokers and traders, futures trader should also strengthen the management of futures margin and raise awareness of the trading risks to reduce futures trading disputes with futures broker. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/72933 |
DOI: | 10.6342/NTU201901665 |
全文授權: | 有償授權 |
顯示於系所單位: | 國家發展研究所 |
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