緩解店頭衍生性金融商品交易之資訊不對等——以完善現有機制出發

Abstract

資訊不對等之問題於金融交易中並不罕見，特別係於各種複雜店頭衍生性金融商品之交易中，交易雙方可能對於許多資訊存在資訊不對等，此時，若未以相關機制加以緩解，可能會產生市場失靈之現象，甚至導致投資人之虧損。因此，如何以完善現有機制之方式，緩解投資人交易店頭衍生性金融商品時所面臨之資訊不對等，構成本文之研究主題。

首先，本文將先就衍生性金融商品與資訊不對等進行介紹。其次，本文除探討各種金融商品交易時，投資人容易面臨之資訊不對等問題外，亦將店頭衍生性金融商品之交易前、交易後，投資人間易就何種資訊產生資訊不對等做出整理。再者，本文將介紹現有緩解資訊不對等之機制：說明義務、信用評等機構、適合性義務、集中結算機構，及其係如何緩解店頭衍生性金融商品交易中之資訊不對等，並指出其運作上之不足之處。最後，本文將提出完善該等機制之方法，提出能更有效緩解資訊不對等之建議。綜上，本文認為資訊不對等雖無法完全消除，然應由資訊優勢方藉由相關機制，盡力彌補與交易對手間之資訊落差；資訊弱勢方亦應積極尋求相關機制之協助，以緩解其資訊不對等。如此，方得將店頭衍生性金融商品交易之資訊不對等控制於一定程度，並使我國店頭衍生性金融商品市場之發展愈趨成熟。

Information asymmetry is commonly observed in financial product transactions, especially in the trading of complex over-the-counter (OTC) derivatives. In such cases, the two parties involved may experience significant information asymmetry. If information asymmetry is not mitigated through appropriate mechanisms, it could lead to market failure and even result in financial losses for investors. Therefore, this thesis focuses on how to enhance existing mechanisms to address the information asymmetry problem faced by investors when trading OTC derivatives.

This paper starts by introducing derivatives and the concept of information asymmetry. Furthermore, this paper analyzes the information asymmetry issues often faced by investors in different financial product transactions, as well as information asymmetry problems that may arise among investors before and after trading OTC derivatives. Moreover, there are existing mechanisms designed to deal with information asymmetry problems, such as duty of disclosure, credit rating agencies, principle of suitability, and central counterparty. This paper examines their roles in mitigating information asymmetry in OTC derivative trading and their limitations. Finally, this paper proposes methods to enhance these mechanisms, ensuring a more effective resolution of information asymmetry in OTC derivative trading.

In conclusion, although information asymmetry cannot be entirely eliminated, the information-advantaged parties should use mechanisms to minimize the information gap with their counterparties. On the other hand, the information-disadvantaged parties should actively utilize these mechanisms to reduce their information asymmetry. In this way, the level of information asymmetry in OTC derivative transactions can be better controlled, fostering a better OTC derivative market in our country.