从CDS看金融衍生品的异化与监管——以瑞银集团诉Paramax案为例

本文以最具代表性的金融衍生品——信用违约互换（CDS）为例，结合次贷危机后第一例CDS诉讼——“瑞银诉Paramax”，分析了CDS这一金融创新异化的过程以及法律因素在其中扮演的角色。CDS的形式是市场主体之间缔结的合同。正是合同下的履约风险消解了CDS作为信用风险管理工具的基本价值，促成了其从保险机制到投机工具、从合同到不受监管的“证券”的异化。这也表明，以形式至上为特征的法律与监管机制在功能（实质）至上的金融创新面前恐怕难以避免失败的结局。

The Alienation of Financial Derivative Products:from the Perspective of Ruiyin Group v. Paramax

The author takes UBS vs.Paramax,the first reported CDS litigation after the sub-prime mortgage crisis,as an example to analyze how CDS develops into a speculative product,and the role of law in this process.CDS transactions are carried out by contracts between parties.It is the credit risks inbuilt in the contract performance that have diminished fundamentals of CDS as a credit-risk-management instrument,thus leading the transformation from an insurance instrument to a speculative instrument,from contract t...