بررسی سیر تحول مقررات‌گذاری ابزارهای مشتقه با تأکید بر معاملات انرژی و نفت در ایالات‌متحده‌آمریکا

نوع مقاله : علمی پژوهشی

نویسندگان

1 استادیار گروه حقوق خصوصی و اقتصادی دانشکدۀ حقوق و علوم سیاسی دانشگاه علامۀ طباطبائی

2 دانشجوی دکتری مدیریت قراردادهای بین‌الملل نفت و گاز دانشگاه علامۀ طباطبائی

چکیده

ایالات‌متحده‌آمریکا یکی از خاستگاه‌های مهم ابزارها و بازارهای مشتقه در معاملات انرژی و دارای تجربیات مقررات‌گذاری و قانون‌گذاری آموزنده برای دیگر کشورها در این زمینه است. در این مقاله، پیشینه و سیر تحول هشت قانون مصوب برای مقررات‌گذاری بر مشتقات در این کشور از بیش از 150 سال گذشته، در دو دورۀ زمانی پیش و پس از ظهور مشتقات نفت و انرژی مورد بررسی قرار گرفته است. چهار قانون نخست، مصوب پیش از پیدایش مشتقات انرژی و عمدتاً مربوط به معاملات کشاورزی است که نیا و سنگ بنای قوانین دورۀ دوم به‌شمار می‌آیند؛ درحالی‌که چهار قانون اخیر مربوط به پس از پیدایش و کاربرد ابزارهای مشتقه در معاملات نفت و گاز و انرژی در پنج دهۀ اخیر است. در این نوشتار، سیر تحول، انگیزه‌های وضع هریک از این قوانین و سازوکارهای مقررات‌گذاری و مفاد آن‌ها بحث و بررسی شده و سرانجام، درس‌آموخته‌ها برای مقررات‌گذاری معاملات مشتقات انرژی در ایران و جهان ارائه شده است.

کلیدواژه‌ها


عنوان مقاله [English]

STUDY OF THE EVOLUTION OF FINANCIAL DERIVATIVES REGULATION IN THE UNITED STATES WITH EMPHASIS ON ENERGY AND OIL TRADES

نویسندگان [English]

  • Mohammad Mahdi Hajian 1
  • Mohammad Amin Imani 2
1 Assistant Professor in Department of Private and Economic Law, Faculty of Law and Political Science, Allameh Tabataba'i University
2 Ph.D. Student in Management of International Oil and Gas Contracts, Allameh Tabataba'i University
چکیده [English]

The United States is one of the important origins of derivative instruments and markets in energy trading and has regulatory experiences instructive for other countries. In this paper, the background and evolution of eight laws adopted for derivatives regulation in this Country over the past hundred and fifty years in two periods -before and after the emergence of oil and energy derivatives- have been examined. The first four laws are enacted before emergence of energy derivatives and are mainly related to agricultural transactions that are the basis of the second period laws. The last four laws are related to after emergence and application of derivative instruments used in oil, gas and energy transactions in the last five decades. This article discusses the motivations, regulatory mechanisms and contents of each of these laws and finally presents the lessons learned for regulating energy derivatives in Iran and the world.

کلیدواژه‌ها [English]

  • Derivative Instruments
  • Energy
  • Oil and Gas
  • Regulation
  • United States
الف) فارسی
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2. هال، جان (1384). بانی مهندسی مالی و مدیریت ریسک. ترجمۀ سجاد سیاح و علی صالح‌آبادی، تهران، شرکت کارگزاری مفید.
ب) خارجی
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20. Crotty, James (2009). "Structural causes of the global financial crisis: a critical assessment of the ‘new financial architecture’". Cambridge Journal of Economics, 33, pp 563-580.
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23. Saunders, Benjamin (2010). "Has the Financial Services Reform Act fixed the problems with the regulation of securities and derivatives?". Journal of Banking and Finance, 21.
24. Yunnian, Zhang (2009). "On the Legal Regulation of Financial Derivatives Market Objectives and Implementation Mechanism [J]". Science Mosaic, 10: 050.
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http://www.cftc.gov/About/HistoryoftheCFTC/index.htm.
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27. Anti-gold futures act of 1864 (An Act to Prohibit Certain Sales of Gold and Foreign Exchange).
28. Commodity Exchange Act of 1936.
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31. Dodd–Frank Wall Street Reform and Consumer Protection Act.
32. Futures Trading Act of 1921.
33. Futures Trading Practices Act of 1992.
34. Grain Futures Act of 1922.