• 德和衡金融衍生品团队助力国际顶级投行进入中国金融衍生品市场
  • 来源:北京德和衡律师事务所????日期:2019-08-21

? ? ? ?近期,北京德和衡(上海)律师事务所金融衍生品团队成功牵手某国际顶级投行,以其英国实体账户并借助某香港知名期货经纪商作为通道进入中国金融衍生品市场。该项目的主办律师为金融衍生品部主任黄梦奇律师、文露律师

?????? 本次交易的难点在于涉及欧盟、英国、中国香港及中国内地多地监管市场。特别是在英国脱欧的特殊形势下,欧盟法案对英国实体账户的有效约束性问题。在本次交易中,金融衍生品团队深入分析《欧盟金融工具市场指令Ⅱ》(MIFID II)及《银行复苏与处置指令》(BRRD)等诸多金融衍生品工具相关的欧盟法案,并结合英国本地法律对进入中国金融衍生品市场进行可行性分析。除了涉及市场进入相关的法律问题,该团队还为双边主净额结算(Main Netting)的ISDA 主协议特殊条款规定进行了全面风险审查及法律意见出具。在国际金融衍生品市场,ISDA主协议对行业的影响力非常高,ISDA主协议由ISDA(国际掉期与衍生工具协会)颁布,是适用于场外衍生品的标准化协议。



?????? 2019年8月12日,我国第四个对外开放期货品种—20号胶期货,在上海期货交易所国际能源交易中心挂牌交易。随着中国金融衍生品市场的开放,越来越多的国际资本已蠢蠢欲动而争相抢占这个正在崛起的金融衍生品新舞台。正如最近桥水基金的创始人达利欧(RayDalio)认为“现阶段中国的发展,与过去荷兰,英国或美国崛起初期相似,如果此时不再中国投资,犹如错过帝国崛起,反而是很大的踏空风险……”而德和衡金融衍生品团队作为专注从事该领域的团队,凭借其丰富且行业领先的法律服务经验,将致力于携手更多国际资本“走进”中国金融衍生品市场并提供全流程优质的法律服务

DHH Financial Derivatives Team assists a top-international investment-bank to enter China's financial derivatives market.?

Recently, the Financial Derivatives Team of Beijing DHH (Shanghai) Law Firm successfully led a top international investment bank to enter the Chinese financial derivatives market with its British entity account and with a help of channel on a well-known futures broker in Hong Kong.The project is sponsored by the director of Financial Derivatives Department, Mr. Huang Mengqi and Ms. Wen Lu.

The difficulty of the deal is that it involves different types of market through the European Union, the UK, Hong Kong, China and mainland China. Especially in the special situation of Brexit, the effective binding of the EU Act on British entity accounts is a tough question. In this transaction, the Financial Derivatives Team made an in-depth analysis of the EU bills related to many financial derivatives instruments, such as the EU Markets in Financial Instruments Directive II (MIFID II) and the Bank Recovery and Resolution Directive? (BRRD), while combining with the British local bills to analyze the feasibility of entering China's financial derivatives market. In addition to legal issues related to market entry, the Team also conducted a comprehensive risk review and legal advice on the special provisions of the ISDA Master Agreement for the main netting on bilateral principal .In the international financial derivatives market, ISDA master agreement has a very high impact on the industry. ISDA master agreement issued by ISDA (International Swaps and Derivatives Association) is a standardized agreement applicable to over-the-counter derivatives.?

On August 12, 2019, China's fourth futures is open to the world - No. 20 rubber futures, listed for trading at the International Energy Exchange(INE) of the Shanghai Futures Exchange(SFE). With the opening of China's financial derivatives market, more and more international capital has been eager to seize the entrance ticket towards this rising new stage of financial derivatives in China.Just as Dalio (RayDalio), founder of the Bridge Water Fund, recently believed that “the development of China at this stage is similar to the early days of the rise of the Netherlands, Britain or the United States, and if miss investing China at this time, it is like missing the rise of the Empire. On the contrary, it is a great risk of stepping into the air. "?

Specializing in this field, the DHH Financial Derivatives Team, with its rich and industry-leading legal service experience, will be committed to join hands with more international capital to "enter" China's financial derivatives market and provide the whole process with quality legal services.


黄梦奇,德衡律师集团合伙人、北京德和衡(上海)律师联席执行主任、金融衍生品部主任。擅长领域:金融衍生品全产业链法律服务、商事犯罪预防与辩护、区块链及数据合规等
主要业绩:(1)部分诉讼业绩:国内首例马拉松替跑猝死案(代表被告二转让名额方的委托律师,一审驳回原告所有诉讼请求、二审维持一审判决);骆某某挪用资金案(判决缓刑);广东省谢岗4.17特大虚开增值税专用发票案(轻判);河南三门峡赖某某涉嫌邮币卡诈骗案(侦察机关对其撤回起诉);四川省“4.19”特大电信网络诈骗案(正在办理);柯某某非法制造注册商标标识罪案(情节严重,判决拘役三个月,罚金四千元);山东临沂王某某涉嫌诈骗案(撤销案件);(2)部分非诉讼业绩:曾现为多家交易中心、清算中心、碳排放权交易中心、厦门黄金投资有限公司、金一文化艺术品投资公司、上海区链科技网络有限公司、安踏(中国)有限公司、福建匹克投资管理有限公司、七匹狼集团旗下汇鑫小额贷款股份有限公司等大型企业提供法律服务。


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邮箱:huangmengqi@deheng.com


文露,北京德和衡(上海)律师事务所律师,曾保送复旦大学法学院,并获得多家海外知名院校JD offer 。文律师在加入德和衡上海分所之前,曾就职于国内某大型PE投资集团,在战略投资部(BD)&投研部(IRD)&投资部(IBD)均有过工作经验,拥有较为扎实的投行项目能力及投研分析能力。后提拔进入某TMT领域生物医药上市公司的IBD部门担任投资经理,从事上市公司相关的投融资、兼并收购及产业基金等工作,熟悉上市公司的投融资交易、资本市场交易、证券投资性基金及PE募投管退全流程。文律师也曾拥有国内大型律所国际投资部(IVD)、全球500强Consulting Co.Ltd.相关经验。文律师擅长的领域是跨境投资争议解决(PE/VC/CM)、投融资交易(PE/VC/CM)、国际商事仲裁(投资类)、金融衍生品及量化对冲。

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