| 摘要: | 期貨基金主要是以期貨交易為主，範圍涵蓋全球金融市場、貨幣與商品期貨。近年來其發展十分迅速，主要由於全球期貨市場及衍生性商品市場發展與開放，另一方面期貨基金有別於傳統基金，以管理期貨策略與市場低相關性的特色，在傳統投資組合中加入期貨基金，不但可以分散投資組合風險，還能提高投資組合的績效。所以近年來，不僅成為投資人的重要投資工具，且成為機構投資者投資組合中的重要投資部位。 我國在2008年金管會開放期貨信託事業迄今，目前成立有兩檔期貨基金，包括國泰投信發行國泰Man AHL組合期貨信託基金，寶來投信發行寶來商品指數期貨信託基金。 本文以深入剖析國外管理期貨基金發展制度，及借鏡其他國家的經驗，透過分析歐美等先進國家期貨基金的概況與規範制度，比較分析美國、英國、新加坡在期貨基金之規範與制度，及我國期貨信託基金現況。最後在我國政府現行的制度架構下，建議適用於我國期貨信託事業募集的期貨信託基金，並提出我國發展期貨信託基金的建議，應即進一步發展和完善期貨基金市場，開放投資範圍與境外期貨基金、強化風險管理等方面著手。在我國期貨信託市場正要起飛時，若能參考海外發展經驗，必定能讓國內期貨市場更佳蓬勃發展。The futures fund, mainly appearing in futures transactions, covers the global financial markets, currencies and commodity futures. In recent years, it has developed very rapidly, largely due to the development and the opening-up of global futures markets and derivative commodity markets. On the other hand, the futures fund differs from traditional fund, with a low correlation between the managed futures strategies and the market, adding futures fund to traditional investment portfolio can not only scatter the risks in investment portfolio, but also can increase the investment portfolio performance. Therefore, in recent years, the futures fund has not only become investors’ major investment tool, but also become institutional investors’ important investment part in their investment portfolio. Since the Financial Supervisory Commission opened the futures trust enterprises in 2008, two kinds of futures fund have been established by far, which are the Cathay Man AHL futures trust fund of funds issued by Cathay Securities Investment Trust Co., Ltd and the Polaris commodity index futures trust fund issued by Polaris International Securities Investment Trust Co., Ltd. This paper analyzes in depth foreign managed futures fund development systems, learns other countries’ experiences, and comparatively analyzes the norms and systems among the USA, England and Singapore on the futures fund and our country’s current situation of futures trust fund through analyzing the general situations and systems of the advanced countries in Europe and America. Finally, based on our government’s current system frameworks, this paper suggests the futures trust funds applicable to our country’s futures trust enterprises in fund-raising, and makes the following suggestions on our country to develop futures trust funds： further develop and improve the futures fund markets, expand investment scope and open foreign futures funds and strengthen risk management. At the time when our country’s futures trust markets are ready to take off, if we succeed in borrowing overseas development experiences, we will definitely further prosper domestic futures markets. |
