Abstract The importance and special risks of financial derivatives market made the supervisors face an unavoidable challenge. In fact, it is a long time that the thoughts and notions to oversee the derivatives market have emerged, and the correlated theories have made a great breakthrough in the past twenty years. Furthermore, some developed countries have got the experience during their supervising activities. All of these inspired us to build up multilayer system that could effectively supervise the financial derivatives market through legislation, institution innovation and abroad cooperation.
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Received: 20 October 2006
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