In order to prevent the recurrence of the financial crisis,the Group of 20(G20)continued promoting regulatory reform in the field of derivatives and adopted the G20 Leaders'Statement in 2009,which sets out an international program for the cross-border regulation of derivatives in the form of commitments.However,due to the divergence of regulatory concepts in various jurisdictions,geopolitical conflicts,and certain limitations of the plan itself,the differentiation of cross-border regulatory rules of derivatives in various countries has become prominent in the implementation of the international plans,resulting in frequent cross-border regulatory arbitrage and conflicts of derivatives,and the development of the world derivatives market has been adversely affected.Under such circumstances,it is imperative to strengthen international coordination and take effective measures to break through the obstacles to the implementation of G20 international programs.Based on the comparative analysis of the traditional bilateral and unilateral governance approaches to curb cross-border regulatory arbitrage of derivatives,the governance path is proposed of"substituted compliance"mechanism with the help of the concept of multilateral regulatory compliance in order to"harden"the effectiveness of the financial soft law,alleviate the problem of mismatch of resources,and promote the development of regulatory technology.In this way,the problem of cross-border regulatory differentiation of derivatives can be eliminated,and the effective implementation of the G20 international program can be promoted.
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