探究美国金融改革中关于场外衍生品市场反操纵监管改革的优质内核及其依旧存在的缺陷,有利于我国在了解他国场外市场监管经验与教训的基础上进行有效借鉴。我国有必要拓展反市场操纵的监管范围,以深入的场外衍生品市场监管与司法实践充实反衍生品操纵原则性规范的发展性内涵,对不断更迭的市场操纵行为类型形成及时的政策准备。应通过建构预防性与惩罚性适度并重的反操纵政策定位,强化场外市场监管的针对性,填补反场外衍生品操纵监管空白。 Exploring the high-quality kernel and its still existing defects in the anti-regulatory supervision reform of the OTC derivatives market in U.S. financial reform will help our country learn from the regulatory experience and lessons learned from other countries’ overseas markets. It is necessary for our country to expand the scope of supervision over anti-market manipulation, deepen the developmental connotation of anti-derivatives norms and manipulate the market regulation and judicial practice, and formulate timely policy preparations for the ever-changing types of market manipulation. It is necessary to strengthen the targeting of the OTC market by building a proactive and punitive moderate anti-rival policy and to fill the gap of regulatory control over anti-OTC derivatives.