我国金融衍生交易终止净额结算之破产法探析  

Probing into Bankruptcy Law for Close-out Netting Settlement of Financial Derivative Transaction in China

作　　者：闫海[1] 佟爽[1] 

机构地区：[1]辽宁大学,辽宁沈阳110136

出　　处：《征信》2016年第3期7-13,共7页Credit Reference

基　　金：教育部哲学社会科学研究重大课题攻关项目(13JZD012)

摘　　要：金融衍生交易终止净额结算是一种重要的信用风险缓释技术,有助于提高金融资金效率、避免金融市场系统性风险,被国际上ISDA主协议和我国NAFMII主协议所承认。终止净额结算的法理基础是抵销,与我国《合同法》相协调,但发生破产类违约事件时,则与我国《企业破产法》及司法解释相冲突。我国应当制定《金融衍生交易法》,明确金融衍生交易的概念、合格交易、合格主体,以确定终止净额结算的范围,确认单一协议和提前终止权的效力,具体规定终止净额结算的规则,同时防止金融衍生交易终止净额结算被滥用。Close-out netting settlement of financial derivative transactions is an important credit risk mitigation technique to improve the efficiency of financial funds and avoid systemic risk in financial markets,and is internationally recognized by ISDA Master Agreement and by NAFMII Master Agreement in China. The legal basis for close-out netting settlement is offset,which is in coordination with Contract Law of China,but inconsistent with Bankruptcy Law for Enterprises and judicial interpretations in China in case of bankruptcy default events. It＇s necessary for China to formulate Financial Derivative Transactions Act to clarify the concept of financial derivative transactions,qualified transactions,qualified subjects,so as to specify the scope of close-out netting settlement,confirm the effectiveness of a single agreement and early termination rights,and make rules for specific provisions of close-out netting settlement while preventing the abuse of close-out netting settlement of financial derivative transactions.

关 键 词：金融衍生交易 终止净额结算 抵销 合同法 破产法 

分 类 号：F830.9[经济管理—金融学] D922.29[政治法律—经济法学]