区块链技术在证券结算中的应用与监管应对  

Application of Block-Chain Technology in Securities Settlement and Regulatory Response

作　　者：萧鑫[1] XIAO Xin(China-EU School of Law,China University of Political Science and Law,Beijing 100088)

机构地区：[1]中国政法大学中欧法学院,北京100088

出　　处：《行政法学研究》2020年第3期134-148,共15页ADMINISTRATIVE LAW REVIEW

摘　　要：基于区块链技术的特点,其在证券结算上的应用不仅有利于提升证券结算的效率、化解传统中心化结算体制下的风险,而且还能起到降低结算关系复杂程度、促进数据标准化和开放的积极作用,但也不可避免地会存在潜在的问题。既包括区块链技术的一般问题,也包括将其应用于证券结算的特殊问题:极高的算力成本会限制去中心化的程度,交收最终时点潜在的不确定性会影响交易安全,去中心化体制的构建还会对证券交易的既有制度产生"破坏性"。正因为如此,将区块链技术应用于证券结算,就难免引起监管目标实现上的三难问题。就此而言,监管者应当践行倾向于原则的监管,将防范系统性风险作为优先的监管目标。同时积极实施和完善试行制度,并确保区块链底层技术的标准化、通用性和安全性。最后,应在很长一段时间内确保最低程度的"集中统一",坚持三大职能合一基础上的分担模式。Based on the characteristics of blockchain technology, its application in securities settlement is not only beneficial to improving the efficiency of securities settlement and resolving the risks under the traditional centralized settlement system, but also plays a positive role in reducing the complexity of settlement relations and promoting data standardization and publicity.Inevitably, however, there will also be potential problems.Some are the general problems of blockchain technology, and others are the special problems of its application to securities settlement: the high computing cost limits the degree of decentralization, the potential uncertainty of the final settlement time point affects the transaction security, and the construction of the decentralized system will also be "disruptive" to the existing system of securities trading.As a result, the application of blockchain technology to securities settlement inevitably raises a trilemma problem of regulation.In this regard, regulators should practice more-principle-based regulation and regard take prevention of systemic risk as the priority of supervision objectives, while at the same time actively implement and improve the pilot system, and ensure the standardization, universality and security of the underlying technologies of blockchain.Finally, it is important to maintain the minimum level of "centralization" for a long period of time, and adhere to the sharing mode based on the integration of the three major functions.

关 键 词：区块链技术 证券结算 应用挑战 监管应对 

分 类 号：F832.51[经济管理—金融学] TP311.13[自动化与计算机技术—计算机软件与理论]