论区块链证券结算的选择及制度展开  

The Innovation and Its Institutionalization of Securities Settlement System under Blockchain

作　　者：卜学民 马其家[1] BU Xue-min;MA Qi-jia

机构地区：[1]对外经济贸易大学法学院,北京100029

出　　处：《福建师范大学学报（哲学社会科学版）》2020年第6期94-105,171,共13页Journal of Fujian Normal University:Philosophy and Social Sciences Edition

基　　金：对外经济贸易大学双一流学科建设项目“区块链时代金融法律规则创新研究”(710063)。

摘　　要：在传统证券结算体制中,安全、效率和成本难以兼得,结算垄断阻碍了技术创新,这些顽疾限制了证券结算的发展。区块链技术与证券结算相匹配,恰好能够有效解决这些问题。尽管区块链证券结算也存在不足之处,但其不足可以克服,其亦是利益衡量和监管考量后的选择。在应用时,我国应该以充分性为前提,同时从法律制度和监管制度两方面为区块链证券结算保驾护航,包括革新结算制度、规范智能合约、引入沙箱监管,并构建中心化的监管体系和以区块链结算平台为核心的权责体系。In the traditional securities settlement system,high security,high efficiency and low cost can not be acquired simultaneously and the settlement monopoly hinders technological innovation.These shortcomings hinder the development of securities settlement.However securities settlement matching blockchain technology can solve these problems effectively.There exist deficiencies in blockchain securities settlement,but these are solvable.Blockchain securities settlement is the choice after interest measurement and regulatory consideration.China should take fully goal achievement as the premise and protect the blockchain securities settlement from both legal and regulatory systems,including reforming settlement system,regulating smart contracts,introducing regulatory sandbox and establishing a centralized regulatory system and a rights and responsibilities system centered on the blockchain settlement platform.

关 键 词：区块链 证券结算 结算制度 监管创新 

分 类 号：D922.28[政治法律—经济法学]