衍生品市场中央对手方清算融合发展的路径探析  

Analysis of the Integrated Development of Central Clearing Counterparties in Derivatives Markets

作　　者：刘月[1] LIU Yue(Peking University,Beijing 100871,China)

机构地区：[1]北京大学,北京100871

出　　处：《中国证券期货》2024年第4期74-82,共9页Securities & Futures of China

摘　　要：2022年4月,《期货和衍生品法》正式出台,其中明确“期货结算机构作为中央对手方,是结算参与人共同对手方”。这是我国在法律层面首次确认中央对手方概念。中央对手方机制发源于期货市场,并因“合约履行保障者”的功能在期货市场的历史演进中扮演了重要角色。2008年金融危机后,符合条件的场外衍生品合约应进行中央对手方清算被确立为各国场外衍生品改革的一项首要原则。在全球监管改革进程中,中央对手方清算机构逐渐带有提供准公共服务的特征,在“合约履行保障者”身份基础上叠加了“市场风险管理者”的特点,清算机构不再是单纯的商事服务提供者,还承担着提供准公共服务的作用。与此同时,全球一些大型综合清算机构逐步形成,同时为场内外交易提供清算,成为重要的跨国金融市场基础设施。我国中央对手方清算目前仍存在明显的业务区分与监管区分,尚未形成融合发展的综合清算机构。全国金融工作会议提出,要加强金融基础设施的统筹监管和互联互通,在全球中央对手方清算融合发展背景下,应关注场内外清算融合发展的法律制度保障,提升金融基础设施的国际竞争力,为建设金融强国夯实基础。In April 2022,the Futures and Derivatives Law was been promulgated,which clearly stated that“as central counterparties,futures clearing institutions are the common counterparties of clearing participants”.This is the first time that recognized the concept of central clearing counterparties in the law.The central clearing mechanism originated from the futures market and played an important role in the evolution of the futures market as a“contract performance guarantor”.After the 2008 financial crisis,it has established a primary principle of over-the-counter derivatives market reform that qualified over-the-counter derivatives contracts should be central cleared.In the global regulatory reform process over the past decade,central clearing institutions have gradually taken on the characteristics of providing quasi-public services,as a“market risk managers”on the basis of“contract performance guarantor”.At the same time,some large comprehensive clearing institutions have gradually formed around the world,providing clearing for both on-and off-exchange transactions,becoming important infrastructure for transnational financial markets.At present,there are still obvious business and regulatory distinctions in China's central clearing,and a comprehensive clearing institution for integrated development has not yet been formed.The National Financial Work Conference proposed to strengthen the overall supervision and interconnection of financial infrastructure.We should pay attention to the legal system of the integration development of central clearing,enhance the international competitiveness of financial infrastructure,and build a solid foundation for a strong financial country.

关 键 词：中央对手方 期货市场 场外衍生品市场 融合发展 

分 类 号：F832.5[经济管理—金融学] D922.287[政治法律—经济法学]