论ISDA主协议中的终止净额结算制度

发布时间：2018-04-25 21:26

本文选题：ISDA主协议 + 终止净额结算　；参考：《华东政法大学》2012年硕士论文

【摘要】：终止净额结算制度被称为ISDA主协议的三大支柱之一，理解终止净额结算制度是理解ISDA主协议、国际衍生交易制度乃至整个金融交易市场的关键。众所周知，终止净额结算制度最主要的作用就是规避破产法中的“挑拣履行行为”,它不仅对衍生交易主体有积极意义，还有降低衍生交易市场系统性风险的作用。对衍生交易主体而言，终止净额结算一方面可以控制和降低金融衍生交易市场的信用风险：在终止净额结算安排下，交易对手的风险敞口将大大降低，有助于控制交易对手的信用风险；另一方面有助于金融机构降低从事金融衍生产品的成本、提高资本金的利用效率：由于巴塞尔新资本协议对终止净额结算的有条件认可，在计算金融机构资本充足率时予以考虑，使得相同的资本金可以支持更大规模的金融衍生交易。然而在我国现有法律体系下，ISDA主协议中的终止净额结算制度却存在着种种不确定性，严重阻碍了我国金融衍生交易的发展。本文通过对阐述ISDA主协议中终止净额结算制度、辨析终止净额结算与抵销制度的差异进而界定终止净额结算制度并对终止净额结算进行价值分析，完整描述了终止净额结算制度在我国的法律困境，并在借鉴英美两国的立法经验和比较三种主流解决方法之后，就我国如何解决终止净额结算制度的法律困境提出了自己的建议。本文除导言和结语外，共分四章。第一章是ISDA主协议调整对象即金融衍生产品的概述并对ISDA主协议进行了简单考察，这部分是全文的理论支点。首先，考察了金融衍生产品的概念、本质和三大功能，对2008年金融危机后金融衍生产品的性质进行反思，对金融衍生产品的发展现状进行概述，通过对金融衍生交易进行分类界定场外衍生交易是ISDA主协议的具体调整对象，签订ISDA主协议已经成为进行场外衍生交易的前提条件。其后、对ISDA主协议的产生背景、演变历程和文件群结构进行概述。ISDA主协议是终止净额结算制度的载体，对ISDA主协议进行相关了解有助于更好地理解终止净额计算制度。ISDA主协议的不断完善以及文件群结构对于完善终止净额结算起着重要作用。最后、对ISDA主协议中的三大支柱进行了概述。在单一协议制度、瑕疵资产制度和终止净额结算制度中，终止净额结算制度是三大支柱中的核心支柱。第二章是详细地考察了ISDA主协议中的终止净额结算制度。首先，对金融市场上通用的净额结算进行概述，为考察ISDA主协议中的终止净额结算制度奠定基础；其次，，对ISDA主协议中付款时净额结算和终止时净额结算进行详细分析，厘清两种净额结算的具体内涵。重点考察终止净额结算制度的具体内容，并通过事例对终止净额结算的具体运行进行阐述；最后，从程序、适用对象、立法本意三个角度分析终止净额结算制度与抵销制度的不同点，以便更好地把握ISDA主协议中的终止净额结算制度的确切内涵。第三章从四个方面阐明ISDA主协议中的终止净额结算制度的价值。首先，终止净额结算是降低场外衍生交易市场风险的首要方法；其次，终止净额结算是金融机构和其它衍生品用户从事衍生交易活动的必备工具；再次，各国政策制定者一致持续地推进终止净额结算的有效性也足以证明终止净额结算对于控制金融衍生交易风险的重要性；最后，终止净额结算的有效性直接关系到我国金融机构在衍生交易中的地位。第四章主要从我国的现行法律制度出发，分析ISDA主协议中终止净额结算制度的有效性。第一节，因为NAFMII主协议引入了ISDA主协议中的终止净额结算制度，首先考察了NAFMII主协议。其后，论述ISDA主协议中的净额结算制度与我国法律法规中的“净额结算”不能等同。最后，分涉及破产和不涉破产两种情形分析ISDA主协议中终止净额结算制度在我国的有效性。第二节，考察了ISDA主协议中的终止净额结算制度在英美两国的法律现状。首先，对场外衍生交易的市场份额和各国的净额结算立法情况进行概述。其次，简要考察了ISDA主协议中的终止净额结算制度在英国的有效性受到英国强制抵销制度的保障。最后，详细考察美国《破产法典》的“安全港条款”和《联邦存款保险法》调整下ISDA主协议中终止净额结算制度的有效性问题。第三节主要阐述我国ISDA主协议中的终止净额结算制度的立法路径分析。第一部分阐述我国确立ISDA主协议中的终止净额结算制度的三种主要路径：国务院制定《银行业金融机构破产条例》、专门制定《终止净额结算法》和通过最高院司法解释承认终止净额结算的有效性。第二部分分别考察了上述三种立法路径的优缺点，并提出自己的倾向性建议。
[Abstract]:The termination net settlement system is known as one of the three pillars of the ISDA main agreement. Understanding the terminating net settlement system is the key to understanding the ISDA main agreement, the international derivative transaction system and the whole financial market. It has a positive significance only for the subject of derivative transactions, and it also reduces the systemic risk in the derivatives market. For the subject of derivative transactions, the terminating net settlement can control and reduce the credit risk of the financial derivative market on the one hand: under the termination net settlement arrangement, the risk exposure of the competitors will be greatly reduced and help to control the risk. On the other hand, it helps the financial institutions to reduce the cost of financial derivatives and improve the efficiency of capital use: the same capital can be supported by the consideration of the capital adequacy ratio in the calculation of the capital adequacy ratio of the financial institutions because of the conditional approval of the Basel new capital agreement on the terminated net settlement. However, under the existing legal system of our country, however, there are various uncertainties in the terminating net settlement system in the main agreement of ISDA, which seriously hinders the development of financial derivative transactions in our country. This paper analyzes the termination net settlement and offset system by expounding the net settlement system in the main ISDA agreement. The difference further defines the terminating net settlement system and analyzes the value of the net end settlement, and describes the Legal Predicament of the net terminating settlement system in our country. After drawing on the legislative experience of the two countries and comparing the three mainstream solutions, the Legal Predicament of how to terminate the net settlement system is put forward in our country. My own suggestion.
In addition to the introduction and conclusion, this article is divided into four chapters.
The first chapter is the overview of the ISDA main agreement adjustment object, namely the overview of the financial derivatives and the simple investigation of the main ISDA protocol. This part is the theoretical fulcrum of the full text. First, the concept, nature and three functions of financial derivatives are examined, and the nature of financial derivatives after the 2008 financial crisis is reconsidered and the financial derivatives are derived. The development status is summarized, through the classification and definition of the financial derivative transaction, the OTC derivative transaction is the specific object of the ISDA main agreement, and the ISDA main agreement has become the prerequisite for the out-the-counter derivative transaction. Then, the background, the evolution history and the file group structure of the ISDA main protocol are summarized to the end of the.ISDA protocol. The carrier of the net clearing system and the relevant understanding of the ISDA main agreement will help to better understand the continuous improvement of the main agreement of the.ISDA system and the important role of the file group structure for the completion of the termination of the net settlement. Finally, the three pillars in the main agreement of the ISDA are summarized. In the asset system and the net settlement system, the net settlement system is the core pillar of the three pillars.
The second chapter examines the terminating net settlement system in the ISDA main agreement in detail. First, the general net settlement in the financial market is summarized, which lays the foundation for the investigation of the net settlement system in the ISDA main agreement. Secondly, the detailed analysis of net settlement and net settlement at the time of payment in the ISDA main agreement is made in detail to clarify two. The specific content of net balance settlement is discussed, and the specific content of the net settlement system is focused on, and the specific operation of the terminated net settlement is explained by an example. In the end, the difference between the net settlement system and the offset system is analyzed from three angles of procedure, applicable object and legislative intent in order to better grasp the main agreement of the ISDA. The exact connotation of the termination net settlement system.
The third chapter clarifies the value of the termination net settlement system in the ISDA main agreement from four aspects. First, the termination of net settlement is the first method to reduce the risk of the OTC derivative market. Secondly, the terminating net settlement is a necessary tool for the financial institutions and other derivatives users to engage in derivative transactions; again, the policymakers of various countries. The effectiveness of unanimous and continuous promotion of terminated net accounts is also sufficient to prove the importance of terminating net settlement for controlling the risk of financial derivative transactions; finally, the effectiveness of terminating net settlement is directly related to the status of our financial institutions in derivative transactions.
The fourth chapter, starting from the current legal system of our country, analyzes the effectiveness of the termination net settlement system in the ISDA main agreement. First, because the main agreement of the NAFMII is introduced to the terminating net settlement system in the main agreement of the ISDA, the main agreement of the NAFMII is first investigated. Then, the net settlement system in the main ISDA agreement and the laws and regulations of our country are discussed. "Net settlement" can not be equal. Finally, the two cases involving bankruptcy and insolvency are analyzed to analyze the effectiveness of the termination net settlement system in the ISDA main agreement. The second section examines the legal status of the net terminating settlement system in the main agreement of the ISDA in Britain and the United States. First, the market share of the OTC derivatives and countries An overview of the net settlement legislation is given. Secondly, a brief survey is made on the guarantee of the effectiveness of the termination net settlement system in the ISDA main agreement in the UK by the British compulsory countervailing system. Finally, the detailed inspection of the terminating net settlement of the main agreement under the Federal Deposit Insurance Act of the United States and the Federal Deposit Insurance Law under the adjustment of the Federal Deposit Insurance Act of the United States is detailed. The third section mainly expounds the legislative path analysis of the net terminating settlement system in the main agreement of ISDA in China. The first part expounds the three main ways of establishing the net settlement system in the main agreement of our country: the State Council formulates the regulations for breaking the production of the banking financial institutions, and specially formulates the terminating net settlement law. The second part examines the advantages and disadvantages of the three legislative paths and puts forward their own suggestions.

【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D996.2

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