期货市场中央对手方清算制度研究

发布时间：2018-04-09 11:38

本文选题：期货市场　切入点：中央对手方　出处：《天津工业大学》2017年硕士论文

【摘要】：中央对手方清算制度是一个备受关注的新课题。期货市场中央对手方清算制度是中央对手方介入到期货买卖双方中间进行期货清算的一种期货市场结算制度。我国的期货法律体系中没有规定中央对手方清算制度,所以这项制度在我国的期货市场还没有得到适用。期货法被规划为十二届全国人大常委会的立法任务,中央对手方清算制度被明确地写入了《期货法》草案,期货市场中央对手方清算制度的构建与完善将成为我国期货立法工作中极为重要的一部分。在期货市场上,中央对手方清算制度维护着期货市场有序、效率和安全的运行,构建与完善中央对手方清算制度将促进我国期货市场的发展。在我国期货法立法的背景下,本文通过法解释学的方法分析与中央对手方清算制度相关的法律法规以使该制度融入我国的法律体系,并采用比较研究的方法,结合我国期货市场的发展经验和国外期货市场运用中央对手方清算制度的有益做法,分析我国期货市场构建中央对手方清算制度的必要性和可行性,对我国该项制度的构建提出了较为客观全面的分析,包括完善中央对手方清算制度的相关法律法规,充实中央对手方清算制度的内容,设立中央对手方的交易所控股模式,完善中央对手方清算制度的流动性支持机制等问题。同时,解决这些方面存在的问题也有利于纾解中央对手方清算制度自身固有的风险,本文对该制度所做的探析对期货市场中央对手方制度的研究和构建具有重要的理论价值与实践意义。本文主要分为四个部分:第一部分介绍期货市场中央对手方清算制度概述,包括:中央对手方清算制度的产生与发展;中央对手方清算制度的概念及特征;中央对手方清算制度的法理基础;中央对手方清算的基本法律关系;中央对手方清算制度的功能。第二部分主要论述了国外期货市场中央对手方清算制度的借鉴与启示,从国外期货市场中央对手方清算制度的实践现状入手,主要论述了国外期货市场中央对手方的组织形式和净额结算,得出国外期货市场中央对手方清算制度存在的问题,得出国外期货市场适用中央对手方清算制度的启示。第三部分重点论述了我国期货市场引入中央对手方清算制度的现实必要性,首先从我国期货市场结算的立法现状与运行实践入手,分析我国期货市场清算制度存在的问题从而得出我国期货市场引入中央对手方清算制度的现实必要性。第四部分重点探讨了构建我国期货市场中央对手方清算制度的建议,首先要完善中央对手方清算制度的相关法律法规;其次是充实中央对手方清算制度的内容,主要是完善中央对手方清算的会员准入制度和确立中央对手方结算优先原则;再次是建设中央对手方交易所控股模式;最后是完善中央对手方流动性支持机制。
[Abstract]:The liquidation system of central counterparty is a new subject of great concern.The central counterparty liquidation system in futures market is a kind of futures market settlement system in which the central counterparty is involved in the futures clearing between the buyer and the seller.There is no central counterparty liquidation system in China's futures legal system, so this system has not been applied in China's futures market.The futures law was planned as the legislative task of the standing Committee of the Twelfth National people's Congress, and the liquidation system of the central counterparty was clearly written into the draft of the "Futures Law."The construction and perfection of the clearing system of central counterparty in futures market will become an important part of our futures legislation.In the futures market, the central counterparty liquidation system maintains the orderly, efficient and safe operation of the futures market. The construction and improvement of the central counterparty liquidation system will promote the development of China's futures market.Under the background of the legislation of China's futures law, this paper analyzes the laws and regulations related to the liquidation system of the central counterparty through the method of legal hermeneutics, so as to integrate the system into the legal system of our country, and adopts the method of comparative study.Combined with the development experience of China's futures market and the beneficial practice of using the central counterparty liquidation system in foreign futures markets, this paper analyzes the necessity and feasibility of constructing the central counterparty liquidation system in China's futures market.This paper puts forward a more objective and comprehensive analysis on the construction of this system in China, including perfecting the relevant laws and regulations of the central counterparty liquidation system, enriching the contents of the central counterparty liquidation system, and establishing the exchange holding mode of the central counterparty.Improve the liquidity support system of the central counterparty liquidation system and other issues.At the same time, solving the problems in these areas is also conducive to alleviating the risks inherent in the liquidation system of the central counterparty.The analysis of this system is of great theoretical value and practical significance to the research and construction of the central counterparty system in futures market.This paper is divided into four parts: the first part introduces the outline of the central counterparty liquidation system in futures market, including: the emergence and development of the central counterparty liquidation system, the concept and characteristics of the central counterparty liquidation system;The legal basis of the liquidation system of the central counterparty; the basic legal relationship of the liquidation of the central counterparty; the function of the liquidation system of the central counterparty.The second part mainly discusses the foreign futures market central counterparty liquidation system reference and inspiration, starting from the foreign futures market central counterparty liquidation system practice status quo.This paper mainly discusses the organization form and net settlement of the central counterparty in the foreign futures market, obtains the problems existing in the clearing system of the central counterparty in the foreign futures market, and draws the enlightenment of the application of the central counterparty liquidation system in the foreign futures market.The third part focuses on the necessity of introducing the central counterparty clearing system into China's futures market. Firstly, it starts with the current legislation and operation practice of China's futures market settlement.This paper analyzes the problems existing in the clearing system of China's futures market and concludes that it is necessary for China's futures market to introduce the liquidation system of the central counterparty in China's futures market.The fourth part focuses on the suggestions of constructing the system of counterparty liquidation in China's futures market. Firstly, it is necessary to perfect the relevant laws and regulations of the liquidation system of the central counterparty; secondly, to enrich the content of the liquidation system of the central counterparty.It is mainly to perfect the member admission system of the liquidation of the central counterparty and establish the principle of priority for the settlement of the central counterparty; thirdly, to construct the holding mode of the central counterparty exchange; finally, to perfect the liquidity supporting mechanism of the central counterparty.
【学位授予单位】：天津工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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