“中央对手清算”概念辨析及法律问题
发布时间：2018-09-08 19:54
【摘要】：次贷危机后,为总结危机经验教训,防范场外衍生品市场系统性风险的积累,20国集团成员都在积极推动实施中央对手清算机制。我国对中央对手清算等相关概念混用较多,不仅容易造成误解,且也不利于取得社会共识以及对中央对手清算机制进行新的立法。从金融市场中清算和结算的概念入手,分析中央对手清算机制的运作原理和与其相关联的集中清算、中央清算、强制清算、多边净额清算等概念的由来及各自内涵和外延,讨论中央对手清算的功能特征及在我国尚存的法律障碍等问题。最后,建议通过立法或修法等方式厘清基础概念,解决制度难题。
[Abstract]:After the subprime mortgage crisis, in order to sum up the experience and lessons of the crisis and prevent the accumulation of systemic risk in over-the-counter derivatives market, G20 members are actively promoting the implementation of the central counterparty liquidation mechanism. There are many misunderstandings about the concept of central counterparty liquidation in China, which is not only easy to misunderstand, but also not conducive to obtaining social consensus and making new legislation on the liquidation mechanism of central adversary. Starting with the concept of clearing and clearing in the financial market, this paper analyzes the operating principle of the liquidation mechanism of the central adversary and the related concepts of centralized liquidation, central liquidation, compulsory liquidation, multilateral net liquidation, etc., and their respective connotations and denotations. This paper discusses the functional characteristics of central counterparty liquidation and the remaining legal obstacles in China. Finally, it is suggested to clarify the basic concepts and solve the system problems by legislation or amendment.
【作者单位】： 上海清算所;
【分类号】：D922.28;F832
，
本文编号：2231531
[Abstract]:After the subprime mortgage crisis, in order to sum up the experience and lessons of the crisis and prevent the accumulation of systemic risk in over-the-counter derivatives market, G20 members are actively promoting the implementation of the central counterparty liquidation mechanism. There are many misunderstandings about the concept of central counterparty liquidation in China, which is not only easy to misunderstand, but also not conducive to obtaining social consensus and making new legislation on the liquidation mechanism of central adversary. Starting with the concept of clearing and clearing in the financial market, this paper analyzes the operating principle of the liquidation mechanism of the central adversary and the related concepts of centralized liquidation, central liquidation, compulsory liquidation, multilateral net liquidation, etc., and their respective connotations and denotations. This paper discusses the functional characteristics of central counterparty liquidation and the remaining legal obstacles in China. Finally, it is suggested to clarify the basic concepts and solve the system problems by legislation or amendment.
【作者单位】： 上海清算所;
【分类号】：D922.28;F832
，
本文编号：2231531
本文链接：https://www.wllwen.com/falvlunwen/jingjifalunwen/2231531.html
