期货市场中央对手方制度研究

Research on Central Counterparty in Futures Market

我国期货市场现行制度规则,以及司法机关都将期货结算机构视为期货交易的一般保证人,认为其承担的是相应的保证责任。然而,作为一种国际趋势,结算机构在期货交易中应当处于中央对手方的法律地位,其所承担的是直接的合同责任。通过中央对手方制度,可以实现多边净额结算,提升市场流动性;管理对手方风险,确保合约履行;解决对冲平仓交易与《合同法》的矛盾问题;解决合约交割时结算机构的请求权问题;以及对场外衍生品市场的延伸监管。在我国《期货法》中应当建立以合约更替为基础的中央对手方制度,除适用于场内交易以外,还应将场外部分具有期货交易特征的衍生品交易纳入中央对手方结算体制。此外,还应成立统一的期货结算所,以便其在场内和场外市场统一行使中央对手方的职能。

In the futures market of China, current institutional norms and judicial offices regardfutures settlement organizations as general guarantor forfutures trading, which assume correspondingliability of guaranty. However, as an international trend, the legal status of futures settlementorganizations should be central counterparty （CCP）, which should assume contractual liability. By theestablishment of CCP, multilateral netting can be achieved, the risk of counterparty can be controlled,and execution of the contract can be ensured. Besides, this mechanism can solve contradictions andproblems between offsetting trading and Contract Law, and make the right to claim of settlementorganizations at the time of contract settlement clear. And the extended supervision for market of over-the-counter derivatives can also be achieved. In Futures Act of our nation, a central counterparty mechanismbased on novation should be established, which will not only be applied in on-the-floor trade.Furthermore, some over-the-counter derivatives, which have similar characteristics in trading to futures,should be included in the mechanism of central counterparty settlement.