浅议有关中央对手方结算制度的法律问题

On legal problems concerning central counterparty settlement system

中央对手方结算制度能简化结算流程,提高市场流动性和结算效率,有效地降低市场结算风险。但是,这种制度安排也要求中央对手方制定严格的风险管理制度,以有效管理系统内部的结算风险。结合有关国际组织建议和成熟市场的成功经验,本文从法律角度对中央对手方结算制度的合约更替、净额结算、违约处理程序、担保物处置和业务规则对结算参与人的强制性等问题进行分析,并就此提出建议。

A central counterparty settlement system makes it possible to simplify settlement procedures, improve market liquidity and enhance settlement efficacy, thus effectively reducing market settlement risk. However, this system also calls for a strict risk management system of the central.counterparty aiming at effective internal management of settlement risk. Based on the suggestions of related international organizations and successful experience of mature markets, this paper makes an analysis on contract novation, net settlement, default handling procedures, guarantee disposal, and compulsoriness imposed by business rules on settlement participants, and in conclusion offers some recommendations.