金融衍生品信用风险管理与制度设计的法律问题

Credit Risk Management and Institutional Design of Financial Derivatives

本文以法与金融学的方法分析了金融衍生产品信用风险的双边性质,并认为,我国金融机构在信用风险管理时应采用ISDA主协议或中国银行间市场金融衍生产品交易主协议文本,并应注意文本术语的差异。立法部门和监管部门应积极借鉴发达国家金融衍生产品市场的立法经验和实务操作,完善我国的《破产法》和《担保法》,对净额结算条款、信用支持文件、信用限额和信用衍生产品等法律效力给予明确规定,以增强可操作性。

This paper discusses the bilateral nature of credit risk of financial derivatives from both legal and financial perspectives. Chinese financial institutes should adopt ISDA Master Agreement or NAFMII Agreement （2007）. Financial market participants should recognize the differences in agreement terms when adopting ISDA or NAFMII Agreements. Legislators and regulators should learn experience from advanced countries in terms of legislation and operation, and improve insolvency law and guarantee law that define setoff netting, credit support, credit line and credit derivates practically.