我国期货结算机构设置与中央对手方设计

On the Setting of Clearing House and Its Central Counterparty in Future Market

期货结算机构作为结算服务的组织者和承担者,在期货结算风险管理中发挥着举足轻重的作用。同时,中央对手方被越来越多的期货结算机构应用,这一举措提高了结算机构的风险控制能力,也给其带来了许多的不确定性。为此,我国期货结算应合理设置结算机构,长期目标是建立中央期货结算公司来提供统一结算服务,而现有的中央对手方则需要从法律、法规和结算机构风险管理措施上给予支持。

As the organizer of the future settlement service, the clearing house plays an important role in the settlement risk management. For the sake of better risk control, clearing house and exchange should get along well with each other. Meanwhile, the configuration of the clearing house influences the risk management severely. Although central counterparty service used by more and more exchange and clearing house in the world makes contributions to the risk management of clearing house, it also brings some new problems. Therefore, we should arrange our clearing house reasonably. In the long run, central future clearing house may be a good choice for unifying settlement service. As for the central counterparty,we should not only support it in legislation, but also enhance the risk management ability of clearing houses.