美国期货结算机构的演变过程及启示

The Evolution and Inspiration of U.S.Futures Clearing House

本文通过研究美国期货结算机构设置的过程和经验,发现独立化和统一化是美国期货结算机构设置的主要演变趋势。通过计量模型和案例分析对我国不同结算机构的结算成本进行了比较,发现我国期货结算机构面临的主要问题是结算成本有降低的空间;风险控制水平有待提高。本文认为,建立一个不受任何期货交易所控制的独立统一结算机构,不仅有利于期货结算风险的控制,更可以降低结算成本,提高结算效率。

This article studied the process and experience of the establishment of U.S. futures clearing houses, and found that the major evolution trends are independence and unification. After comparing the clearing cost by econometric model and case studies of different institutes in China, we found that the clearing cost could be further reduced and higher level of risk control is needed. We believe that an independent clearing house which is not associated with any exchanges is a good solution to control clearing risk, lower the cost, and enhance the efficiency.