期货保证金法律制度创新研究

Research on Legal System Innovation of Futures Margin

期货保证金法律制度是期货市场风险管理的首要制度。目前,我国期货保证金监管行政化色彩过浓,静态保证金制度难以适应期货品种增多、投资者规模扩大的现状,场外交易中的履约保障安排遭遇破产法、担保法的挑战。改革路径上,应在遵循审慎原则和机会成本最小化原则的基础上,确立以期货交易所为核心的保证金监管主体地位,逐步建设动态交叉保证金制度,并构建与民商法体系协调的场外交易担保规则。

The legal system of futures margin is the first system of the risk management in futures market. Currently, the futures margin supervision has much administrative characteristic, and the static margin system is difficult to adapt to the current situation of the increasing futures varieties and the scale of the investors. Furthermore, the security arrangements for performance of OTC trading have encountered the challenge of bankruptcy law and guarantee law. We should take the following measures by observing the principle of pru- dence and opportunity cost minimization principle, i.e. to take the futures exchange as the core of the margin supervision body status, to construct a dynamic cross margining system step by step, and to construct a coordination system between civil and commercial law and the OTC collateral rules.