“净额结算”及相关法律制度研究——兼论作为“中央对手方”机制的法制保障

Research on “Netting”and Relevant Legal Mechanism——Concurrently from the Perspective of Legal Assurance for“Central Counterparty”

"中央对手方"是对金融稳定具有重要意义的金融基础设施之一,其平稳运营离不开一系列制度规范的支持。由于"净额结算"制度是"中央对手方"机制赖以存在的基础之一,其在法律体系中的地位、尤其是其与破产制度的竞合,将直接影响到"中央对手方"运营的稳定性和有效性。因此,在特定范围内明确"净额结算"制度的法律地位,是确保"中央对手方"运营不受影响的必要法制保障。

＂Central Counterparty＂is a vital financial market infrastructure which is very important to the stability of financial market. Meanwhile,its smooth operation depends on the support of a series of laws and regulations.Since ＂Netting＂is one of the foundations of ‘Central Counterparty＇,its standing in the law system and concursus with bankruptcy will impact the stability and validity of ‘Central Counterparty＇system. For this reason,it＇s necessary to specify the legal standing of ‘Netting＇within a certain field.