欧美CDS市场改革与中国信用风险缓释工具的市场制度设计

The Reforms of European and American CDS Markets and the Market System Design of China's CRM

信用风险缓释工具(CRM)为市场参与主体提供了一种低成本管理信用风险的手段,但若使用不当,可能增加金融市场的系统性风险。本文在分析全球CDS市场发展概况的基础上,从CDS合约特质、违约风险的不稳定性、交易集中和信息不对称四个角度,分析CDS产品潜在的系统性风险。为了完善中国的CRM市场,必须丰富产品品种;引入影子银行体系,优化投资者结构;完善CRM市场的定价机制;完善中国的中央清算机制,由市场选择估值方法,健全信用评级体系,提高市场交易的透明度;加强金融监管的协调。

Credit Risk Mitigation(CRM) tools provide low-cost means of managing credit risks for market participants,but if used improperly,they may increase systematic risks in financial markets.Based on the analysis of the status of global CDS markets,this paper analyzes the potential systemic risks of CDS products from four angles of the characteristics of CDS contract,the instability of default risk,transaction concentration and information asymmetry.In order to improve China's CRM,it's necessary to increase the varieties of products,introduce shadow banking system,optimize the structure of investors,improve the pricing mechanism and central clearing mechanism of CRM market,improve China's credit rating system,increase the transparency of market transactions and strengthen the co-ordination of financial regulation.