论我国场外金融衍生品交易担保制度的创设及完善

On Establishment and Improvement of Curb Exchange Guarantee for Financial Derivative Instrument in China

场外交易本身具有高风险、高收益的双重特性,主要优势体现在资本容量的扩充及资本流动的加速,对金融风险和金融收益能够进行有效的管控。然而,由于现阶段我国场外交易规范的法律位阶过低,具体规定又相互冲突,因而场外交易给交易主体带来相当程度的交易风险,甚至因而会引发系统性的金融危机。而交易担保制度在一定程度上化解了此类风险,为场外交易提供了制度缓冲的空间。鉴于我国场外金融衍生品市场的发展态势,创设与完善场外交易担保制度正当其时,而通行的ISDA主协议框架下的信用支持安排将提供有益的借鉴。

In recent years,the exchange market of financial derivative instruments has developed rapidly all over the world,especially for curb exchange dominating the market.Curb exchange itself has the dual characteristics of high risks and high profits,whose advantages are reflected in expansion of capital capacity and acceleration of capital flow,which contribute a lot to effective regulation on financial risks and benefits.However,due to the low level of current legislation in curb exchange,as well with the inherent conflict of specific provisions,the main market parties are subject to higher risks of bankruptcy,even systematic collapse of the whole financial system.Curb exchange guarantee can solve this problem and provide some cushion room.In view of the development of financial derivative instruments,it is the time for systematic establishment and improvement of curb exchange guarantee system,while the prevailing ISDA Master Agreements will give beneficial lessons.