证券交易中的信用机制——从中央存管(CSD)到分布式账本(DLT)

On Credit Mechanism in Securities Trading:From CSD to DLT

证券登记结算的状况决定着证券交易目的是否可以实现,本质上属于证券交易的信用机制。信用风险主要通过中央存管机制(CSD)解决,由存管机构担任买卖双方的共同对手方,负责证券结算,承担信用风险。货银对付原则(DVP)有利于证券结算各方当事人利益的维护,并可大幅节约成本、降低风险。CSD模式效率较低、信用风险大,涉及法律关系复杂,DVP难以实现。分布式账本技术(DLT)是去中心化的数据库技术,"点对点"传递信息迅捷,过程公开透明,是重塑证券信用机制的最佳选择。一些国家的资本市场已经开始利用DLT技术改造其证券登记结算系统,这也应该成为我国资本市场的改革方向。

The securities registration and settlement determines whether the purpose of securities trading can be realized, and it is essentially a credit mechanism for securities trading. Credit risk is mainly solved by the Central Securities Depository(CSD), which is the joint counterparty of the buyer and seller, responsible for securities settlement and bears credit risk. The principle of Delivery Versus Payment(DVP) is conducive to the maintenance of the interests of the parties to the securities settlement, and can greatly save costs and reduce risks. The CSD model has low efficiency and large credit risk, and the legal relationship is complicated, and DVP is difficult to achieve. Distributed Ledger Technology(DLT) is a decentralized database technology."Peer-to-peer"delivers information quickly and transparently. It is the best choice to reshape the securities credit mechanism. Some national capital markets have begun to use DLT technology to transform their securities registration and settlement systems, which should also become the reform direction of China’s capital market.