以债券作为期货交易担保品的相关法律问题

Legal Issues Related to the Use of Bonds as Collateral for Futures Trading

自2014年起,我国已开始试点将国债作为国债期货交易担保品,目前正在探索将期货交易担保品范围拓展至所有债券。由于国债是债券中较为特殊的一个品种,国债作为交易担保品的实践难以直接复制推广至所有债券,核心在于其他债券品种作为期货交易担保品的可行性以及相关制度安排。债券的基本特性决定了其天然地具备成为担保品的资质,但信用债与利率债之间的差异决定了二者的担保资质不同,应当针对信用债的风险特性对其适用更为严格的准入筛选、风险管理与担保品处置机制。在我国信用债作为期货交易担保品的实践探索中,建议重点从完善上位法依据以及加强风险管理与担保品处置等角度入手,有针对性地解决信用债作为期货交易担保品面临的相关法律问题。

Since 2014,the treasury bonds have been used as collaterals for futures trading in China.The current study focuses on the scope expansion of futures trading collateral and hopefully all bonds will be included.As the treasury bond is a special type of bond,it is difficult to directly introduce the practice of the treasury bonds as collaterals to other bonds because of the feasibility and the related institutional arrangements of other bonds as collaterals for futures trading.The basic characteristics of a bond determine that it naturally has the qualification to become collateral.However,owing to the difference between the credit bond and the interest rate bond,guarantee qualifications of the two are different.Therefore,it is important to more strictly take measures to supervise the admission,risk management and collateral disposal mechanisms according to the risk characteristics of the credit bond.In the practice exploration of credit bonds as collateral for futures trading in China,it is important to focus on improving the basis of the superior law and strengthening the risk management and collateral disposal.What's more,it is still crucial to solve the legal problems related to credit bonds as collateral for futures trading.