中央对手方可互操作性的发展及影响

Development and Impacts of CCP Interoperability

中央对手方(CCP)可互操作性是指CCP之间建立连接,实现不同CCP会员机构之间直接清算的互联模式。建立CCP可互操作性将为市场参与者提供入市便利,促进跨境清算的开展;但也带来CCP之间的风险敞口、流动性风险冲击、违约处置难度加大等新风险。随着可互操作性的应用拓展,CCP应不断提升综合服务水平,以保持自身市场竞争力。

Central Counterparty(CCP)interoperability refers to a connection mechanism which allows direct clearing between clearing members of different CCPs.The establishment of CCP interoperability will provide market participants with market access convenience and promote the development of cross-border clearing.However,it also brings about new risks such as risk exposure between CCPs,liquidity risk shocks,and increased difficulty in default management.With the development of interoperability,CCPs should continuously improve the comprehensive service to maintain market competitiveness.