破产程序中金融衍生交易特殊保护的正当性及其具体规则

The Legitimacy and Specific Rules of the Special Protection of Financial Derivative Transactions in Bankruptcy Procedure

金融衍生交易是为管理风险所订立的合同,但其本身所具有的经济属性又极易引发系统性风险。为此以美国为代表的许多发达国家对金融衍生交易在破产程序中给予了特殊保护,旨在为其提供安全港,允许其豁免适用破产法的规则,效果上相当于给予金融衍生交易债权人以优先受偿的地位。我国金融衍生交易市场发展迅速,防范系统性风险的问题日益紧迫,立法也有必要对破产程序中的金融衍生交易作出特别安排。其正当性不仅源于金融衍生交易的特殊法律属性,更是防范系统性风险的需要。具体规则包括允许债权人按照合同中终止净额结算的有关约定,提前终止合同、进行净额结算以及实现担保安排,破产法要为金融衍生交易的提前终止、净额结算以及担保安排实现的有效性提供保证。

Financial derivative transactions are contracts for managing risks,but their own economic attributes are very prone to systemic risks. For the reason above, many developed countries have granted special protection to financial derivative transactions in the bankruptcy proceedings,aiming to provide them with a safe harbor and allow them to be exempted from applying certain rules of bankruptcy law.The financial derivative trading market is developing rapidlyin China, and the need of preventing systemic risks is becoming increasingly urgent. It is also necessary for legislation to make special protection for financial derivative transactions in bankruptcy proceedings.Its legitimacy is not only derived from the special legal attributes of financial derivative transactions,but also the need to prevent systemic risks.The specific protectionincludes allowing creditors to terminate the contract in advance,carry out net settlement and implement guarantee arrangements in accordance with the relevant provisions of the contract,and the bankruptcy law should provide effective support for the aforementioned arrangements.