中央对手方损失分担机制研究

Research on Loss-sharing Arrangement of CCP

中央对手方主动管理风险的职能发挥依赖于完善的风险管理框架,构建稳健完备的瀑布式违约处置流程是中央对手方风险管理的核心,其中中央对手方和清算会员的损失分担是抵御风险的最后防线。本文通过对损失分担机制动因、法律基础以及分担程序的探讨,以期得出对于进一步完善我国中央对手方损失分担机制的有益探索。

Controlling central counterparty risk exposure depends on a sound risk management framework.Building a robust and comprehensive process for handling cascading defaults is the core of central counterparty risk management.Loss sharing between the central counterparty and clearing members is the last line of defense.This article discusses the legal basis and sharing procedures of the loss-sharing mechanism,in order to explore ways to improve the mechanism of China’s central counterparty.