区块链证券结算的法律规制——基于信息系统的视角

The Legal Regulation of Securities Settlement with Blockchain:Based on the Perspective of Information System

区块链是一种多主体参与、多功能并存的计算机信息系统,明晰不同信息系统的参与主体及其权利义务关系,有利于识别信息系统存在的风险,并保障信息系统运作的高效与安全。区块链技术目前最适合应用于无纸化证券情形下的证券直接持有以及实时全额清算模式,并在发行法定数字货币的前提下实现货银对付。然而,区块链证券结算带来了结算责任主体难以确认、结算终局性不清晰、法定数字货币的法律属性亟待确认以及结算主体的共识信任风险滋生等新的结算风险。对此,监管上可从“委托-代理”或“适当性”的角度明确证券结算责任主体、以“末位节点验证”作为结算的终局性标准、明确法定数字货币的现金属性与有限法偿地位,并多元化解决共识信任风险。虽然区块链技术在明晰法律关系等方面存在一定优势,但在实践中是否要将其运用于证券结算,需同时考虑传统证券结算的不足、区块链技术的优劣势、证券市场业务的多样化特征等因素。

Blockchain is a multi-partner and multi-function computer information system.It is beneficial to identify the risks in the information system and ensure efficiency and safety in the information system by clarifying the subjects of different information system and their rights and obligations.Blockchain is more suitable for the direct holding of securities in the case of paperless securities and the real-time full settlement of securities.Besides,delivery versus payment(DvP)can be performed under the premise of issuing the central bank digital currency(CBDC).However,securities settlement with blockchain brings new settlement risks,such as the difficulty in identifying the settlement responsibility,the unclear settlement final standards,the ambiguous legal property of CBDC,and the consensus risk of securities settlement entities.The regulatory authorities should identify securities settlement responsibility from the perspective of“principal-agent”or“suitability”,regard the last node in charge of verifying information as the final entity for securities settlement,issue CBDC as the cash alternatives with the limited legal tender,and mitigate the consensus risk by diverse means.Although blockchain may show some advantages in identifying legal relations,whether blockchain technology should be applied to securities settlement needs to take into account the insufficient settlement of traditional securities,the optimization and limitation of blockchain to traditional securities settlement,and the diversified characteristics of the securities market.