交易所债券通用质押式回购中的特殊质押规则——以结算风险控制为中心

Settlement Risk Control and Special Pledge Rules in Bond Repurchases

交易所债券通用质押式回购是一类标准化交易产品,因其采用担保交收方式而兼顾融资效率与安全。担保交收的产品特点决定了结算机构需要围绕结算风险控制审慎作出质押制度安排。为此,结算机构创设了不同于回购交易结构的特殊质押规则,将结算参与人与结算机构自身引入质押关系。在法律构造上,宜将其解释为融资方委托结算参与人通过隐名代理的方式与结算机构直接建立质押关系。

The general pledged repurchase of exchange-traded bonds is a type of standardized transaction product, which takes into account financing efficiency and security because of its use of guaranteed delivery. In view of the product characteristics of guaranteed delivery, settlement institutions need to prudently make pledge system arrangements around settlement risk control. To this end, the settlement institution creates a special pledge rule that differs from the repurchase transaction structure and introduces a pledge relationship between the settlement participants and the settlement institution itself. In terms of legal structure, it should be interpreted as the financing entity entrusting the settlement participants to directly establish a pledge relationship with the settlement institution through the unnamed agency.