境内商品期货交易所开展场外衍生品中央对手方集中清算可行性研究及路径选择

The feasibility study of commodity futures exchanges carrying out centralized clearing of OTC derivatives and how to realize the path selection

2008年的金融危机暴露出场外衍生品实施非集中清算的种种弊端,于是2009年G20会议后各国决策机构纷纷出台政策要求标准化场外衍生品在电子交易平台交易并进行集中清算。本文通过境内外交易所对于场外业务清算接入和清算模式的对比,从政策制度、技术标准等角度阐述境内商品期货交易所开展场外衍生品中央对手方集中清算业务的可行性,同时在如何实现的路径选择上提出合理化建议。

The financial crisis in 2008 exposed the disadvantages of non centralized clearing of OTC derivatives.Therefore, after the G20 meeting in 2009,decision-making institutions of various countries issued policies to require standardized OTC derivatives to be traded on electronic trading platforms and centralized clearing.Through the comparison of clearing access and clearing modes of OTC business between domestic and foreign exchanges, this paper expounds the feasibility of carrying out centralized clearing of OTC derivatives in domestic commodity futures exchanges as central counter parties from the perspective of policies, systems and technical standards, and puts forward reasonable suggestions on how to realize the path selection.