激励场外衍生品交易进入我国合格中央对手方集中清算的研究

Incentivizing the Central Clearing of Over-the-Counter Derivatives through Qualifying Central Counterparties in China:A Study

场外衍生品交易市场规模巨大,具有个性化程度高、交易方式灵活等优点,但同时存在杠杆高、流动性参差不齐、操作风险大、价格缺乏透明度等问题,汇聚在非集中清算的场外衍生品市场中的庞大风险敞口是影响全球金融稳定的一大因素。集中清算制度被西方国家认为是一项成熟和稳健的金融制度,它曾多次帮助西方国家缓解了金融危机造成的严重后果。过去在国际上,集中清算模式仅依靠市场的“自然选择”,一直无法占据主导优势。2008年金融危机发生后,为了提高金融市场的整体稳定性,各国政策制定者都认识到要运用强力改革举措把场外衍生品“推入”中央对手方集中清算。本文着重比较场内外衍生品在各种清算模式下的主要差异,借鉴全球衍生品市场改革经验,探索如何激励我国场外衍生品交易进入中央对手方集中清算。

Global over-the-counter derivatives market is enormous in scale,trading over the counter is always considered more flexible than trading derivates in an Exchange,but at the same time off-exchange trading has problems such as high leverage,lack of liquidity,high operational risk,and lack of transparency etc.Also,the huge risk exposure in non-centrally cleared derivatives market is a major factor affecting global financial stability.Central clearing is considered a mature and stable financial system by many Western countries already,and it has helped them alleviate the serious consequences of financial crises.In the past,derivatives cleared by central counterparties relied only on the“natural selection”of the market,and it has never been able to gain a dominant advantage.After the financial crisis in 2008,to improve the overall stability of the financial market,policy makers over the world realized that they should reform the financial market to“drive”more non-centrally cleared derivatives into central counterparties and cleared centrally.This article focuses on exploring how to incentivize non-centrally cleared derivatives into the central clearing system in China by comparing the main differences under main different clearing models and drawing experience from the global reform of the derivatives market.