场外衍生工具交易强制保证金制度构建研究——基于国际规则与域外经验的分析

Construction of Regulatory Margin Rules for OTC Derivatives Trading:An Analysis Based on International Regulations and Overseas Experience

随着我国正式成为终止净额结算司法辖区,中资机构参与的跨境衍生工具交易将必须遵循巴塞尔银行监管委员会和国际证监会组织确定的《非集中清算衍生工具保证金要求》,由此,构建国内场外衍生工具交易强制保证金制度被提上议程。本文梳理了国际监管规则的主要内容,归纳了主要发达国家和地区强制保证金制度建设与实施的经验,并分析了当前我国衍生工具市场的现实情况,提出当前保证金制度建设亟需解决新旧规则的衔接、所有权转让担保模式在国内法律语境内的实现路径,以及违约处置资金出境的合法性问题。基于对国际规则、国外实践以及我国现实情况的分析,本文分别从监管规则制定、市场培育和金融基础设施建设三个方面提出政策建议。

With China being accepted as a clean netting jurisdiction,cross-border derivatives transactions involving Chinese institutions will also need to follow the"Regulatory Margin Rules for Non-centrally Cleared Derivatives"determined by the Basel Committee on Banking Supervision and the International Organization of Securities Commissions,and the construction of domestic regulatory margin system for OTC derivatives transactions has been put on the agenda.This paper summarizes international regulatory rules,illustrates the experience of the construction and implementation of regulatory margin rules in major developed countries and regions,and analyzes the status quo of China's derivatives market,and points out the necessity of establishing and improving the margin system.Besides,this paper emphasizes that margin system construction urgently needs to address issues such as the convergence of old and new rules,the realization path of the collateral mode of title transfer in the domestic legal system,and the legality of the departure of funds for default disposal.Based on the analysis of international rules,foreign practices and China's actual situation,this paper puts forward policy suggestions from the three aspects of regulatory rules,market construction and financial infrastructure.