本文選題：期貨市場　切入點(diǎn)：中央對手方　出處：《天津工業(yè)大學(xué)》2017年碩士論文

【摘要】：中央對手方清算制度是一個(gè)備受關(guān)注的新課題。期貨市場中央對手方清算制度是中央對手方介入到期貨買賣雙方中間進(jìn)行期貨清算的一種期貨市場結(jié)算制度。我國的期貨法律體系中沒有規(guī)定中央對手方清算制度,所以這項(xiàng)制度在我國的期貨市場還沒有得到適用。期貨法被規(guī)劃為十二屆全國人大常委會的立法任務(wù),中央對手方清算制度被明確地寫入了《期貨法》草案,期貨市場中央對手方清算制度的構(gòu)建與完善將成為我國期貨立法工作中極為重要的一部分。在期貨市場上,中央對手方清算制度維護(hù)著期貨市場有序、效率和安全的運(yùn)行,構(gòu)建與完善中央對手方清算制度將促進(jìn)我國期貨市場的發(fā)展。在我國期貨法立法的背景下,本文通過法解釋學(xué)的方法分析與中央對手方清算制度相關(guān)的法律法規(guī)以使該制度融入我國的法律體系,并采用比較研究的方法,結(jié)合我國期貨市場的發(fā)展經(jīng)驗(yàn)和國外期貨市場運(yùn)用中央對手方清算制度的有益做法,分析我國期貨市場構(gòu)建中央對手方清算制度的必要性和可行性,對我國該項(xiàng)制度的構(gòu)建提出了較為客觀全面的分析,包括完善中央對手方清算制度的相關(guān)法律法規(guī),充實(shí)中央對手方清算制度的內(nèi)容,設(shè)立中央對手方的交易所控股模式,完善中央對手方清算制度的流動性支持機(jī)制等問題。同時(shí),解決這些方面存在的問題也有利于紓解中央對手方清算制度自身固有的風(fēng)險(xiǎn),本文對該制度所做的探析對期貨市場中央對手方制度的研究和構(gòu)建具有重要的理論價(jià)值與實(shí)踐意義。本文主要分為四個(gè)部分:第一部分介紹期貨市場中央對手方清算制度概述,包括:中央對手方清算制度的產(chǎn)生與發(fā)展;中央對手方清算制度的概念及特征;中央對手方清算制度的法理基礎(chǔ);中央對手方清算的基本法律關(guān)系;中央對手方清算制度的功能。第二部分主要論述了國外期貨市場中央對手方清算制度的借鑒與啟示,從國外期貨市場中央對手方清算制度的實(shí)踐現(xiàn)狀入手,主要論述了國外期貨市場中央對手方的組織形式和凈額結(jié)算,得出國外期貨市場中央對手方清算制度存在的問題,得出國外期貨市場適用中央對手方清算制度的啟示。第三部分重點(diǎn)論述了我國期貨市場引入中央對手方清算制度的現(xiàn)實(shí)必要性,首先從我國期貨市場結(jié)算的立法現(xiàn)狀與運(yùn)行實(shí)踐入手,分析我國期貨市場清算制度存在的問題從而得出我國期貨市場引入中央對手方清算制度的現(xiàn)實(shí)必要性。第四部分重點(diǎn)探討了構(gòu)建我國期貨市場中央對手方清算制度的建議,首先要完善中央對手方清算制度的相關(guān)法律法規(guī);其次是充實(shí)中央對手方清算制度的內(nèi)容,主要是完善中央對手方清算的會員準(zhǔn)入制度和確立中央對手方結(jié)算優(yōu)先原則;再次是建設(shè)中央對手方交易所控股模式;最后是完善中央對手方流動性支持機(jī)制。
[Abstract]:The liquidation system of central counterparty is a new subject of great concern.The central counterparty liquidation system in futures market is a kind of futures market settlement system in which the central counterparty is involved in the futures clearing between the buyer and the seller.There is no central counterparty liquidation system in China's futures legal system, so this system has not been applied in China's futures market.The futures law was planned as the legislative task of the standing Committee of the Twelfth National people's Congress, and the liquidation system of the central counterparty was clearly written into the draft of the "Futures Law."The construction and perfection of the clearing system of central counterparty in futures market will become an important part of our futures legislation.In the futures market, the central counterparty liquidation system maintains the orderly, efficient and safe operation of the futures market. The construction and improvement of the central counterparty liquidation system will promote the development of China's futures market.Under the background of the legislation of China's futures law, this paper analyzes the laws and regulations related to the liquidation system of the central counterparty through the method of legal hermeneutics, so as to integrate the system into the legal system of our country, and adopts the method of comparative study.Combined with the development experience of China's futures market and the beneficial practice of using the central counterparty liquidation system in foreign futures markets, this paper analyzes the necessity and feasibility of constructing the central counterparty liquidation system in China's futures market.This paper puts forward a more objective and comprehensive analysis on the construction of this system in China, including perfecting the relevant laws and regulations of the central counterparty liquidation system, enriching the contents of the central counterparty liquidation system, and establishing the exchange holding mode of the central counterparty.Improve the liquidity support system of the central counterparty liquidation system and other issues.At the same time, solving the problems in these areas is also conducive to alleviating the risks inherent in the liquidation system of the central counterparty.The analysis of this system is of great theoretical value and practical significance to the research and construction of the central counterparty system in futures market.This paper is divided into four parts: the first part introduces the outline of the central counterparty liquidation system in futures market, including: the emergence and development of the central counterparty liquidation system, the concept and characteristics of the central counterparty liquidation system;The legal basis of the liquidation system of the central counterparty; the basic legal relationship of the liquidation of the central counterparty; the function of the liquidation system of the central counterparty.The second part mainly discusses the foreign futures market central counterparty liquidation system reference and inspiration, starting from the foreign futures market central counterparty liquidation system practice status quo.This paper mainly discusses the organization form and net settlement of the central counterparty in the foreign futures market, obtains the problems existing in the clearing system of the central counterparty in the foreign futures market, and draws the enlightenment of the application of the central counterparty liquidation system in the foreign futures market.The third part focuses on the necessity of introducing the central counterparty clearing system into China's futures market. Firstly, it starts with the current legislation and operation practice of China's futures market settlement.This paper analyzes the problems existing in the clearing system of China's futures market and concludes that it is necessary for China's futures market to introduce the liquidation system of the central counterparty in China's futures market.The fourth part focuses on the suggestions of constructing the system of counterparty liquidation in China's futures market. Firstly, it is necessary to perfect the relevant laws and regulations of the liquidation system of the central counterparty; secondly, to enrich the content of the liquidation system of the central counterparty.It is mainly to perfect the member admission system of the liquidation of the central counterparty and establish the principle of priority for the settlement of the central counterparty; thirdly, to construct the holding mode of the central counterparty exchange; finally, to perfect the liquidity supporting mechanism of the central counterparty.
【學(xué)位授予單位】：天津工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：D922.287

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