Study On The Central Counterparty Clearing System In The Futures Market

The central counterparty clearing system is a new subject of concern.The central counterparty clearing system in the futures market is a kind of futures market clearing system,which involves the central counterparty intervention to the futures market.China’s futures legal system does not require the central counterparty clearing system.so the system in China’s futures market has not been applicable.Futures Act is planned for the legislative work of the twelve National People’s Congress,the central counterparty clearing system is explicitly written into the "Futures Law" draft,constructing and perfecting the futures legislative work in China will become one of the most important part of the futures market the central counterparty clearing system.In the futures market,the central counterparty clearing system maintains the orderly,efficient and stable operation of the futures market,and the establishment and improvement of the central counterparty clearing system will promote the development of China’s futures market.In our futures legislation under the background of the laws and regulations through the method of interpretation and analysis of central counterparty clearing system related to the system into our legal system,and adopts the method of comparative analysis,combined with China’s futures market development experience and abroad by a central counterparty clearing system of futures market good practice.Analysis on the necessity and feasibility of establishing the central counterparty clearing in the futures market of our country,the construction of the system of our country is put forward to analyze objectively and comprehensively,including the relevant laws and regulations and improve the central counterparty clearing system,enrich the central counterparty clearing system,the establishment of a central counterparty exchange holding pattern the problem,improve the central counteiparty clearing system liquidity support mechanism.At the same time,there are risks to relieve the central counterparty clearing system inherent to solve these problems has important theoretical value and practical significance of the research and construction of the futures trading system of central counterparties made in this paper on the system.This paper is divided into four parts:the first part introduces the central counterparty clearing system in the futures market,including:The emergence and development of the central counterparty clearing system;the concept and characteristics of central counterparty clearing system;legal basis of central counterparty clearing system;the basic legal relationship between the central counteiparty clearing;Central counterparty clearing system function.The second part mainly discusses the reference and Inspiration of foreign futures market central counterparty clearing system,starting from the present situation of the practice of foreign futures market central counterparty clearing system,This part mainly discusses the organization form and net settlement of the central counterparty in the foreign futures market,draw the foreign futures market central counteiparty clearing system problems,draw foreign futures market applicable central counterparty clearing system enlightenment.The third part focuses on the necessity of the introduction of a central counterparty clearing system of China’s futures market,starting from the current legislation and practice of settlement of China’s futures market,futures market liquidation system analysis of existing problems in China,Thus obtains our country futures market to introduce the central counterparty liquidation system reality necessity.The fourth part focuses on the construction of China’s futures market central counterparty clearing system,relevant laws and regulations should first improve the central counterparty clearing system;second is to enrich the central counterparty clearing system,the main is to improve the central counterparty clearing member access system and the establishment of a central counterparty clearing priority principle,Once again the construction of the central counterparty exchange holding mode,the last is to perfect the central counterparty liquidity support mechanism.