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Research On The Legal Issues Of Credit Default Swaps In China

Posted on:2018-11-17Degree:MasterType:Thesis
Country:ChinaCandidate:Y HeFull Text:PDF
GTID:2356330536460452Subject:legal
Abstract/Summary:PDF Full Text Request
In recent years,in the context of the rapid growth of the credit market and the increasing debt risk of bond and loan,the credit risk of our economic entities has risen sharply,the interests of market participants have been seriously damaged and the economic development has been seriously affected.China on September 23,2016 officially launched the Chinese version of the credit default swap,with a view to resolving the debt crisis,protect the legitimate interests of participants,to promote an orderly rise in economic level.Credit default swaps,as a credit-based asset to credit risk for the transaction object off-site financial derivatives,play an important role in decentralizing credit risk,compensating for losses,preserving and increasing value.Credit default swap is characterized as a contract by satisfying the requirements of the contractual legal relationship,and has a special legal connotation of commend value,reflect the game,both with high returns and high risk,in accordance with the credit insurance contract and the guarantee mechanism of goods design.Credit default swap in China's newborn soon,it has not been in practice for the legislative refining experience,and is currently exposed to the problem mainly focused on the contract structure and the transaction process of the relevant legal norms.Firstly,the relevant legal norms are lower,mostly the CBRC rules and traders Association of self-discipline rules,the constraints of the market participants and protection efforts are not large.Secondly,there are also many deficiencies in the existing provisions of the law on credit default swap,including the lack of credit protection buyer has a benefit to the reference debt,the provisions on the uniform application of the centralized liquidation mechanism and the maximum amount of damages,which will lead to credit default In practice,there are various problems.Therefore,by introducing the first case of credit default swap after the 2008 subprime mortgage crisis,this paper analyzes the risks and losses suffered by the credit protection buyers and sellers in the case,examines the imperfect legal norms of credit default swaps,and combines the credit default swaps Legal norms of the existing problems,and ultimately get effective measures to improve,to perfect the legal framework of credit default swap,and improve the legal environment of credit default swap,including to improve the credit default swap legal norms of the rank,to speed up the legislative proces;add the terms that credit protection buyer has interest in the reference debt,unified centralized clearing mechanism and maximum amount of damages.
Keywords/Search Tags:credit default swap, credit, debt crisis, derivative, contract, insurance, guarantee, centralized clearing mechanism
PDF Full Text Request
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