The Legal Dilemma Of The Central Counterparty Mechanism And Its Countermeasures

The Shanghai International Energy Exchange clearly applies the central counterparty system in its trading rules,and also stipulates that the legal attributes of related acts or property are not revoked or invalidated due to the member entering the bankruptcy proceedings.The trading center is China's first futures exchange that clearly defines the central counterparty mechanism.However,the above measures conflict with the "Enterprise Bankruptcy Law" and "Regulations on the Administration of Futures Trading",such as the applicable law level.At the same time,there are many legal dilemmas in the use of the central counterparty mechanism in futures settlement.In order to promote the construction of China's financial market,it is necessary to solve the above-mentioned legal dilemmas,so that there is no legal obstacle to the landing of the central counterparty mechanism in the Chinese futures market.The full text is divided into six parts:The introduction is a question and a literature review.The first chapter first introduces the Shanghai International Energy Trading Center's internal rules and regulations,which stipulates the central counterparty mechanism,clearly adopts the specific event of central counterparty settlement,and becomes the first country to explicitly use it as the settlement mode.The futuresexchange,and a brief evaluation of the event;then a brief overview of the central counterparty mechanism,including the history of futures settlement evolution,the concept of central counterparty;finally proposed the necessity of the introduction of central counterparty settlement in China's futures market.The second chapter introduces the legal dilemma faced by the central counterparty mechanism in China's futures market.According to the research and investigation,it is determined that China's introduction of the central counterparty mechanism mainly faces the following dilemmas: First,the legal basis of the central counterparty mechanism is lacking;Second,with the existing legal provisions Conflict;Third,there is a lack of risk management rules for futures settlement;Fourth,there is a contradiction between the central counterparty mechanism and the bankruptcy system.And start with each dilemma and discuss in detail.The third chapter is the preliminary study of the central counterparty mechanism of the extra-territorial.It mainly selects the central counterparty mechanism of the futures market of mature capitalist economies such as the United States,Singapore,and Hong Kong,and starts with its legal provisions and exchange rules.Introduce the construction idea of the central counterparty mechanism.In terms of space regulations,this chapter mainly observes the legal foundation of the central counterparty,the legal status of the central counterparty,and the conflict with the bankruptcy system from the extraterritorial legal system.The fourth chapter is the perfect countermeasures for the central counterparty mechanism and futures settlement.After the above-mentioned review of the legal dilemma and the introduction of the central counterparty mechanism in the mature foreign exchange market,the author puts forward the perfect countermeasures and suggestions.Mainly: First,establish the legal basis of the central counterparty;Second,the legislative provisions of the central counterparty mechanism;Third,establish a unified futures settlement system;Fourth,improve the futures settlement risk management legal system;Fifth,establish a futures settlement bankruptcy exception system.In the end,the author sums up the author's countermeasures,mainly: to perfect the legal basis,to explain the existing law,to define the mechanism of the central counterparty and to speed up the legislative process of the "futures law",to establish a unified futures settlement system and to improve the risk management system of the futures settlement.Clear the legal nature of the futures security deposit and the forced open position;establish an exception system of the futures settlement and bankruptcy,<the enterprise bankruptcy law> join the exception rules and so on.Then the author points out that the author thinks that this paper is a little more deficient,mainly the improvement of the risk management measures of the futures settlement,and is limited to the length.The author only discusses the angle of the futures bond and the forced open position.Finally,we look forward to the future of China's futures market.