| There is obvious structural imbalance in China's industrial development.President Xi Jinping put forward the new policy of "three release,one down and one subsidy" so as to promote the optimization and upgrading of the existing industrial structure.The implementation of the new policy means that China will enter the new normal of economic development.However,the change of economic environment will further expand the existing credit risk exposure.Some enterprises and industries will face great obstacles in operation,and the potential risks will continue to accumulate.In addition,China's bond market is breaking the old situation of rigid payment,and will inevitably release a large number of potential risks.There will be huge credit risks in the bond market.Facing these credit risks,commercial banks in developed countries such as the United States are no longer limited to credit risk hedging and gaming,but actively manage the possible credit risk through credit risk mitigation tools.On September 23,2016,the guidelines for credit default swap formulated by National Association of Financial Market Institutional Investors was officially implemented with the approval of the people's Bank of China which means "China's version of credit default swap(CDS)" provided.However,from the specific operation practice,its effect is not satisfactory.The main reason is restricted by the gradual development of financial innovation and strong supervision mode.Since 2018,the introduction of variouspolicies and the implementation of systems have brought new opportunities for credit risk mitigation tools.In the future,with the development of China's bond market,the endogenous demand of China's bond market will further promote the development of China's credit derivatives market.In the future,various risk mitigation tools will be used by banks and other institutions to reduce credit risk One of the important means.The first chapter introduces the legal system and development status of credit risk mitigation tools,reflects the development status of China's credit default swap from the legal system and operation practice,and specifically discusses one of the credit risk mitigation tools-credit default swap,through the introduction of the concept,function and risk type of CDS,for the second chapter-Analysis of problems-risk generation The third chapter is to solve the problem of regulatory readiness of risk reduction.The second chapter is the analysis of institutional factors of credit default swap risk.This paper believes that the main factor leading to the risk is the legal system factor,so this chapter continues the above,after recognizing the types of risk that credit default swap may bring,combined with the facts,demonstrates the inevitable connection between the risk and the system defects,hoping to take history as a mirror,review the development status of credit default swap in China,and analyze the current system problems in China,so as to have a specific purpose This paper puts forward suggestions on the risk prevention and system construction of credit default swap in China.The last chapter is the construction of CDS risk regulation.This paper discusses from the macro and micro levels.From the macro level,we should emphasize the idea of supervision,understand the essence of supervision,and achieve the balance of supervision,that is to say,supervision should be comprehensive,but not excessive,otherwise,it will hinder financial innovation,and will not be conducive to the improvement and development of the financial market.From the micro level,understanding the establishment of specific legal system is inseparable from the establishment of the legal attribute of CDS.As there is no clear definition of the legal attribute of credit default swap in China,this paper tries to clarify the connotation andextension of credit default swap through the comparison of similar concepts,which also follows the habit that the civil law countries have always adhered to,that is,the understanding of a concept needs to be determined through the construction of a bottom-up system and the screening of similar concepts.The author finds that credit default swap has the characteristics of insurance,guarantee,contract and securities,but there are obvious differences.It has the function of insurance but not limited by the basic principles.It has the appearance of guarantee,but its characteristics go beyond the limitations of ordinary guarantee.Adhering to the principle of freedom of contract breaks the relativity of contract,and it has rights,benefits,risks and flows However,it lacks the restriction of information disclosure system.Finally,based on the above characteristics,this paper puts forward specific system suggestions from the regulatory basis,regulatory subject,regulatory object and regulatory content.Throughout the history of financial innovation products in the financial market,how to balance the relationship between innovation and supervision has always been a problem in the financial innovation market.In view of all kinds of innovative financial products,China has always adhered to the idea of gradual development of financial innovation and strong regulatory model,with the characteristics of significant regulatory surplus,which is quite different from the attitude of the United States and other developed countries towards financial innovative products,but the practical experience tells us that too strict and loose regulation are not conducive to the development of the financial market,with the development of credit default swap The development of the market,the current legal system is bound to be incompatible with the development of products.Therefore,this paper hopes to improve the current legal system,guide the current legal practice,and bring benefits to the innovation and development of China's financial market and risk regulation. |
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