Research On Central Counterparty System In Futures Market

The central counterparty system refers to the system in the financial market that intervenes in the trader’s contract and becomes the counterparty of all the traders to guarantee the performance of the exposure contract.Compared with the foreign futures market to confirm the central counterparty system through legislation,China’s current futures legal system has not yet clarified the central counterparty system.In order to follow the trend of global financial reform and promote the internationalization of China’s futures market,the standing Committee of the 13 th National People’s Congress included the futures Law in the second category of the legislative planning.Constructing the central counterparty system is one of the important tasks of the futures legislation.The first chapter is about the central counterparty system.Through sorting out international treaties and futures laws and regulations of the United States,the European Union,the United Kingdom,Singapore and other countries and regions,it is found that central counterparty system has become an important financial infrastructure in the post-crisis era.In order to realize the efficiency value and safety value,the CENTRAL counterparty needs to take contract replacement,open offer or other similar legal design as the legal basis to get involved in all contracts in the futures market and become a party to all futures contracts.The second chapter demonstrates the necessity of constructing the central counterparty system.With the continuous expansion of application scale and the deepening of theoretical research,the paradox of central counterparty system and its generation logic and propagation path have become relatively clear,and a series of beneficial explorations have been conducted in the advanced futures market outside China.China’s futures market is in the stage of international development.The establishment of a central counterparty system not only conforms to the development demands of the futures market for safety and efficiency,but also is an important measure to implement the policy of comprehensive opening up and improve the international competitiveness of the futures market.Chapter three,based on the practice of China’s futures market,analyzes the realistic barriers to the construction of the central counterparty system.Since China’s current futures legal system does not provide for the central counterparty system,it can be found that,on the one hand,the central counterparty system lacks legal protection;On the other hand,although futures exchange has assumed the responsibility of "qualified central counterparty",its organizational structure and attributes have hindered the effectiveness of central counterparty system to some extent.The fourth chapter introduces the beneficial experience of constructing the central counterparty system in foreign futures market from the perspective of comparative law.Faced with the unavoidable institutional paradox,the United States,the European Union,Singapore and other countries have integrated multiple mechanisms to prevent the potential systemic risks of the central counterparty system.In addition,countries and regions outside the region provide a strong legal guarantee for the central counterparty system through legislation.The conflict of interest among various subjects was alleviated through the reform of non-mutual aid.The fifth chapter puts forward some Suggestions on constructing the central counterparty system in China’s futures market.To build a system of central counterparty that conforms to the practical logic of socialist market economy with Chinese characteristics,we should comprehensively examine and carefully evaluate the system of central counterparty,and draw on relevant experience or lessons from countries outside the region.It is necessary to improve the futures market access system,risk prevention mechanism,and try to build a crisis relief mechanism and orderly bankruptcy system;It is necessary to perfect the laws and regulations of futures to provide legal guarantee for the central counterparty system.It is necessary to promote the de-administration reform of futures exchange and construct corresponding interest coordination mechanism.Chapter six is the conclusion.It is necessary and feasible to construct the central counterparty system in the futures market,but it can not be completed overnight.Therefore,it is necessary to pay close attention to various legal issues in practice and further study them.