场外CCP防范系统性风险的分析、违约处置的国际经验和借鉴

Analysis of Over-the-counter CCP Preventing Systemic Risk and International Experience and Reference for Default Management

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摘要 2008年的全球金融危机给各国金融监管者在防范系统性金融风险上提出了巨大挑战,而场外市场的风险监管缺失和双边清算的风险处置效果是一大诱因。后危机时代场外市场的快速改革和发展对各国金融发展以及改革、防范和化解系统性金融风险有着重要意义。本文首先回顾和分析了危机后场外市场集中清算的发展改革历程,并从危机中暴露出来的问题和经典案例切入,分析了场外CCP采用中央对手清算机制防范风险的机理和优势,然后分析国际上最新的CCP清算会员违约处置案例,总结出对我国场外市场的风险监测与监管、违约处置有借鉴意义的经验,以期对我国场外市场的发展与改革、场外CCP的风险管理和对清算会员的违约处置提供理论和经验支撑、政策建议,并更好地防范系统性金融风险。 The global financial crisis in 2008 presented great challenges to financial regulators in various coun-tries in preventing systemic financial risks, and the lack of risk supervision in the OTC market and the risk disposaleffect of bilateral clearing were a major incentive. The rapid reform and development of the OTC market in the post-crisis era is of great significance to the financial development and the reform, prevention and resolution of systematicsystemic financial risks of various countries. This paper first reviews and analyzes the development and reform pro-cess of central clearing in the OTC market after the crisis, and cuts through the problems exposed from the crisis andclassic cases, analyzes the mechanism and advantages of the OTC CCP adopting the central counter-party clearingmechanism to prevent risks, then analyzes the latest international CCP clearing member default management cases,and summarizes the experience of risk monitoring and supervision and default disposal which have an enlightenmenton China′s OTC market. This paper is aimed at providing theoretical and empirical support and policy recommenda-tions for the development and reform of China′s OTC market, the risk management of OTC CCP and the default man-agement of clearing members, thus we can better protect financial system against systemic risk.

作者范薇

机构地区复旦大学应用经济学博士后流动站银行间市场清算所股份有限公司

出处《西南金融》北大核心 2019年第9期3-11,共9页 Southwest Finance

基金 2018年度四川省社科规划项目青年项目“我国货币政策和宏观审慎政策双支柱调控框架研究”(批准号：SC18C013)

关键词中央对手方系统性金融风险金融危机违约风险违约处置破产清算集中清算场外市场风险管理宏观审慎金融稳定衍生品交易金融基础设施建设金融市场 Central Counter-party Systematic Financial Risk Financial Crisis Default Risk Default Disposal Bankruptcy Liquidation Central Clearing Over-the-counter Market Risk Management Macro-prudential Finan-cial Stability Derivatives Trading Financial Infrastructure Construction Financial Market