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中央对手方交易机制的法律基础与改进研究

Research on the Legal Basis and Improvement of the Central Counterparty Trading Mechanism

Progress in Social Sciences / 2025,7(6): 443-449 / 2025-06-20 12 10

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• Authors: 曹骁睿
• Information:

  华东政法大学经济法学院，上海

• Keywords:
  Central counterparty; Centralized performance guarantee; Civil code
  中央对手方; 集中履约担保; 民法典
• Abstract: China has comprehensively explored and implemented the central counterparty trading mechanism in securities, futures and derivatives trading. However, the legal expression of “centralized performance guarantee” does not imply that settlement institutions can only assume the functional position of guarantors. It is a better institutional choice to provide settlement services as a central counterparty. Furthermore, there is a certain incoordination in terms of system compatibility between improving the central counterparty trading mechanism and existing norms such as the Civil Code under the legal framework of our country. Debt replacement can be explained by means of the general transfer of creditor’s rights and debts in civil law, the system of confusion and the principle of contractual neutrality. When exploring the optimization of China’s central counterparty trading mechanism, it can be approached from several perspectives, such as raising the legislative level of relevant norms, strengthening the risk prevention system and disposal mechanism, and improving the internal governance framework of settlement institutions. 《证券法》第一百五十八条第一款、《证券登记结算管理办法》第四十八条、《期货和衍生品法》第九十三条均规定了金融结算机构作为结算参与人的共同清算交收对手，进行净额结算并为交易提供集中履约担保。这表明我国在证券、期货和衍生品交易中全面探索推行中央对手方交易机制。但是对于“集中履约担保”的法条表述并不意味着结算机构只能承担担保人的功能地位，以中央对手方展开结算服务是更优的制度选择。此外，完善中央对手方交易机制与我国法律框架下《民法典》等既有规范在体系兼容性上存在一定的不协调。对此，可借助民法上债权债务的概括移转、混同制度与合同中立性原理解释债务更替。在探索优化我国中央对手方交易机制时，可从提高相关规范立法位阶、强化风险防范体系与处置机制、完善结算机构内部治理框架等角度切入。
• DOI: https://doi.org/10.35534/pss.0706076
• Cite: 曹骁睿．中央对手方交易机制的法律基础与改进研究［J］．社会科学进展，2025，7（6）：443-449.