海外市场清算模式的演变历史与发展趋势.doc

海外市场清算模式的演变历史与发展趋势
微观结构| 海外市场清算模式的演变历史与发展趋势李路7><1付这2(<,上海200000;,上海200<122)摘要:清算所与交易所的传统治理关系可以分为两种一一垂直清算模式和水平清算模式,分别是一家清算所为一家交易所或多家交易所进行清算。清算的可互操作性(interop巳rabi<1 i ty)是指投资者基于某种产品的清算业务可以在不同的交易场所之间按照净头寸计算,而无需在各个单独的交易场所分别计算。可互操作性相当于将市场竞争引入清算领域,也带来了新的清算模式-一联通清算模式,即多家清算所为多家交易所进行清算,中央对手方之间也形成了统一平台。联通清算模式使得投资者、清算所和交易所都从中受益、实现共赢,或许会是清算市场未来的主流清算模式。2008年全球金融危机后,场外市场场内化和《金融市场基础设施原则》的颁布使得清算体系建设更加注重防范系统性风险,联通清算模式更能应对市场环境的改变,清算行业也在市场竞争中寻找到公平与效率的新平衡点。关键词:清算所;联通清算;期货交易所;清算模式Abstract: The traditional relationship between ciearing and exchange can be ciassified as two kinds: the vertical ciearing mode and horizontal clearing mode, corresponding to one pany working for only one or several exchanges respectively. The int巳roperabilityof c<1earing means c<1earing services for one particular product can b巳conductedin different exchanged based on position, no need to do the ciearing in each petition into the clearing business, meanwhile providing a new clearing mode: connected clearing, that is to say several clearing panies working for multiple exchanges at the same time. This new connected clearing mode benefits investors, panies and exchanges all, and it
might be the main trend for the development of future ciear ng mode. After the且nancialcris s in 2008, the trend of bring OCT back inside and the new Financial In仕astructureMarket Principles both emphasiz巳onthe control of systemic risks, and the connected ciearing mode is more suitable for the change of the market environment. The clearing industry would get a new balance between faimess and efficiency under the petition. Keywords: panies, connected clearing, futures exchange, clearing mode 作者简介:李路,中国金融期货交易所研发部研究员,研究方向:交易与清算。付迟,女,中国金融期货交易所研发部博士后,研究方向:交易与清算。巾图分类号: 文献标识码:A 清算(Clearing)是指介于交易(Trading,即投资者同意垂直清算模式是指清算所作为交易所的一个附属部开始交易)与结算(Settlement,即投资者最终完成资金或门或控股子公司(全资或绝对控股),从组织结构上看,实物划拨)之间、实时评估投资者持有头寸风险的中间阶交易所垂直管理清算所,是一家清算所为一家交易所进段。选取什么样的清算模式将决定清算行业的市场结构行清算的业务模式。在这种模式中,交易所自身承