海外市场清算模式的演变历史与发展趋势.PDFVIP

微观结构 海外市场清算模式的演变历史与发展趋势 1 2 李路 付迟 (1.上海外国语大学国际金融贸易学院， 摘要：清算所与交易所的传统治理关系可以分为两种——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(interoperability)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——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 clearing and exchange can be classified as two kinds: the vertical clearing mode and horizontal clearing mode, corresponding to one clearing company working for only one or several exchanges respectively. The interoperability of clearing means clearing services for one particular product can be conducted in different exchanged based on the net position, no need to do the clearing in each individual exchange. The interoperability introduces competition into the clearing business, meanwhile providing a new clearing mode: connected clearing, that is to say several clearing service companies working for multiple exchanges at the same time. This new connected clearing mode benefits investors, clearing companies and exchanges all, and it might be the main trend for the development of future clearing mode. After the financial crisis in 2008, the trend of bring OCT back inside and the new Financial Infrastructure Market Principles both emphasize on the control of systemic risks, and the connected clearing mode is more suitable for the change of the market environment. The clearing industry would get a new balance between fairness and efficiency under the market competition. Keywords: clearing companies, co