Analysis of the Integrated Development of Central Clearing Counterparties in Derivatives Markets
In April 2022,the Futures and Derivatives Law was been promulgated,which clearly stated that"as central counterparties,futures clearing institutions are the common counterparties of clearing participants".This is the first time that recognized the concept of central clearing counterparties in the law.The central clearing mechanism origi-nated from the futures market and played an important role in the evolution of the futures market as a"contract perform-ance guarantor".After the 2008 financial crisis,it has established a primary principle of over-the-counter deriva-tives market reform that qualified over-the-counter derivatives contracts should be central cleared.In the global regu-latory reform process over the past decade,central clearing institutions have gradually taken on the characteristics of providing quasi-public services,as a"market risk managers"on the basis of"contract performance guarantor".At the same time,some large comprehensive clearing institutions have gradually formed around the world,providing clearing for both on-and off-exchange transactions,becoming important infrastructure for transnational financial markets.At present,there are still obvious business and regulatory distinctions in China's central clearing,and a com-prehensive clearing institution for integrated development has not yet been formed.The National Financial Work Confer-ence proposed to strengthen the overall supervision and interconnection of financial infrastructure.We should pay atten-tion to the legal system of the integration development of central clearing,enhance the international competitiveness of financial infrastructure,and build a solid foundation for a strong financial country.
Central Clearing CounterpartiesFutures MarketOTC Derivatives MarketIntegrated Development
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