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金融危机后,强化场外衍生品监管制度成为各发达国家金融改革的重点,推进场外衍生品集中清算无疑是改革的基石。构建场外衍生品集中清算监管制度,必须首先解决场外衍生品适格清算标准问题,确定场外衍生品集中清算制度、集中清算的主体范围以及程序来执行适格清算标准。本文总结了危机后美国、欧盟场外衍生品适格清算标准监管制度发展及实施情况,在此基础上,分析了我国场外衍生品适格清算标准立法实施现状,对完善中国场外衍生品适格清算标准和制度提出对策建议。
After the financial crisis, strengthening the supervision system of OTC derivatives has become the focus of financial reform in developed countries. The promotion of the centralized settlement of OTC derivatives is undoubtedly the cornerstone of the reform. To establish the supervisory system for the centralized clearing of OTC derivatives, the issue of the standard settlement of over-the-counter derivatives must first be resolved, the centralized clearing system for OTC derivatives, the scope of the entities subject to centralized liquidation and the procedures for implementing proper liquidation standards. This article summarizes the development and implementation of the regulatory regime for the eligibility of liquidation of OTC derivatives in the United States and the EU after the crisis, and on the basis of this, analyzes the status quo of legislation on the implementation of the standard liquidation of OTC derivatives in China, Proper settlement standards and systems to make countermeasures and suggestions.