U.S., EU and others have been working on the reform of CDS regulatory regimes： the central clearing regime with central counterparty, margin requirement, information repositories, and insurance/quasi-insurance regime. The specifics of CRM regulatory regimes in China are studied so as to analyze their distinctiveness and weakness, especially in the mitigation of counterparty risks. The conclusion is that there is still weakness in the central clearing regime, and the missing compulsory margin requirement would enable the insurance companies to make regulatory arbitrage and would potentially increase the systemic risks. But China has already adopted a leading regime for public information disclosure. The possible measures for Chinese regulatory authorities are as follows： clarify the role of Shanghai Clearing House in CRM transactions other than registration and settlement; encourage central clearing though favorable capital charge; implement compulsory margin requirement and establish the standard of margin requirement and qualified collateral.%比较美国、欧盟等对信用违约互换（CDS）监管的最新动向：集中清算与中央对手方制度、保证金与信息透明要求、保险／准保险监管模式，结合我国信用风险缓释工具（CRM）试点的现有制度，分析在对手方风险防范制度上的差异与不足。具体指出我国集中清算制度上尚有不足；强制保证金制度的缺失不仅使保险机构存在政策套利的空间，还存在引发系统性风险的潜在危险；但在对市场的在信息披露方面，已经走在世界的前列。提出我国需要尽快明确上海清算所在CRM交易中最为主要的在登记、结算外的风险防控功能，通过资本计量的优惠规定等手段鼓励集中清算，制定强制的保证金要求，并严格限定保证金水平、担保品标准。
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