美欧场外衍生品市场集中清算制度的变化与比较

摘要

清算机制对场外衍生品市场的健康发展起到举足轻重的作用。2008年次贷危机后，国际组织和美欧都在致力推广场外衍生品市场的集中清算制度。基于不同的原因，美欧关于场外衍生品交易清算的立法和监管制度既有相似之处，也有差异。这些制度的发展变化首先是基于有效控制系统性风险的考虑，也是美欧各国增强本国金融机构和市场吸引力的需要，更是这些国家和地区基于长期利益的需要积极参与国际标准制定的结果。%The clearing mechanism plays a pivotal role in the function of the OTC derivative markets. Since the Sub-prime crisis, the international organizations , the US, and the EU governments have been striving to promote central clearing mechanisms in the OTC markets. Both the US and the EU have adopted new law and regulations, which share similarities and also display differences. The development of mechanism is based on the controlling the system risk firstly, and is also the need of strengthening the financial sectors and the market attraction. Meanwhile, it is the result of the countries' taking part in the international standard formulation for the interest.