结算会员分级制度对商品期货交易所的挑战和机遇

为了降低结算风险，中国金融期货交易所引入了结算会员分级制度，并提出了特殊结算会员的概念，从而对我国商品期货交易所现行的结算体制提出了挑战。虽然大多数国际期货交易所均采用分级结算制度，但是就我国商品期货市场的发展现状而言，会员分级未必有利。我国商品期货交易所应当在综合评价制度变更成本与收益的均衡、风险分散与市场活跃的均衡的基础上进行科学决策，并全面分析引入特殊结算会员的可行性。

Implication of Clearing Member Classification to Commodity Exchanges

In order to reduce the clearing risk, China Financial Futures Exchange introduces the clearing member classification system and initiates the new concept of special clearing members. Although clearing member classification system is implemented by most foreign exchanges, it does not necessarily apply to the Chinese context. A scientific approach must be adopted with regard to this issue, striking a balance between cost and profit of the system change and balance of risk dispersion and market liquidity.