全球交易所战略合并背景下我国期货结算模式创新研究

独立结算模式和专属结算模式是国际期货市场结算体系的基本模式。在国际期货结算体系的发展实践中,两种模式各有利弊、相互交融、长期共存。随着全球衍生品市场竞争日趋激烈,交易所之间的战略合并成为衍生品市场发展的新趋势。但就期货产品的结算模式而言,专属结算模式成为各个交易所集团共同的选择或发展方向。目前我国期货市场的结算由四家交易所的内设结算部分别进行,随着期货市场创新发展的进一步深入,现行结算模式存在的问题也逐渐显现。建立期货市场独立统一的结算公司或成立交易所控股的结算公司,将是我国期货市场结算模式的路径选择。

The Futures Settlement Model Research of the Global Exchange in Strategic Merger

Independent Model and Captive Model are the fundamental models in the international futures clearing system. Both of them have their own advantages and disadvantages. They coexist and interact for a long time in the development and practice of the international futures clearing system. With the increasing competition in the global derivatives market, the strategic merger of exchanges becomes the new trend in the development of derivatives market. However, in terms of the settlement model in futures, the captive model is chosen or regarded as a suitable model to pursue by different exchange groups. Nowadays, the four exchanges in China settle their own futures contracts by their individual department of settlement. The disadvantages of the existing model of settlement gradually appear with the further development and innovation of the futures market. Establishing the independent and unified settlement companies or the settlement companies with exchange holdings will become a better choice in China＇s futures market.