证券市场托管制度优化研究

当前我国法规层面定义了证券"中央登记、二级托管"模式,但实质属于一级托管。证券托管制度的弊端逐渐显现,主要包括:一是交收主体错位不利于DVP结算制度的实施,二是无法有效组织券源满足市场融券需求,三是抑制证券公司的金融产品及业务创新,四是在一定程度上影响了市场的证券结算效率,五是不利于我国证券市场与国际接轨。本文建议:一是构建"看穿式"证券二级托管机制;二是优化顶层设计,健全与完善证券托管法规体系;三是建立证券公司二级托管业务内部管理体系;四是加强对证券公司开展二级托管业务的外部监督管理。

Research on the Optimization of the Securities Market Custody System

Currently,China’s securities regulations define a“central registration,two-layer custody”mode for securities,which is essentially a one-layer custody system.The drawbacks of this system have become increasingly prominent.First,the malposition of settlement entities impairs the implementation of DVP settlement system.Second,the system restricts the market from organizing securities sources effectively to meet the securities lending demands.Third,this one-layer custody system suppresses the securities companies’innovation in financial products and businesses.Fourth,to a certain extent,it negatively influences the market’s securities settlement efficiency.Fifth,it is disadvantageous for China to connect its securities market with the international market.This paper proposes several recommendations.First,construct a“see-through”two-layer securities custody system.Second,optimize the top-level system design,and improve and perfect the securities custody regulations system.Third,establish the internal management system for the securities companies’securities custody business.Fourth,strengthen the external supervision on the securities companies’securities custody business.