我国证券登记结算法律的进展与疑惑

修订后的《证券法》及证监会制定的《证券登记结算管理办法》通过确立共同对手方、分级结算、货银对付等原则，完善了我国证券登记结算法律，然而对于诸如存管概念、《管理办法》效力权限的不同认识，仍将在实践应用中构成疑问。登记结算机构试图在自己和证券买卖者之间设立防火墙的愿望得到一定程度的实现，但在分离的明晰度上结算环节要好于登记托管环节，证券公司的交易通道功能整体上没有改变。立法应在维护系统稳定与保护投资者间寻求平衡。

Concerns on Evolution of Securities Clearing and Settlement Regulations in China

Rules on securities registration and settlement are optimized since amendment of Securities Law and implementation of CSRC Administrative Rules on Securities Registration and Settlement, based on principle of mutual counterparty, tier settlement and DVP. However, in practice, there is still misconception on the interpretation of depository and juridical power of the CSRC administrative rules. Fire wall between the clearing house and their members is realized to some extent, settlement better than registration and depository, although the trading links between the securities firms and stock exchanges remain unchanged. A balance between system stability and investor protection should be stricken through legislation improvement.