论证券结算客观性风险之法律控制

证券交易涉及的金额巨大,交易发生的次数频繁,交易关系复杂。为使其能够低成本高效率地进行,人为地设计了处于中央交易对手方的结算公司。由此也在客观上产生了证券结算信用、流动性、操作性和系统性四个方面的风险。本文建议直接进行一级结算,或者保留结算上的两个层次,但是要把结算对象和登记对象统一起来以便于降低信用风险;取消券商融资融券方面的限制有助于控制流动性风险;完备结算风险基金的运做可以降低操作性风险;通过资格审查、结算参与人制度等可以控制系统性风险。

To Minimize by Law the Objective Risks in Respect of Securities Settlement

Securities trading is characterized by large amounts of money, frequency of transactions and complicated relationships. To operate in a low cost and high efficient way, people have designed a clearinghouse that guarantees that all of the traders will honor their obligations by adopting the position of buyer to every seller and seller to every buyer. Objectively, risks arise that are related to the credit, liquidity, operativeness and systematicness of the securities settlement. To minimize the credit risk, this paper suggests that a one- tier settlement system should be set up, or that the two- tier system be allowed to remain, if the objects of settlement and registration are integrated. Removing the restriction on the trader's ability to finance and obtain securities is conducive to minimizing the liquidity risk. The establishment of an adequate fund may well minimize operative risk and a settlement participation system may minimize the systematic risk.