期貨市場中央對手方：制度內涵與法律基礎

CCP for Futures Market: Implication and Counterparty Substitution in China

中央對手方是期貨市場的基礎性制度，系應期貨市場的風險防範需求而產生，具有不可替代的功能。中央對手方表面上傳達的是期貨結算機構成為所有賣方的買方與所有買方的賣方，但實際上是期貨結算機構基於其合同主體身份而應具有的特點與所承載的功能。我國期貨結算機構須“為期貨交易提供集中履約擔保”的規定，並不表示我國期貨結算機構只能以保證人身份參與期貨交易，其以中央對手方進行期貨結算，可謂最佳的制度選擇。雖然我國沒有債務更替制度，但合同權利義務的概括轉移可以成為期貨結算機構成為中央對手方的法律基礎。

The regime of CCP, as an infrastructure in the futures market, was invented in response to the needs of addressing the market risks, and thus irreplaceable. Beyond the definition of “ seller to every buyer and buyer to every seller”, CCP conveys the implication that they shall bear some characteristics and achieve some functions based on the capacity as a party to futures contracts. That CCP in China shall “guarantee the performance of futures transactions” does not mean CCP is required to act as guarantors. The best option is to make CCP clear and settle futures transactions in the capacity of a party to the contracts. Though novation is not available in Chinese law, concurrent assignment of rights and delegation of obligations under a contract could be applied to explain CCP counterparty substitution in China.