摘要
金融基础设施是一个功能范畴而非主体范畴,主要由支付系统、证券托管、证券结算、中央对手方和交易数据库五大系统组成,助推实现金融交易中的效率和安全价值。支付和结算等要素原本深藏于金融交易合同履行中,后被分离为独立的规则体系。五大系统是金融交易合同"货银对付"履约规则的具体体现。金融基础设施提升了金融交易的安全性,但在转移金融风险的同时,将交易者承担的风险汇集于自身,形成了金融基础设施的自身风险。为了守住不发生系统性金融风险的底线,夯实金融市场的制度基础,我国在健全金融基础设施中,应当明确金融基础设施的地位,厘清金融基础设施与相关者的关系,主动顺应金融基础设施科技化的发展趋势。
Financial infrastructure is a functional rather than a subject concept. It is mainly composed of five major systems: payment system, securities custody, securities settlement, central counterparty and transaction database. Transaction elements such as payment and settlement are hidden in the performance of financial transaction contracts, which have been separated into independent rule systems. The five systems are the concrete embodiment of the implementation rules of "Pay versus Delivery" in financial transaction contracts. Financial infrastructure improves the security of financial transactions, but at the same time of transferring and releasing financial risks, it collects the risks originally borne by traders and forms its own risks of financial infrastructure. In order to keep the bottom line of avoiding systemic financial risks and consolidate the institutional basis of financial market operation, China should clarify the basic status of financial infrastructure, clarify the relationship between financial infrastructure and other parties, and actively comply with the technological trend in the process of perfecting financial infrastructure.
出处
《社会科学》
CSSCI
北大核心
2019年第11期100-108,共9页
Journal of Social Sciences
关键词
金融基础设施
FMI
金融交易
合同履行
金融法
Financial Market Infrastructure
FMI
Financial Transaction
Performance of Contract
Legal Regulation
作者简介
叶林,中国人民大学民商事法律科学研究中心研究员、中国人民大学法学院教授,博士生导师(北京100872)。
