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  • 學位論文

全球證券市場後台整合新趨勢—從結算交割風險管理論集中交易相對方制度

The Trend of Integration of Clearance and Settlement in Global Securities Markets:Focusing on Central Counterparty System From The Viewpoint of Risk Management

指導教授 : 馮震宇
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摘要


證券市場特有的風險性在於,單一市場參與者的違約或過誤,可能造成整個系統的危機,一旦發生連鎖反應,若無有效的防護措施作為最後一道防線,將導致證券市場以及金融體系的全面崩潰。另一方面,降低風險亦為減少交易成本的途徑,因投資人的獲利有限,已無法忍受再被交易成本侵蝕。因而如何透過結算交割的設計降低風險,並有效降低市場交易成本和後台作業的成本,遂成為各市場關心的重點。 在全球化的趨勢下,投資活動亦趨於全球化,跨國交易日漸頻繁而重要。各國市場的交易所與證券服務機構為求生存,以合併與結盟的方式,進行大規模的整合。而跨國交易最大的障礙與風險即在於其結算交割階段。不同於單一市場或國內市場交易的結算交割運作模式,跨國結算交割涉及眾多的主體,其運作方式更是複雜多樣,必須透過新的風險管理機制以降低可能的風險。 集中交易相對方(Central Counterparty,CCP)的主要目的即在於承擔市場的信用風險,以控管證券交易的整體風險,並且透過多邊沖抵等交易安排,降低成本。另一方面,建立集中交易相對方制度,甚至跨國性的集中交易相對方,更可加速市場間的整合。 集中交易相對方參與的交易流程,在交易撮合之後,集中交易相對方會介入買賣雙方的交易裡,成為原買方的賣方,原賣方的買方,原先買賣雙方之間並不存有任何關係,每一個投資人在交易撮合之後的交易相對人均為集中交易相對方,此一過程稱為「重訂新契約」(novation)。 目前世界上主要證券市場已有許多集中交易相對方正在運作。二十一世紀初始,美國證券存託與結算公司(DTCC)以及國際證券管理機構組織(IOSCO),均指出集中交易相對方的重要性,其合作與結合模式將是未來全球投資服務產業最重要的發展。 本文擬從證券交易的結算交算體系與風險控管出發,說明集中交易相對方的運作制度與市場功能,探討其於法律上的定義與法律架構,並進一步介紹集中交易相對方在國際證券市場的發展趨勢,以及在全球化市場中扮演的角色。最後,對於我國是否應採行集中交易相對方制度,以及應有的相關法制配合詳加解析,進而提出立法及制度設計上的建議。

並列摘要


The particular risk of securities markets is that the default or mistake of one single participant could cause the systemic risk. The chain reaction could result in the total collapse of securities market and financial system. On the other hand, reducing risk is also efficient to lower the cost of transactions. Because of the limited profit, the investors can no longer endure high expense. Therefore, the efficiency of clearance and settlement system becomes the main concern of all markets. Under the trend of globalization, the investment activities also become globalized. International trading is getting more frequent and important. To survive, securities institutions and exchanges come to concentration through combination and coordination. However, The major obstacle of cross-border trading is the arrangement of clearance and settlement. Different from the model in a single market or domestic markets, cross-border clearance and settlement procedure involves multiple entities, and its model is comparatively complicated and various. For this reason, a new risk management mechanism is necessary. Central counterparties (CCPs) are built to cover the credit risk of securities markets, to manage the risk of transactions, and to cut down the cost by multilateral netting. Besides, CCPs can contribute to the integration of multiple markets.The CCP interposes itself as buyer to each member seller and as seller to each member buyer in a defined trade. Then, two new contracts are created — between the CCP and the buyer, and the CCP and the seller — to replace the single, original contract between the two parties. The legal process to achieve this is normally called “novation.” This thesis begins from the securities settlement system (SSS) and risk management, introduces the functions of CCPs, discusses its definition and legal framework, and illustrates the development of CCPs in worldwide securities markets and the global investment market. The article concludes with the analysis of current securities regulations related to the adoption of CCPs and suggestions of legislation and scheme.

參考文獻


11.Objectives and Principles of Securities Regulation, IOSCO, February 2002.
9.Larry D. Soderquist, Theresa A. Gabaldon, Securities law, Foundation Press, 1998.
2.David L Ratner, Securities Regulation in A Nutshell (1995)
10.Louis Loss & Joel Seligman, Securities Regulation (1989)
14.Risk Management and Control Guidance for Securities Firms and Their Supervisors, Report by the Technical Committee of the International Organization of Securities Commissions (IOSCO), May 1998.

被引用紀錄


顧純萍(2009)。雙起賠保單應用在證券交易風險管理之研究〔碩士論文,朝陽科技大學〕。華藝線上圖書館。https://www.airitilibrary.com/Article/Detail?DocID=U0078-1111200915521684

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