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中央对手方机制作为期货交易的基础制度之一,保障着期货市场运行的安全、高效和稳定。中央对手方通过抵消和净额结算制度,集中且降低了交易方所承担的因合同相对方无法及时履约所带来的风险,从而避免了金融市场因个别违约行为而造成的整体动荡。但在我国期货交易实践中,中央对手方机制存在制度功能和法律位阶的内在冲突,直接影响了其运行的稳定性和有效性。
As one of the basic systems of futures trading, the central counterparty mechanism guarantees the safe, efficient and stable operation of the futures market. Through the system of offsetting and netting, the central counterparty centralized and reduced the risks borne by the counterparty due to the counterparty’s failure to perform in time, thus avoiding the overall turmoil caused by individual defaults in the financial markets. However, in the practice of futures trading in our country, the inherent conflict of the system and function of the CCP system has a direct impact on the stability and effectiveness of its operation.