Financial Derivatives In The "bankruptcy Law" On The "special Treatment" Of The Study

After the U.S. subprime mortgage crisis, the world's derivatives market risk control again pushed to the cusp. U.S. financial institutions for the flaws, how to make rehabilitation a priority. The bankruptcy law on financial derivatives for the relevant provisions, it became the U.S. government rescue last magic. Lehman Brothers bankruptcy in particular for formally submitted, but ISDA Yi Shezhiyouguan net settlement of transfer arrangements, in this financial turmoil, with derivatives Shi Shi "Teshu treatment" and "advance" Xing undoubtedly played a lower credit risk and system risks.To prevent the risk from the expansion of both the derivative instruments or special considerations, this paper analyzes the implementation of financial derivatives "special treatment" of the causes and scope. In particular, the current theory and practice of a major problem, whether it is worthwhile to implement special treatment on the derivatives issue, the paper after the implementation of the system weighed on the financial market and capital market advantages and disadvantages of the impact of re-elaborated on the implementation of financial derivatives the reasons for special treatment, not only to prevent systemic risk, bankruptcy law has no such function.Then from the "early termination" and "single agreement" with the system, each of the U.S. net settlement system reform. This called for the implementation of the special treatment of financial derivatives, mainly referring to the four aspects, "termination rights", "Automatic early termination", "single agreement" and "Netting", by the United States summed up the current system , Review of Legislation in the United States. See its legislative history, its derivatives are gradually expanding the scope of protection, while active in the derivatives market, while the other hand, the risk control ability of their higher requirements. Regardless of how much the United States influence the final consideration is the feasibility of in our country, and how the integration of law in our country.The question of the ultimate starting point for China's derivatives market risk control system provides a number of reference and reflection. China's current bankruptcy law, ISDA in China, citing, inter-bank association also released the 2009 version of "Chinese inter-bank market of financial derivatives master agreement" provides analysis of the implementation is not difficult to find that special treatment of the derivatives of China's traditional law is a challenge, but it is also an opportunity. Through deep analysis found that, regardless of the legislative technical point of view, or contract law, bankruptcy law and other laws related to the principles of perspective, the introduction of these special systems, are all feasible and workable. Finally, the path of proposed legislation, proposed by the author's point of view. Starting from the specific measures, which should be explained that the scope of this article and means to establish on the derivatives of special protection, I hope the Chinese side derivatives trading system after insolvency legislation to provide some reference.