| Financial market infrastructure,as the cornerstone of the stable operation of the financial market,has attracted more and more attention all over the world.Especially after the 2008 financial crisis,the international community has paid more and more attention to the construction and supervision of Financial market infrastructure,and a series of standard documents have been formulated to measure the construction level of financial market infrastructure of all countries.In the early stage of China’s financial market infrastructure construction was relatively low and the development system was weak.After the Third Plenary Session of the 18th CPC Central Committee,the construction of domestic financial market infrastructure has begun a new process,and great progress has been made in the construction of financial market infrastructure including the central securities depository and management,the systemically important payment system,the securities settlement system,the central counterparty,and the transaction report base.However,during the process of China’s construction,the drawbacks of "emphasizing the entity but ignoring the legislation" have become increasingly apparent,and there are a lack of laws and regulations governing financial market infrastructure.There are many market players,not only do they have different basis for establishing market players,but also adopt different forms of organization,that is,they lack "external"authorization and have a low legal hierarchy,and the conflict between their operation mechanism and existing laws is becoming increasingly acute.In order to solve the problems existing in China’s financial market infrastructure,the author,in light of China’s current construction status,laws and regulations,sorts out the functions of all parties involved in the financial market infrastructure in the course of operation,and attempts to analyze the existing problems,the legal effect of terminating netting,etc.On this basis,we have tried to put forward feasible solutions and targeted regulatory suggestions from the perspective of "empowerment of market players". |
