Research On The Order Of The Liquidation Of Financial Derivatives Claims Under China’s Bankruptcy Legal System

The economy is the lifeblood of the country,and the stability of the financial system affects the national economic security.It is the proper meaning of the national economic security,stability and sustainable development to clarify the order of the settlement of financial derivative claims that represent the stability of the financial system.Financial derivatives transactions in China usually adopt centralized clearing and settlement,but OTC stocks,bulk commodities and credit derivatives adopt bilateral settlement mode.Foreign exchange,interest rate,gold and credit derivatives transactions are mainly applicable to the Master Agreement on Financial Derivatives Transactions in the Inter-bank Market,while OTC derivatives transactions of securities companies,futures companies and asset management institutions are mainly applicable to the Master Agreement on Derivatives Transactions in the China Securities and Futures Market,and cross-border derivatives transactions with overseas financial institutions are most commonly applicable to the Master Agreement of the International Swaps and Derivatives Association.Though,doubts about the application effectiveness of the three mechanisms uer the ISDA master agreement still exits: single agreement,termination netting,and credit support arrangements in China’s bankruptcy field,and further analysis is needed.This paper compares and analyzes the relevant laws,regulations and applicable effects of the three mechanisms in China through the legislative and judicial practices of the ISDA agreement,the United States and the United States on the single agreement,the termination of net settlement,and the credit support arrangement mechanism,and clarifies the limitation of the extension of financial claims according to the latest implementation of the Futures and Financial Derivatives Law of China.Through the analysis of legal interests such as financial stability,based on the analysis of the single agreement Terminate the effectiveness determination of net settlement and credit support,determine the specific liquidation order of financial derivative claims,and construct the liquidation order and specific liquidation rules of financial claims.