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金融衍生交易终止净额结算是一种重要的信用风险缓释技术,有助于提高金融资金效率、避免金融市场系统性风险,被国际上ISDA主协议和我国NAFMII主协议所承认。终止净额结算的法理基础是抵销,与我国《合同法》相协调,但发生破产类违约事件时,则与我国《企业破产法》及司法解释相冲突。我国应当制定《金融衍生交易法》明确金融衍生交易的概念、合格交易、合格主体,以明确终止净额结算的范围,确认单一协议和提前终止权的效力,具体规定终止净额结算的规则,同时防止金融衍生交易终止净额结算的滥用。
The net settlement of financial derivative transaction is an important credit risk mitigation technology, which helps to improve the efficiency of financial capital and avoid systemic risk in financial market. It is recognized by the international ISDA Master Agreement and China’s NAFMII Master Agreement. The legal basis for terminating the net settlement is offsetting and coordinated with China’s “Contract Law”, but in the event of bankruptcy default, it conflicts with the “Enterprise Bankruptcy Law” and judicial interpretation in China. China should formulate the Financial Derivative Transactions Act to clarify the concept of financial derivatives transactions, qualified transactions and qualified entities to clearly terminate the scope of net settlement, confirm the effectiveness of a single agreement and early termination right, and specify the rules for terminating the net settlement, While preventing the abuse of netting settlement of financial derivative transactions.