【作者】 金霞；

【导师】 刘晓红；

【作者基本信息】 华东政法大学 ， 国际法学， 2008， 硕士

【摘要】 金融互换是20世纪80年代以来国际资本市场出现的新型衍生金融交易。金融互换的法律本质是一种支付合同,交易方在一定时间里按照合同定期交换现金流,在符合法律要求的前提下实现转移金融风险并从中赢利的目标。本文第一章从互换交易的合同性质入手,概述国际金融互换的起源交易——货币利率互换直至国际金融互换的最新发展——信用违约互换。作为场外衍生金融交易的互换交易具有较大的信用风险,信用违约互换在此次美国次贷危机中颇具争议。本章展示了互换交易中“单一协议”这一拟制合同支撑的伞形交易结构。“单一协议”为“终止净额结算”和“信用支持”形成结构化金融合同共同防范信用风险奠定了基础。第二章论述了“终止净额结算”通过设定多种信用触发事实,终止主协议下的相关交易并进行净额结算,产生一个取代全面支付的净支付额,大大降低了守约方的信用风险。但终止净额结算过程比较复杂,除了交易方意思表示一致,还需要得到国家法律的认可。尤其在破产条件下,终止净额结算具有优先受偿的性质,其有效性受到较大威胁。但英美等金融业发达国家已通过相应立法,维持终止净额结算防范信用风险的作用。第三章论述“信用支持”这一非典型担保在遵守内国担保法律的同时,尽量防范国际金融互换实际支付的信用风险。但信用支持既要符合内国担保的要求特别是完善程序,更要满足金融互换交易效率的要求。各主要国家致力于简化有效信用支持的流程。本文在行文过程中,围绕当前国际金融互换防范信用风险的典范——ISDA主协议标准文件,分析了“单一协议”、“终止净额结算”和“信用支持”三大合同安排防范信用风险的法律原理。通过比较的研究方法论证了ISDA主协议标准文件与主要国家《合同法》、《担保法》尤其是《破产法》立法的契合度。本文还穿插论述了ISDA主协议对信用违约互换的适用性,结合此前的重大案例说明合同约定对信用违约互换防范信用风险的至关重要性。同时,信用违约互换是特别的互换交易,具有互换与其他衍生交易的交叉特性,需要特别对待。本文第四章从理论和实证的角度考量了ISDA主协议标准文件三大合同机制引入我国的利益和风险,并根据实际情况提出完善我国相关法律规定的建议。更多还原

【Abstract】 Financial swap has been a novel financial derivatives transaction in the international capital market ever since 1980s.The legal essence of financial swap is a kind of payment contract. The participants agree to exchange periodic cash flows during the contract time in order to shift financial risk and even profit out of it in compliance with laws and regulations. Chapter One starts with its nature of contract to introduce cross currency swap as the source transaction as well as credit default swap the latest development of international financial swaps. With financial derivatives out-of-counter transaction, financial swap bears superior credit risk and it leads to a debate on the current subprime mortgage crisis in USA.. The first chapter exhibits the single agreement approach for structured financial swap contracts. The single agreement establishes a solid foundation for series swap transactions to employ close-out netting and credit support arrangements to protect participants against credit risk. Chapter Two stresses the key mechanism of close-out netting whose points are early termination, triggered by the stipulated default or termination events under the master agreement, of all the relevant swap transactions and, after netting, resulting in a single net payment rather than gross payment. It truly reduces credit risk confronted by the non-defaulting participants. However, the close-out netting is a comprehensive process with mutual consents admitted and recognized by the authorities, especially, with one participant under bankruptcy. Because close-out netting relates to preferential recovery and its enforcement is usually to be challenged by bankruptcy law. Those legal regimes with developed financial industries have passed lawmaking to sustain the risk-reduced function of close-out netting. Chapter Three describes that credit support arrangement which is an atypical security defends credit crisis in the real payment of international financial swaps. Though it is also subject to particular local laws with perfection requirement, the credit support should satisfy the efficiency in the financial market. Major legal regimes have been dedicated to the simpler use of credit support for the purpose of safety. Through this dissertation, it refers to ISDA documentation, the model and also customary practice for international financial swaps. ISDA documentation contains a master agreement to form a single agreement with close-out netting and credit support arrangement. The three contractual mechanisms combine with one anther to protect the participants against credit risk. Following the comparison among those local contract laws, security laws and bankruptcy laws, it becomes clear what is more suitable for the application of ISDA documentation. The applicability of ISDA master agreement to credit default swap is covered. Terms and conditions are of most importance for credit default swaps to keep credit risk confirmed by some outstanding cases. Credit default swap is an exotic swap which possesses a mixture of swap and other financial derivatives. Special consideration is given to it. Chapter Four researches on the feasibility and practicability to introduce ISDA documentation with its contractual mechanisms to China’s mainland.And based on the theory and empirical evidence, it affirms the documentation between risk and welfare. The new laws and regulations are to be under construction to safeguard the financial swap in China’s mainland.更多还原