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从金融基础设施原则看“网联”平台的重要性

2017-09-06 18:22:08   新华网

金融市场基础设施是经济金融运行的基础和管道,良好的金融基础设施有助于维护金融市场和金融体系的安全和稳定。但如果缺乏恰当的管理,金融基础设施也可能成为系统性风险的源头及主要扩散渠道。

2008年全球金融危机后,国际社会对系统性金融风险认识和防范的意识大大增强,对构建高效、透明、规范、完整的金融市场基础设施十分重视并达成广泛共识。2012年,在汲取金融危机的教训,吸收现有重要支付系统、证券结算系统和中央对手等国际标准执行经验的基础上,国际支付结算体系委员会(CPSS)和国际证监会组织(IOSCO)联合发布了《金融市场基础设施原则》(PFMI),全面加强对金融市场基础设施的管理。

我国是这两个组织的正式成员,负有尽快将PFMI落实到位的责任。PFMI提出,集中化清算可以更加有效地管理金融市场基础设施的风险,并明确要求“中央银行应当有权力和资源有效履行管理、监管和监督金融基础设施的职责”。不久前召开的第五次全国金融工作会议也强调,要“统筹监管重要金融基础设施”。

支付清算有代理行清算和集中清算两种模式。根据收付款人是否在同一家银行开户,支付业务一般分为行内支付和跨行支付,跨行支付则涉及到银行间的资金清算。在中央银行出现以前,跨行资金清算一般采用代理行模式,银行之间互相开立账户,核算跨行支付业务应收应付资金。这需要多头开立账户并存放资金,实施成本高,处理链条长,支付效率低,而且容易导致风险积聚。一旦某机构资金链断裂,可能把风险传染给交易对手,并迅速扩散到其他机构。如2008年的金融危机中,正是由于大量衍生品交易没有通过中央对手方集中清算,最终因少数交易者资金链断裂而蔓延到全球市场。

而在集中清算模式下,则可以清晰地了解个体的风险敞口,识别机构之间的关联程度,进行风险预测,并在必要时可采取隔离措施,防止个体风险扩散。同时,在金融市场出现危机的时候,如果没有集中清算平台提供充足信息,将影响中央银行作为最后贷款人向市场提供流动性、处理危机的效力。

中央银行出现后,为履行“银行的银行”职责,组织建立集中支付清算平台,商业银行只需在央行开立一个账户即可完成所有跨行支付,大大减少了各机构原来在多头开户情况下的备付金需求,提升了支付效率。实践证明,业务规模越大,集中清算在节约资源、提高效率方面的优势就越明显。目前各国的跨行支付均在央行的组织下采用集中清算模式,代理行模式主要在跨境支付中使用。

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