净额结算

主要的争议是围绕破产程序中终止型净额结算的有效性和执行性展开的。

The main disputes focus on the enforceable and efficiency of the netting by close-out .

有效双边净额结算协议

Valid bilateral netting arrangement

中国目前正在考虑，对衍生品交易也实施一个与国际标准可比的净额结算协议（nettingagreement）。

China is now considering implementing an internationally-comparable netting agreement for derivatives trades too .

CCP通过一种称为净额结算的流程，简化了多重敞口网络，有助于降低金融系统的风险。

It helps reduce risk in the financial system by simplifying a web of multiple exposures through a process known as netting .

与其紧密联系的净额结算是抵销的高级形态，它不仅在ISDA（国际互换与衍生交易协会）文件而且在国际金融衍生交易中都是最基本和最重要的法律问题。

Netting , as the developed form is most important and fundamental not only in the ISDA Master Agreement but also in the international financial market .

另外，本文还通过比较分析方法，介绍了部分金融发达国家的终止净额结算立法状况。

Furthermore , this paper gives comparative study on the legislation regarding close-out netting in some financially developed countries .

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。

Those legal regimes with developed financial industries have passed lawmaking to sustain the risk-reduced function of close-out netting .

在一般情况下（即不涉及破产程序时），终止净额结算是具有法律有效性和可执行性的。

In normal circumstance ( i.e. in situation of no insolvent proceeding ), close-out netting is legally valid and enforceable .

在国内，迄今为止，尚未有学者对终止净额结算制度进行过真正系统的深入研究，因而具有一定的创新性和开创性。

So far close-out netting has not been really researched in China , and therefore this is a unique and new topic for research .

终止净额结算制度作为一项合同条款安排，其设计功能和巨大价值能否实现，取决于其在法律上是否始终是有效的、可执行的。

Close-out netting being a contractual arrangement , realization of its designed function and value very much depends on whether it is always legally valid and enforceable .

场外金融衍生交易净额结算法律制度研究成员不得借本条第4款至第8款的规定拒绝谈判或拒绝缔结双边或多边协议。

The provisions of paragraphs 4 through 8 below shall not be used by a Member to refuse to conduct negotiations or to conclude bilateral or multilateral agreements .

常用的信用风险缓释工具主要有抵质押品、净额结算、保证以及信用衍生工具。

The main credit risk mitigation tools include collateral , netting , guarantees and credit derivatives ; otherwise , Credit risk mitigation tools can reduce credit risk regulatory capital .

终止净额结算的作用在于衍生交易双方通过它能有效控制和降低各自所面临对手的信用风险敞口。

The function of close-out netting is that the parties to derivative transactions could by using it effectively control and substantially reduce the credit exposure they may have from each other .

终止净额结算制度包括两个核心部分，一是提前终止合同交易的权利，即终止权；二是终止后对各交易盈亏头寸进行净额计算或净额处理的安排，即净额结算。

Close-out netting mechanism has two core components ; one is the right to terminate the transaction , i.e. termination right , the other is to net the termination amounts , i.e. netting .

目前，许多金融衍生交易发达的国家正在积极制定相关的法律，为终止型净额结算提供法律上的支持，赋予其特殊的执行力以不受各国破产法的约束和限制。

Recently , many financial developed countries start to establish the relevant laws and give the support of the netting by close-out , left the netting by close-out out of restriction of the Bankruptcy Law .