Optimization of the Financial Market Infrastructure System in the Context of China’s Financial Legislation

China’s financial market infrastructure encompasses six types of systems: financial asset registration and custody systems, clearing and settlement systems, trading facilities, transaction report repositories, important payment systems and basic credit systems, which are of great signifi- cance in safeguarding the stable operation of the financial system. However, the relevant legislation is scattered in a number of individual laws and administrative regulations, showing fragmentation and low-level characteristics, and there are problems such as unclear legal status of financial market infrastructure, limited effectiveness of self-regulation, and lack of systemic regulatory model. In this regard, it is recommended that the proposed financial law should unify the basic system of financial market infrastructure, clarify its content, scope and legal status, and give priority to the application of self-regulatory norms. At the same time, a coordinated regulatory system should be constructed, with the central bank leading the macro-prudential supervision under the coordination of the Central Financial Commission, and the Securities and Futures Commission and the General Administration of Financial Supervision dividing up the work to form a dynamic and coordinated mechanism, so as to provide high-quality financial services for the real economy by the rule of law of China’s financial market infrastructure.

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