The financial market infrastructure is the basic guarantee for the stable and efficient operation of the financial market and an important guarantee for accelerating Chinese modernization. The Central Financial Work Conference held at the end of October 2023 proposed for the first time to accelerate the construction of a strong financial country and a modern financial system with Chinese characteristics. The construction of a strong financial country includes elements such as an open financial market, abundant financial products, and good financial infrastructure. The modern financial system with Chinese characteristics includes the financial infrastructure system. Therefore, the construction of a financial market infrastructure system is an essential part of building a strong financial country and a modern financial system with Chinese characteristics. Strengthening the construction of financial market infrastructure on the track of the rule of law is an inevitable requirement for institutional openness in the financial field.
This article adopts comparative research, historical research, and textual research methods to horizontally and vertically analyze the different regulatory systems and rule practices of financial market infrastructure at the international, regional, and domestic levels. The regulation of financial market infrastructure includes the regulatory system and rule practice of financial market infrastructure, which correspond to two elements of institutional openness: rules and regulations. The regulatory system of financial market infrastructure covers “soft law” rules at the international level, regional rules represented by the EU at the regional level, legislative norms at the domestic level, and self-discipline norms of specific financial market infrastructure issued by self-discipline institutions. The rule practice of financial market infrastructure is reflected in the guiding value of the “soft law” rules of international standard-setting institutions, the coordination and unification of the direct application or transformation and implementation of EU legal norms in its member states, the specific regulatory rules issued by national financial regulatory authorities to implement the legislative norms of financial market infrastructure, and the concrete value of national self-discipline norms.
The regulatory system for the infrastructure of China's financial market has initially taken shape, but there are still problems such as lack of concentration of regulations, which are scattered in normative legal documents and self-discipline norms. Drawing on international regulations, EU regulations, and US and UK regulations on financial market infrastructure, based on the local reality of China's financial market infrastructure construction, this article explores the regulatory reform path of financial market infrastructure. From the perspective of macro-prudential supervision and strengthening risk prevention, it is necessary to make an overall layout of the normative system and rule practice of financial market infrastructure. To coordinate the regulation of financial market infrastructure, on the one hand, it is necessary to construct a unified and coordinated standard system of financial market infrastructure; on the other hand, it is necessary to explore the practice of financial market infrastructure rules.
This article enriches the theoretical connotation and practical system of financial market infrastructure regulation. Among them, several thoughts on improving the regulation of China's financial market infrastructure, facing the ongoing legislative revision draft for soliciting opinions, can provide reference for relevant legislative departments in amending the law.