摘要： 中央对手方是期货市场的基础性制度，系应期货市场的风险防范需求而产生，具有不可替代的功能。中央对手方表面上传达的是期货结算机构成为所有卖方的买方与所有买方的卖方，但实际上是期货结算机构基于其合同主体身份而应具有的特点与所承载的功能。我国期货结算机构须“为期货交易提供集中履约担保”的规定，并不表示我国期货结算机构只能以保证人身份参与期货交易，其以中央对手方进行期货结算，可谓最佳的制度选择。虽然我国没有债务更替制度，但合同权利义务的概括转移可以成为期货结算机构成为中央对手方的法律基础。

关键词: 期货结算, 中央对手方, 债务更替, 公开要约

Abstract: The regime of CCP, as an infrastructure in the futures market，was invented in response to the needsof addressing the market risks，and thus irreplaceable. Beyond the definition of“seller to every buyer andbuyer to every seller”，CCP conveys the implication that they shall bear some characteristics and achievesome functions based on the capacity as a party to futures contracts. That CCP in China shall “guarantee theperformance of futures transactions” does not mean CCP is required to act as guarantors. The best option isto make CCP clear and settle futures transactions in the capacity of a party to the contracts. Though novationis not available in Chinese law，concurrent assignment of rights and delegation of obligations under a contract could be applied to explain CCP counterparty substitution in China.

Key words:  Futures Clearing and Settlement, CCP, Novation, Open Offer