对金融衍生交易的破产豁免规定是否能降低系统性金融风险的发生呢?目前,有很多学者对此提出了质疑。破产法中的终止条款是为了保全债务人的财产完整性,以避免因债权人个别的请求支付而危害其他债权人的整体利益。譬如,在美国《破产法典》中,给予破产约定条款特殊对待,在破产发生时债权人有权自动终止合同,请求债务人进行没有到期的支付,这就使金融合约的 Whether the bankruptcy exemption provisions of financial derivative transactions can reduce the occurrence of systemic financial risks? At present, many scholars have questioned this. The termination clause in the insolvency law is to preserve the integrity of the debtor’s assets in order to avoid jeopardizing the overall interests of other creditors by the individual claims of the creditors. For example, in the Bankruptcy Code in the United States, bankruptcy terms are given special treatment. In the event of bankruptcy, the creditor has the right to terminate the contract automatically and request the debtor to pay the unexpired payment. This makes the financial contract