场外衍生品市场

尽管台湾也在考虑建立中央结算对手，但一位央行官员表示，由于当地场外衍生品市场规模相对较小，因此没有必要急着这么做。

While Taiwan is also considering setting up a national CCP , a central bank official says there is no urgency to do so because its OTC derivative market is relatively small .

同时，鉴于监管部门正推动在巨大的场外衍生品市场采用更集中的结算程序，如今不仅要关注前端平台，也需同样关注交易后处理能力。

And with regulators pushing to ensure more centralised clearing in the huge OTC derivatives market , the focus is now as much on post-trade capabilities as front-end platforms .

2003年，时任美联储（fed）主席的格林斯潘表示：“场外衍生品市场规模的大幅扩张，是由于市场发现它们是非常有用的工具。问题在于，是否应该对它们实施监管？”

In 2003 , the then chairman of the US Federal Reserve said : " the vast increase in the size of the over-the-counter derivatives markets is the result of the market finding them a very useful vehicle . And the question is , should these be regulated ? "

NDF是场外衍生品市场中不起眼的一个角落：交易双方达成协议，以设定的价格在未来某一天买卖某种外国货币——就新加坡的情况而言，买卖的是马来西亚、印尼、菲律宾以及越南等东南亚国家的货币。

NDFs are an obscure corner of the over-the-counter derivatives markets where two parties agree to buy or sell a foreign currency - in the Singapore case , currencies of southeast Asian countries Malaysia , Indonesia , the Philippines and Vietnam - for a fixed price at some future date .

当前国际场外衍生品市场监管的新动向

New trends of supervision in international OTC derivatives market

早在信贷危机爆发前，他就曾牵头加强支撑场外衍生品市场的基础设施。

Long before the credit crisis broke , he led an effort to strengthen the infrastructure underlying the over-the-counter derivative market .

华盛顿和布鲁塞尔抓住了场外衍生品市场许多部分失灵、以及这如何加重了危机的事实。

Washington and Brussels have seized on the dysfunction of many parts of over-the-counter ( OTC ) derivatives markets and how this exacerbated the crisis .

担忧的加剧恰恰源于2008年金融危机之后出台的改革措施，以及它们所针对的场外衍生品市场的规模。

The heightened concern stems from the very reforms that sprang out of the 2008 crisis and the size of the OTC derivatives markets they address .

可采取的措施包括，把主要的场外衍生品市场纳入一个中央基础设施，以及确保中央交易对手的结构和规则是安全的。

Steps include moving the main over-the-counter derivatives markets on to a central infrastructure , and ensuring the structure and rules of central counterparties are safe .

企业担心，监管机构要求增加结算，将推高利用场外衍生品市场的成本，从而限制它们对冲燃料和大宗商品的能力。

Companies worry that the push for more clearing will make it dearer to use OTC derivatives , constraining their ability to hedge fuel and commodities .

他表示：我们必须紧急行动，监管场外衍生品市场，通过限制总头寸应对过度投机问题。

We must urgently move to regulate the over-the-counter derivatives market and address excessive speculation through aggregated position limits , said Gary Gensler , CFTC chairman .

但是，迫使场外衍生品市场提高透明度的议题，已经引发了对多种交易实践的审查，远远超出场外市场的范畴。

But the issue of forcing more transparency into the OTC derivatives markets has sparked scrutiny of trading practices far beyond the confines of the OTC world .

金融危机之后，全球监管机构都希望推动更多的场外衍生品市场转移到透明的交易场所，并通过结算所来处理更多的交易。

In the wake of the financial crisis , global regulators want to push more of the off-exchange derivatives market on to transparent trading venues and have more deals processed through clearing houses .

见证了金融危机期间西方场外衍生品市场动荡的亚洲监管机构，热切希望阻止同样的问题在自己的领地内出现。

Having witnessed the turmoil that gripped OTC derivatives markets in the West during the financial crisis , Asian regulators are keen to prevent the same problems from appearing on their own turf .

为解决第二个问题，监管者希望交易商放弃其对场外衍生品市场的部分控制权，允许对冲基金和资产管理公司等投资者直接参与清算。

To address the second problem , regulators want dealers to cede some control of the OTC derivatives markets and allow investors , such as hedge funds and asset managers , to be direct participants in a clearing house .

我国场外金融衍生品市场监管问题探讨

On the Supervision of OTC Financial Derivatives Market in China

以24.7万亿美元的全球场外利率衍生品市场为例。

Take the $ 24.7tn global market in over the counter interest rate derivatives .

场外金融衍生品市场的监管制度研究

The Study of Regulation of OTC Derivatives Markets

中国场外金融衍生品市场监管完善战略

Strategy of developing Chinese OTC market

场外金融衍生品市场由于信息不对称和杠杆效应等因素的存在，蕴含着大量的风险。

The OTC financial derivatives market has huge risk due to the information asymmetry and leverage effect .

同时，在功能型监管下，应放松我国场外金融衍生品市场的准入，完善和细化交易商的适当性原则。

In the functional regulation system , China should release the market entry and perfect the suitability doctrine .

更重要的是，利用这些场外金融衍生品市场满足风险管理需求的空间非常广阔。

More importantly , the space are very wide when use these OTC derivatives market to meet risk management demands .

因此，对于能否在中国发展场外金融衍生品市场的研究对发展和完善中国金融体系非常有意义。

Therefore , it is helpful to develop or fulfill financial system in China to study the possibility of carrying through the OTC derivatives trades .

作为资本市场中的场外金融衍生品市场，证券公司柜台市场在美国等发达国家和地区已发展较为成熟。

As OTC financial derivatives in capital market , OTC market of securities companies has matured in developed countries and regions such as the United States .

在我国，场外金融衍生品市场尚处于起步阶段，但其巨大的发展潜力已为国内外普遍关注。

In China the OTC market is just in its initial step , however , its huge developing potential attracts the broadly attentions from both home and abroad .

本文从经典案例回顾入手，采用了案例分析、历史分析以及比较分析的方法，对场外金融衍生品市场功能型监管这一命题进行研究。

This thesis begins from the classical cases , using the cases , historical and comparative analyzing ways to research on the topic of the functional regulation on OTC Financial Derivative Market .

但人们还担忧，在美欧协调自身的改革之际，亚洲会不会在规模庞大的场外衍生品交易市场的改革竞赛中落在后面。

But there is also a concern that Asia does not get left behind in the race to reform the vast OTC derivatives markets as the US and Europe co-ordinate on reforms of their own .

此举是北京打击场外衍生品交易市场的最新举措。此前，中国多家国有企业对大宗商品价格和汇率走势作出了灾难性的押注，造成数十亿美元亏损。

The move is the latest by Beijing to clamp down on the over-the-counter derivatives market after a number of state companies made disastrous bets on commodity prices and foreign exchange movements , losing billions of dollars .

谈到降低场外（otc）衍生品市场系统性风险的必要性，美国和欧洲的呼声也许最高，但不以此类不透明工具的交易而著名的亚洲监管机构，如今也已着手开辟自己的道路。

The US and Europe may be making the most noise about the need to reduce systemic risk in the over-the-counter derivatives markets but regulators in Asia a region not known for trading in such opaque instruments are starting to blaze their own trails .

重要的一点是，要巩固有关场外交易衍生品的金融市场基础结构。

One important element is strengthening financial-market infrastructure regarding over-the-counter derivatives .