境外otc衍生品市场发展与监管对中国衍生品市场的启示

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1、境外OTC衍生品市场发展与监管及对中国衍生品市场的启示摘要金融危机发生后，场外衍生品市场因缺乏监管而广泛存在的系统性风险引起了各国各地区监管部门的高度重视。根据20国集团（G20）于2009年匹兹堡峰会达成的共识，到2012年底以前，所有场外衍生交易都应向交易报告库上报数据，所有标准化场外衍生产品都应在交易平台完成交易并接受强制集中清算，非集中清算产品则须满足更严格的资本金监管要求。主要资本市场因而相继推出相应立法，新设或改革原有监管机构，调整多层次资本市场体系，通过中央对手方集中清算等方式加强对场外衍生品市场的监管。本文结合国际及主要国家和地区的监管框架，首先对场外衍生品的概念及分

2、产品市场规模进行梳理；其次从交易报告、交易平台、清算、标准化、资本金、保证金几个方面梳理了全球场外衍生品市场监管改革框架；进而以芝加哥商业交易所集团及香港场外结算公司为例，分析了危机后场外衍生品中央对手方的集中清算业务特征；最后在总结全文的基础上，结合我国的场外市场发展现状，提出了场外衍生品市场资本金监管、集中清算、风险管理的相关建议。关键词：场外衍生品集中清算交易报告产品标准化万方数据AnoverviewofOTCderivativesmarket’sdevelopmentandregulationandit’sinspirationtoChinaABSTRACTRegulator

3、yauthoritieshaveattachedgreatimportancetothewidespreadsystematicrisksintheover-the-counterderivativesmarketssince2008financialcrisis.G20LeadersagreedinPittsburghthat‘AllstandardisedOTCderivativecontractsshouldbetradedonexchangesorelectronictradingplatforms,whereappropriate,andclearedthroughcent

4、ralcounterpartiesbyend-2012atthelatest.OTCderivativecontractsshouldbereportedtotraderepositories.Non-centrallyclearedcontractsshouldbesubjecttohighercapitalrequirements.’Majorcapitalmarketsthuslaunchedthecorrespondinglegislation.Relatedimplementingregulatorymeasuresinvolveset-uporreformationofr

5、egulatoryauthorities,adjustmentofthemulti-levelcapitalmarketsystem,promotionofOTCcentralclearingthroughcentralcounterparties,etc.Withdefinitionsandmarket-sizeoverviewonglobalOTCderivatives,thispaperstartsfromanalysisoftheglobalregulatorysystemreformationintermsoftradereporting,centralclearing,s

6、tandardizationandmarginingonOTCderivativesmarkets.Thenthepost-crisisbusinesscharacteristicsofcentralcouterpartiesareanalyzedastheCME万方数据GroupandOTCClearingHongKongLimited.Finally,policyrecommendationsareofferedforChina’sregulationonitsOTCderivativesmarket.KEYWORDS:OTCderivativestradereportingce

7、ntralcleaingproductstandardization万方数据目录第1章场外衍生品的概念及市场规模····················································································11.1场外衍生品市场定义·············································································