OTC市場概況-中英對照

OTCMarketOverviewOTC市場概況TableofContentsCurrentConditionsDefinitionsOTCoverviewOTCvs.ExchangeTradedderivativesProductsutilizedParticipantsCollateralMarketStructureTradeflowBroker/ExchangeEvolutionandFeesClearingandSDRsPostTradeProcessingRegulatoryParticipantsandProgressAreasofOpportunityPossiblepointsofopportunityExecutiveSummary目錄執(zhí)行摘要當(dāng)前市場環(huán)境定義OTC概況場外交易VS場內(nèi)交易金融衍生產(chǎn)品產(chǎn)品利用情況參與者擔(dān)保品市場結(jié)構(gòu)交易流程經(jīng)紀(jì)商/交易所演變史和費用結(jié)算和特別提款權(quán)后交易處理監(jiān)管參與者和發(fā)展機(jī)會領(lǐng)域可能存在的機(jī)會附錄ExecutiveSummaryDemandforOTCproductscontinuestorise,tradingissplitacrossmultipleassetclassesandproductsCollateralneedsaregrowingevenasmarketsprepareforcentralizedclearingTheroleofbrokersandexchangesisexpandingasOTCmarketsbecomemoreelectronicandcomplex.BothwillcontinuetoaddservicesforclientbasegrowthRegulatorybodiescontinuetheirattemptstoincreasetransparencyintheOTCmarkets,howeverrulemaking,implementationandenforcementacrossjurisdictionsisinconsistentServicesareexpandingbeyondtradeexecutionandnowincludingmarketdata,tradeprocessingandriskmanagement.IncreasedregulationwillmaketheseservicesmorevaluableinthefutureOpportunitieswillcontinuetoemergewithinbothnewandestablishedmarketsBringingtogetherlocaltradingcommunitiesProvidingbackofficeservicesDevelopingstandardizationandoperationalframeworksImprovingthetransparencyEnhancingandsimplifyingthetradingexperience執(zhí)行摘要OTC金融衍生產(chǎn)品需求不斷增長，交易類型按照各種交易資產(chǎn)類別和產(chǎn)品劃分隨著市場向集中化結(jié)算發(fā)展，擔(dān)保品需求穩(wěn)步增長隨著OTC市場電子化程度提高并且越來越復(fù)雜，經(jīng)紀(jì)商和交易所發(fā)揮的作用也越來越大。由于顧客群體不斷增長，經(jīng)紀(jì)商和交易所都將繼續(xù)增加其服務(wù)監(jiān)管部門努力增加OTC市場的透明程度。然而，不同司法管轄區(qū)的條例制定、實施和強(qiáng)制執(zhí)行并不統(tǒng)一OTC市場服務(wù)不斷增加，并不局限于交易執(zhí)行，目前還包括市場數(shù)據(jù)、交易處理和風(fēng)險管理。未來，隨著監(jiān)管力度加強(qiáng)，上述服務(wù)將更具價值新興和成熟OTC市場中的機(jī)會將越來越多

整合當(dāng)?shù)亟灰咨鐓^(qū)

提供后臺服務(wù)開發(fā)標(biāo)準(zhǔn)化和可操作框架提高透明度加強(qiáng)和簡化交易體驗CurrentConditions當(dāng)前市場環(huán)境OTCDerivativesproductsarebilateralcontractsOTCderivativesarecontractsnegotiatedprivatelybetweentwopartiesBrokersareusedforpricediscoveryandtradeexecutionParticipantshavetheabilitytocustomizethetermsofthecontract(includinglengthofcontractandquantityofunderlyingproduct)MarketParticipantsareinstitutional,financial,publicandcorporateentitiesThereareawidearrayofproductstradedincluding:interestrates,foreignexchange,commoditiesandequitiesProductscanbecleareddependingontheircharacteristicsOTC金融衍生產(chǎn)品為雙邊合約OTC金融衍生產(chǎn)品為雙方私自協(xié)商達(dá)成的合約經(jīng)紀(jì)商主要負(fù)責(zé)價格發(fā)現(xiàn)和交易執(zhí)行參與者有能力制定合約條款（包括合約期限和標(biāo)的物數(shù)量）OTC市場參與者為機(jī)構(gòu)實體、金融實體、公共實體和企業(yè)實體OTC市場交易產(chǎn)品類型很豐富，包括：利率、外匯、商品和股票結(jié)算方式取決于金融衍生產(chǎn)品的特性O(shè)TCDerivativesaretradedacrossawidevarietyofassetclassesInterestRateproductsremaintheclearmarketleaderintermsofnotionalamountsoutstandingSource:BankofInternationalSettlements(BIS)–OTCderivativesstatisticsatendofJune-2012OTC金融衍生產(chǎn)品

的交易資產(chǎn)類別很豐富就名義價值總額而言，利率產(chǎn)品是結(jié)算市場主力來源：國際清算銀行(BIS)–OTC金融衍生產(chǎn)品

統(tǒng)計（截至2012年6月底）名義價值總額來源：國際數(shù)據(jù)，國際清算銀行Forallderivatives,mostofthenotionaloutstandingisintheOTCspace.TheturnoverismoreevenlysplitAccordingtoTabbGroupestimates,globalnotionalturnoverisfairlyevenlysplitbetweenOTCandexchangetradedderivativesSource:TabbGroup–TheGlobalRiskTransferMarket(Nov2010)金融衍生產(chǎn)品的大部分名義價值總額處在OTC市場中，但名義價值成交量分布更為平均據(jù)Tabb集團(tuán)估計，對于金融衍生產(chǎn)品的全球名義價值成交量，場內(nèi)交易和場外交易基本持平來源:Tabb集團(tuán)–全球風(fēng)險轉(zhuǎn)移市場（2010年11月）全球風(fēng)險轉(zhuǎn)移市場名義價值總額-2010名義價值成交量-2010場外交易金融衍生產(chǎn)品場內(nèi)交易金融衍生產(chǎn)品TurnoverismoreevenlysplitpartiallybasedonthenatureoftheunderlyingproductsSomeexchangetradedcontractsneedtoberolledeveryquarterwhichwillincreaseturnoverwhencomparedtolongertermedOTCcontractsHighvelocitytradingstrategiesonexchangetradedproductsalsoincreasestradingvolumeincomparisontoOTCSource:TabbGroup–TheGlobalRiskTransferMarket(Nov2010)根據(jù)交易產(chǎn)品性質(zhì)，名義價值交易量更為平均分布與期限較長的場外交易合約相比，有些場內(nèi)交易合約需要每季度進(jìn)行展期，這會增加交易量。與場外交易相比，場內(nèi)交易產(chǎn)品的快速交易策略也會增加交易量。來源:Tabb集團(tuán)–全球風(fēng)險轉(zhuǎn)移市場（2010年11月）萬億美元場內(nèi)交易場外交易名義價值總額名義價值成交量成交頻率CustomizationintheOTCmarketsleadstoawiderangeofproductuseswithineachcategoryAssetClassesProductsClassificationsProductsofferedbyinter-dealerbrokersInterestRatesForwardRateAgreementsSwapsOptionsIR,OvernightIndex,InflationandBasisSwaps,Options,Repos,Mortgage-BackedSecurities,FXOutrightforwardsFXswapCurrencyswapCurrencyoptionForwards,swaps,options,Non-DeliverableForwards(NDFs),EquitiesForwardSwapOptionIndividualEquities,EquityIndexes,ADRsCommoditiesForwardSwapOptionCrudeandRefined,NaturalGas,Electricity,Coal,Emissions,Biofuels,Weather,PreciousandBaseMetals,coffee,sugar,cocoa,cotton,corn,soybeans,palmoil,livestock,ironoreandsteel,freightCredit/CreditDefaultSwaps(CDS)SwapsOptionsSingleNameCDSMulti-nameCDSIndexproductsCorporateBonds,CDS,EmergingMarketBonds,Eurobonds由于OTC市場的合約可以自由定制，每個交易類別中都有很多產(chǎn)品資產(chǎn)類別產(chǎn)品類別同業(yè)經(jīng)紀(jì)商提供的產(chǎn)品利率遠(yuǎn)期利率協(xié)議互換期權(quán)利率、隔夜指數(shù)、通脹和基差互換、期權(quán)、回購債券協(xié)議、按揭證券外匯直接遠(yuǎn)期合約外匯互換貨幣互換貨幣期權(quán)遠(yuǎn)期合約、互換、期權(quán)、無本金交割遠(yuǎn)期合約股票遠(yuǎn)期合約互換期權(quán)個股、股指、美國存托憑證商品遠(yuǎn)期合約

互換期權(quán)原油和成品油、天然氣、電力、煤炭、排放、生物燃料、天氣、貴金屬和基本金屬、咖啡、糖、可可豆、棉花、玉米、大豆、棕櫚油、牲畜、鐵礦石和鋼、貨運信用/信用違約互換(CDS)互換期權(quán)單一賣家信用違約互換多重賣家信用違約互換指數(shù)產(chǎn)品公司債券、信用違約互換、新興市場債券、歐元債券ThereisawidearrayofparticipationinOTCderivativesmarketsTheBISdividesthemarketparticipantsintothreecategories,eachhighlightingadifferentusersegmentandprofile.ParticipationbyeachtypeofentitywillvarybyassetclassEntityParticipantsUseofOTCDerivativesReportingDealersCommercialandInvestmentBanksSecuritieshousesInter-dealerbrokersTradingforclients(servingasabroker)HedgingriskProfitmakingopportunitiesOtherFinancialInstitutionsBanksMutualFundsPensionFundsHedgeFundsInsuranceCompaniesCentralBanksHedgingriskProfitmakingopportunitiesFacilitatingglobaloperationsNon-FinancialcustomersCorporationsGovernmentsHedgingriskFacilitatingongoingglobaloperationsOTC金融衍生產(chǎn)品市場的參與者類別眾多國際清算銀行將OTC市場參與者劃分為三大類別，每個類別都有著特定的用戶群體和背景。根據(jù)交易資產(chǎn)的不同，各個類型實體參與OTC市場的形式也不同。實體參與者OTC金融衍生產(chǎn)品的使用報告交易商商業(yè)和投資銀行證券交易所中間經(jīng)紀(jì)商為客戶達(dá)成交易

(承擔(dān)經(jīng)紀(jì)商職責(zé))防范風(fēng)險獲取利潤其他金融機(jī)構(gòu)銀行共同基金養(yǎng)老基金對沖基金保險公司央行防范風(fēng)險獲取利潤便于全球運營非金融客戶企業(yè)政府機(jī)構(gòu)防范風(fēng)險便于連續(xù)全球運營InInterestRatesthemajorityofnotionaloutstandingisinthehandsofFinancialInstitutionsBrokerscontinuetoseesomefluctuationinnotional,especiallyastheycompresscontractstoreduceriskAsoverallnotionalshowssomefluctuation,thepercentageheldbyfinancialinstitutionsremainssteady利率金融衍生產(chǎn)品的大部分名義價值總額掌握在金融機(jī)構(gòu)手中經(jīng)紀(jì)商持有的名義價值總額繼續(xù)波動，當(dāng)其減少合約以降低風(fēng)險時，尤其如此利率產(chǎn)品名義價值總額報告交易商非金融客戶其他金融機(jī)構(gòu)利率產(chǎn)品名義價值總額報告交易商非金融客戶其他金融機(jī)構(gòu)盡管總體名義價值總額出現(xiàn)波動，金融機(jī)構(gòu)持有的份額依然保持穩(wěn)定WhileinFXthenotionaloutstandingissplitbetweenthedealersandotherinstitutionsTheoverallnotionaloutstandinginFXcontinuestoshowslightgains.ReportingdealersaredrivingalargepartofoverallFXgrowthSource:BankofInternationalSettlements(BIS)–OTCderivativesstatisticsatendofJune-2012ThedistributionofoutstandingamountsismoreevenlydistributedthaninInterestRates.外匯金融衍生產(chǎn)品的名義價值總額主要掌握在交易商和其他機(jī)構(gòu)手中外匯金融衍生產(chǎn)品的整體名義價值總額繼續(xù)小幅增長。報告交易商為這種增長勢頭貢獻(xiàn)較大報告交易商非金融客戶其他金融機(jī)構(gòu)報告交易商非金融客戶其他金融機(jī)構(gòu)外匯名義價值總額來源：來源：國際清算銀行(BIS)–OTC金融衍生產(chǎn)品統(tǒng)計（截至2012年6月底）外匯金融衍生產(chǎn)品的名義價值總額的持有者分布情況與利率產(chǎn)品相比較更為平均CollateraloutstandingandexposurefromOTCderivativescontinuestoriseSource:ISDAMarginSurvey2012GrossExposurereflectsthenetmark-to-marketvalueofcounterpartyexposures,takingintoaccountthebenefitsofclose-outnetting,butbeforetakingintoaccounttheeffectofcollateralinreducingriskexposure.Collateralcontinuestogrowbacktowardsitsrecordhighsin2008.Since1999theamountofcollateraloutstandinghasgrownatacompoundrateof24%OTC金融衍生產(chǎn)品的流通擔(dān)保品和風(fēng)險敞口繼續(xù)增長報告值估計值Source:ISDAMarginSurvey2012總敞口反映了對手風(fēng)險的盯市凈值，在考慮擔(dān)保品降低風(fēng)險敞口的效果之前，將終止凈額結(jié)算的益處考慮在內(nèi)。自從2008年創(chuàng)下歷史高點后，擔(dān)保品繼續(xù)增長。自1999年起，流通擔(dān)保品總額一直以復(fù)合增長率24%的速度增長。CollateralismostusedforcreditderivativesandleastusedforCommoditiesandFXSource:ISDAMarginSurvey2012Awiderangeofcollateralisusedwithcashandgovernmentsecuritiesbeingthemostpopularfornon-Clearedtransactions擔(dān)保品主要用于信用金融衍生產(chǎn)品，在商品和外匯金融衍生產(chǎn)品中應(yīng)用最少Source:ISDAMarginSurvey2012很多擔(dān)保品形式為現(xiàn)金和政府證券，這在非結(jié)算交易中應(yīng)用最為普遍Summary–CurrentConditionsDemandforOTCproductscontinuestorise,tradingissplitacrossmultipleassetclassesandproductsThemajorityofnotionaloutstandingisinOTCderivativesbutturnoverappearstobemoreevenlysplitbetweenOTCandexchangetradedderivativesCollateralneedsaregrowingevenasmarketsprepareforcentralizedclearingCollateralcontinuestotakemanyformsbutcashremainsking總結(jié)–當(dāng)前市場環(huán)境金融衍生產(chǎn)品需求不斷增長，交易類型按照各種交易資產(chǎn)類別和產(chǎn)品劃分金融衍生產(chǎn)品的大部分名義價值總額處在OTC市場中，但名義價值成交量分布更為平均隨著市場向集中化結(jié)算發(fā)展，擔(dān)保品需求穩(wěn)步增長擔(dān)保品形式越來越豐富，但是現(xiàn)金仍舊是主要形式MarketStructure市場結(jié)構(gòu)OTCTradesarebilaterallyconductedwiththeassistanceofbrokersEndUserClient(1)BrokeringBank/Inter-dealerBrokerBrokeringBank/Inter-dealerBrokerEndUserClient(2)VoiceBrokering/ElectronicPlatform/Exchange/SEFAtradenegotiatedbetweentwoparties,eitherdirectlyorthroughtheuseofintermediariesTradingcanbedoneviavoicebrokering,ElectronicplatformorExchangeExample:EndUserClient(1)wantstoexchangefixedinterestratepaymentsforfloatinginterestratepayments.TheClientcontactsitsbroker.Thebrokerlooksforanacceptabledealeitherviavoice,electronicplatformorexchange.AdealisfoundwithEndUserClient(2)throughitsbroker.ThebrokersagreetoenteranInterestRateSwapandexchangeClient(1)’sfixedratepaymentswithClient(2)’sfloatingpayments.Termstobenegotiatedwouldincludethefloatingrate,thecurrenciesofpayment,andthedurationoftheswap.FixedrateFixedrateFixedrateFixedrateFloatingrateFloatingrateFloatingrateFloatingrateOTC交易通過經(jīng)紀(jì)商的協(xié)調(diào)雙邊執(zhí)行終端客戶(1)經(jīng)紀(jì)銀行/同業(yè)經(jīng)紀(jì)商經(jīng)紀(jì)銀行/同業(yè)經(jīng)紀(jì)商終端客戶(2)傳統(tǒng)經(jīng)紀(jì)/電子平臺/交易所/互換執(zhí)行設(shè)施SEF雙方經(jīng)過協(xié)商，直接執(zhí)行或通過中間商執(zhí)行的交易交易可以通過傳統(tǒng)經(jīng)紀(jì)程序、電子平臺和交易所完成例子:終端客戶(1)想將固定利率支付換成浮動利率支付。

客戶和他的經(jīng)紀(jì)商簽約。

經(jīng)紀(jì)商通過傳統(tǒng)經(jīng)紀(jì)方式、電子平臺或者交易所尋找客戶可接受的交易，最終通過終端客戶(2)的經(jīng)紀(jì)商找到了客戶(2)，雙方的經(jīng)紀(jì)商協(xié)商了一個利率互換合約，將客戶(1)的固定利率支付和客戶(2)的浮動利率支付進(jìn)行互換。合約條款可以雙方協(xié)商，包括浮動利率、支付幣種互換持續(xù)期限。固定利率固定利率固定利率固定利率浮動利率浮動利率浮動利率浮動利率EachparticipantintheOTCmarkethasdifferentneedsandcapabilitiesEndUserClientBrokeringBank/Inter-dealerBrokerVoiceBrokering/ElectronicPlatform/Exchange/SwapExecutionFacility(SEF)RolePerformingpricediscoveryMarketmakingactivitiesClientExecutionTradingforitsownaccountsExamplesInter-dealerbrokers–ICAP,TullettPrebon,Tradition,BGCPartners,GFIGroupBrokeringBanks–JPMorgan,GoldmanSachs,CitigroupRoleProvideavenueforpricediscoveryandtradeexecutionIftradeisvoicebrokeredthisisperformedbybank/brokerExamplesExchanges–CMEGroup,ICE,Eurex,Euronext-LiffeElectronicPlatforms–EBS(ICAP),i-Swap(ICAP)SEFs–rulesnotfinalyetRoleHedgeriskTradeforprofitFacilitateongoingbusinessoperationsLiquidity/CashFlowManagementExamplesGlobal,commercial,regionalbanks;Corporations;Otherfinancialcompanies–hedgefunds,mutualfunds,insurancecompanies;GovernmentsOTC市場不同類型參與者有不同的需求和能力終端客戶經(jīng)紀(jì)銀行/同業(yè)經(jīng)紀(jì)商傳統(tǒng)經(jīng)紀(jì)/電子平臺/交易所/互換執(zhí)行設(shè)施(SEF)角色執(zhí)行價格發(fā)現(xiàn)做市商做市活動客戶執(zhí)行自有賬戶交易例子交易商經(jīng)紀(jì)公司–ICAP,TullettPrebon,Tradition,BGCPartners,GFIGroup經(jīng)紀(jì)銀行–JPMorgan,GoldmanSachs,Citigroup角色提供價格發(fā)現(xiàn)和交易執(zhí)行的場地傳統(tǒng)經(jīng)紀(jì)交易通過銀行或經(jīng)紀(jì)人執(zhí)行例子交易所–CMEGroup,ICE,Eurex,Euronext-Liffe電子平臺–EBS(ICAP),i-Swap電子平臺(屬于ICAP公司)SEFs–還沒有最終規(guī)則角色風(fēng)險防護(hù)交易收益促進(jìn)持續(xù)商業(yè)運營流動性/現(xiàn)金流管理例子全球，商業(yè)，區(qū)域性銀行;公司;其他金融公司–對沖基金,共同基金,保險公司;政府部門BrokersandExchangeshaveevolveddifferentlyinregardstoOTCbutcommonthemesexistAlthoughICEandICAPhaveevolveddifferentlytherearecommonthemesthattheirevolutionexhibits:Creatingandleveragecommunitiesforbrokers/clientsUtilizemarketsupportandpartnershiptofacilitategrowthBundletradingwithotherservices:clearing,information,primebrokerage,etc.Facilitateincreasedtradingbyimprovingonmarketdesign,executionand/ortransparencyPostEnronElectronicplatformfortradingofOTCCrude/Refined,naturalgas,powerandEmissionswithbackingoflargeenergytradersExpandedintofuturescontractsthroughacquisitionandproductdevelopmentBeganofferingOTCproducts(Credit)ClearingforCreditServicesMoveOTCEnergycontractsonexchange,registerasaSEFforunclearedenergyOTCcontractstomeetUSregulationVoicebrokerageacrossvariousOTCproductsElectronictradingofstandardizedOTCcontractssuchasFXandIRswapsLeverageinformationintoResearchandCommentaryservicesforclientsOfferingposttradeandriskmanagementservicesforOTCderivatives(tradeprocessing/rebalancing)ICEEvolutionICAPEvolution經(jīng)紀(jì)商和交易所在OTC市場中的演變方向不同，但是兩者之間存在共同點盡管洲際交易所（ICE）和英國毅聯(lián)匯業(yè)集團(tuán)(ICAP)在OTC市場中的演變方向不同，但是兩者之間仍舊存在共同點：為經(jīng)紀(jì)商和客戶創(chuàng)造并利用交易社區(qū)利用市場支持和合作關(guān)系以促進(jìn)增長將交易和其他服務(wù)捆綁整合：結(jié)算、信息、初級經(jīng)紀(jì)業(yè)務(wù)等通過完善市場設(shè)計、執(zhí)行和透明度，促進(jìn)交易增長后安然時代電子交易平臺交易產(chǎn)品為：原油、成品油、天然氣、電力和排放；獲得大型能源貿(mào)易商支持,通過收購和產(chǎn)品開發(fā)，發(fā)展為期貨合約交易開始提供OTC產(chǎn)品（信用產(chǎn)品）信用結(jié)算服務(wù)將OTC能源合約在交易所交易。注冊成為互換執(zhí)行設(shè)施，使未結(jié)算能源OTC合約滿足美國監(jiān)管規(guī)定各類OTC產(chǎn)品的傳統(tǒng)經(jīng)紀(jì)業(yè)務(wù)標(biāo)準(zhǔn)OTC合約如：外匯和利率互換合約的電子化交易利用信息，為客戶提供研究和補(bǔ)充服務(wù)為OTC金融衍生產(chǎn)品提供交易后服務(wù)和風(fēng)險管理服務(wù)(交易處理/再平衡）ICE演變史ICAP演變史BrokeringforOTCderivativesisprofitable,butexactfeesarehardtodetermineforinter-dealerbrokersFeesforindividualbrokersaredifficulttodetermineastheyarenotdisclosedandareoftencombinedwithotherservices.Howeverwecanfindsomeproxiesforrevenueandprofitability:ICAP(theworld’slargestIDB)hadrevenueof$498Kpervoicebrokerin2012,Voicebrokeringaccountedfor

￡1,172mofrevenue,with4,122voicebrokersemployed,Voicebrokeringaccountsfor41%ofICAP’soperatingprofitIntheExchangespaceICEchargesafeeforindividualservicesbasedontheclientandproductbeingtraded:Bilaterallytraded–CrudeandRefined/NaturalGas/Power–setchargebasedontypeandsizeoftransaction(seeappendixforfeeschedule)ICEClearforCDS–flatfeepermillionnotionaldependingoncontractFlatfeefortradeconfirmationsbasedonproduct-$3to$6OTC金融衍生產(chǎn)品的經(jīng)紀(jì)業(yè)務(wù)有利可圖，但是很難確定同業(yè)經(jīng)紀(jì)商的準(zhǔn)確費用特定經(jīng)紀(jì)商的費用很難確定，因為這些費用未被披露，而且這些費用通常和其他服務(wù)進(jìn)行合并計算。但是，我們可以確定某些經(jīng)紀(jì)商的收入和盈利能力：英國毅聯(lián)匯業(yè)集團(tuán)（ICAP，全球最大同業(yè)經(jīng)紀(jì)商）2012年的單筆傳統(tǒng)經(jīng)紀(jì)業(yè)務(wù)的收入為498000美元，其傳統(tǒng)經(jīng)紀(jì)業(yè)務(wù)占其總收入的11.72億美元。該公司雇傭了傳統(tǒng)經(jīng)紀(jì)業(yè)務(wù)員4122名，使傳統(tǒng)經(jīng)紀(jì)業(yè)務(wù)占其營業(yè)利潤的41%。交易所方面，洲際交易所（ICE）根據(jù)客戶和交易產(chǎn)品收取單項服務(wù)費用：雙邊交易：原油和成品油/天然氣/電力—根據(jù)交易類型和規(guī)模收費（具體費用表，請參見附錄）洲際交易所信用違約互換：根據(jù)合約，以名義價值每百萬收取固定費率根據(jù)產(chǎn)品，收取交易確認(rèn)費用，固定費率為3至6美元ClearinghousesandDataRepositoriesprovideriskmanagementanddatastorageservicesEndUserClient(1)BrokeringBank/Inter-dealerBrokerBrokeringBank/Inter-dealerBrokerEndUserClient(2)VoiceBrokering/ElectronicPlatform/Exchange/SEFTheemergenceofOTCclearinghasincreasedthecomplexityofthetradeflow.EnduserclientsorBrokerscannowbeclearingmembersofexchangesandsubmittheirtradesforclearing.Conceptually,clearingworksinthesamewaythatclearingoperatesforfutures.ClearingHouseClearingHouseSwapDataRepositorySwapDataRepository結(jié)算所和數(shù)據(jù)存儲庫提供風(fēng)險管理和數(shù)據(jù)儲存服務(wù)終端客戶(1)經(jīng)紀(jì)銀行/同業(yè)經(jīng)紀(jì)商經(jīng)紀(jì)銀行/同業(yè)經(jīng)紀(jì)商終端客戶

(2)傳統(tǒng)經(jīng)紀(jì)/電子平臺/交易所/互換執(zhí)行設(shè)施SEFOTC結(jié)算業(yè)務(wù)增加了交易流程的復(fù)雜性。目前，終端客戶和經(jīng)紀(jì)商可以成為交易所的結(jié)算成員，將其交易提交交易所進(jìn)行結(jié)算。從概念上講，結(jié)算流程和期貨結(jié)算流程一樣。結(jié)算所結(jié)算所互換數(shù)據(jù)儲存庫互換數(shù)據(jù)儲存庫ClearinghousesandrepositoriesaddsafetyandtransparencytothemarketClearingHouseSwapDataRepositoryRoleClearinghousesservetosecurethemarketbytakingtheothersideofeachtransactionintheclearinghouse.TheycollectmarginandmarkpositionstomarkettoensuretherecannotbeanoverallsystemicfailureExamplesCMEGroupClearing,ICEClear(US&Europe),SwapClear,EurexOTClear,kdpw_otc(Poland),SingaporeRoleSwapDatarepositorieswerecreatedbytheDoddFrankact(US)toprovideacentralfacilityforswapdatareportingandrecordkeepingExamplesCMEGroup,ICE,Traiana,DTCC結(jié)算所和數(shù)據(jù)儲存庫增加市場的安全性和透明度結(jié)算所互換數(shù)據(jù)儲存庫角色結(jié)算所確保雙邊交易共同在結(jié)算所執(zhí)行，同時收取保證金并記錄頭寸，以確保市場不發(fā)生整體系統(tǒng)性失效例子CMEGroup結(jié)算所,ICE結(jié)算所(US&Europe),互換結(jié)算所,EurexOTC結(jié)算所,kdpw_otc(Poland),Singapore結(jié)算所角色互換數(shù)據(jù)儲存庫根據(jù)美國DoddFrank法案設(shè)立，為互換數(shù)據(jù)報告以及記錄保持提供中央設(shè)施例子CMEGroup,ICE,Traiana公司,DTCC公司AftertradecompletionfirmsmustengageinmultipleactivitiestoproperlymanagetheirpositionsTradeCaptureTradeMatchingandConfirmationTradeRegistrationTradeLifecycleeventprocessing CounterpartyRiskManagementThesetaskscanprovecostlyandcomplicatedforfirms.IDBs,banksandothersareofferingsomeservicestoexpandtheirreachandleveragescaleacrossclients交易完成后，公司必須開展多項活動，以正確方式管理其持倉量交易捕捉交易匹配和確認(rèn)交易登記交易周期事件處理

對手風(fēng)險管理對于公司而言，這些任務(wù)可能產(chǎn)生一定成本且復(fù)雜。同業(yè)經(jīng)紀(jì)商、銀行和其他參與者可以為不同客戶提供相應(yīng)服務(wù)，拓展其業(yè)務(wù)范圍和規(guī)模OTCRegulatoryoversighthasincreasedsincetheCreditCrisisEndUserClient(1)BrokeringBank/Inter-dealerBrokerBrokeringBank/Inter-dealerBrokerEndUserClient(2)VoiceBrokering/ElectronicPlatform/Exchange/SEFSittingontopofthisframeworkintheUSandEuropeareregulatorswhoarewritingandenforcingnewrulesinthewakeofthecreditcrisisClearingHouseClearingHouseSwapDataRepositorySwapDataRepositoryUSCFTC/SEC/Fed/TreasuryDeptEuropeEuropeanCommission/FSA/MemberstatesRuleMakingCollaborationFinancialStabilityBoard自信貸危機(jī)爆發(fā)后，場外市場的管理監(jiān)管力度有所增長終端用戶(1)經(jīng)紀(jì)銀行/同業(yè)經(jīng)紀(jì)商經(jīng)紀(jì)銀行/同業(yè)經(jīng)紀(jì)商終端用戶(2)傳統(tǒng)經(jīng)紀(jì)/電子平臺/交易所/SEF下面框架圖中，置于頂端的是自信貸危機(jī)爆發(fā)后美國和歐洲的負(fù)責(zé)編寫并強(qiáng)制執(zhí)行新規(guī)則的管理部門結(jié)算所結(jié)算所互換數(shù)據(jù)儲存庫互換數(shù)據(jù)儲存庫美國美國商品期貨交易委員會/證券交易委員會/財政部歐洲歐盟委員會/英國金融服務(wù)管理局/成員國協(xié)作制定規(guī)則金融穩(wěn)定委員會TheincreasedoversighthasleadtonewregulationforOTCDerivativesFollowingtheCreditCrisisleadersfromtheG20nationscametogethertomakechangestotheOTCmarkets,hopingtopreventanothercrisis.Theircollaborationhasleadto:Dodd-FrankActEuropeanMarketInfrastructureRegulation(EMIR)MarketsinFinancialInstrumentsDirective/Regulation(MiFIDII/MiFIR)Thesenewregulationsareleadingtoreformsin:TradeReportingExchange/ElectronicTradingCentralClearingMarginandCapitalRequirements增長的監(jiān)管力度催生了OTC金融衍生產(chǎn)品的新規(guī)則信貸危機(jī)后，G20國家領(lǐng)導(dǎo)人聚在一起改革場外市場，希望借此防止下一次危機(jī)爆發(fā)。以下為其合作成果:多德弗蘭克法案歐洲市場基礎(chǔ)設(shè)施監(jiān)管局(EMIR)歐洲金融工具市場指引/法規(guī)

(MiFIDII/MiFIR)這些新的規(guī)則導(dǎo)致了以下的變革:交易報告

場內(nèi)/電子交易中央結(jié)算保證金和資本要求Despitecollaboration,thestatusofruleadoptionandimplementationremainsunevenSource:FinancialStabilityBoard–OTCDerivativesMarketReforms;Fifthreportonimplementation盡管達(dá)成了合作,但是規(guī)則的采用和執(zhí)行情況依然參差不齊資料來源:金融穩(wěn)定委員會–場外派生物市場改革;關(guān)于執(zhí)行情況的第5次報告各國場外金融衍生產(chǎn)品市場改革進(jìn)程簡圖Summary–MarketStructureBasicOTCmodelisbilateralnegotiationbrokerfacilitationTheroleofbrokersandexchangescontinuestoexpandasOTCmarketsbecomemoreelectronicandcomplex.TheywillcontinuetoaddservicestoexpandtheirclientbaseElectronicplatformsaregainingtraction,thepossibleemergenceofSEFsmayspeedadoptionforsomeproductsClearinghousescontinuetoexpandtheirOTCcapabilitiesastheygrowthopportunitiesinmeetingmarketdemandsandregulatoryrequirementsRegulatorybodiescontinuetheirattemptstoincreasetransparencyintheOTCmarkets,howeverrulemaking,implementationandenforcementacrossjurisdictionsisinconsistentServicesareexpandingbeyondtradeexecutionandnowincludingmarketdata,tradeprocessingandriskmanagement.Increasedregulationwillmaketheseservicesmorevaluableinthefuture總結(jié)–市場結(jié)構(gòu)場外市場基本模式：雙邊協(xié)商和經(jīng)紀(jì)商協(xié)調(diào)隨著OTC市場電子化程度提高并且越來越復(fù)雜，經(jīng)紀(jì)商和交易所發(fā)揮的作用也越來越大。由于顧客群體不斷增長，經(jīng)紀(jì)商和交易所都將繼續(xù)增加其服務(wù)電子平臺獲得了發(fā)展的動力，互換執(zhí)行設(shè)施的逐步興起會加速OTC市場產(chǎn)品種類增加隨著在滿足市場需求和監(jiān)管要求方面的機(jī)會增加，結(jié)算所持續(xù)提高其在OTC市場中的能力監(jiān)管部門努力增加OTC市場的透明程度。然而，不同司法管轄區(qū)的條例制定、實施和強(qiáng)制執(zhí)行并不統(tǒng)一OTC市場服務(wù)不斷增加，并不局限于交易執(zhí)行，目前還包括市場數(shù)據(jù)、交易處理和風(fēng)險管理。未來，隨著監(jiān)管力度加強(qiáng)，上述服務(wù)將更具價值A(chǔ)reasofOpportunity機(jī)會領(lǐng)域TherearemultipleareasofopportunitywithintheOTCspace,especiallyinnascentmarketsOTCmarketscontinuetogrowonaglobalscale.Webelievethatopportunitieswillcontinuetoemergeinbothestablishedanddevelopingmarkets.Theseopportunitiesinclude:Bringingtogetherlocalcommun