摘要
国际掉期和衍生工具协会(ISDA)自1985年成立以来,一直积极组织全球范围内市场相关机构,编制了一整套交易文本架构,并持续修订,给交易活动提供了巨大方便。另外,由于衍生品的杠杆交易特性及场外交易的一对一特点,使得市场主体特别关注市场的流动性和交易风险的控制,由此产生了两项特色交易制度,即终止净额结算和信用支持安排制度。
Since its establishment in 1985,the International Swap and Derivative Association (ISDA) has actively organized relevant market institutions worldwide to compile and continually amend the trading documentation framework,thus greatly facilitating trading activities in the world.Furthermore,the derivatives' characteristics of leveraged trading and one-to-one OTC trading lead to participants' particular concern of market liquidity and trading risk control,which has resulted in two special trading systems,that is,close-out netting and credit support arrangement system.
出处
《中国货币市场》
2005年第7期48-51,共4页
China Money
