金融危机下全球交易所场内衍生产品市场的发展特点

Features of global exchange-traded derivatives market development amid the financial crisis

随着金融全球化、电子化以及期货期权等交易品种的异军突起,全球场内衍生品市场得到了迅速发展,并呈现出交易品种和规模扩大化、交易平台电子化、交易所一体化和公司化等特征。其相对有效的风险管理机制给在次贷危机中遭受冲击的场外衍生品市场也提供了一定的借鉴。文章展望了在防范风险的前提下未来场内衍生品市场的发展方向,以期为中国衍生品市场的发展提供借鉴。

Owing to the development of financial globalization, electronic trading and futures/option trading surges, the global exchange-traded derivatives market is growing rapidly, and shows some features such as expanded products and trading volumes, electronic trading platforms and incorporated exchanges. Its comparatively effective risk control can be used as reference for the OTC derivatives market, which has suffered from the subprime crisis. This paper discusses the future development of the exchange-traded derivatives market and its risk control, in view of the future development of China＇s derivatives market.