衍生品电子化交易确认及其在银行间市场的应用研究

Electronic derivatives trade confirmation and its application in the interbank market

自全球金融危机以来,国际场外衍生品市场监管逐渐趋于严格和透明,标准化和电子化已成为衍生品市场发展的重要趋势。文章回顾了场外衍生品电子化交易确认业务的产生背景、发展进程与发展经验,介绍了国内银行间衍生品市场应用电子化交易确认业务的实践,及其对于提高市场标准化程度、降低市场风险以及完善衍生品市场基础设施的重要意义。

Since the outbreak of the global financial crisis,the regulation over the international OTC derivatives market has gradually become stringent and transparent,while standardized and electronic developments in derivative markets have become an important trend. This paper reviews the background from which the electronic trade confirmation business of OTC derivatives arose,the progress and experience in its development,describes the practice of the electronic trade confirmation business in China＇s interbank derivatives market,and discusses its significance in further standardizing the OTC derivatives market,reducing market risks and improving the infrastructure for the derivatives market.