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OTC衍生品市场中央清算制度研究 被引量:5

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摘要 次贷危机后,OTC衍生品市场的清算方式已成为监管者视野内的重要问题。本文分析了中央清算制度的核心运作机制,论证了其具有的有效降低OTC市场交易对手风险、改善竞争环境与操作效率、提升市场定价效率、有助于提升金融体系稳定性的正面效应,也讨论了其实施所包含的争议问题,并结合中国OTC衍生品市场现状进行了思考。
出处 《武汉金融》 北大核心 2011年第9期15-17,39,共4页 Wuhan Finance
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参考文献9

  • 1谢群松.关于场外衍生产品市场引入中央对手的思考[J].中国货币市场,2009(9):30-33. 被引量:7
  • 2杨光,张志勇.场外衍生品场内清算化趋势对我国交易所的启示[J].现代财经(天津财经大学学报),2010,30(1):37-42. 被引量:8
  • 3中国银行间市场交易商协会.中国信用衍生品创新与发展问题研究[R].研究报告.
  • 4COM - European Commission (2009).Commission StaffWorking Paper Accompanying the Commission Communication "Ensuring efficient, safe and sound derivatives markets". SEC(2009) 905 final.
  • 5Deutsche bank research(2010). OTC derivatives A new market infrastructure is taking shape, www.dbsearch.eom.
  • 6BIS Bank for International Settlements (2009). Central counterparties for over-the--counter derivatives, BIS Quarterly Review. September 2009.
  • 7Duffie, D. and H. Zhu (2009). Does a Central Clearing Counterparty Reduce Counterparty Risk?. Rock Center for Corporate Governance Working Paper No. 46. July 2009.
  • 8IMF - International Monetary Fund (2009). Counterparty Risk, Impact on Collateral Flows, and Role for Central Counterparties. IMF Working Paper WP/09/173.
  • 9ISDA - International Swaps and Derivatives Association (2010). ISDA explanatory document - the real size and risk associated with the OTC derivatives market. February 2010.

二级参考文献7

  • 1Barney H. B. , Bclear - Liffe's alternative to the OTC market[J].The Nordic Hedge Fund Journal, March/April, 2008, 4-6.
  • 2Subscriptions, fees and charges for Liffe derivative products and services, 2009, www. nyseeuronext, com.
  • 3Mark Yallop, White Paper:The Future of the OTC Markets [R]. ICAP working paper. 2008,11.
  • 4http ://www. isda. org/.
  • 5http://www, bis. org/statistics/derstats, htm.
  • 6BIS-IOSCO.Central counterpart recommendations[].(wwwbisorg).2004
  • 7Bank for International Settlements.New Developments in Clearing and Settlement Arrangements for OTC Derivatives. http://www.bis.org . 2007

共引文献12

同被引文献14

引证文献5

二级引证文献4

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