后金融危机时代场外衍生品交易报告库的发展及启示

OTC derivatives trade repository development in post-financial crisis era and its implications

次贷金融危机凸显了场外衍生品市场透明度的缺乏,国际监管机构和市场参与者由此意识到建设具有适当风险控制措施、精心设计的交易报告库对于提升市场透明度的重要作用。文章对国际场外衍生品交易报告库的发展及监管进行了详细梳理,对全球性的场外信用衍生品交易报告库Deriv/SERV TIW及场外利率衍生品交易报告库TriOptima IR TRR的架构、运营、功能,及其与其他场外衍生品交易后业务的关联等进行了深入的研究,并就构建中国的场外衍生品交易报告库提出了相关建议。

The subprime crisis has reflected the lack of transparency in the OTC derivatives market,as a result,international regulatory bodies and market participants have realized the importance of developing a well-designed trade repository with appropriate risk control to enhance market transparency.This article gives a detailed account of the development and regulation of international OTC derivatives trade repositories,makes intensive study of the structures,operations and functions of the global OTC credit derivatives trade repository（Deriv/ SERV TIW） and the OTC interest derivatives trade repository（TriOptima IR TRR） and their relationship with the post-trade processing of other OTC derivatives,and puts forth suggestions on the establishment of an OTC derivatives trade repository in China.