场外市场交易模式的国际经验和发展现状

International experiences and developments of OTC trading mode

目前，全球约89％的衍生品交易是在场外市场实现的。在场外市场交易方式中，电子交易已成为主流交易方式，其交易模式主要体现为单交易商平台、多交易商平台和交易商间平台。文章对各类模式的内在属性进行比较，对场外市场交易模式的国际经验和发展现状进行梳理，指出合理的交易机制能有效促进市场的规模发展和功能深化，场外市场交易模式的国际经验可为我国场外市场发展提供参照和借鉴。

Currently, about 89% of derivatives in the world are traded in the over-the-counter （OTC） market. E-trading has become the mainstream trading mode in the OTC market, and the transactions are mainly carried out through single-dealer platform, multi-dealer platform and inter-dealer platform. The article compares the inherent elements of various trading modes and summarizes the international experiences and developments of the OTC trading modes. A rational trading system can effectively facilitate the market development and enhance its functions, while international experiences in the OTC trading modes can serve as a reference to China＇s OTC market development.