银行间利率衍生品市场交易管理业务探索与展望

Interbank interest rate derivatives market business developments and prospects

冲销与电子化交易确认是当今国际场外衍生品市场的新兴交易管理业务，代表着危机后场外衍生品市场信息更透明、更集中的发展趋势。随着国内利率互换交易规模的扩大，制约利率互换市场发展的因素逐渐显现。为此，中国外汇交易中心在中国人民银行金融市场司的指导下深入研究国际经验，在充分调研的基础上积极筹备推出了利率互换冲销和电子化交易确认业务。相关业务的推出与不断完善有效提高了银行间利率互换交易的标准化程度，降低了市场整体风险，提高了市场成员的资本利用效率和授信管理效率，是银行间市场基础设施建设的重要进展。

Offsetting and electronic trading confirmation are the emerging trading management business in the current international OTC derivatives market, which represents a development trend with more transparent and intensive information in the OTC derivatives market after the crisis. As the scale of domestic interest rate swap trading enlarges, factors that restrict IRS market development gradually appear. Therefore, under the guidance of the Financial Market Department of the People＇s Bank of China, China Foreign Exchange Trading Center has conducted in-depth research on international experience and proactively launched the IRS offsetting and electronic trading confirmation business based on thorough research. The development of the business has effectively upgraded the standardization of the interbank IRS trading, reduced the overall market risk and improved market members＇ capital efficiency and credit management efficiency, which represents a crucial progress of the interbank market infrastructure development.