多层次风险管理市场制度优势探析——ICE的成功基因

The Advantages of Multi-tiered Market Risk Management System: the ICE's Successful Gene

洲际交易所(ICE)充分发挥ECM制度优势,实现快速成长。这体现在,以相似产品谋求功能替代,将"豁免监管"制度优势转化为投资吸引力,依靠电子化技术革新夯实竞争优势,以及凭借清算功能完善推进场外产品场内化进程。以ICE为代表的ECM市场的发展,更直接地满足实体企业客户的风险管理需求,显著提高市场整体竞争程度、创新力度和发展速度,提升了期货市场服务实体经济发展的能力和层级,也促进期货市场监管不断改进和完善。

The Intercontinental Exchange （ICE） exploits the system advantage of Exempt Commercial Markets and realizes rapid growth. This includes trying for function substitution by similar products, transferring the system advantage of supervision exemption to investing attraction, reinforcing the competition advantage by electronic technology renovation, and pushing the process of centralized clearing of OTC products through improving clearing facility. The development of ECMs, such as ICE, directly satisfies the risk management demand of enterprises and investors, accelerates the competition, innovation and development of the whole industry, enhances the servicing ability of futures markets, and hastens the supervision improving.