摘要
增强场外市场的透明度和降低系统性风险是欧美监管机构在2008年之后对场外市场进行改革的方向。其中,推行中央清算制度是改革的重点之一。《多德—弗兰克法案》生效后,互换交易商的注册、交易信息的报告和保证金的计算等使得互换交易的成本变得高昂,市场一个自然的选择就是OTC产品变成为交易所产品,因此,互换产品的期货化随之出现,这是金融市场的一个新趋势。最后,本文提出中国推广和完善中央清算的政策建议。
After the financial crisis in 2008, enhancing the transparency of over-the-counter market and decreasing the systematic risk are among the orientation of reform of regulatory authorities in Europe and America. Especially implementing central counterparty (CCP) is one of the keys of these reforms. After the signing of the Dodd-Frank Act, the registration of swap dealers, reporting of the trading information, calculation of margin and so on make the transaction costs of swap relatively high. Consequently a natural choice of market participants is to transform the OTC products into exchange-traded products. So futurization of swaps appeared, and become a trend in the financial market. At last, some suggestions for the central clearing in China are drawn.
出处
《证券市场导报》
CSSCI
北大核心
2014年第7期53-58,64,共7页
Securities Market Herald