推动银行间衍生品市场高质量发展

Promoting High-Quality Development of the Interbank Derivatives Market

我国《期货和衍生品法》首次立法规范和促进衍生品市场健康发展。作为衍生品市场重要组成部分,近二十年来银行间衍生品市场规模与日俱增,交易品种日益丰富,交易机制持续优化,投资者队伍不断壮大。2009年中国银行间市场交易商协会发布《NAFMII主协议》,为建设更加规范、透明、高效、开放的银行间衍生品市场提供了制度保障。银行间衍生品市场发展坚持以服务实体经济为目标,积极为市场主体提供避险服务,降低避险成本,助力提升“风险中性”理念。未来银行间衍生品市场将开启高质量发展新征程。

China’s Futures and Derivatives Law was the first piece of legislation to regulate and promote the healthy development of the derivatives market. The interbank derivatives market is a critical component of the market that takes that legislation as its foundational framework. Over the years, the interbank derivatives market has grown in size, the variety of trading instruments has been enhanced, the trading mechanism optimized, and the investor pool expanded. The NAFMII Master Agreement, issued by NAFMII in 2009, provides institutional safeguards for a more regulated, transparent, efficient and open interbank derivatives market. The development of the market is aimed at serving the real economy, actively providing hedging services for market participants, reducing hedging costs and helping enhance the concept of "risk neutrality". In future, the interbank derivatives market will continue its efforts to contribute to the high-quality financial development.