我国衍生品市场加快发展正当时

China’s Derivatives Market Development Accelerates

我国银行间市场从一开始时就没有采取西方那种“场外模式”,而是采取了更为接近2008年金融危机加强监管改革之后的市场组织模式,这使我国银行间市场在衍生品发展上具有制度优势。随着我国金融市场化改革的推进,利率波动加大、信用打破刚兑,资产负债结构中有大量利率、信用等基础产品的商业银行和其他市场各方,对利率、信用等衍生品的需求不断增加,由此驱动近年来我国衍生品的深度与广度不断提高。

China’s interbank market has not adopted the Western style "OTC model" but has used a regulated market model similar to the OTC market since regulatory reforms were rolled out following the 2008 financial crisis. This has given China’s interbank market an institutional advantage in developing a derivatives market. With the advancement of China’s financial market reforms, interest rate volatility has increased, the rigid payment issue has been resolved, and commercial banks and other market parties with a large number of interest rate and credit-based products have increased their demand for interest rate and credit derivatives in order to hedge their risks. This in turn has expanded the depth and breadth of the derivatives market.