信用风险管理:解读CDS合约与探寻中国路径

A preliminary interpretation on CDS and Chinese Path

随着中国经济进入增速换挡期,宏观经济进入新常态,信用事件逐步增多,市场对相应衍生工具需求再起。同时,监管环境逐步成熟,金融机构内控体系和市场化经营能力明显提高,为信用衍生工具的进一步发展奠定了坚实的基础。本文将从市场基础、监管规定以及合约标准化的角度,探讨中国版CDS在CRMA基础上的承袭和发展。

China's economy has shifted to a slower growth phase in what has widely been referred to as a 'new normal' This has led to a gradual increase in 'credit events' and that in turn has increased market demand for credit derivatives. At the same time, the regulatory environment has gradually matured and corporate internal control systems have been strengthened. Financial institutions have become more adept at dealing with a market-based environment. These factors suggest there is a strong enough foundation for further development of credit derivatives. This article discusses how a Chinese version of credit default swaps based on credit risk mitigation could develop with the help of contract standardization and enhanced regulations.