OTC市场概况-中英对照

OTCMarketOverview,OTC市场概况,TableofContents,CurrentConditionsDefinitionsOTCoverviewOTCvs.ExchangeTradedderivativesProductsutilizedParticipantsCollateralMarketStructureTradeflowBroker/ExchangeEvolutionandFeesClearingandSDRsPostTradeProcessingRegulatoryParticipantsandProgressAreasofOpportunityPossiblepointsofopportunityExecutiveSummary,目录,执行摘要当前市场环境定义OTC概况场外交易VS场内交易金融衍生产品产品利用情况参与者担保品市场结构交易流程经纪商/交易所演变史和费用结算和特别提款权后交易处理监管参与者和发展机会领域可能存在的机会附录,ExecutiveSummary,DemandforOTCproductscontinuestorise,tradingissplitacrossmultipleassetclassesandproductsCollateralneedsaregrowingevenasmarketsprepareforcentralizedclearingTheroleofbrokersandexchangesisexpandingasOTCmarketsbecomemoreelectronicandcomplex.BothwillcontinuetoaddservicesforclientbasegrowthRegulatorybodiescontinuetheirattemptstoincreasetransparencyintheOTCmarkets,howeverrulemaking,implementationandenforcementacrossjurisdictionsisinconsistentServicesareexpandingbeyondtradeexecutionandnowincludingmarketdata,tradeprocessingandriskmanagement.IncreasedregulationwillmaketheseservicesmorevaluableinthefutureOpportunitieswillcontinuetoemergewithinbothnewandestablishedmarketsBringingtogetherlocaltradingcommunitiesProvidingbackofficeservicesDevelopingstandardizationandoperationalframeworksImprovingthetransparencyEnhancingandsimplifyingthetradingexperience,执行摘要,OTC金融衍生产品需求不断增长，交易类型按照各种交易资产类别和产品划分随着市场向集中化结算发展，担保品需求稳步增长随着OTC市场电子化程度提高并且越来越复杂，经纪商和交易所发挥的作用也越来越大。由于顾客群体不断增长，经纪商和交易所都将继续增加其服务监管部门努力增加OTC市场的透明程度。然而，不同司法管辖区的条例制定、实施和强制执行并不统一OTC市场服务不断增加，并不局限于交易执行，目前还包括市场数据、交易处理和风险管理。未来，随着监管力度加强，上述服务将更具价值新兴和成熟OTC市场中的机会将越来越多整合当地交易社区提供后台服务开发标准化和可操作框架提高透明度加强和简化交易体验,CurrentConditions,当前市场环境,OTCDerivativesproductsarebilateralcontracts,OTCderivativesarecontractsnegotiatedprivatelybetweentwopartiesBrokersareusedforpricediscoveryandtradeexecutionParticipantshavetheabilitytocustomizethetermsofthecontract(includinglengthofcontractandquantityofunderlyingproduct)MarketParticipantsareinstitutional,financial,publicandcorporateentitiesThereareawidearrayofproductstradedincluding:interestrates,foreignexchange,commoditiesandequitiesProductscanbecleareddependingontheircharacteristics,OTC金融衍生产品为双边合约,OTC金融衍生产品为双方私自协商达成的合约经纪商主要负责价格发现和交易执行参与者有能力制定合约条款（包括合约期限和标的物数量）OTC市场参与者为机构实体、金融实体、公共实体和企业实体OTC市场交易产品类型很丰富，包括：利率、外汇、商品和股票结算方式取决于金融衍生产品的特性,OTCDerivativesaretradedacrossawidevarietyofassetclasses,InterestRateproductsremaintheclearmarketleaderintermsofnotionalamountsoutstanding,Source:BankofInternationalSettlements(BIS)OTCderivativesstatisticsatendofJune-2012,OTC金融衍生产品的交易资产类别很丰富,就名义价值总额而言，利率产品是结算市场主力,来源：国际清算银行(BIS)OTC金融衍生产品统计（截至2012年6月底）,名义价值总额,来源：国际数据，国际清算银行,Forallderivatives,mostofthenotionaloutstandingisintheOTCspace.Theturnoverismoreevenlysplit,AccordingtoTabbGroupestimates,globalnotionalturnoverisfairlyevenlysplitbetweenOTCandexchangetradedderivatives,Source:TabbGroupTheGlobalRiskTransferMarket(Nov2010),金融衍生产品的大部分名义价值总额处在OTC市场中，但名义价值成交量分布更为平均,据Tabb集团估计，对于金融衍生产品的全球名义价值成交量，场内交易和场外交易基本持平,来源:Tabb集团全球风险转移市场（2010年11月）,全球风险转移市场,名义价值总额-2010,名义价值成交量-2010,场外交易金融衍生产品,场内交易金融衍生产品,Turnoverismoreevenlysplitpartiallybasedonthenatureoftheunderlyingproducts,SomeexchangetradedcontractsneedtoberolledeveryquarterwhichwillincreaseturnoverwhencomparedtolongertermedOTCcontractsHighvelocitytradingstrategiesonexchangetradedproductsalsoincreasestradingvolumeincomparisontoOTC,Source:TabbGroupTheGlobalRiskTransferMarket(Nov2010),根据交易产品性质，名义价值交易量更为平均分布,与期限较长的场外交易合约相比，有些场内交易合约需要每季度进行展期，这会增加交易量。与场外交易相比，场内交易产品的快速交易策略也会增加交易量。,来源:Tabb集团全球风险转移市场（2010年11月）,万亿美元,场内交易,场外交易,名义价值总额,名义价值成交量,成交频率,CustomizationintheOTCmarketsleadstoawiderangeofproductuseswithineachcategory,由于OTC市场的合约可以自由定制，每个交易类别中都有很多产品,ThereisawidearrayofparticipationinOTCderivativesmarkets,TheBISdividesthemarketparticipantsintothreecategories,eachhighlightingadifferentusersegmentandprofile.Participationbyeachtypeofentitywillvarybyassetclass,OTC金融衍生产品市场的参与者类别众多,国际清算银行将OTC市场参与者划分为三大类别，每个类别都有着特定的用户群体和背景。根据交易资产的不同，各个类型实体参与OTC市场的形式也不同。,InInterestRatesthemajorityofnotionaloutstandingisinthehandsofFinancialInstitutions,Brokerscontinuetoseesomefluctuationinnotional,especiallyastheycompresscontractstoreducerisk,Asoverallnotionalshowssomefluctuation,thepercentageheldbyfinancialinstitutionsremainssteady,利率金融衍生产品的大部分名义价值总额掌握在金融机构手中,经纪商持有的名义价值总额继续波动，当其减少合约以降低风险时，尤其如此,尽管总体名义价值总额出现波动，金融机构持有的份额依然保持稳定,WhileinFXthenotionaloutstandingissplitbetweenthedealersandotherinstitutions,TheoverallnotionaloutstandinginFXcontinuestoshowslightgains.ReportingdealersaredrivingalargepartofoverallFXgrowth,Source:BankofInternationalSettlements(BIS)OTCderivativesstatisticsatendofJune-2012,ThedistributionofoutstandingamountsismoreevenlydistributedthaninInterestRates.,外汇金融衍生产品的名义价值总额主要掌握在交易商和其他机构手中,外汇金融衍生产品的整体名义价值总额继续小幅增长。报告交易商为这种增长势头贡献较大,来源：来源：国际清算银行(BIS)OTC金融衍生产品统计（截至2012年6月底）,外汇金融衍生产品的名义价值总额的持有者分布情况与利率产品相比较更为平均,CollateraloutstandingandexposurefromOTCderivativescontinuestorise,Source:ISDAMarginSurvey2012,GrossExposurereflectsthenetmark-to-marketvalueofcounterpartyexposures,takingintoaccountthebenefitsofclose-outnetting,butbeforetakingintoaccounttheeffectofcollateralinreducingriskexposure.,Collateralcontinuestogrowbacktowardsitsrecordhighsin2008.Since1999theamountofcollateraloutstandinghasgrownatacompoundrateof24%,OTC金融衍生产品的流通担保品和风险敞口继续增长,Source:ISDAMarginSurvey2012,总敞口反映了对手风险的盯市净值，在考虑担保品降低风险敞口的效果之前，将终止净额结算的益处考虑在内。,自从2008年创下历史高点后，担保品继续增长。自1999年起，流通担保品总额一直以复合增长率24%的速度增长。,CollateralismostusedforcreditderivativesandleastusedforCommoditiesandFX,Source:ISDAMarginSurvey2012,Awiderangeofcollateralisusedwithcashandgovernmentsecuritiesbeingthemostpopularfornon-Clearedtransactions,担保品主要用于信用金融衍生产品，在商品和外汇金融衍生产品中应用最少,Source:ISDAMarginSurvey2012,很多担保品形式为现金和政府证券，这在非结算交易中应用最为普遍,SummaryCurrentConditions,DemandforOTCproductscontinuestorise,tradingissplitacrossmultipleassetclassesandproductsThemajorityofnotionaloutstandingisinOTCderivativesbutturnoverappearstobemoreevenlysplitbetweenOTCandexchangetradedderivativesCollateralneedsaregrowingevenasmarketsprepareforcentralizedclearingCollateralcontinuestotakemanyformsbutcashremainsking,总结当前市场环境,金融衍生产品需求不断增长，交易类型按照各种交易资产类别和产品划分金融衍生产品的大部分名义价值总额处在OTC市场中，但名义价值成交量分布更为平均随着市场向集中化结算发展，担保品需求稳步增长担保品形式越来越丰富，但是现金仍旧是主要形式,MarketStructure,市场结构,OTCTradesarebilaterallyconductedwiththeassistanceofbrokers,EndUserClient(1),BrokeringBank/Inter-dealerBroker,BrokeringBank/Inter-dealerBroker,EndUserClient(2),VoiceBrokering/ElectronicPlatform/Exchange/SEF,Atradenegotiatedbetweentwoparties,eitherdirectlyorthroughtheuseofintermediariesTradingcanbedoneviavoicebrokering,ElectronicplatformorExchange,Example:EndUserClient(1)wantstoexchangefixedinterestratepaymentsforfloatinginterestratepayments.TheClientcontactsitsbroker.Thebrokerlooksforanacceptabledealeitherviavoice,electronicplatformorexchange.AdealisfoundwithEndUserClient(2)throughitsbroker.ThebrokersagreetoenteranInterestRateSwapandexchangeClient(1)sfixedratepaymentswithClient(2)sfloatingpayments.Termstobenegotiatedwouldincludethefloatingrate,thecurrenciesofpayment,andthedurationoftheswap.,Fixedrate,Fixedrate,Fixedrate,Fixedrate,Floatingrate,Floatingrate,Floatingrate,Floatingrate,OTC交易通过经纪商的协调双边执行,终端客户(1),经纪银行/同业经纪商,经纪银行/同业经纪商,终端客户(2),传统经纪/电子平台/交易所/互换执行设施SEF,双方经过协商，直接执行或通过中间商执行的交易交易可以通过传统经纪程序、电子平台和交易所完成,例子:终端客户(1)想将固定利率支付换成浮动利率支付。客户和他的经纪商签约。经纪商通过传统经纪方式、电子平台或者交易所寻找客户可接受的交易，最终通过终端客户(2)的经纪商找到了客户(2)，双方的经纪商协商了一个利率互换合约，将客户(1)的固定利率支付和客户(2)的浮动利率支付进行互换。合约条款可以双方协商，包括浮动利率、支付币种互换持续期限。,固定利率,固定利率,固定利率,固定利率,浮动利率,浮动利率,浮动利率,浮动利率,EachparticipantintheOTCmarkethasdifferentneedsandcapabilities,EndUserClient,BrokeringBank/Inter-dealerBroker,VoiceBrokering/ElectronicPlatform/Exchange/SwapExecutionFacility(SEF),RolePerformingpricediscoveryMarketmakingactivitiesClientExecutionTradingforitsownaccounts,ExamplesInter-dealerbrokersICAP,TullettPrebon,Tradition,BGCPartners,GFIGroupBrokeringBanksJPMorgan,GoldmanSachs,Citigroup,RoleProvideavenueforpricediscoveryandtradeexecutionIftradeisvoicebrokeredthisisperformedbybank/broker,ExamplesExchangesCMEGroup,ICE,Eurex,Euronext-LiffeElectronicPlatformsEBS(ICAP),i-Swap(ICAP)SEFsrulesnotfinalyet,RoleHedgeriskTradeforprofitFacilitateongoingbusinessoperationsLiquidity/CashFlowManagement,ExamplesGlobal,commercial,regionalbanks;Corporations;Otherfinancialcompanieshedgefunds,mutualfunds,insurancecompanies;Governments,OTC市场不同类型参与者有不同的需求和能力,终端客户,经纪银行/同业经纪商,传统经纪/电子平台/交易所/互换执行设施(SEF),角色执行价格发现做市商做市活动客户执行自有账户交易,例子交易商经纪公司ICAP,TullettPrebon,Tradition,BGCPartners,GFIGroup经纪银行JPMorgan,GoldmanSachs,Citigroup,角色提供价格发现和交易执行的场地传统经纪交易通过银行或经纪人执行,例子交易所CMEGroup,ICE,Eurex,Euronext-Liffe电子平台EBS(ICAP),i-Swap电子平台(属于ICAP公司)SEFs还没有最终规则,角色风险防护交易收益促进持续商业运营流动性/现金流管理,例子全球，商业，区域性银行;公司;其他金融公司对冲基金,共同基金,保险公司;政府部门,BrokersandExchangeshaveevolveddifferentlyinregardstoOTCbutcommonthemesexist,AlthoughICEandICAPhaveevolveddifferentlytherearecommonthemesthattheirevolutionexhibits:Creatingandleveragecommunitiesforbrokers/clientsUtilizemarketsupportandpartnershiptofacilitategrowthBundletradingwithotherservices:clearing,information,primebrokerage,etc.Facilitateincreasedtradingbyimprovingonmarketdesign,executionand/ortransparency,ICEEvolution,ICAPEvolution,经纪商和交易所在OTC市场中的演变方向不同，但是两者之间存在共同点,尽管洲际交易所（ICE）和英国毅联汇业集团(ICAP)在OTC市场中的演变方向不同，但是两者之间仍旧存在共同点：为经纪商和客户创造并利用交易社区利用市场支持和合作关系以促进增长将交易和其他服务捆绑整合：结算、信息、初级经纪业务等通过完善市场设计、执行和透明度，促进交易增长,ICE演变史,ICAP演变史,BrokeringforOTCderivativesisprofitable,butexactfeesarehardtodetermineforinter-dealerbrokers,Feesforindividualbrokersaredifficulttodetermineastheyarenotdisclosedandareoftencombinedwithotherservices.Howeverwecanfindsomeproxiesforrevenueandprofitability:ICAP(theworldslargestIDB)hadrevenueof$498Kpervoicebrokerin2012,Voicebrokeringaccountedfor1,172mofrevenue,with4,122voicebrokersemployed,Voicebrokeringaccountsfor41%ofICAPsoperatingprofit,IntheExchangespaceICEchargesafeeforindividualservicesbasedontheclientandproductbeingtraded:BilaterallytradedCrudeandRefined/NaturalGas/Powersetchargebasedontypeandsizeoftransaction(seeappendixforfeeschedule)ICEClearforCDSflatfeepermillionnotionaldependingoncontractFlatfeefortradeconfirmationsbasedonproduct-$3to$6,OTC金融衍生产品的经纪业务有利可图，但是很难确定同业经纪商的准确费用,特定经纪商的费用很难确定，因为这些费用未被披露，而且这些费用通常和其他服务进行合并计算。但是，我们可以确定某些经纪商的收入和盈利能力：英国毅联汇业集团（ICAP，全球最大同业经纪商）2012年的单笔传统经纪业务的收入为498000美元，其传统经纪业务占其总收入的11.72亿美元。该公司雇佣了传统经纪业务员4122名，使传统经纪业务占其营业利润的41%。,交易所方面，洲际交易所（ICE）根据客户和交易产品收取单项服务费用：双边交易：原油和成品油/天然气/电力根据交易类型和规模收费（具体费用表，请参见附录）洲际交易所信用违约互换：根据合约，以名义价值每百万收取固定费率根据产品，收取交易确认费用，固定费率为3至6美元,ClearinghousesandDataRepositoriesprovideriskmanagementanddatastorageservices,EndUserClient(1),BrokeringBank/Inter-dealerBroker,BrokeringBank/Inter-dealerBroker,EndUserClient(2),VoiceBrokering/ElectronicPlatform/Exchange/SEF,TheemergenceofOTCclearinghasincreasedthecomplexityofthetradeflow.EnduserclientsorBrokerscannowbeclearingmembersofexchangesandsubmittheirtradesforclearing.Conceptually,clearingworksinthesamewaythatclearingoperatesforfutures.,ClearingHouse,ClearingHouse,SwapDataRepository,SwapDataRepository,结算所和数据存储库提供风险管理和数据储存服务,终端客户(1),经纪银行/同业经纪商,经纪银行/同业经纪商,终端客户(2),传统经纪/电子平台/交易所/互换执行设施SEF,OTC结算业务增加了交易流程的复杂性。目前，终端客户和经纪商可以成为交易所的结算成员，将其交易提交交易所进行结算。从概念上讲，结算流程和期货结算流程一样。,结算所,结算所,互换数据储存库,互换数据储存库,Clearinghousesandrepositoriesaddsafetyandtransparencytothemarket,ClearingHouse,SwapDataRepository,RoleClearinghousesservetosecurethemarketbytakingtheothersideofeachtransactionintheclearinghouse.Theycollectmarginandmarkpositionstomarkettoensuretherecannotbeanoverallsystemicfailure,ExamplesCMEGroupClearing,ICEClear(USFifthreportonimplementation,尽管达成了合作,但是规则的采用和执行情况依然参差不齐,资料来源:金融稳定委员会场外派生物市场改革;关于执行情况的第5次报告,SummaryMarketStructure,BasicOTCmodelisbilateralnegotiationbrokerfacilitationTheroleofbrokersandexchangescontinuestoexpandasOTCmarketsbecomemoreelectronicandcomplex.TheywillcontinuetoaddservicestoexpandtheirclientbaseElectronicplatformsaregainingtraction,thepossibleemergenceofSEFsmayspeedadoptionforsomeproductsClearinghousescontinuetoexpandtheirOTCcapabilitiesastheygrowthopportunitiesinmeetingmarketdemandsandregulatoryrequirementsRegulatorybodiescontinuetheirattemptstoincreasetransparencyintheOTCmarkets,howeverrulemaking,implementationandenforcementacrossjurisdictionsisinconsistentServicesareexpandingbeyondtradeexecutionandnowincludingmarketdata,tradeprocessingandriskmanagement.Increasedregulationwillmaketheseservicesmorevaluableinthefuture,总结市场结构,场外市场基本模式：双边协商和经纪商协调随着OTC市场电子化程度提高并且越来越复杂，经纪商和交易所发挥的作用也越来越大。由于顾客群体不断增长，经纪商和交易所都将继续增加其服务电子平台获得了发展的动力，互换执行设施的逐步兴起会加速OTC市场产品种类增加随着在满足市场需求和监管要求方面的机会增加，结算所持续提高其在OTC市场中的能力监管部门努力增加OTC市场的透明程度。然而，不同司法管辖区的条例制定、实施和强制执行并不统一OTC市场服务不断增加，并不局限于交易执行，目前还包括市场数据、交易处理和风险管理。未来，随着监管力度加强，上述服务将更具价值,AreasofOpportunity,机会领域,TherearemultipleareasofopportunitywithintheOTCspace,especiallyinnascentmarkets,OTCmarketscontinuetogrowonaglobalscale.Webelievethatopportunitieswillcontinuetoemergeinbothestablishedanddevelopingmarkets.Theseopportunitiesinclude:Bringingtogetherlocalcommunitiesofusers,brokersandothermarketparticipantstodevelopregionaltradingplatformsforspecificOTCproductsProvidingbackofficeservicessuchastradeprocessingandriskmanagementallowingfirmstofocusresourcesongrowingtheiroverallbusinessDevelopingstandardizationandaframeworkforoperationintonascentmarketswhichneedstructuretoflourishImprovingthetransparencyandtheuseofmarketdatawithinindividualOTCmarketsEnhancingandsimplifyingthetradi