OTC市场概况-中英对照

OTCMarketOverviewOTC市场概况TableofContentsCurrentConditionsDefinitionsOTCoverviewOTCvs.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ExecutiveSummaryDemandforOTCproductscontinuestorise,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OTCDerivativesproductsarebilateralcontractsOTCderivativesarecontractsnegotiatedprivatelybetweentwopartiesBrokersareusedforpricediscoveryandtradeexecutionParticipantshavetheabilitytocustomizethetermsofthecontract(includinglengthofcontractandquantityofunderlyingproduct)MarketParticipantsareinstitutional,financial,publicandcorporateentitiesThereareawidearrayofproductstradedincluding:interestrates,foreignexchange,commoditiesandequitiesProductscanbecleareddependingontheircharacteristicsOTC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OTCDerivativesaretradedacrossawidevarietyofassetclassesInterestRateproductsremaintheclearmarketleaderintermsofnotionalamountsoutstandingSource:BankofInternationalSettlements(BIS)–OTCderivativesstatisticsatendofJune-2012OTC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.TheturnoverismoreevenlysplitAccordingtoTabbGroupestimates,globalnotionalturnoverisfairlyevenlysplitbetweenOTCandexchangetradedderivativesSource:TabbGroup–TheGlobalRiskTransferMarket(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TurnoverismoreevenlysplitpartiallybasedonthenatureoftheunderlyingproductsSomeexchangetradedcontractsneedtoberolledeveryquarterwhichwillincreaseturnoverwhencomparedtolongertermedOTCcontractsHighvelocitytradingstrategiesonexchangetradedproductsalsoincreasestradingvolumeincomparisontoOTCSource:TabbGroup–TheGlobalRiskTransferMarket(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CustomizationintheOTCmarketsleadstoawiderangeofproductuseswithineachcategoryAssetClassesProductsClassificationsProductsofferedbyinter-dealerbrokersInterestRatesForwardRateAgreementsSwapsOptionsIR,OvernightIndex,InflationandBasisSwaps,Options,Repos,Mortgage-BackedSecurities,FXOutrightforwardsFXswapCurrencyswapCurrencyoptionForwards,swaps,options,Non-DeliverableForwards(NDFs),EquitiesForwardSwapOptionIndividualEquities,EquityIndexes,ADRsCommoditiesForwardSwapOptionCrudeandRefined,NaturalGas,Electricity,Coal,Emissions,Biofuels,Weather,PreciousandBaseMetals,coffee,sugar,cocoa,cotton,corn,soybeans,palmoil,livestock,ironoreandsteel,freightCredit/CreditDefaultSwaps(CDS)SwapsOptionsSingleNameCDSMulti-nameCDSIndexproductsCorporateBonds,CDS,EmergingMarketBonds,Eurobonds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资产类别产品类别同业经纪商提供的产品利率远期利率协议互换期权利率、隔夜指数、通胀和基差互换、期权、回购债券协议、按揭证券外汇直接远期合约外汇互换货币互换货币期权远期合约、互换、期权、无本金交割远期合约股票远期合约互换期权个股、股指、美国存托凭证商品远期合约

互换期权原油和成品油、天然气、电力、煤炭、排放、生物燃料、天气、贵金属和基本金属、咖啡、糖、可可豆、棉花、玉米、大豆、棕榈油、牲畜、铁矿石和钢、货运信用/信用违约互换(CDS)互换期权单一卖家信用违约互换多重卖家信用违约互换指数产品公司债券、信用违约互换、新兴市场债券、欧元债券ThereisawidearrayofparticipationinOTCderivativesmarketsTheBISdividesthemarketparticipantsintothreecategories,eachhighlightingadifferentusersegmentandprofile.ParticipationbyeachtypeofentitywillvarybyassetclassEntityParticipantsUseofOTCDerivativesReportingDealersCommercialandInvestmentBanksSecuritieshousesInter-dealerbrokersTradingforclients(servingasabroker)HedgingriskProfitmakingopportunitiesOtherFinancialInstitutionsBanksMutualFundsPensionFundsHedgeFundsInsuranceCompaniesCentralBanksHedgingriskProfitmakingopportunitiesFacilitatingglobaloperationsNon-FinancialcustomersCorporationsGovernmentsHedgingriskFacilitatingongoingglobaloperationsOTC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。实体参与者OTC金融衍生产品的使用报告交易商商业和投资银行证券交易所中间经纪商为客户达成交易

(承担经纪商职责)防范风险获取利润其他金融机构银行共同基金养老基金对冲基金保险公司央行防范风险获取利润便于全球运营非金融客户企业政府机构防范风险便于连续全球运营InInterestRatesthemajorityofnotionaloutstandingisinthehandsofFinancialInstitutionsBrokerscontinuetoseesomefluctuationinnotional,especiallyastheycompresscontractstoreduceriskAsoverallnotionalshowssomefluctuation,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，尤其如此利率产品名义价值总额报告交易商非金融客户其他金融机构利率产品名义价值总额报告交易商非金融客户其他金融机构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WhileinFXthenotionaloutstandingissplitbetweenthedealersandotherinstitutionsTheoverallnotionaloutstandinginFXcontinuestoshowslightgains.ReportingdealersaredrivingalargepartofoverallFXgrowthSource:BankofInternationalSettlements(BIS)–OTCderivativesstatisticsatendofJune-2012ThedistributionofoutstandingamountsismoreevenlydistributedthaninInterestRates.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报告交易商非金融客户其他金融机构报告交易商非金融客户其他金融机构外汇名义价值总额来源：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CollateraloutstandingandexposurefromOTCderivativescontinuestoriseSource:ISDAMarginSurvey2012GrossExposurereflectsthenetmark-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报告值估计值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。CollateralismostusedforcreditderivativesandleastusedforCommoditiesandFXSource:ISDAMarginSurvey2012Awiderangeofcollateralisusedwithcashandgovernmentsecuritiesbeingthemostpopularfornon-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Summary–CurrentConditionsDemandforOTCproductscontinuestorise,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OTCTradesarebilaterallyconductedwiththeassistanceofbrokersEndUserClient(1)BrokeringBank/Inter-dealerBrokerBrokeringBank/Inter-dealerBrokerEndUserClient(2)VoiceBrokering/ElectronicPlatform/Exchange/SEFAtradenegotiatedbetweentwoparties,eitherdirectlyorthroughtheuseofintermediariesTradingcanbedoneviavoicebrokering,ElectronicplatformorExchangeExample:EndUserClient(1)wantstoexchangefixedinterestratepaymentsforfloatinginterestratepayments.TheClientcontactsitsbroker.Thebrokerlooksforanacceptabledealeitherviavoice,electronicplatformorexchange.AdealisfoundwithEndUserClient(2)throughitsbroker.ThebrokersagreetoenteranInterestRateSwapandexchangeClient(1)’sfixedratepaymentswithClient(2)’sfloatingpayments.Termstobenegotiatedwouldincludethefloatingrate,thecurrenciesofpayment,andthedurationoftheswap.FixedrateFixedrateFixedrateFixedrateFloatingrateFloatingrateFloatingrateFloatingrateOTC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EachparticipantintheOTCmarkethasdifferentneedsandcapabilitiesEndUserClientBrokeringBank/Inter-dealerBrokerVoiceBrokering/ElectronicPlatform/Exchange/SwapExecutionFacility(SEF)RolePerformingpricediscoveryMarketmakingactivitiesClientExecutionTradingforitsownaccountsExamplesInter-dealerbrokers–ICAP,TullettPrebon,Tradition,BGCPartners,GFIGroupBrokeringBanks–JPMorgan,GoldmanSachs,CitigroupRoleProvideavenueforpricediscoveryandtradeexecutionIftradeisvoicebrokeredthisisperformedbybank/brokerExamplesExchanges–CMEGroup,ICE,Eurex,Euronext-LiffeElectronicPlatforms–EBS(ICAP),i-Swap(ICAP)SEFs–rulesnotfinalyetRoleHedgeriskTradeforprofitFacilitateongoingbusinessoperationsLiquidity/CashFlowManagementExamplesGlobal,commercial,regionalbanks;Corporations;Otherfinancialcompanies–hedgefunds,mutualfunds,insurancecompanies;GovernmentsOTC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BrokersandExchangeshaveevolveddifferentlyinregardstoOTCbutcommonthemesexistAlthoughICEandICAPhaveevolveddifferentlytherearecommonthemesthattheirevolutionexhibits:Creatingandleveragecommunitiesforbrokers/clientsUtilizemarketsupportandpartnershiptofacilitategrowthBundletradingwithotherservices:clearing,information,primebrokerage,etc.Facilitateincreasedtradingbyimprovingonmarketdesign,executionand/ortransparencyPostEnronElectronicplatformfortradingofOTCCrude/Refined,naturalgas,powerandEmissionswithbackingoflargeenergytradersExpandedintofuturescontractsthroughacquisitionandproductdevelopmentBeganofferingOTCproducts(Credit)ClearingforCreditServicesMoveOTCEnergycontractsonexchange,registerasaSEFforunclearedenergyOTCcontractstomeetUSregulationVoicebrokerageacrossvariousOTCproductsElectronictradingofstandardizedOTCcontractssuchasFXandIRswapsLeverageinformationintoResearchandCommentaryservicesforclientsOfferingposttradeandriskmanagementservicesforOTCderivatives(tradeprocessing/rebalancing)ICEEvolutionICAPEvolution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，促进交易增长后安然时代电子交易平台交易产品为：原油、成品油、天然气、电力和排放；获得大型能源贸易商支持,通过收购和产品开发，发展为期货合约交易开始提供OTC产品（信用产品）信用结算服务将OTC能源合约在交易所交易。注册成为互换执行设施，使未结算能源OTC合约满足美国监管规定各类OTC产品的传统经纪业务标准OTC合约如：外汇和利率互换合约的电子化交易利用信息，为客户提供研究和补充服务为OTC金融衍生产品提供交易后服务和风险管理服务(交易处理/再平衡）ICE演变史ICAP演变史BrokeringforOTCderivativesisprofitable,butexactfeesarehardtodetermineforinter-dealerbrokersFeesforindividualbrokersaredifficulttodetermineastheyarenotdisclosedandareoftencombinedwithotherservices.Howeverwecanfindsomeproxiesforrevenueandprofitability:ICAP(theworld’slargestIDB)hadrevenueof$498Kpervoicebrokerin2012,Voicebrokeringaccountedfor

£1,172mofrevenue,with4,122voicebrokersemployed,Voicebrokeringaccountsfor41%ofICAP’soperatingprofitIntheExchangespaceICEchargesafeeforindividualservicesbasedontheclientandproductbeingtraded:Bilaterallytraded–CrudeandRefined/NaturalGas/Power–setchargebasedontypeandsizeoftransaction(seeappendixforfeeschedule)ICEClearforCDS–flatfeepermillionnotionaldependingoncontractFlatfeefortradeconfirmationsbasedonproduct-$3to$6OTC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ClearinghousesandDataRepositoriesprovideriskmanagementanddatastorageservicesEndUserClient(1)BrokeringBank/Inter-dealerBrokerBrokeringBank/Inter-dealerBrokerEndUserClient(2)VoiceBrokering/ElectronicPlatform/Exchange/SEFTheemergenceofOTCclearinghasincreasedthecomplexityofthetradeflow.EnduserclientsorBrokerscannowbeclearingmembersofexchangesandsubmittheirtradesforclearing.Conceptually,clearingworksinthesamewaythatclearingoperatesforfutures.ClearingHouseClearingHouseSwapDataRepositorySwapDataRepository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SEFOTC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ClearinghousesandrepositoriesaddsafetyandtransparencytothemarketClearingHouseSwapDataRepositoryRoleClearinghousesservetosecurethemarketbytakingtheothersideofeachtransactionintheclearinghouse.TheycollectmarginandmarkpositionstomarkettoensuretherecannotbeanoverallsystemicfailureExamplesCMEGroupClearing,ICEClear(US&Europe),SwapClear,EurexOTClear,kdpw_otc(Poland),SingaporeRoleSwapDatarepositorieswerecreatedbytheDoddFrankact(US)toprovideacentralfacilityforswapdatareportingandrecordkeepingExamplesCMEGroup,ICE,Traiana,DTCC结算所和数据储存库增加市场的安全性和透明度结算所互换数据储存库角色结算所确保双边交易共同在结算所执行，同时收取保证金并记录头寸，以确保市场不发生整体系统性失效例子CMEGroup结算所,ICE结算所(US&Europe),互换结算所,EurexOTC结算所,kdpw_otc(Poland),Singapore结算所角色互换数据储存库根据美国DoddFrank法案设立，为互换数据报告以及记录保持提供中央设施例子CMEGroup,ICE,Traiana公司,DTCC公司AftertradecompletionfirmsmustengageinmultipleactivitiestoproperlymanagetheirpositionsTradeCaptureTradeMatchingandConfirmationTradeRegistrationTradeLifecycleeventprocessing CounterpartyRiskManagementThesetaskscanprovecostlyandcomplicatedforfirms.IDBs,banksandothersareofferingsomeservicestoexpandtheirreachandleveragescaleacrossclients交易完成后，公司必须开展多项活动，以正确方式管理其持仓量交易捕捉交易匹配和确认交易登记交易周期事件处理

对手风险管理对于公司而言，这些任务可能产生一定成本且复杂。同业经纪商、银行和其他参与者可以为不同客户提供相应服务，拓展其业务范围和规模OTCRegulatoryoversighthasincreasedsincetheCreditCrisisEndUserClient(1)BrokeringBank/Inter-dealerBrokerBrokeringBank/Inter-dealerBrokerEndUserClient(2)VoiceBrokering/ElectronicPlatform/Exchange/SEFSittingontopofthisframeworkintheUSandEuropeareregulatorswhoarewritingandenforcingnewrulesinthewakeofthecreditcrisisClearingHouseClearingHouseSwapDataRepositorySwapDataRepositoryUSCFTC/SEC/Fed/TreasuryDeptEuropeEuropeanCommission/FSA/MemberstatesRuleMakingCollaborationFinancialStabilityBoard自信贷危机爆发后，场外市场的管理监管力度有所增长终端用户(1)经纪银行/同业经纪商经纪银行/同业经纪商终端用户(2)传统经纪/电子平台/交易所/SEF下面框架图中，置于顶端的是自信贷危机爆发后美国和欧洲的负责编写并强制执行新规则的管理部门结算所结算所互换数据储存库互换数据储存库美国美国商品期货交易委员会/证券交易委员会/财政部欧洲欧盟委员会/英国金融服务管理局/成员国协作制定规则金融稳定委员会TheincreasedoversighthasleadtonewregulationforOTCDerivativesFollowingtheCreditCrisisleadersfromtheG20nationscametogethertomakechangestotheOTCmarkets,hopingtopreventanothercrisis.Theircollaborationhasleadto:Dodd-FrankActEuropeanMarketInfrastructureRegulation(EMIR)MarketsinFinancialInstrumentsDirective/Regulation(MiFIDII/MiFIR)Thesenewregulationsareleadingtoreformsin:TradeReportingExchange/ElectronicTradingCentralClearingMarginandCapitalRequirements增长的监管力度催生了OTC金融衍生产品的新规则信贷危机后，G20国家领导人聚在一起改革场外市场，希望借此防止下一次危机爆发。以下为其合作成果:多德弗兰克法案欧洲市场基础设施监管局(EMIR)欧洲金融工具市场指引/法规

(MiFIDII/MiFIR)这些新的规则导致了以下的变革:交易报告

场内/电子交易中央结算保证金和资本要求Despitecollaboration,thestatusofruleadoptionandimplementationremainsunevenSource:FinancialStabilityBoard–OTCDerivativesMarketReforms;Fifthreportonimplementation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次报告各国场外金融衍生产品市场改革进程简图Summary–MarketStructureBasicOTCmodelisbilateralnegotiationbrokerfacilitationTheroleofbrokersandexchangescontinuestoexpandasOTCmarketsbecomemoreelectronicandcomplex.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,especiallyinnascentmarketsOTCmarketscontinuetogrowonaglobalscale.Webelievethatopportunitieswillcontinuetoemergeinbothestablishedanddevelopingmarkets.Theseopportunitiesinclude:Bringingtogetherlocalcommun