境外OTC衍生品市场发展与监管对中国衍生品市场的启示

发布时间：2018-02-02 05:01

本文关键词： 场外衍生品集中清算交易报告产品标准化　出处：《上海交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：金融危机发生后，场外衍生品市场因缺乏监管而广泛存在的系统性风险引起了各国各地区监管部门的高度重视。根据20国集团（G20）于2009年匹兹堡峰会达成的共识，到2012年底以前，所有场外衍生交易都应向交易报告库上报数据，所有标准化场外衍生产品都应在交易平台完成交易并接受强制集中清算，非集中清算产品则须满足更严格的资本金监管要求。主要资本市场因而相继推出相应立法，新设或改革原有监管机构，调整多层次资本市场体系，通过中央对手方集中清算等方式加强对场外衍生品市场的监管。本文结合国际及主要国家和地区的监管框架，，首先对场外衍生品的概念及分产品市场规模进行梳理；其次从交易报告、交易平台、清算、标准化、资本金、保证金几个方面梳理了全球场外衍生品市场监管改革框架；进而以芝加哥商业交易所集团及香港场外结算公司为例，分析了危机后场外衍生品中央对手方的集中清算业务特征；最后在总结全文的基础上，结合我国的场外市场发展现状，提出了场外衍生品市场资本金监管、集中清算、风险管理的相关建议。
[Abstract]:After the financial crisis. The systemic risk widespread in the over-the-counter derivatives market due to lack of regulation has attracted much attention from national and regional regulators, according to the consensus reached at the G20 G20 summit in Pittsburgh on 2009. By end of 2012, all OTC derivative transactions should be reported to the trading reporting database, and all standardized OTC derivatives should be traded on the trading platform and subject to mandatory centralized clearing. Non-centralized clearing products must meet more stringent capital supervision requirements. As a result, the major capital markets have introduced corresponding legislation, set up new or reformed existing regulatory bodies, and adjusted the multi-level capital market system. Through the central counterparty centralized clearing and other ways to strengthen the OTC derivatives market supervision. In this paper, the concept of OTC derivatives and the market size of OTC derivatives are combed according to the regulatory framework of international and main countries and regions. Secondly, from the trading report, trading platform, liquidation, standardization, capital, margin and other aspects of the global over-the-counter derivatives market regulatory reform framework; Then taking the Chicago Mercantile Exchange Group and the Hong Kong OTC as an example, this paper analyzes the characteristics of the central counterparty of over-the-counter derivatives after the crisis. Finally, on the basis of summing up the full text, combined with the current situation of over-the-counter market development in our country, the paper puts forward some relevant suggestions on capital supervision, centralized clearing and risk management in over-the-counter derivatives market.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.5

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