OTC市場(chǎng)概況-中英對(duì)照

OTCMarketOverviewOTC市場(chǎng)概況TableofContentsCurrentConditionsDefinitionsOTCoverviewOTCvs.ExchangeTradedderivativesProductsutilizedParticipantsCollateralMarketStructureTradeflowBroker/ExchangeEvolutionandFeesClearingandSDRsPostTradeProcessingRegulatoryParticipantsandProgressAreasofOpportunityPossiblepointsofopportunityExecutiveSummary目錄執(zhí)行摘要當(dāng)前市場(chǎng)環(huán)境定義OTC概況場(chǎng)外交易VS場(chǎng)內(nèi)交易金融衍生產(chǎn)品產(chǎn)品利用情況參與者擔(dān)保品市場(chǎng)結(jié)構(gòu)交易流程經(jīng)紀(jì)商/交易所演變史和費(fèi)用結(jié)算和特別提款權(quán)后交易處理監(jiān)管參與者和發(fā)展機(jī)會(huì)領(lǐng)域可能存在的機(jī)會(huì)附錄ExecutiveSummaryDemandforOTCproductscontinuestorise,tradingissplitacrossmultipleassetclassesandproductsCollateralneedsaregrowingevenasmarketsprepareforcentralizedclearingTheroleofbrokersandexchangesisexpandingasOTCmarketsbecomemoreelectronicandcomplex.BothwillcontinuetoaddservicesforclientbasegrowthRegulatorybodiescontinuetheirattemptstoincreasetransparencyintheOTCmarkets,howeverrulemaking,implementationandenforcementacrossjurisdictionsisinconsistentServicesareexpandingbeyondtradeexecutionandnowincludingmarketdata,tradeprocessingandriskmanagement.IncreasedregulationwillmaketheseservicesmorevaluableinthefutureOpportunitieswillcontinuetoemergewithinbothnewandestablishedmarketsBringingtogetherlocaltradingcommunitiesProvidingbackofficeservicesDevelopingstandardizationandoperationalframeworksImprovingthetransparencyEnhancingandsimplifyingthetradingexperience執(zhí)行摘要OTC金融衍生產(chǎn)品需求不斷增長(zhǎng)，交易類(lèi)型按照各種交易資產(chǎn)類(lèi)別和產(chǎn)品劃分隨著市場(chǎng)向集中化結(jié)算發(fā)展，擔(dān)保品需求穩(wěn)步增長(zhǎng)隨著OTC市場(chǎng)電子化程度提高并且越來(lái)越復(fù)雜，經(jīng)紀(jì)商和交易所發(fā)揮的作用也越來(lái)越大。由于顧客群體不斷增長(zhǎng)，經(jīng)紀(jì)商和交易所都將繼續(xù)增加其服務(wù)監(jiān)管部門(mén)努力增加OTC市場(chǎng)的透明程度。然而，不同司法管轄區(qū)的條例制定、實(shí)施和強(qiáng)制執(zhí)行并不統(tǒng)一OTC市場(chǎng)服務(wù)不斷增加，并不局限于交易執(zhí)行，目前還包括市場(chǎng)數(shù)據(jù)、交易處理和風(fēng)險(xiǎn)管理。未來(lái)，隨著監(jiān)管力度加強(qiáng)，上述服務(wù)將更具價(jià)值新興和成熟OTC市場(chǎng)中的機(jī)會(huì)將越來(lái)越多

整合當(dāng)?shù)亟灰咨鐓^(qū)

提供后臺(tái)服務(wù)開(kāi)發(fā)標(biāo)準(zhǔn)化和可操作框架提高透明度加強(qiáng)和簡(jiǎn)化交易體驗(yàn)CurrentConditions當(dāng)前市場(chǎng)環(huán)境OTCDerivativesproductsarebilateralcontractsOTCderivativesarecontractsnegotiatedprivatelybetweentwopartiesBrokersareusedforpricediscoveryandtradeexecutionParticipantshavetheabilitytocustomizethetermsofthecontract(includinglengthofcontractandquantityofunderlyingproduct)MarketParticipantsareinstitutional,financial,publicandcorporateentitiesThereareawidearrayofproductstradedincluding:interestrates,foreignexchange,commoditiesandequitiesProductscanbecleareddependingontheircharacteristicsOTC金融衍生產(chǎn)品為雙邊合約OTC金融衍生產(chǎn)品為雙方私自協(xié)商達(dá)成的合約經(jīng)紀(jì)商主要負(fù)責(zé)價(jià)格發(fā)現(xiàn)和交易執(zhí)行參與者有能力制定合約條款（包括合約期限和標(biāo)的物數(shù)量）OTC市場(chǎng)參與者為機(jī)構(gòu)實(shí)體、金融實(shí)體、公共實(shí)體和企業(yè)實(shí)體OTC市場(chǎng)交易產(chǎn)品類(lèi)型很豐富，包括：利率、外匯、商品和股票結(jié)算方式取決于金融衍生產(chǎn)品的特性O(shè)TCDerivativesaretradedacrossawidevarietyofassetclassesInterestRateproductsremaintheclearmarketleaderintermsofnotionalamountsoutstandingSource:BankofInternationalSettlements(BIS)–OTCderivativesstatisticsatendofJune-2012OTC金融衍生產(chǎn)品

的交易資產(chǎn)類(lèi)別很豐富就名義價(jià)值總額而言，利率產(chǎn)品是結(jié)算市場(chǎng)主力來(lái)源：國(guó)際清算銀行(BIS)–OTC金融衍生產(chǎn)品

統(tǒng)計(jì)（截至2012年6月底）名義價(jià)值總額來(lái)源：國(guó)際數(shù)據(jù)，國(guó)際清算銀行Forallderivatives,mostofthenotionaloutstandingisintheOTCspace.TheturnoverismoreevenlysplitAccordingtoTabbGroupestimates,globalnotionalturnoverisfairlyevenlysplitbetweenOTCandexchangetradedderivativesSource:TabbGroup–TheGlobalRiskTransferMarket(Nov2010)金融衍生產(chǎn)品的大部分名義價(jià)值總額處在OTC市場(chǎng)中，但名義價(jià)值成交量分布更為平均據(jù)Tabb集團(tuán)估計(jì)，對(duì)于金融衍生產(chǎn)品的全球名義價(jià)值成交量，場(chǎng)內(nèi)交易和場(chǎng)外交易基本持平來(lái)源:Tabb集團(tuán)–全球風(fēng)險(xiǎn)轉(zhuǎn)移市場(chǎng)（2010年11月）全球風(fēng)險(xiǎn)轉(zhuǎn)移市場(chǎng)名義價(jià)值總額-2010名義價(jià)值成交量-2010場(chǎng)外交易金融衍生產(chǎn)品場(chǎng)內(nèi)交易金融衍生產(chǎn)品TurnoverismoreevenlysplitpartiallybasedonthenatureoftheunderlyingproductsSomeexchangetradedcontractsneedtoberolledeveryquarterwhichwillincreaseturnoverwhencomparedtolongertermedOTCcontractsHighvelocitytradingstrategiesonexchangetradedproductsalsoincreasestradingvolumeincomparisontoOTCSource:TabbGroup–TheGlobalRiskTransferMarket(Nov2010)根據(jù)交易產(chǎn)品性質(zhì)，名義價(jià)值交易量更為平均分布與期限較長(zhǎng)的場(chǎng)外交易合約相比，有些場(chǎng)內(nèi)交易合約需要每季度進(jìn)行展期，這會(huì)增加交易量。與場(chǎng)外交易相比，場(chǎng)內(nèi)交易產(chǎn)品的快速交易策略也會(huì)增加交易量。來(lái)源:Tabb集團(tuán)–全球風(fēng)險(xiǎn)轉(zhuǎn)移市場(chǎng)（2010年11月）萬(wàn)億美元場(chǎng)內(nèi)交易場(chǎng)外交易名義價(jià)值總額名義價(jià)值成交量成交頻率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市場(chǎng)的合約可以自由定制，每個(gè)交易類(lèi)別中都有很多產(chǎn)品資產(chǎn)類(lèi)別產(chǎn)品類(lèi)別同業(yè)經(jīng)紀(jì)商提供的產(chǎn)品利率遠(yuǎn)期利率協(xié)議互換期權(quán)利率、隔夜指數(shù)、通脹和基差互換、期權(quán)、回購(gòu)債券協(xié)議、按揭證券外匯直接遠(yuǎn)期合約外匯互換貨幣互換貨幣期權(quán)遠(yuǎn)期合約、互換、期權(quán)、無(wú)本金交割遠(yuǎn)期合約股票遠(yuǎn)期合約互換期權(quán)個(gè)股、股指、美國(guó)存托憑證商品遠(yuǎn)期合約

互換期權(quán)原油和成品油、天然氣、電力、煤炭、排放、生物燃料、天氣、貴金屬和基本金屬、咖啡、糖、可可豆、棉花、玉米、大豆、棕櫚油、牲畜、鐵礦石和鋼、貨運(yùn)信用/信用違約互換(CDS)互換期權(quán)單一賣(mài)家信用違約互換多重賣(mài)家信用違約互換指數(shù)產(chǎn)品公司債券、信用違約互換、新興市場(chǎng)債券、歐元債券ThereisawidearrayofparticipationinOTCderivativesmarketsTheBISdividesthemarketparticipantsintothreecategories,eachhighlightingadifferentusersegmentandprofile.ParticipationbyeachtypeofentitywillvarybyassetclassEntityParticipantsUseofOTCDerivativesReportingDealersCommercialandInvestmentBanksSecuritieshousesInter-dealerbrokersTradingforclients(servingasabroker)HedgingriskProfitmakingopportunitiesOtherFinancialInstitutionsBanksMutualFundsPensionFundsHedgeFundsInsuranceCompaniesCentralBanksHedgingriskProfitmakingopportunitiesFacilitatingglobaloperationsNon-FinancialcustomersCorporationsGovernmentsHedgingriskFacilitatingongoingglobaloperationsOTC金融衍生產(chǎn)品市場(chǎng)的參與者類(lèi)別眾多國(guó)際清算銀行將OTC市場(chǎng)參與者劃分為三大類(lèi)別，每個(gè)類(lèi)別都有著特定的用戶(hù)群體和背景。根據(jù)交易資產(chǎn)的不同，各個(gè)類(lèi)型實(shí)體參與OTC市場(chǎng)的形式也不同。實(shí)體參與者OTC金融衍生產(chǎn)品的使用報(bào)告交易商商業(yè)和投資銀行證券交易所中間經(jīng)紀(jì)商為客戶(hù)達(dá)成交易

(承擔(dān)經(jīng)紀(jì)商職責(zé))防范風(fēng)險(xiǎn)獲取利潤(rùn)其他金融機(jī)構(gòu)銀行共同基金養(yǎng)老基金對(duì)沖基金保險(xiǎn)公司央行防范風(fēng)險(xiǎn)獲取利潤(rùn)便于全球運(yùn)營(yíng)非金融客戶(hù)企業(yè)政府機(jī)構(gòu)防范風(fēng)險(xiǎn)便于連續(xù)全球運(yùn)營(yíng)InInterestRatesthemajorityofnotionaloutstandingisinthehandsofFinancialInstitutionsBrokerscontinuetoseesomefluctuationinnotional,especiallyastheycompresscontractstoreduceriskAsoverallnotionalshowssomefluctuation,thepercentageheldbyfinancialinstitutionsremainssteady利率金融衍生產(chǎn)品的大部分名義價(jià)值總額掌握在金融機(jī)構(gòu)手中經(jīng)紀(jì)商持有的名義價(jià)值總額繼續(xù)波動(dòng)，當(dāng)其減少合約以降低風(fēng)險(xiǎn)時(shí)，尤其如此利率產(chǎn)品名義價(jià)值總額報(bào)告交易商非金融客戶(hù)其他金融機(jī)構(gòu)利率產(chǎn)品名義價(jià)值總額報(bào)告交易商非金融客戶(hù)其他金融機(jī)構(gòu)盡管總體名義價(jià)值總額出現(xiàn)波動(dòng)，金融機(jī)構(gòu)持有的份額依然保持穩(wěn)定WhileinFXthenotionaloutstandingissplitbetweenthedealersandotherinstitutionsTheoverallnotionaloutstandinginFXcontinuestoshowslightgains.ReportingdealersaredrivingalargepartofoverallFXgrowthSource:BankofInternationalSettlements(BIS)–OTCderivativesstatisticsatendofJune-2012ThedistributionofoutstandingamountsismoreevenlydistributedthaninInterestRates.外匯金融衍生產(chǎn)品的名義價(jià)值總額主要掌握在交易商和其他機(jī)構(gòu)手中外匯金融衍生產(chǎn)品的整體名義價(jià)值總額繼續(xù)小幅增長(zhǎng)。報(bào)告交易商為這種增長(zhǎng)勢(shì)頭貢獻(xiàn)較大報(bào)告交易商非金融客戶(hù)其他金融機(jī)構(gòu)報(bào)告交易商非金融客戶(hù)其他金融機(jī)構(gòu)外匯名義價(jià)值總額來(lái)源：來(lái)源：國(guó)際清算銀行(BIS)–OTC金融衍生產(chǎn)品統(tǒng)計(jì)（截至2012年6月底）外匯金融衍生產(chǎn)品的名義價(jià)值總額的持有者分布情況與利率產(chǎn)品相比較更為平均CollateraloutstandingandexposurefromOTCderivativescontinuestoriseSource:ISDAMarginSurvey2012GrossExposurereflectsthenetmark-to-marketvalueofcounterpartyexposures,takingintoaccountthebenefitsofclose-outnetting,butbeforetakingintoaccounttheeffectofcollateralinreducingriskexposure.Collateralcontinuestogrowbacktowardsitsrecordhighsin2008.Since1999theamountofcollateraloutstandinghasgrownatacompoundrateof24%OTC金融衍生產(chǎn)品的流通擔(dān)保品和風(fēng)險(xiǎn)敞口繼續(xù)增長(zhǎng)報(bào)告值估計(jì)值Source:ISDAMarginSurvey2012總敞口反映了對(duì)手風(fēng)險(xiǎn)的盯市凈值，在考慮擔(dān)保品降低風(fēng)險(xiǎn)敞口的效果之前，將終止凈額結(jié)算的益處考慮在內(nèi)。自從2008年創(chuàng)下歷史高點(diǎn)后，擔(dān)保品繼續(xù)增長(zhǎng)。自1999年起，流通擔(dān)保品總額一直以復(fù)合增長(zhǎng)率24%的速度增長(zhǎng)。CollateralismostusedforcreditderivativesandleastusedforCommoditiesandFXSource:ISDAMarginSurvey2012Awiderangeofcollateralisusedwithcashandgovernmentsecuritiesbeingthemostpopularfornon-Clearedtransactions擔(dān)保品主要用于信用金融衍生產(chǎn)品，在商品和外匯金融衍生產(chǎn)品中應(yīng)用最少Source:ISDAMarginSurvey2012很多擔(dān)保品形式為現(xiàn)金和政府證券，這在非結(jié)算交易中應(yīng)用最為普遍Summary–CurrentConditionsDemandforOTCproductscontinuestorise,tradingissplitacrossmultipleassetclassesandproductsThemajorityofnotionaloutstandingisinOTCderivativesbutturnoverappearstobemoreevenlysplitbetweenOTCandexchangetradedderivativesCollateralneedsaregrowingevenasmarketsprepareforcentralizedclearingCollateralcontinuestotakemanyformsbutcashremainsking總結(jié)–當(dāng)前市場(chǎng)環(huán)境金融衍生產(chǎn)品需求不斷增長(zhǎng)，交易類(lèi)型按照各種交易資產(chǎn)類(lèi)別和產(chǎn)品劃分金融衍生產(chǎn)品的大部分名義價(jià)值總額處在OTC市場(chǎng)中，但名義價(jià)值成交量分布更為平均隨著市場(chǎng)向集中化結(jié)算發(fā)展，擔(dān)保品需求穩(wěn)步增長(zhǎng)擔(dān)保品形式越來(lái)越豐富，但是現(xiàn)金仍舊是主要形式MarketStructure市場(chǎng)結(jié)構(gòu)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交易通過(guò)經(jīng)紀(jì)商的協(xié)調(diào)雙邊執(zhí)行終端客戶(hù)(1)經(jīng)紀(jì)銀行/同業(yè)經(jīng)紀(jì)商經(jīng)紀(jì)銀行/同業(yè)經(jīng)紀(jì)商終端客戶(hù)(2)傳統(tǒng)經(jīng)紀(jì)/電子平臺(tái)/交易所/互換執(zhí)行設(shè)施SEF雙方經(jīng)過(guò)協(xié)商，直接執(zhí)行或通過(guò)中間商執(zhí)行的交易交易可以通過(guò)傳統(tǒng)經(jīng)紀(jì)程序、電子平臺(tái)和交易所完成例子:終端客戶(hù)(1)想將固定利率支付換成浮動(dòng)利率支付。

客戶(hù)和他的經(jīng)紀(jì)商簽約。

經(jīng)紀(jì)商通過(guò)傳統(tǒng)經(jīng)紀(jì)方式、電子平臺(tái)或者交易所尋找客戶(hù)可接受的交易，最終通過(guò)終端客戶(hù)(2)的經(jīng)紀(jì)商找到了客戶(hù)(2)，雙方的經(jīng)紀(jì)商協(xié)商了一個(gè)利率互換合約，將客戶(hù)(1)的固定利率支付和客戶(hù)(2)的浮動(dòng)利率支付進(jìn)行互換。合約條款可以雙方協(xié)商，包括浮動(dòng)利率、支付幣種互換持續(xù)期限。固定利率固定利率固定利率固定利率浮動(dòng)利率浮動(dòng)利率浮動(dòng)利率浮動(dòng)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市場(chǎng)不同類(lèi)型參與者有不同的需求和能力終端客戶(hù)經(jīng)紀(jì)銀行/同業(yè)經(jīng)紀(jì)商傳統(tǒng)經(jīng)紀(jì)/電子平臺(tái)/交易所/互換執(zhí)行設(shè)施(SEF)角色執(zhí)行價(jià)格發(fā)現(xiàn)做市商做市活動(dòng)客戶(hù)執(zhí)行自有賬戶(hù)交易例子交易商經(jīng)紀(jì)公司–ICAP,TullettPrebon,Tradition,BGCPartners,GFIGroup經(jīng)紀(jì)銀行–JPMorgan,GoldmanSachs,Citigroup角色提供價(jià)格發(fā)現(xiàn)和交易執(zhí)行的場(chǎng)地傳統(tǒng)經(jīng)紀(jì)交易通過(guò)銀行或經(jīng)紀(jì)人執(zhí)行例子交易所–CMEGroup,ICE,Eurex,Euronext-Liffe電子平臺(tái)–EBS(ICAP),i-Swap電子平臺(tái)(屬于ICAP公司)SEFs–還沒(méi)有最終規(guī)則角色風(fēng)險(xiǎn)防護(hù)交易收益促進(jìn)持續(xù)商業(yè)運(yùn)營(yíng)流動(dòng)性/現(xiàn)金流管理例子全球，商業(yè)，區(qū)域性銀行;公司;其他金融公司–對(duì)沖基金,共同基金,保險(xiǎn)公司;政府部門(mén)BrokersandExchangeshaveevolveddifferentlyinregardstoOTCbutcommonthemesexistAlthoughICEandICAPhaveevolveddifferentlytherearecommonthemesthattheirevolutionexhibits:Creatingandleveragecommunitiesforbrokers/clientsUtilizemarketsupportandpartnershiptofacilitategrowthBundletradingwithotherservices:clearing,information,primebrokerage,etc.Facilitateincreasedtradingbyimprovingonmarketdesign,executionand/ortransparencyPostEnronElectronicplatformfortradingofOTCCrude/Refined,naturalgas,powerandEmissionswithbackingoflargeenergytradersExpandedintofuturescontractsthroughacquisitionandproductdevelopmentBeganofferingOTCproducts(Credit)ClearingforCreditServicesMoveOTCEnergycontractsonexchange,registerasaSEFforunclearedenergyOTCcontractstomeetUSregulationVoicebrokerageacrossvariousOTCproductsElectronictradingofstandardizedOTCcontractssuchasFXandIRswapsLeverageinformationintoResearchandCommentaryservicesforclientsOfferingposttradeandriskmanagementservicesforOTCderivatives(tradeprocessing/rebalancing)ICEEvolutionICAPEvolution經(jīng)紀(jì)商和交易所在OTC市場(chǎng)中的演變方向不同，但是兩者之間存在共同點(diǎn)盡管洲際交易所（ICE）和英國(guó)毅聯(lián)匯業(yè)集團(tuán)(ICAP)在OTC市場(chǎng)中的演變方向不同，但是兩者之間仍舊存在共同點(diǎn)：為經(jīng)紀(jì)商和客戶(hù)創(chuàng)造并利用交易社區(qū)利用市場(chǎng)支持和合作關(guān)系以促進(jìn)增長(zhǎng)將交易和其他服務(wù)捆綁整合：結(jié)算、信息、初級(jí)經(jīng)紀(jì)業(yè)務(wù)等通過(guò)完善市場(chǎng)設(shè)計(jì)、執(zhí)行和透明度，促進(jìn)交易增長(zhǎng)后安然時(shí)代電子交易平臺(tái)交易產(chǎn)品為：原油、成品油、天然氣、電力和排放；獲得大型能源貿(mào)易商支持,通過(guò)收購(gòu)和產(chǎn)品開(kāi)發(fā)，發(fā)展為期貨合約交易開(kāi)始提供OTC產(chǎn)品（信用產(chǎn)品）信用結(jié)算服務(wù)將OTC能源合約在交易所交易。注冊(cè)成為互換執(zhí)行設(shè)施，使未結(jié)算能源OTC合約滿(mǎn)足美國(guó)監(jiān)管規(guī)定各類(lèi)OTC產(chǎn)品的傳統(tǒng)經(jīng)紀(jì)業(yè)務(wù)標(biāo)準(zhǔn)OTC合約如：外匯和利率互換合約的電子化交易利用信息，為客戶(hù)提供研究和補(bǔ)充服務(wù)為OTC金融衍生產(chǎn)品提供交易后服務(wù)和風(fēng)險(xiǎn)管理服務(wù)(交易處理/再平衡）ICE演變史ICAP演變史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金融衍生產(chǎn)品的經(jīng)紀(jì)業(yè)務(wù)有利可圖，但是很難確定同業(yè)經(jīng)紀(jì)商的準(zhǔn)確費(fèi)用特定經(jīng)紀(jì)商的費(fèi)用很難確定，因?yàn)檫@些費(fèi)用未被披露，而且這些費(fèi)用通常和其他服務(wù)進(jìn)行合并計(jì)算。但是，我們可以確定某些經(jīng)紀(jì)商的收入和盈利能力：英國(guó)毅聯(lián)匯業(yè)集團(tuán)（ICAP，全球最大同業(yè)經(jīng)紀(jì)商）2012年的單筆傳統(tǒng)經(jīng)紀(jì)業(yè)務(wù)的收入為498000美元，其傳統(tǒng)經(jīng)紀(jì)業(yè)務(wù)占其總收入的11.72億美元。該公司雇傭了傳統(tǒng)經(jīng)紀(jì)業(yè)務(wù)員4122名，使傳統(tǒng)經(jīng)紀(jì)業(yè)務(wù)占其營(yíng)業(yè)利潤(rùn)的41%。交易所方面，洲際交易所（ICE）根據(jù)客戶(hù)和交易產(chǎn)品收取單項(xiàng)服務(wù)費(fèi)用：雙邊交易：原油和成品油/天然氣/電力—根據(jù)交易類(lèi)型和規(guī)模收費(fèi)（具體費(fèi)用表，請(qǐng)參見(jiàn)附錄）洲際交易所信用違約互換：根據(jù)合約，以名義價(jià)值每百萬(wàn)收取固定費(fèi)率根據(jù)產(chǎn)品，收取交易確認(rèn)費(fèi)用，固定費(fèi)率為3至6美元ClearinghousesandDataRepositoriesprovideriskmanagementanddatastorageservicesEndUserClient(1)BrokeringBank/Inter-dealerBrokerBrokeringBank/Inter-dealerBrokerEndUserClient(2)VoiceBrokering/ElectronicPlatform/Exchange/SEFTheemergenceofOTCclearinghasincreasedthecomplexityofthetradeflow.EnduserclientsorBrokerscannowbeclearingmembersofexchangesandsubmittheirtradesforclearing.Conceptually,clearingworksinthesamewaythatclearingoperatesforfutures.ClearingHouseClearingHouseSwapDataRepositorySwapDataRepository結(jié)算所和數(shù)據(jù)存儲(chǔ)庫(kù)提供風(fēng)險(xiǎn)管理和數(shù)據(jù)儲(chǔ)存服務(wù)終端客戶(hù)(1)經(jīng)紀(jì)銀行/同業(yè)經(jīng)紀(jì)商經(jīng)紀(jì)銀行/同業(yè)經(jīng)紀(jì)商終端客戶(hù)

(2)傳統(tǒng)經(jīng)紀(jì)/電子平臺(tái)/交易所/互換執(zhí)行設(shè)施SEFOTC結(jié)算業(yè)務(wù)增加了交易流程的復(fù)雜性。目前，終端客戶(hù)和經(jīng)紀(jì)商可以成為交易所的結(jié)算成員，將其交易提交交易所進(jìn)行結(jié)算。從概念上講，結(jié)算流程和期貨結(jié)算流程一樣。結(jié)算所結(jié)算所互換數(shù)據(jù)儲(chǔ)存庫(kù)互換數(shù)據(jù)儲(chǔ)存庫(kù)ClearinghousesandrepositoriesaddsafetyandtransparencytothemarketClearingHouseSwapDataRepositoryRoleClearinghousesservetosecurethemarketbytakingtheothersideofeachtransactionintheclearinghouse.TheycollectmarginandmarkpositionstomarkettoensuretherecannotbeanoverallsystemicfailureExamplesCMEGroupClearing,ICEClear(US&Europe),SwapClear,EurexOTClear,kdpw_otc(Poland),SingaporeRoleSwapDatarepositorieswerecreatedbytheDoddFrankact(US)toprovideacentralfacilityforswapdatareportingandrecordkeepingExamplesCMEGroup,ICE,Traiana,DTCC結(jié)算所和數(shù)據(jù)儲(chǔ)存庫(kù)增加市場(chǎng)的安全性和透明度結(jié)算所互換數(shù)據(jù)儲(chǔ)存庫(kù)角色結(jié)算所確保雙邊交易共同在結(jié)算所執(zhí)行，同時(shí)收取保證金并記錄頭寸，以確保市場(chǎng)不發(fā)生整體系統(tǒng)性失效例子CMEGroup結(jié)算所,ICE結(jié)算所(US&Europe),互換結(jié)算所,EurexOTC結(jié)算所,kdpw_otc(Poland),Singapore結(jié)算所角色互換數(shù)據(jù)儲(chǔ)存庫(kù)根據(jù)美國(guó)DoddFrank法案設(shè)立，為互換數(shù)據(jù)報(bào)告以及記錄保持提供中央設(shè)施例子CMEGroup,ICE,Traiana公司,DTCC公司AftertradecompletionfirmsmustengageinmultipleactivitiestoproperlymanagetheirpositionsTradeCaptureTradeMatchingandConfirmationTradeRegistrationTradeLifecycleeventprocessing CounterpartyRiskManagementThesetaskscanprovecostlyandcomplicatedforfirms.IDBs,banksandothersareofferingsomeservicestoexpandtheirreachandleveragescaleacrossclients交易完成后，公司必須開(kāi)展多項(xiàng)活動(dòng)，以正確方式管理其持倉(cāng)量交易捕捉交易匹配和確認(rèn)交易登記交易周期事件處理

對(duì)手風(fēng)險(xiǎn)管理對(duì)于公司而言，這些任務(wù)可能產(chǎn)生一定成本且復(fù)雜。同業(yè)經(jīng)紀(jì)商、銀行和其他參與者可以為不同客戶(hù)提供相應(yīng)服務(wù)，拓展其業(yè)務(wù)范圍和規(guī)模OTCRegulatoryoversighthasincreasedsincetheCreditCrisisEndUserClient(1)BrokeringBank/Inter-dealerBrokerBrokeringBank/Inter-dealerBrokerEndUserClient(2)VoiceBrokering/ElectronicPlatform/Exchange/SEFSittingontopofthisframeworkintheUSandEuropeareregulatorswhoarewritingandenforcingnewrulesinthewakeofthecreditcrisisClearingHouseClearingHouseSwapDataRepositorySwapDataRepositoryUSCFTC/SEC/Fed/TreasuryDeptEuropeEuropeanCommission/FSA/MemberstatesRuleMakingCollaborationFinancialStabilityBoard自信貸危機(jī)爆發(fā)后，場(chǎng)外市場(chǎng)的管理監(jiān)管力度有所增長(zhǎng)終端用戶(hù)(1)經(jīng)紀(jì)銀行/同業(yè)經(jīng)紀(jì)商經(jīng)紀(jì)銀行/同業(yè)經(jīng)紀(jì)商終端用戶(hù)(2)傳統(tǒng)經(jīng)紀(jì)/電子平臺(tái)/交易所/SEF下面框架圖中，置于頂端的是自信貸危機(jī)爆發(fā)后美國(guó)和歐洲的負(fù)責(zé)編寫(xiě)并強(qiáng)制執(zhí)行新規(guī)則的管理部門(mén)結(jié)算所結(jié)算所互換數(shù)據(jù)儲(chǔ)存庫(kù)互換數(shù)據(jù)儲(chǔ)存庫(kù)美國(guó)美國(guó)商品期貨交易委員會(huì)/證券交易委員會(huì)/財(cái)政部歐洲歐盟委員會(huì)/英國(guó)金融服務(wù)管理局/成員國(guó)協(xié)作制定規(guī)則金融穩(wěn)定委員會(huì)TheincreasedoversighthasleadtonewregulationforOTCDerivativesFollowingtheCreditCrisisleadersfromtheG20nationscametogethertomakechangestotheOTCmarkets,hopingtopreventanothercrisis.Theircollaborationhasleadto:Dodd-FrankActEuropeanMarketInfrastructureRegulation(EMIR)MarketsinFinancialInstrumentsDirective/Regulation(MiFIDII/MiFIR)Thesenewregulationsareleadingtoreformsin:TradeReportingExchange/ElectronicTradingCentralClearingMarginandCapitalRequirements增長(zhǎng)的監(jiān)管力度催生了OTC金融衍生產(chǎn)品的新規(guī)則信貸危機(jī)后，G20國(guó)家領(lǐng)導(dǎo)人聚在一起改革場(chǎng)外市場(chǎng)，希望借此防止下一次危機(jī)爆發(fā)。以下為其合作成果:多德弗蘭克法案歐洲市場(chǎng)基礎(chǔ)設(shè)施監(jiān)管局(EMIR)歐洲金融工具市場(chǎng)指引/法規(guī)

(MiFIDII/MiFIR)這些新的規(guī)則導(dǎo)致了以下的變革:交易報(bào)告

場(chǎng)內(nèi)/電子交易中央結(jié)算保證金和資本要求Despitecollaboration,thestatusofruleadoptionandimplementationremainsunevenSource:FinancialStabilityBoard–OTCDerivativesMarketReforms;Fifthreportonimplementation盡管達(dá)成了合作,但是規(guī)則的采用和執(zhí)行情況依然參差不齊資料來(lái)源:金融穩(wěn)定委員會(huì)–場(chǎng)外派生物市場(chǎng)改革;關(guān)于執(zhí)行情況的第5次報(bào)告各國(guó)場(chǎng)外金融衍生產(chǎn)品市場(chǎng)改革進(jìn)程簡(jiǎn)圖Summary–MarketStructureBasicOTCmodelisbilateralnegotiationbrokerfacilitationTheroleofbrokersandexchangescontinuestoexpandasOTCmarketsbecomemoreelectronicandcomplex.TheywillcontinuetoaddservicestoexpandtheirclientbaseElectronicplatformsaregainingtraction,thepossibleemergenceofSEFsmayspeedadoptionforsomeproductsClearinghousescontinuetoexpandtheirOTCcapabilitiesastheygrowthopportunitiesinmeetingmarketdemandsandregulatoryrequirementsRegulatorybodiescontinuetheirattemptstoincreasetransparencyintheOTCmarkets,howeverrulemaking,implementationandenforcementacrossjurisdictionsisinconsistentServicesareexpandingbeyondtradeexecutionandnowincludingmarketdata,tradeprocessingandriskmanagement.Increasedregulationwillmaketheseservicesmorevaluableinthefuture總結(jié)–市場(chǎng)結(jié)構(gòu)場(chǎng)外市場(chǎng)基本模式：雙邊協(xié)商和經(jīng)紀(jì)商協(xié)調(diào)隨著OTC市場(chǎng)電子化程度提高并且越來(lái)越復(fù)雜，經(jīng)紀(jì)商和交易所發(fā)揮的作用也越來(lái)越大。由于顧客群體不斷增長(zhǎng)，經(jīng)紀(jì)商和交易所都將繼續(xù)增加其服務(wù)電子平臺(tái)獲得了發(fā)展的動(dòng)力，互換執(zhí)行設(shè)施的逐步興起會(huì)加速OTC市場(chǎng)產(chǎn)品種類(lèi)增加隨著在滿(mǎn)足市場(chǎng)需求和監(jiān)管要求方面的機(jī)會(huì)增加，結(jié)算所持續(xù)提高其在OTC市場(chǎng)中的能力監(jiān)管部門(mén)努力增加OTC市場(chǎng)的透明程度。然而，不同司法管轄區(qū)的條例制定、實(shí)施和強(qiáng)制執(zhí)行并不統(tǒng)一OTC市場(chǎng)服務(wù)不斷增加，并不局限于交易執(zhí)行，目前還包括市場(chǎng)數(shù)據(jù)、交易處理和風(fēng)險(xiǎn)管理。未來(lái)，隨著監(jiān)管力度加強(qiáng)，上述服務(wù)將更具價(jià)值A(chǔ)reasofOpportunity機(jī)會(huì)領(lǐng)域TherearemultipleareasofopportunitywithintheOTCspace,especiallyinnascentmarketsOTCmarketscontinuetogrowonaglobalscale.Webelievethatopportunitieswillcontinuetoemergeinbothestablishedanddevelopingmarkets.Theseopportunitiesinclude:Bringingtogetherlocalcommun