场外期权

首先，本文研究了期权合同的成立，就场外期权合同和场内期权合同的成立方式分别进行了论述。

Firstly , this chapter discusses respectively on the manners of creation of Over-The-Counter option contract and Exchange-traded option contract .

虽然场外期权合同主体比较容易确定，但场内期权合同的确定却相对比较复杂。

Though the subject of Over-The-Counter option contract is easily ascertained , the subject of Exchange-traded option contract is rather complicated to determine .

条款的一个场外期权是不受限制的，可以单独调整，以应付业务需要。

The terms of an OTC option are unrestricted and may be individually tailored to meet any business need .

由于场外期权上不存在像清算公司那样的第三方担保，交易的每一方都暴露在另一方的信用风险下，因此，大多数场外期权实际上都是含有信用风险的。

As they are not backed by the guarantee of a clearinghouse or an exchange and each counterparty is exposed to the credit risk of the other party , In fact most of them embed the credit risk .

场外金融期权，作为一个风险转移合同（ARisk-shiftingcontract），被广泛运用于现货市场的风险管理之中，促进了金融市场的发展。

The over-the-counter ( hereinafter " OTC ") financial option , a risk-shifting contract , is widely used in the risk management of underlying assets and drives the development of financial market .

然而，场外金融期权交易存在信用风险过高的固有缺陷。

OTC financial options , however , have the inherent weakness regarding the excessively high credit risk .

随着对冲风险的需要，许多场外交易期权在金融机构或机构投资者之间进行交易。

With the need to hedge risk , many options are traded over-the-counter between financial institutions or institutional investors .

这可能意味着，将油价互换合约出售给一家航空公司，或者把场外玉米期权出售给一家农业企业。

That might mean selling an oil swap to an airline or an OTC corn option to a farming group .