场外衍生品

这些举措标志着自去年夏季开始影响市场的改革热情进入了新的阶段。去年夏天，奥巴马（Obama）政府首次坚决要求实施旨在增强场外衍生品透明度和安全性的全面改革。

The moves are the latest phase of reforming zeal that has affected markets since last summer , when the Obama administration first insisted on sweeping reforms that aimed to bring greater transparency and safety to OTC derivatives .

就CCP而言，它们辩称，几十年的经验意味着它们处于有利地位，能够处理某些与结算各种场外衍生品相关的新风险。

For their part , CCPs argue that decades of experience mean they are well placed to handle some of the new risks associated with clearing an array of OTC derivatives .

20国集团（g20）已一致同意，到2012年年底时，标准场外衍生品交易应使用清算行，以求提高这些被指为加剧金融危机之罪魁祸首的金融工具的透明度和安全性。

The group of 20 nations has agreed that standardised over-the-counter derivatives should use clearing houses by the end of 2012 in an effort to improve transparency and safety of financial instruments blamed for exacerbating the financial crisis .

国际货币基金组织（IMF）高级经济学家曼莫汉辛格（MAnmohanSingh）表示，这些监管措施看起来不太可能充分降低场外衍生品的系统性风险，未来靠纳税人纾困的可能性仍很大。

These regulatory steps seem unlikely to adequately reduce systemic risk from OTC derivatives and the likelihood of future taxpayer bail-outs appears to remain significant , says Manmohan Singh , senior economist at the International Monetary Fund .

2003年，时任美联储（fed）主席的格林斯潘表示：“场外衍生品市场规模的大幅扩张，是由于市场发现它们是非常有用的工具。问题在于，是否应该对它们实施监管？”

In 2003 , the then chairman of the US Federal Reserve said : " the vast increase in the size of the over-the-counter derivatives markets is the result of the market finding them a very useful vehicle . And the question is , should these be regulated ? "

根据匹兹堡协议，最迟在2012年年末，所有“标准化的”场外衍生品合约都应根据需要在交易所或电子交易平台上交易，并通过清算机构或中央结算对手（ccp）清算。

Under the Pittsburgh agreement , all " standardised " OTC derivative contracts should be traded on exchanges or electronic trading platforms , where appropriate , and cleared through clearing houses , or " CCPs " , by the end of 2012 at the latest .

NDF是场外衍生品市场中不起眼的一个角落：交易双方达成协议，以设定的价格在未来某一天买卖某种外国货币——就新加坡的情况而言，买卖的是马来西亚、印尼、菲律宾以及越南等东南亚国家的货币。

NDFs are an obscure corner of the over-the-counter derivatives markets where two parties agree to buy or sell a foreign currency - in the Singapore case , currencies of southeast Asian countries Malaysia , Indonesia , the Philippines and Vietnam - for a fixed price at some future date .

当前国际场外衍生品市场监管的新动向

New trends of supervision in international OTC derivatives market

夏皮罗昨日在美国参议院银行业委员会就场外衍生品举行的听证会上作证。

Yesterday Ms Schapiro testified at a US senate banking committee hearing on over-the-counter-derivatives .

登记是一项费时费力的工作，将会打击人们使用场外衍生品交易的积极性。

Registration is laborious and time-consuming , and would discourage the use of over-the-counter derivatives .

对于如何应对复杂而不透明的场外衍生品，目前仍没有任何有效的提议。

There are still no effective proposals for dealing with the over-the-counter non-transparent and complex derivatives .

企业通常会利用场外衍生品来管理常规的商业风险，比如汇率与利率波动风险。

Companies use OTC derivatives to manage routine business risks such as exposure to currency movements and interest rates .

早在信贷危机爆发前，他就曾牵头加强支撑场外衍生品市场的基础设施。

Long before the credit crisis broke , he led an effort to strengthen the infrastructure underlying the over-the-counter derivative market .

不过，它现在已经提出设立两个门槛，来决定进行场外衍生品交易的非金融企业是否需要使用清算机构。

However , it now proposes setting two thresholds to determine whether non-financial users of OTC derivatives need to use clearing .

当雷曼破产后，场外衍生品所固有的、数以万亿计美元的风险得不到对冲，给对手方造成了重大的市场风险。

When Lehman failed , untold trillions of dollars of risk inherent in OTC derivatives became unhedged , creating significant market exposure for counterparties .

中央清算安排，尤其是针对场外衍生品的中央清算安排，可以简化和极大地降低与复杂的对手敞口网络相关的风险。

Central clearing arrangements , particularly for over-the-counter derivatives , can simplify and greatly reduce the risk associated with complex networks of counterparty exposures .

利用场外衍生品对冲业务风险的制造企业等非金融机构，将不必通过清算机构结算。

There will be exemptions from the clearing obligation for non-financial institutions such as manufacturing companies who are using OTC derivatives to hedge business risks .

它们表示，强迫它们利用清算机构处理它们的场外衍生品交易，会导致现金枯竭，进而损害欧洲经济增长。

They said forcing them to process their OTC derivatives trades through clearing houses would cause a drain on cash , hurting European economic growth .

华盛顿和布鲁塞尔抓住了场外衍生品市场许多部分失灵、以及这如何加重了危机的事实。

Washington and Brussels have seized on the dysfunction of many parts of over-the-counter ( OTC ) derivatives markets and how this exacerbated the crisis .

拟议规定旨在增加所谓场外衍生品的透明度。这些交易双方在交易所以外交易的金融工具，信息披露往往不透明。

The proposed rules aim to bring more transparency to the often-opaque world of so-called over-the-counter derivatives – financial instruments traded off-exchange between two parties .

将场外衍生品交易转移至受到监管的交易所，部分动因源自于一种很大程度上未经验证的担忧，即价格（尤其是食品和能源价格）受到了操纵。

The impetus towards regulated exchanges stems in part from largely unjustified fears that prices , particularly for food and energy , have been manipulated .

由于新规定最终强制要求绝大多数场外衍生品通过交易所结清，预计衍生品市场今后数年将出现增长。

The market for derivatives is expected to grow in the coming years as new regulations eventually force most over-the-counter derivatives to clear through an exchange .

担忧的加剧恰恰源于2008年金融危机之后出台的改革措施，以及它们所针对的场外衍生品市场的规模。

The heightened concern stems from the very reforms that sprang out of the 2008 crisis and the size of the OTC derivatives markets they address .

可采取的措施包括，把主要的场外衍生品市场纳入一个中央基础设施，以及确保中央交易对手的结构和规则是安全的。

Steps include moving the main over-the-counter derivatives markets on to a central infrastructure , and ensuring the structure and rules of central counterparties are safe .

企业担心，监管机构要求增加结算，将推高利用场外衍生品市场的成本，从而限制它们对冲燃料和大宗商品的能力。

Companies worry that the push for more clearing will make it dearer to use OTC derivatives , constraining their ability to hedge fuel and commodities .

他表示：我们必须紧急行动，监管场外衍生品市场，通过限制总头寸应对过度投机问题。

We must urgently move to regulate the over-the-counter derivatives market and address excessive speculation through aggregated position limits , said Gary Gensler , CFTC chairman .

目前美国改革计划的一个要素是，要求场外衍生品在电子交易平台上进行交易，而且要求此类“互换产品”的交易商受到监管。

A key element of the plans requires that OTC derivatives be traded on electronic trading platforms and that dealers of such ' swaps ' be regulated .

而这反过来也使银行具备足够的信心，敢于不通过受监管的交易所或清算所，在彼此之间达成场外衍生品协议。

And that , in turn , made the banks confident enough to strike OTC deals with each other , without using regulated exchanges or clearing houses .

但是，迫使场外衍生品市场提高透明度的议题，已经引发了对多种交易实践的审查，远远超出场外市场的范畴。

But the issue of forcing more transparency into the OTC derivatives markets has sparked scrutiny of trading practices far beyond the confines of the OTC world .

新加坡还在针对场外衍生品交易制定新规，以顺应全球加强对该领域监管的努力。

It is also working on new rules for OTC derivatives as part of Singapore 's compliance with a global drive to tighten up on this area .