OTC市场概况-中英对照_PPT课件.pptx

OTC Market OverviewOTC市场概况Table of ContentsCurrent ConditionsDefinitionsOTC overviewOTC vs. Exchange Traded derivativesProducts utilizedParticipantsCollateralMarket StructureTrade flowBroker/Exchange Evolution and FeesClearing and SDRsPost Trade ProcessingRegulatory Participants and ProgressAreas of OpportunityPossible points of opportunityExecutive Summary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Executive SummaryDemand for OTC products continues to rise, trading is split across multiple asset classes and productsCollateral needs are growing even as markets prepare for centralized clearingThe role of brokers and exchanges is expanding as OTC markets become more electronic and complex. Both will continue to add services for client base growthRegulatory bodies continue their attempts to increase transparency in the OTC markets, however rule making, implementation and enforcement across jurisdictions is inconsistentServices are expanding beyond trade execution and now including market data, trade processing and risk management. Increased regulation will make these services more valuable in the futureOpportunities will continue to emerge within both new and established markets Bringing together local trading communities Providing back office services Developing standardization and operational frameworksImproving the transparency Enhancing and simplifying the trading experience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OTC Derivatives products are bilateral contractsOTC derivatives are contracts negotiated privately between two partiesBrokers are used for price discovery and trade executionParticipants have the ability to customize the terms of the contract (i