本文關(guān)鍵詞： 場(chǎng)外衍生品 集中清算 交易報(bào)告 產(chǎn)品標(biāo)準(zhǔn)化　出處：《上海交通大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：金融危機(jī)發(fā)生后，場(chǎng)外衍生品市場(chǎng)因缺乏監(jiān)管而廣泛存在的系統(tǒng)性風(fēng)險(xiǎn)引起了各國(guó)各地區(qū)監(jiān)管部門的高度重視。根據(jù)20國(guó)集團(tuán)（G20）于2009年匹茲堡峰會(huì)達(dá)成的共識(shí)，到2012年底以前，所有場(chǎng)外衍生交易都應(yīng)向交易報(bào)告庫(kù)上報(bào)數(shù)據(jù)，所有標(biāo)準(zhǔn)化場(chǎng)外衍生產(chǎn)品都應(yīng)在交易平臺(tái)完成交易并接受強(qiáng)制集中清算，非集中清算產(chǎn)品則須滿足更嚴(yán)格的資本金監(jiān)管要求。主要資本市場(chǎng)因而相繼推出相應(yīng)立法，新設(shè)或改革原有監(jiān)管機(jī)構(gòu)，調(diào)整多層次資本市場(chǎng)體系，通過(guò)中央對(duì)手方集中清算等方式加強(qiáng)對(duì)場(chǎng)外衍生品市場(chǎng)的監(jiān)管。 本文結(jié)合國(guó)際及主要國(guó)家和地區(qū)的監(jiān)管框架，，首先對(duì)場(chǎng)外衍生品的概念及分產(chǎn)品市場(chǎng)規(guī)模進(jìn)行梳理；其次從交易報(bào)告、交易平臺(tái)、清算、標(biāo)準(zhǔn)化、資本金、保證金幾個(gè)方面梳理了全球場(chǎng)外衍生品市場(chǎng)監(jiān)管改革框架；進(jìn)而以芝加哥商業(yè)交易所集團(tuán)及香港場(chǎng)外結(jié)算公司為例，分析了危機(jī)后場(chǎng)外衍生品中央對(duì)手方的集中清算業(yè)務(wù)特征；最后在總結(jié)全文的基礎(chǔ)上，結(jié)合我國(guó)的場(chǎng)外市場(chǎng)發(fā)展現(xiàn)狀，提出了場(chǎng)外衍生品市場(chǎng)資本金監(jiān)管、集中清算、風(fēng)險(xiǎn)管理的相關(guān)建議。
[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.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.5

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