OTC市场概况-中英对照剖析.pptx

OTC Market Overview;OTC市场概况;Table of Contents;目录;Executive Summary;执行摘要;Current Conditions;当前市场环境;OTC Derivatives products are bilateral contracts;OTC金融衍生产品为双边合约;OTC Derivatives are traded across a wide variety of asset classes;OTC 金融衍生产品 的交易资产类别很丰富;For all derivatives, most of the notional outstanding is in the OTC space. The turnover is more evenly split;金融衍生产品的大部分名义价值总额处在OTC市场中，但名义价值成交量分布更为平均;Turnover is more evenly split partially based on the nature of the underlying products;根据交易产品性质，名义价值交易量更为平均分布;Customization in the OTC markets leads to a wide range of product uses within each category;由于OTC市场的合约可以自由定制，每个交易类别中都有很多产品;There is a wide array of participation in OTC derivatives markets;OTC 金融衍生产品市场的参与者类别众多;In Interest Rates the majority of notional outstanding is in the hands of Financial Institutions;利率金融衍生产品的大部分名义价值总额掌握在金融机构手中;While in FX the notional outstanding is split between the dealers and other institutions;外汇金融衍生产品的名义价值总额主要掌握在交易商和其他机构手中;Collateral outstanding and exposure from OTC derivatives continues to rise;OTC金融衍生产品的流通担保品和风险敞口继续增长;Collateral is most used for credit derivatives and least used for Commodities and FX;担保品主要用于信用金融衍生产品，在商品和外汇金融衍生产品中应用最少;Summary – Current Conditions;总结 –当前市场环境;Market Structure;市场结构;OTC Trades are bilaterally conducted with the assistance of brokers;OTC交易通过经纪商的协调双边执行;Each participant in the OTC market has different needs and capabilities;OTC市场不同类型参与者有不同的需求和能力;Brokers and Exchanges have evolved differently in regards to OTC but common themes exist;经纪商和交易所在OTC市场中的演变方向不同，但是两者之间存在共同点;Brokering for OTC derivatives is profitable, but exact fees are hard to determine for inter-dealer brokers;OTC金融衍生产品的经纪业务有利可图，但是很难确定同业经纪商的准确费用;Clearing houses and Data Repositories provide risk management and data storage services;结算所和数据存储库提供风险管理和数据储存服务;Clearinghouses and repositories add safety and transparency to the market;结算所和数据储存库增加市场的安全性和透明度;After trade completion firms must engage in multiple activities to properly manage their positions;交易