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OTC市场概况TableofContents•CurrentConditions–Definitions–OTCoverview–OTCvs.ExchangeTradedderivatives–Productsutilized–Participants–Collateral•MarketStructure–Tradeflow–Broker/ExchangeEvolutionandFees–ClearingandSDRs–PostTradeProcessing–RegulatoryParticipantsandProgress•AreasofOpportunity–Possiblepointsofopportunity•ExecutiveSummary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ExecutiveSummary•DemandforOTCproductscontinuestorise,tradingissplitacrossmultipleassetclassesandproducts•Collateralneedsaregrowingevenasmarketsprepareforcentralizedclearing•TheroleofbrokersandexchangesisexpandingasOTCmarketsbecomemoreelectronicandcomplex.Bothwillcontinuetoaddservicesforclientbasegrowth•RegulatorybodiescontinuetheirattemptstoincreasetransparencyintheOTCmarkets,howeverrulemaking,implementationandenforcementacrossjurisdictionsisinconsistent•Servicesareexpandingbeyondtradeexecutionandnowincludingmarketdata,tradeprocessingandriskmanagement.Increasedregulationwillmaketheseservicesmorevaluableinthefuture•Opportunitieswillcontinuetoemergewithinbothnewandestablishedmarkets–Bringingtogetherlocaltradingcommunities–Providingbackofficeservices–Developingstandardizationandoperationalframeworks–Improvingthetransparency–Enhancingandsimplifyingthetradingexperience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CurrentConditions当前市场环境OTCDerivativesproductsarebilateralcontracts•OTCderivativesarecontractsnegotiatedprivatelybetweentwoparties•Brokersareusedforpricediscoveryandtradeexecution•Participantshavetheabilitytocustomizethetermsofthecontract(includinglengthofcontractandquantityofunderlyingproduct)•MarketParticipantsareinstitutional,financial,publicandcorporateentities•Thereareawidearrayofproductstradedincluding:interestrates,foreignexchange,commoditiesandequities•ProductscanbecleareddependingontheircharacteristicsOTC金融衍生产品为双边合约•OTC金融衍生产品为双方私自协商达成的合约•经纪商主要负责价格发现和交易执行•参与者有能力制定合约条款（包括合约期限和标的物数量）•OTC市场参与者为机构实体、金融实体、公共实体和企业实体•OTC市场交易产品类型很丰富，包括：利率、外汇、商品和股票•结算方式取决于金融衍生产品的特性OTCDerivativesaretradedacrossawidevarietyofassetclassesInterestRateproductsremaintheclearmarketleaderintermsofnotionalamountsoutstandingSource:BankofInternationalSettlements(BIS)–OTCderivativesstatisticsatendofJune-2012FX,66,645,11%IR,494,018,83%Equity,6,313,1%Commodities,2,993,0%CDS,26,931,5%H12012NotionalOutstanding($B)OTC金融衍生产品的交易资产类别很丰富就名义价值总额而言，利率产品是结算市场主力来源：国际清算银行(BIS)–OTC金融衍生产品统计（截至2012年6月底）外汇,66,645,11%利率,494,018,83%股票,6,313,1%商品,2,993,0%信用违约互换,26,931,5%H12012年上半年名义价值总额（十亿美元）名义价值总额来源：国际数据，国际清算银行Forallderivatives,mostofthenotionaloutstandingisintheOTCspace.TheturnoverismoreevenlysplitAccordingtoTabbGroupestimates,globalnotionalturnoverisfairlyevenlysplitbetweenOTCandexchangetradedderivativesSource:TabbGroup–TheGlobalRiskTransferMarket(Nov2010)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据Tabb集团估计，对于金融衍生产品的全球名义价值成交量，场内交易和场外交易基本持平来源:Tabb集团–全球风险转移市场（2010年11月）全球风险转移市场名义价值总额-2010名义价值成交量-2010场外交易金融衍生产品场内交易金融衍生产品TurnoverismoreevenlysplitpartiallybasedonthenatureoftheunderlyingproductsSomeexchangetradedcontractsneedtoberolledeveryquarterwhichwillincreaseturnoverwhencomparedtolongertermedOTCcontractsHighvelocitytradingstrategiesonexchangetradedproductsalsoincreasestradingvolumeincomparisontoOTCSource:TabbGroup–TheGlobalRiskTransferMarket(Nov2010)根据交易产品性质，名义价值交易量更为平均分布与期限较长的场外交易合约相比，有些场内交易合约需要每季度进行展期，这会增加交易量。与场外交易相比，场内交易产品的快速交易策略也会增加交易量。来源:Tabb集团–全球风险转移市场（2010年11月）万亿美元场内交易场外交易名义价值总额名义价值成交量成交频率CustomizationintheOTCmarketsleadstoawiderangeofproductuseswithineachcategoryAssetClassesProductsClassificationsProductsofferedbyinter-dealerbrokersInterestRates•ForwardRateAgreements•Swaps•OptionsIR,OvernightIndex,InflationandBasisSwaps,Options,Repos,Mortgage-BackedSecurities,FX•Outrightforwards•FXswap•Currencyswap•CurrencyoptionForwards,swaps,options,Non-DeliverableForwards(NDFs),Equities•Forward•Swap•OptionIndividualEquities,EquityIndexes,ADRsCommodities•Forward•Swap•OptionCrudeandRefined,NaturalGas,Electricity,Coal,Emissions,Biofuels,Weather,PreciousandBaseMetals,coffee,sugar,cocoa,cotton,corn,soybeans,palmoil,livestock,ironoreandsteel,freightCredit/CreditDefaultSwaps(CDS)•Swaps•Options•SingleNameCDS•Multi-nameCDS•IndexproductsCorporateBonds,CDS,EmergingMarketBonds,Eurobonds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资产类别产品类别同业经纪商提供的产品利率•远期利率协议•互换•期权利率、隔夜指数、通胀和基差互换、期权、回购债券协议、按揭证券外汇•直接远期合约•外汇互换•货币互换•货币期权远期合约、互换、期权、无本金交割远期合约股票•远期合约•互换•期权个股、股指、美国存托凭证商品•远期合约•互换•期权原油和成品油、天然气、电力、煤炭、排放、生物燃料、天气、贵金属和基本金属、咖啡、糖、可可豆、棉花、玉米、大豆、棕榈油、牲畜、铁矿石和钢、货运信用/信用违约互换(CDS)•互换•期权•单一卖家信用违约互换•多重卖家信用违约互换•指数产品公司债券、信用违约互换、新兴市场债券、欧元债券ThereisawidearrayofparticipationinOTCderivativesmarketsTheBISdividesthemarketparticipantsintothreecategories,eachhighlightingadifferentusersegmentandprofile.Participationbyeachtypeofentityw