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51()Vol15No1120042JOURNALOFZHENGZHOUINSTITUTEOFLIGHTINDUSTRY(SocialScience)Feb.2004[]2003-11-10[](1970),,,,:(1969),,,,:3OTCOTC,[]1009-3729(2004)01-0030-071,2(11,200062;21,200002)[],,,,,[];;[]F83115[]AThestructureandevolvingcharacteristicsofmoderninternationalfinancialderivativemarketSHANShu2feng1,YUBo2(11AcademicofFinanceResearch,EastChinaNormalUniv.,Shanghai200062,China;2.ChinaForeignExchangeTradeCenter,Shanghai200002,China)Abstract:Globalfinancialderivativesmarkethaskeptitsrapidexpansioninrecentyears1Basedontheanalysisuponthecurrentsituationsandmarketstructure,theauthorfindsthattherearetwoimportantcharacteristicsofderivativesmarketevolution.Itseemsthattraditionaldistinguishmentbetweenexchange2trademarketandOTCmarketbecameblurred,andthemarketcontinuestobeconcentrated,butitmaytheoreticallybeaninstinctivecharacteristicsoffinancialderivativesmarketforderivativeholdingstobeconcentratedatafewlargefinancialinstitute1Keywords:financialderivative;exchange2trademarket;OTCmarketOTC(overthecounter,)2080,:19861991,OTC36%40%;1991(notionaloutstandingamount)3156,[1];2001,1:3123154,OTC1113,OTC(grossmarketvalue)318[2](),OTC[3]OTC,OTC,,200131183,2715,7513%,11719%,4410%,,415%[4]2001OTC5%,40%;OTC11%,21%OTC,,1997180020011119,20022[5]11,,OTC(customertailored)(1)()()(),(),1986200070%,1986,,1986199420%30%,(1)[4,6](CME)()S&P500(Eurex)EuroBund(CBOT)10,(KSE)KOSPI200[7],2001KSEKOSPI200CME3CMEE2MiniNASDAQ1002,;CBOTCBOE()S&P100EuronextBrussel()MiniBel20,,[4]1()10019861988199019929115621933022315265202230311318192328303952140791191333153364786361994199619982000628612760780115151130108707455432126124109179253200195424114013311612:(2)OTCOTC(),()(FRA),,,(BIS)1995,3OTC,2001,OTC,199810%,199844%,385%,,114%,21%35%32()2004,11%,(2)[8]2OTC()10199519982001151265489667412963155331213629200688959853643862786410741876010088012631387:4BIS2001OTC,1291,10%,88515,616%,OTC(3)[9],2001,59,,3OTC198619871988198919900171121192194140120130140160180191152133155121991199219931994199551971491714181411211311511727118171116201419961997199819992000243047525814214216312316319263350566214:20006,21(1),80%,1999,8015%,20026,9317%,6416%(4)[7]4101999200020012002136041101426917023797170240841306930130816717016198180155681704022190421715061791306999190240113015981301308140138218024916286121111213219:20026,12,,198619881990199219949114%7417%6511%5315%4417%;,19941986399%;7[6],1986,80%1990,,,1995,,[10],1990(5)[4]5(19912001)10019914181429813716171992460133871884813199352117538141060111994658157791814381319956021410491116511519965951196616156117199787812917161795181998707149661416731819996561110801736112000648141371122019162001877132306318313:,2001EurexCMECBOTLIFFE(),KSEKOSPI200200132418%,1:33,4(2),OTCOTC,,OTC,OTC(6)[11]OTC,20016280,19986%,2850,19983%,,3OTC,(ECB)6OTC%1995199820012714363619161819171751271212178119178181191133130171113111119818219:431,,(Thrift),1993,,92%,69%,69%,46%,23%BIS,OTC,2001199560%,199571002001112,19958017%20018617%(7)[8](OTC),70,,,[12],19901995,35%,311,2,19926,20,18[9]7OTC()10199519982001839122413425297638261812673767101030120212919314041394588012651387:4,OTC10%,1995(7)1993,,87%64%78%40%31%,,19951997,,,,,,,,,,,34()20043,33,1982Shad2Johnson,[15]11OTC(1)(marketrisk),OTC,(liquidityrisk)(creditorcounterpartyrisk)OTC,OTC,Das[13]OTC,OTC,OTC,OTCOTC:(),OTC,OTC,2090,OTC,,,OTC(warehouseapproach)(portfolioapproach),3(netorresidualpositions)[14],,OTC,OTC,OTC,,,OTC,OTC,OTC,(market2to2market)(discre2tionarycashsettlement),SPV(specialpurposevehicles),(unilateralorbilateralcollateralagreements)OTC,(multilateralnetting)OTC,,,,,,,OTC,(2),,,,OTC,(),(ISDA),ISDA,,,3390,OTC1999,1:353(EMTA),ISDAEMTAJSDALIBA2000(cross2partymasteragree2ment)BBA2002,,ISDAOTC,,,90,OTCISDA,OTC,(3),OTC,OTCISDA,OTC,OTC3,OTCCBOE1993Flex,RussellS&P100S&P500,(),,LIFFECBOT,CME20024,2510321(1),BIS,OTC,200149%OTC,1994856%,790%[16]200130,199540[8],2001OTC1074%,19987[17],796%(8[18])820026()10ABC9645191362411210269201528167561291411829081581197481915494110242201447711604921480379519204741150084100:A7;B384;C391(2),,,OTC,1990Drexel,,,[8](3),,,:,,,,1998,(FDIC),[19]36()2004GuntherSiems[20],,Merton[21],,,(contingentsecurities,),,(completemarket),(dynamictradingstra2tegy),(),,OTC[][1]BankforInternationalSettlements.RecentDevelop2mentsinInternationalInterbankRelations[R].Basel:BIS,19921[2]BankforInternationalSettlements1RapidExpansionofOTCDerivativesMarketintheSecondHalfof2001[R].Basel:BIS,20021[3]RemolonaE.Therecentgrowthoffinancialderivativemarkets[J].FederalReserveBankofNewYorkQuar2terlyReview,1992,(17):28431[4]FuturesIndustryAssosiation1WorldFuturesandOp2tionsVolumeUpMoreThan50Percentin2001[R].WashingtonDC:FIA,20021[5]BritishBankersAssociation.CreditDerivativesReport[R].London:BBA,20021[6]BisignanoJ1ParadigmsforUnderstandingChangesinFinancialStructure:Instruments,Institutions,MarketsandFlows[R].Geneva:InternationalCentreforMoneyandBankingStudies,19951[7]BankforInternationalSettlements1QuarterlyReview[R].Basel:BIS,20021[8]BankforInternationalSettlements1TriennialCentralBankSurvey:ForeignExchangeandDerivativesMarketAct