全球经济&衍生品市场展望以及回顾（Vol. III）

前文可参阅：

全球经济&衍生品市场展望以及回顾（Vol. I）

全球经济&衍生品市场展望以及回顾（Vol. II）

2.2 The global derivatives market against the backdrop of the financial crisis

2.2 金融危机背景下的全球衍生品市场

The derivatives market as a whole has functioned well despite the recent market turmoil. Derivatives per se did not cause the financial crisis.

尽管近期市场动荡，但衍生品市场整体运作良好。衍生品本身并未引发金融危机。

19) Nevertheless, the derivatives market has played a role in recent market turbulences due to the importance of derivatives for the global financial system and the sheer size of the market.

19）尽管如此，由于衍生品对全球金融体系的重要性以及市场的庞大规模，衍生品市场在近期的市场动荡中发挥了作用。

20) In the course of the crisis so far important market participants have reached the brink of default or have failed outright, generating unprecedented oscillations in market volatility. Confronted with this “stress test”, some parts of the market and its institutions have proven resilient. In other areas, however, deficiencies have been uncovered that make the need for reform evident. 

20）在危机期间，到目前为止，重要的市场参与者已经到了违约的边缘，或者彻底失败，导致市场波动性出现前所未有的波动。面对这种“压力测试”，市场的某些部分及其机构已经证明具有弹性。然而，在其他领域，已经发现了一些缺陷，这使得改革的需要变得明显。

2.2.1 Resilience of the derivatives market

2.2.1衍生品市场的弹性

Despite unprecedented market turbulences, sizable areas of the derivatives market have continued to serve their role well with respect to investment and protection against market risk. 

尽管市场出现前所未有的动荡，但衍生品市场的相当大的领域仍然在投资和防范市场风险方面发挥了重要作用。

Exchange trading of derivatives and CCP clearing of standardized derivatives traded both on-exchange and OTC have been a stabilizing factor and proven especially resilient in three main aspects: 

交易所交易和交易所清算交易所和场外交易的标准化衍生品交易一直是一个稳定因素，在三个主要方面证明特别具有弹性：

a) trading activity and, hence, liquidity have been sustained in these areas of the derivatives market throughout the crisis, 

b) CCPs have effectively mitigated and managed risks and finally, 

c) CCPs and trade repositories have provided the required transparency, e.g. on risk positions.

a）整个危机期间，衍生品市场的这些领域的交易活动以及流动性得到了持续，

b）CCPs有效地减轻和管理风险，最后，

c）CCP和贸易储存库提供了所需的透明度，例如：关于风险头寸。

*CCP- Central Counterparty(中央对手方） 中央对手方清算，也成为中央对手方，这是一种金融机构，

承担交易各方之間的交易对手风险，并为外汇，证券，期权和衍生合约交易提供清算和结算服务。CCP是高度监管的机构，专门管理交易对手信用风险。

Continued liquidity throughout the financial crisis

在整个金融危机期间持续提供流动性

Unlike other financial instruments, exchange-traded and standardized OTC derivatives have remained remarkably liquid throughout the financial crisis. This means that at any point in time, buyers have been able to find sellers, and vice versa, without significant frictions. Market participants have continued to be able to hedge their risks or to close out positions at a reasonable cost. 

与其他金融工具不同，交易所交易和标准化场外交易衍生品在整个金融危机期间仍然具有显着的流动性。这意味着在任何时间点，买家都能找到卖家，反之亦然，没有明显的摩擦。市场参与者继续能够以合理的成本对冲风险或平仓。

This clearly distinguishes standardized derivatives from asset-backed securities or similar structures (CDOs, CLOs，etc.), where investors – even more than one year after the onset of the financial crisis – still face severe market illiquidity, and are thus unable to trade or close out their positions at an acceptable price.

这清楚地区分了标准化衍生品与资产支持证券或类似结构（CDO，CLO等），其中投资者 - 即使在金融危机爆发后一年多 - 仍面临严重的市场流动性不足，因此无法进行交易或以可接受的价格平仓。

Standardization and organized trading have helped these segments to stay liquid. All exchange-traded derivatives are standardized with prespecified contract parameters (e.g. size, maturity date). Organized trading ensures that all buy and sell orders are gathered onto a single “marketplace” (i.e. the pooling of trading interests). 

标准化和有组织的交易帮助这些细分市场保持流动性。所有交易所交易衍生品均采用预先指定的合约参数（例如规模，到期日）进行标准化。有组织的交易确保所有买卖订单都被收集到一个“市场”（即集中交易订单）。

This creates transparency on price formation and means that market activity can be monitored to prevent manipulation and fraud, thus helping to boost trading activity and to safeguard market integrity. 

这为价格形成创造了透明度，意味着可以监控市场活动以防止操纵和欺诈，从而有助于促进交易活动和保护市场完整性。

Risk mitigation and management by CCPs

CCP的风险缓解和管理

CCPs have played a pivotal role with regard to the resilience of the derivatives market in the financial crisis. CCPs have effectively reduced and managed counterparty risks created transparency on risk positions, and helped to ensure the operational efficiency of the market. Not surprisingly, CCPs are widely esteemed.

CCP在金融危机中衍生品市场的弹性方面发挥了关键作用。CCP有效地减少和管理了交易对手风险，从而创造了风险头寸的透明度，并有助于确保市场的运营效率。毫不奇怪，CCP受到广泛尊重。

Functions of a CCP 

CCP的功能

22) Central counterparties (CCPs) provide clearing of all trades (risk management) and position management of all open contracts (trade management). The CCP becomes a counterparty to each market participant, guaranteeing the fulfillment of each contract and nets all offsetting open derivatives positions of each trading party across all other trading parties (multilateral netting).

22）中央对手方（CCPs）提供所有未平仓合约（交易管理）的所有交易（风险管理）和头寸管理的清算。CCP成为每个市场参与者的交易对手，保证每份合约的履行，并且所有交易方都将所有交易方的开放衍生品头寸抵消（多边净额结算）。

As the CCP keeps track of all trading parties’ open positions, it also receives exercise requests and serves as a middleman to the other counterparty of a contract being exercised. The CCP usually also generates the settlement instructions for the payments resulting from derivatives contracts and, if necessary, for the physical transfer of the underlying asset.

由于中共追踪所有交易方的未平仓头寸，它也会收到行使要求，并作为行使合约的另一方的中间人。CCP通常还会为衍生工具合约产生的付款生成结算指令，并在必要时生成相关资产的实际转移。

CCPs have proven their worth in risk management and mitigation, for example, in the wake of the default of Lehman Brothers in September 2008.

例如，在雷曼兄弟于2008年9月违约之后，CCP已经证明了其在风险管理和缓解方面的价值。

23)As one of the largest OTC and exchange-traded derivatives players, Lehman was the counterparty on numerous derivatives contracts. In the case of centrally cleared derivatives, CCPs achieved a near-complete resolution for all open positions within less than 15 trading days.

23）作为最大的场外交易和交易所交易衍生品交易商之一，雷曼兄弟是众多衍生品合约的交易对手。在集中清算衍生品的情况下，CCP在不到15个交易日内对所有未平仓头寸达成近乎完全的解决方案。

24) Additionally, CCPs were able to effectively shield the accounts of market participants trading through Lehman from the effects of its bankruptcy. In this way, CCPs mitigated market disruptions and prevented spillover effects, thus minimizing risks to all parties involved. The collateral that CCPs had asked from Lehman was fully sufficient to cover its obligations.

24）此外，CCPs能够有效地保护通过雷曼兄弟交易的市场参与者的账户免受其破产的影响。通过这种方式，CCP可以缓解市场中断并防止溢出效应，从而最大限度地降低相关各方的风险。CCP对雷曼提出的抵押品完全足以履行其义务。

Transparency on CCP-cleared and other registered tradesCCPs and trade repositories, i.e. providers that collect critical data on OTC transactions such as CDS contracts, have provided the necessary transparency in the course of the crisis. This has helped to reassure supervisors and market participants that risk positions are manageable, preserving confidence in regulated markets as well as in selected OTC trading venues.

CCP清算和其他注册交易的透明度CCP和交易存储库，即收集CDS合约等场外交易关键数据的提供商，在危机过程中提供了必要的透明度。这有助于向主管和市场参与者保证风险头寸可以控制，保持对受监管市场以及选定场外交易场所的信心。

25)In addition, CCPs and trade repositories can serve as a vital early-warning function for market participants and supervisors in case excessive risks are taken. This adds significantly to the stability of the market as a whole.

25）此外，如果采取过度风险，CCP和贸易储存库可以作为市场参与者和监管者的重要预警功能。这大大增加了整个市场的稳定性。

2.2.2 Market deficiencies 

2.2.2 市场缺陷

The financial crisis has brought to light several deficiencies in the derivatives market – specifically in those segments lacking standardization and centralized clearing. Consequently, the once strong market growth coupled with blind spots in regulation and supervision have given way to a substantial build-up of systemic risk, in the OTC segment.

金融危机揭示了衍生品市场的几个缺陷 - 特别是在那些缺乏标准化和集中清算的细分市场。因此，曾经强劲的市场增长加上监管和监管方面的盲点已经让位于场外交易市场的系统性风险大量增加.

上图展示了05年和08年的衍生品敞口（单位：万亿）

订阅付费文章的可以扫以下二维码，此次的深度内容在于解析沙特阿美Saudi Aramco这家石油巨头。有兴趣的老铁可以付费订阅。

对碎片化金融干货感兴趣的可以订阅付费圈子

（我更新的速度质量，还有内容应该算是最好的一批了。。）