OTCMarketOverviewOTC市場概況TableofContentsCurrentConditionsDefinitionsOTCoverviewOTCvs.ExchangeTradedderivativesProductsutilizedParticipantsCollateralMarketStructureTradeflowBroker/ExchangeEvolutionandFeesClearingandSDRsPostTradeProcessingRegulatoryParticipantsandProgressAreasofOpportunityPossiblepointsofopportunityExecutiveSummary目錄執行摘要當前市場環境定義OTC概況場外交易VS場內交易金融衍生產品產品利用情況參與者擔保品市場結構交易流程經紀商/交易所演變史和費用結算和特別提款權后交易處理監管參與者和發展機會領域可能存在的機會附錄ExecutiveSummaryDemandforOTCproductscontinuestorise,tradingissplitacrossmultipleassetclassesandproductsCollateralneedsaregrowingevenasmarketsprepareforcentralizedclearingTheroleofbrokersandexchangesisexpandingasOTCmarketsbecomemoreelectronicandcomplex.BothwillcontinuetoaddservicesforclientbasegrowthRegulatorybodiescontinuetheirattemptstoincreasetransparencyintheOTCmarkets,howeverrulemaking,implementationandenforcementacrossjurisdictionsisinconsistentServicesareexpandingbeyondtradeexecutionandnowincludingmarketdata,tradeprocessingandriskmanagement.IncreasedregulationwillmaketheseservicesmorevaluableinthefutureOpportunitieswillcontinuetoemergewithinbothnewandestablishedmarketsBringingtogetherlocaltradingcommunitiesProvidingbackofficeservicesDevelopingstandardizationandoperationalframeworksImprovingthetransparencyEnhancingandsimplifyingthetradingexperience執行摘要OTC金融衍生產品需求不斷增長，交易類型按照各種交易資產類別和產品劃分隨著市場向集中化結算發展，擔保品需求穩步增長隨著OTC市場電子化程度提高并且越來越復雜，經紀商和交易所發揮的作用也越來越大。由于顧客群體不斷增長，經紀商和交易所都將繼續增加其服務監管部門努力增加OTC市場的透明程度。然而，不同司法管轄區的條例制定、實施和強制執行并不統一OTC市場服務不斷增加，并不局限于交易執行，目前還包括市場數據、交易處理和風險管理。未來，隨著監管力度加強，上述服務將更具價值新興和成熟OTC市場中的機會將越來越多

整合當地交易社區

提供后臺服務開發標準化和可操作框架提高透明度加強和簡化交易體驗CurrentConditions當前市場環境OTCDerivativesproductsarebilateralcontractsOTCderivativesarecontractsnegotiatedprivatelybetweentwopartiesBrokersareusedforpricediscoveryandtradeexecutionParticipantshavetheabilitytocustomizethetermsofthecontract(includinglengthofcontractandquantityofunderlyingproduct)MarketParticipantsareinstitutional,financial,publicandcorporateentitiesThereareawidearrayofproductstradedincluding:interestrates,foreignexchange,commoditiesandequitiesProductscanbecleareddependingontheircharacteristicsOTC金融衍生產品為雙邊合約OTC金融衍生產品為雙方私自協商達成的合約經紀商主要負責價格發現和交易執行參與者有能力制定合約條款（包括合約期限和標的物數量）OTC市場參與者為機構實體、金融實體、公共實體和企業實體OTC市場交易產品類型很豐富，包括：利率、外匯、商品和股票結算方式取決于金融衍生產品的特性OTCDerivativesaretradedacrossawidevarietyofassetclassesInterestRateproductsremaintheclearmarketleaderintermsofnotionalamountsoutstandingSource:BankofInternationalSettlements(BIS)–OTCderivativesstatisticsatendofJune-2012OTC金融衍生產品

的交易資產類別很豐富就名義價值總額而言，利率產品是結算市場主力來源：國際清算銀行(BIS)–OTC金融衍生產品

統計（截至2012年6月底）名義價值總額來源：國際數據，國際清算銀行Forallderivatives,mostofthenotionaloutstandingisintheOTCspace.TheturnoverismoreevenlysplitAccordingtoTabbGroupestimates,globalnotionalturnoverisfairlyevenlysplitbetweenOTCandexchangetradedderivativesSource:TabbGroup–TheGlobalRiskTransferMarket(Nov2010)金融衍生產品的大部分名義價值總額處在OTC市場中，但名義價值成交量分布更為平均據Tabb集團估計，對于金融衍生產品的全球名義價值成交量，場內交易和場外交易基本持平來源:Tabb集團–全球風險轉移市場（2010年11月）全球風險轉移市場名義價值總額-2010名義價值成交量-2010場外交易金融衍生產品場內交易金融衍生產品TurnoverismoreevenlysplitpartiallybasedonthenatureoftheunderlyingproductsSomeexchangetradedcontractsneedtoberolledeveryquarterwhichwillincreaseturnoverwhencomparedtolongertermedOTCcontractsHighvelocitytradingstrategiesonexchangetradedproductsalsoincreasestradingvolumeincomparisontoOTCSource:TabbGroup–TheGlobalRiskTransferMarket(Nov2010)根據交易產品性質，名義價值交易量更為平均分布與期限較長的場外交易合約相比，有些場內交易合約需要每季度進行展期，這會增加交易量。與場外交易相比，場內交易產品的快速交易策略也會增加交易量。來源:Tabb集團–全球風險轉移市場（2010年11月）萬億美元場內交易場外交易名義價值總額名義價值成交量成交頻率CustomizationintheOTCmarketsleadstoawiderangeofproductuseswithineachcategoryAssetClassesProductsClassificationsProductsofferedbyinter-dealerbrokersInterestRatesForwardRateAgreementsSwapsOptionsIR,OvernightIndex,InflationandBasisSwaps,Options,Repos,Mortgage-BackedSecurities,FXOutrightforwardsFXswapCurrencyswapCurrencyoptionForwards,swaps,options,Non-DeliverableForwards(NDFs),EquitiesForwardSwapOptionIndividualEquities,EquityIndexes,ADRsCommoditiesForwardSwapOptionCrudeandRefined,NaturalGas,Electricity,Coal,Emissions,Biofuels,Weather,PreciousandBaseMetals,coffee,sugar,cocoa,cotton,corn,soybeans,palmoil,livestock,ironoreandsteel,freightCredit/CreditDefaultSwaps(CDS)SwapsOptionsSingleNameCDSMulti-nameCDSIndexproductsCorporateBonds,CDS,EmergingMarketBonds,Eurobonds由于OTC市場的合約可以自由定制，每個交易類別中都有很多產品資產類別產品類別同業經紀商提供的產品利率遠期利率協議互換期權利率、隔夜指數、通脹和基差互換、期權、回購債券協議、按揭證券外匯直接遠期合約外匯互換貨幣互換貨幣期權遠期合約、互換、期權、無本金交割遠期合約股票遠期合約互換期權個股、股指、美國存托憑證商品遠期合約

互換期權原油和成品油、天然氣、電力、煤炭、排放、生物燃料、天氣、貴金屬和基本金屬、咖啡、糖、可可豆、棉花、玉米、大豆、棕櫚油、牲畜、鐵礦石和鋼、貨運信用/信用違約互換(CDS)互換期權單一賣家信用違約互換多重賣家信用違約互換指數產品公司債券、信用違約互換、新興市場債券、歐元債券ThereisawidearrayofparticipationinOTCderivativesmarketsTheBISdividesthemarketparticipantsintothreecategories,eachhighlightingadifferentusersegmentandprofile.ParticipationbyeachtypeofentitywillvarybyassetclassEntityParticipantsUseofOTCDerivativesReportingDealersCommercialandInvestmentBanksSecuritieshousesInter-dealerbrokersTradingforclients(servingasabroker)HedgingriskProfitmakingopportunitiesOtherFinancialInstitutionsBanksMutualFundsPensionFundsHedgeFundsInsuranceCompaniesCentralBanksHedgingriskProfitmakingopportunitiesFacilitatingglobaloperationsNon-FinancialcustomersCorporationsGovernmentsHedgingriskFacilitatingongoingglobaloperationsOTC金融衍生產品市場的參與者類別眾多國際清算銀行將OTC市場參與者劃分為三大類別，每個類別都有著特定的用戶群體和背景。根據交易資產的不同，各個類型實體參與OTC市場的形式也不同。實體參與者OTC金融衍生產品的使用報告交易商商業和投資銀行證券交易所中間經紀商為客戶達成交易

(承擔經紀商職責)防范風險獲取利潤其他金融機構銀行共同基金養老基金對沖基金保險公司央行防范風險獲取利潤便于全球運營非金融客戶企業政府機構防范風險便于連續全球運營InInterestRatesthemajorityofnotionaloutstandingisinthehandsofFinancialInstitutionsBrokerscontinuetoseesomefluctuationinnotional,especiallyastheycompresscontractstoreduceriskAsoverallnotionalshowssomefluctuation,thepercentageheldbyfinancialinstitutionsremainssteady利率金融衍生產品的大部分名義價值總額掌握在金融機構手中經紀商持有的名義價值總額繼續波動，當其減少合約以降低風險時，尤其如此利率產品名義價值總額報告交易商非金融客戶其他金融機構利率產品名義價值總額報告交易商非金融客戶其他金融機構盡管總體名義價值總額出現波動，金融機構持有的份額依然保持穩定WhileinFXthenotionaloutstandingissplitbetweenthedealersandotherinstitutionsTheoverallnotionaloutstandinginFXcontinuestoshowslightgains.ReportingdealersaredrivingalargepartofoverallFXgrowthSource:BankofInternationalSettlements(BIS)–OTCderivativesstatisticsatendofJune-2012ThedistributionofoutstandingamountsismoreevenlydistributedthaninInterestRates.外匯金融衍生產品的名義價值總額主要掌握在交易商和其他機構手中外匯金融衍生產品的整體名義價值總額繼續小幅增長。報告交易商為這種增長勢頭貢獻較大報告交易商非金融客戶其他金融機構報告交易商非金融客戶其他金融機構外匯名義價值總額來源：來源：國際清算銀行(BIS)–OTC金融衍生產品統計（截至2012年6月底）外匯金融衍生產品的名義價值總額的持有者分布情況與利率產品相比較更為平均CollateraloutstandingandexposurefromOTCderivativescontinuestoriseSource:ISDAMarginSurvey2012GrossExposurereflectsthenetmark-to-marketvalueofcounterpartyexposures,takingintoaccountthebenefitsofclose-outnetting,butbeforetakingintoaccounttheeffectofcollateralinreducingriskexposure.Collateralcontinuestogrowbacktowardsitsrecordhighsin2008.Since1999theamountofcollateraloutstandinghasgrownatacompoundrateof24%OTC金融衍生產品的流通擔保品和風險敞口繼續增長報告值估計值Source:ISDAMarginSurvey2012總敞口反映了對手風險的盯市凈值，在考慮擔保品降低風險敞口的效果之前，將終止凈額結算的益處考慮在內。自從2008年創下歷史高點后，擔保品繼續增長。自1999年起，流通擔保品總額一直以復合增長率24%的速度增長。CollateralismostusedforcreditderivativesandleastusedforCommoditiesandFXSource:ISDAMarginSurvey2012Awiderangeofcollateralisusedwithcashandgovernmentsecuritiesbeingthemostpopularfornon-Clearedtransactions擔保品主要用于信用金融衍生產品，在商品和外匯金融衍生產品中應用最少Source:ISDAMarginSurvey2012很多擔保品形式為現金和政府證券，這在非結算交易中應用最為普遍Summary–CurrentConditionsDemandforOTCproductscontinuestorise,tradingissplitacrossmultipleassetclassesandproductsThemajorityofnotionaloutstandingisinOTCderivativesbutturnoverappearstobemoreevenlysplitbetweenOTCandexchangetradedderivativesCollateralneedsaregrowingevenasmarketsprepareforcentralizedclearingCollateralcontinuestotakemanyformsbutcashremainsking總結–當前市場環境金融衍生產品需求不斷增長，交易類型按照各種交易資產類別和產品劃分金融衍生產品的大部分名義價值總額處在OTC市場中，但名義價值成交量分布更為平均隨著市場向集中化結算發展，擔保品需求穩步增長擔保品形式越來越豐富，但是現金仍舊是主要形式MarketStructure市場結構OTCTradesarebilaterallyconductedwiththeassistanceofbrokersEndUserClient(1)BrokeringBank/Inter-dealerBrokerBrokeringBank/Inter-dealerBrokerEndUserClient(2)VoiceBrokering/ElectronicPlatform/Exchange/SEFAtradenegotiatedbetweentwoparties,eitherdirectlyorthroughtheuseofintermediariesTradingcanbedoneviavoicebrokering,ElectronicplatformorExchangeExample:EndUserClient(1)wantstoexchangefixedinterestratepaymentsforfloatinginterestratepayments.TheClientcontactsitsbroker.Thebrokerlooksforanacceptabledealeitherviavoice,electronicplatformorexchange.AdealisfoundwithEndUserClient(2)throughitsbroker.ThebrokersagreetoenteranInterestRateSwapandexchangeClient(1)’sfixedratepaymentswithClient(2)’sfloatingpayments.Termstobenegotiatedwouldincludethefloatingrate,thecurrenciesofpayment,andthedurationoftheswap.FixedrateFixedrateFixedrateFixedrateFloatingrateFloatingrateFloatingrateFloatingrateOTC交易通過經紀商的協調雙邊執行終端客戶(1)經紀銀行/同業經紀商經紀銀行/同業經紀商終端客戶(2)傳統經紀/電子平臺/交易所/互換執行設施SEF雙方經過協商，直接執行或通過中間商執行的交易交易可以通過傳統經紀程序、電子平臺和交易所完成例子:終端客戶(1)想將固定利率支付換成浮動利率支付。

客戶和他的經紀商簽約。

經紀商通過傳統經紀方式、電子平臺或者交易所尋找客戶可接受的交易，最終通過終端客戶(2)的經紀商找到了客戶(2)，雙方的經紀商協商了一個利率互換合約，將客戶(1)的固定利率支付和客戶(2)的浮動利率支付進行互換。合約條款可以雙方協商，包括浮動利率、支付幣種互換持續期限。固定利率固定利率固定利率固定利率浮動利率浮動利率浮動利率浮動利率EachparticipantintheOTCmarkethasdifferentneedsandcapabilitiesEndUserClientBrokeringBank/Inter-dealerBrokerVoiceBrokering/ElectronicPlatform/Exchange/SwapExecutionFacility(SEF)RolePerformingpricediscoveryMarketmakingactivitiesClientExecutionTradingforitsownaccountsExamplesInter-dealerbrokers–ICAP,TullettPrebon,Tradition,BGCPartners,GFIGroupBrokeringBanks–JPMorgan,GoldmanSachs,CitigroupRoleProvideavenueforpricediscoveryandtradeexecutionIftradeisvoicebrokeredthisisperformedbybank/brokerExamplesExchanges–CMEGroup,ICE,Eurex,Euronext-LiffeElectronicPlatforms–EBS(ICAP),i-Swap(ICAP)SEFs–rulesnotfinalyetRoleHedgeriskTradeforprofitFacilitateongoingbusinessoperationsLiquidity/CashFlowManagementExamplesGlobal,commercial,regionalbanks;Corporations;Otherfinancialcompanies–hedgefunds,mutualfunds,insurancecompanies;GovernmentsOTC市場不同類型參與者有不同的需求和能力終端客戶經紀銀行/同業經紀商傳統經紀/電子平臺/交易所/互換執行設施(SEF)角色執行價格發現做市商做市活動客戶執行自有賬戶交易例子交易商經紀公司–ICAP,TullettPrebon,Tradition,BGCPartners,GFIGroup經紀銀行–JPMorgan,GoldmanSachs,Citigroup角色提供價格發現和交易執行的場地傳統經紀交易通過銀行或經紀人執行例子交易所–CMEGroup,ICE,Eurex,Euronext-Liffe電子平臺–EBS(ICAP),i-Swap電子平臺(屬于ICAP公司)SEFs–還沒有最終規則角色風險防護交易收益促進持續商業運營流動性/現金流管理例子全球，商業，區域性銀行;公司;其他金融公司–對沖基金,共同基金,保險公司;政府部門BrokersandExchangeshaveevolveddifferentlyinregardstoOTCbutcommonthemesexistAlthoughICEandICAPhaveevolveddifferentlytherearecommonthemesthattheirevolutionexhibits:Creatingandleveragecommunitiesforbrokers/clientsUtilizemarketsupportandpartnershiptofacilitategrowthBundletradingwithotherservices:clearing,information,primebrokerage,etc.Facilitateincreasedtradingbyimprovingonmarketdesign,executionand/ortransparencyPostEnronElectronicplatformfortradingofOTCCrude/Refined,naturalgas,powerandEmissionswithbackingoflargeenergytradersExpandedintofuturescontractsthroughacquisitionandproductdevelopmentBeganofferingOTCproducts(Credit)ClearingforCreditServicesMoveOTCEnergycontractsonexchange,registerasaSEFforunclearedenergyOTCcontractstomeetUSregulationVoicebrokerageacrossvariousOTCproductsElectronictradingofstandardizedOTCcontractssuchasFXandIRswapsLeverageinformationintoResearchandCommentaryservicesforclientsOfferingposttradeandriskmanagementservicesforOTCderivatives(tradeprocessing/rebalancing)ICEEvolutionICAPEvolution經紀商和交易所在OTC市場中的演變方向不同，但是兩者之間存在共同點盡管洲際交易所（ICE）和英國毅聯匯業集團(ICAP)在OTC市場中的演變方向不同，但是兩者之間仍舊存在共同點：為經紀商和客戶創造并利用交易社區利用市場支持和合作關系以促進增長將交易和其他服務捆綁整合：結算、信息、初級經紀業務等通過完善市場設計、執行和透明度，促進交易增長后安然時代電子交易平臺交易產品為：原油、成品油、天然氣、電力和排放；獲得大型能源貿易商支持,通過收購和產品開發，發展為期貨合約交易開始提供OTC產品（信用產品）信用結算服務將OTC能源合約在交易所交易。注冊成為互換執行設施，使未結算能源OTC合約滿足美國監管規定各類OTC產品的傳統經紀業務標準OTC合約如：外匯和利率互換合約的電子化交易利用信息，為客戶提供研究和補充服務為OTC金融衍生產品提供交易后服務和風險管理服務(交易處理/再平衡）ICE演變史ICAP演變史BrokeringforOTCderivativesisprofitable,butexactfeesarehardtodetermineforinter-dealerbrokersFeesforindividualbrokersaredifficulttodetermineastheyarenotdisclosedandareoftencombinedwithotherservices.Howeverwecanfindsomeproxiesforrevenueandprofitability:ICAP(theworld’slargestIDB)hadrevenueof$498Kpervoicebrokerin2012,Voicebrokeringaccountedfor

￡1,172mofrevenue,with4,122voicebrokersemployed,Voicebrokeringaccountsfor41%ofICAP’soperatingprofitIntheExchangespaceICEchargesafeeforindividualservicesbasedontheclientandproductbeingtraded:Bilaterallytraded–CrudeandRefined/NaturalGas/Power–setchargebasedontypeandsizeoftransaction(seeappendixforfeeschedule)ICEClearforCDS–flatfeepermillionnotionaldependingoncontractFlatfeefortradeconfirmationsbasedonproduct-$3to$6OTC金融衍生產品的經紀業務有利可圖，但是很難確定同業經紀商的準確費用特定經紀商的費用很難確定，因為這些費用未被披露，而且這些費用通常和其他服務進行合并計算。但是，我們可以確定某些經紀商的收入和盈利能力：英國毅聯匯業集團（ICAP，全球最大同業經紀商）2012年的單筆傳統經紀業務的收入為498000美元，其傳統經紀業務占其總收入的11.72億美元。該公司雇傭了傳統經紀業務員4122名，使傳統經紀業務占其營業利潤的41%。交易所方面，洲際交易所（ICE）根據客戶和交易產品收取單項服務費用：雙邊交易：原油和成品油/天然氣/電力—根據交易類型和規模收費（具體費用表，請參見附錄）洲際交易所信用違約互換：根據合約，以名義價值每百萬收取固定費率根據產品，收取交易確認費用，固定費率為3至6美元ClearinghousesandDataRepositoriesprovideriskmanagementanddatastorageservicesEndUserClient(1)BrokeringBank/Inter-dealerBrokerBrokeringBank/Inter-dealerBrokerEndUserClient(2)VoiceBrokering/ElectronicPlatform/Exchange/SEFTheemergenceofOTCclearinghasincreasedthecomplexityofthetradeflow.EnduserclientsorBrokerscannowbeclearingmembersofexchangesandsubmittheirtradesforclearing.Conceptually,clearingworksinthesamewaythatclearingoperatesforfutures.ClearingHouseClearingHouseSwapDataRepositorySwapDataRepository結算所和數據存儲庫提供風險管理和數據儲存服務終端客戶(1)經紀銀行/同業經紀商經紀銀行/同業經紀商終端客戶

(2)傳統經紀/電子平臺/交易所/互換執行設施SEFOTC結算業務增加了交易流程的復雜性。目前，終端客戶和經紀商可以成為交易所的結算成員，將其交易提交交易所進行結算。從概念上講，結算流程和期貨結算流程一樣。結算所結算所互換數據儲存庫互換數據儲存庫ClearinghousesandrepositoriesaddsafetyandtransparencytothemarketClearingHouseSwapDataRepositoryRoleClearinghousesservetosecurethemarketbytakingtheothersideofeachtransactionintheclearinghouse.TheycollectmarginandmarkpositionstomarkettoensuretherecannotbeanoverallsystemicfailureExamplesCMEGroupClearing,ICEClear(US&Europe),SwapClear,EurexOTClear,kdpw_otc(Poland),SingaporeRoleSwapDatarepositorieswerecreatedbytheDoddFrankact(US)toprovideacentralfacilityforswapdatareportingandrecordkeepingExamplesCMEGroup,ICE,Traiana,DTCC結算所和數據儲存庫增加市場的安全性和透明度結算所互換數據儲存庫角色結算所確保雙邊交易共同在結算所執行，同時收取保證金并記錄頭寸，以確保市場不發生整體系統性失效例子CMEGroup結算所,ICE結算所(US&Europe),互換結算所,EurexOTC結算所,kdpw_otc(Poland),Singapore結算所角色互換數據儲存庫根據美國DoddFrank法案設立，為互換數據報告以及記錄保持提供中央設施例子CMEGroup,ICE,Traiana公司,DTCC公司AftertradecompletionfirmsmustengageinmultipleactivitiestoproperlymanagetheirpositionsTradeCaptureTradeMatchingandConfirmationTradeRegistrationTradeLifecycleeventprocessing CounterpartyRiskManagementThesetaskscanprovecostlyandcomplicatedforfirms.IDBs,banksandothersareofferingsomeservicestoexpandtheirreachandleveragescaleacrossclients交易完成后，公司必須開展多項活動，以正確方式管理其持倉量交易捕捉交易匹配和確認交易登記交易周期事件處理

對手風險管理對于公司而言，這些任務可能產生一定成本且復雜。同業經紀商、銀行和其他參與者可以為不同客戶提供相應服務，拓展其業務范圍和規模OTCRegulatoryoversighthasincreasedsincetheCreditCrisisEndUserClient(1)BrokeringBank/Inter-dealerBrokerBrokeringBank/Inter-dealerBrokerEndUserClient(2)VoiceBrokering/ElectronicPlatform/Exchange/SEFSittingontopofthisframeworkintheUSandEuropeareregulatorswhoarewritingandenforcingnewrulesinthewakeofthecreditcrisisClearingHouseClearingHouseSwapDataRepositorySwapDataRepositoryUSCFTC/SEC/Fed/TreasuryDeptEuropeEuropeanCommission/FSA/MemberstatesRuleMakingCollaborationFinancialStabilityBoard自信貸危機爆發后，場外市場的管理監管力度有所增長終端用戶(1)經紀銀行/同業經紀商經紀銀行/同業經紀商終端用戶(2)傳統經紀/電子平臺/交易所/SEF下面框架圖中，置于頂端的是自信貸危機爆發后美國和歐洲的負責編寫并強制執行新規則的管理部門結算所結算所互換數據儲存庫互換數據儲存庫美國美國商品期貨交易委員會/證券交易委員會/財政部歐洲歐盟委員會/英國金融服務管理局/成員國協作制定規則金融穩定委員會TheincreasedoversighthasleadtonewregulationforOTCDerivativesFollowingtheCreditCrisisleadersfromtheG20nationscametogethertomakechangestotheOTCmarkets,hopingtopreventanothercrisis.Theircollaborationhasleadto:Dodd-FrankActEuropeanMarketInfrastructureRegulation(EMIR)MarketsinFinancialInstrumentsDirective/Regulation(MiFIDII/MiFIR)Thesenewregulationsareleadingtoreformsin:TradeReportingExchange/ElectronicTradingCentralClearingMarginandCapitalRequirements增長的監管力度催生了OTC金融衍生產品的新規則信貸危機后，G20國家領導人聚在一起改革場外市場，希望借此防止下一次危機爆發。以下為其合作成果:多德弗蘭克法案歐洲市場基礎設施監管局(EMIR)歐洲金融工具市場指引/法規

(MiFIDII/MiFIR)這些新的規則導致了以下的變革:交易報告

場內/電子交易中央結算保證金和資本要求Despitecollaboration,thestatusofruleadoptionandimplementationremainsunevenSource:FinancialStabilityBoard–OTCDerivativesMarketReforms;Fifthreportonimplementation盡管達成了合作,但是規則的采用和執行情況依然參差不齊資料來源:金融穩定委員會–場外派生物市場改革;關于執行情況的第5次報告各國場外金融衍生產品市場改革進程簡圖Summary–MarketStructureBasicOTCmodelisbilateralnegotiationbrokerfacilitationTheroleofbrokersandexchangescontinuestoexpandasOTCmarketsbecomemoreelectronicandcomplex.TheywillcontinuetoaddservicestoexpandtheirclientbaseElectronicplatformsaregainingtraction,thepossibleemergenceofSEFsmayspeedadoptionforsomeproductsClearinghousescontinuetoexpandtheirOTCcapabilitiesastheygrowthopportunitiesinmeetingmarketdemandsandregulatoryrequirementsRegulatorybodiescontinuetheirattemptstoincreasetransparencyintheOTCmarkets,howeverrulemaking,implementationandenforcementacrossjurisdictionsisinconsistentServicesareexpandingbeyondtradeexecutionandnowincludingmarketdata,tradeprocessingandriskmanagement.Increasedregulationwillmaketheseservicesmorevaluableinthefuture總結–市場結構場外市場基本模式：雙邊協商和經紀商協調隨著OTC市場電子化程度提高并且越來越復雜，經紀商和交易所發揮的作用也越來越大。由于顧客群體不斷增長，經紀商和交易所都將繼續增加其服務電子平臺獲得了發展的動力，互換執行設施的逐步興起會加速OTC市場產品種類增加隨著在滿足市場需求和監管要求方面的機會增加，結算所持續提高其在OTC市場中的能力監管部門努力增加OTC市場的透明程度。然而，不同司法管轄區的條例制定、實施和強制執行并不統一OTC市場服務不斷增加，并不局限于交易執行，目前還包括市場數據、交易處理和風險管理。未來，隨著監管力度加強，上述服務將更具價值AreasofOpportunity機會領域TherearemultipleareasofopportunitywithintheOTCspace,especiallyinnascentmarketsOTCmarketscontinuetogrowonaglobalscale.Webelievethatopportunitieswillcontinuetoemergeinbothestablishedanddevelopingmarkets.Theseopportunitiesinclude:Bringingtogetherlocalcommun