变化中的OTC衍生产品的交易后安排

文章讨论了OTC衍生品的主要特点及其与交易后处理的联系，回顾了信用衍生品与其它衍生品合约中确认积压和未通知的更新交易所带来的问题，并介绍了市场上交易后服务的近期发展，如考虑中央对手方机制、数据仓库或者多边终结之类的多边元素如何能够改进市场参与者之间的信患流管理。

Changing post-trading arrangements for OTC derivatives

This paper offers a discussion of the main characteristics of OTC derivatives and their implications for post-trade processes. It then reviews the problems of confirmation backlogs and unnotified novations, as well as recent developments in the market for post-trade services. Finally, the paper considers how multilateral elements such as central counterparties, data warehouses or multilateral terminations can improve the management of information flows between market participants.