从繁复向简单回归:全球金融衍生品市场发展展望

金融危机之后,全球金融衍生品市场经历了下调到反弹的过程。场内市场交易量的放大、买卖价差的收窄,以及OTC市场的未偿付合约名义价值等指标都表明了这一走势。同时,金融衍生品市场也将呈现结构性分化:一是基础性衍生品将成为未来一段时期衍生品发展的主流;二是结构简单、标准化程度高的单一卖方CDS将受欢迎;三是亚太地区金融衍生品市场表现出巨大的潜力。最后,中央交易机制的建立和合约标准化的加强都将成为金融衍生品监管的趋势。

Return from Complex to Simple:Outlook on the Development of Global Financial Derivatives Markets

After the financial crisis,global financial derivatives markets experienced a process from downward to rebound.This trend can be evidenced by the rise of trading volume,the narrower of bid-ask spreads,and the expansion of notional amounts outstanding.Meanwhile,global financial derivatives markets exhibit a structural differentiation trend.First,basic derivatives will be the mainstream in the near future.Second,single-name CDS with a simple structure and high standardization will be very popular.Third,Asia-P...