我国衍生品市场加快发展正当时  

China's Derivatives Market Development Accelerates

作　　者：鲁政委[1,2,3] Lu Zhengwei

机构地区：[1]兴业银行 [2]华福证券 [3]兴业研究公司

出　　处：《复印报刊资料（投资与证券）》2023年第4期7-15,共9页INVESTMENT AND SECURITIES

摘　　要：我国银行间市场从一开始时就没有采取西方那种“场外模式”,而是采取了更为接近2008年金融危机加强监管改革之后的市场组织模式,这使我国银行间市场在衍生品发展上具有制度优势。随着我国金融市场化改革的推进,利率波动加大、信用打破刚兑,资产负债结构中有大量利率、信用等基础产品的商业银行和其他市场各方,对利率、信用等衍生品的需求不断增加,由此驱动近年来我国衍生品的深度与广度不断提高。China's interbank market has not adopted the Western style"OTC model"but has used a regulated market model similar to the OTC market since regulatory reforms were rolled out following the 2008 financial crisis.This has given China's interbank market an institutional advantage in developing a derivatives market.With the advancement of China's financial market reforms,interest rate volatility has increased,the rigid payment issue has been resolved,and commercial banks and other market parties with a large number of interest rate and credit-based products have increased their demand for interest rate and credit derivatives in order to hedge their risks.This in turn has expanded the depth and breadth of the derivatives market.

关 键 词：衍生品 利率期权 对冲工具 发展趋势 

分 类 号：F832.5[经济管理—金融学]