【作者】 张蕾；

【导师】 汪滔；

【作者基本信息】 上海交通大学 ， 高级工商管理（EMBA）（专业学位）， 2015， 硕士

【摘要】 现阶段,我国已进入构建大宗商品多层次市场体系的关键时期,该体系主要包括现货市场、场外衍生品市场以及期货市场等三个具备不同功能定位、运行机制却又相互连接的市场类型。其中,场外衍生品市场立足于现货、服务于现货,不仅可以通过多元化、个性化的产品创新满足交易主体差异化的风险管理需求,而且也是促进产品标准化进入期货市场、积极促进期货市场发展的重要基础。然而,我国大宗商品衍生品市场一直以来偏重于发展期货市场,场外衍生品市场尚处于起步阶段,仍有较大发展空间。在此背景下,充分借鉴国际场外大宗商品衍生品中央对手清算发展经验,积极推动我国场外大宗商品衍生品市场发展、壮大,对于完善我国大宗商品多层次市场体系建设具有重要意义。本文在对国际场外大宗商品衍生品中央对手清算业务进行深入研究的基础上,重点对我国刚刚兴起的以中央对手清算机制为核心的场外大宗商品衍生品市场发展现状进行分析,并就市场后续发展提出了规划和建议。更多还原

【Abstract】 Currently, China has entered the critical moment of establishing commodity multilevel market system, mainly including spot market, OTC derivatives market and future market, three related markets with different functional positions and operating mechanism. OTC derivatives market is built on spot products and also serves spot products, which can meet participants’ different risk management needs through diversified and personalized product innovation, and it is also the significant foundation of pushing product standardization into future market and positively promoting future market’s development. However, commodity derivatives market pays more attention to future market in China, and OTC derivatives market with more space to develop is still in the starting period. Under this situation, China should learn from CCP of international OTC commodity derivatives market’s development experience, and promote our OTC commodity derivatives market develop and grow up. It is extremely meaningful to improve the construction of China OTC commodity multilevel market system.This paper focuses on analyzing the arising CCP clearing centered China OTC commodity derivatives market, based on the deep research over international OTC commodity derivatives CCP clearing business. Then, the writer gives suggestions and plan for the market’s further development.更多还原