摘要
信用风险控制对于衍生工具交易的顺利进行和衍生工具市场的发展都至关重要。十九世纪中期以来期货交易所和期货清算所的产生和完善 ,反映了场内市场衍生工具信用风险控制的历史演进 ;二十世纪九十年代出现的“衍生产品公司” ,在母公司的支持下 ,依靠“抵押”制度以及信用评级机构和风险评估模型的作用 ,实现了场外市场衍生工具信用风险的有效控制 。
Adequate credit risk control has proven to be of immense significance for the smooth functioning and expansion of derivative markets. The creation and development of futures exchanges and clearinghouses since the mid-eighteenth century portrayed the evolution of credit risk control for exchange-traded derivatives. Since early 1990's, derivative products companies, backed by their parent firms, have achieved effective credit risk control for derivatives traded over the counter and maintained the flexibility and “custom-made”features associated with OTC market, utilizing the “collateral' provision as well as credit-rating agencies and risk modeling.
出处
《金融研究》
CSSCI
北大核心
2000年第6期80-87,共8页
Journal of Financial Research
关键词
信用风险控制
金融衍生工具
发展趋势
金融市场
derivatives
credit risk control
clearinghouse
derivative products companies
