香港两大监管机构正在着手加强对场外衍生品交易的监管力度。

Hong Kong two big regulators is working to strengthen the otc derivatives trading regulation.

　　9月5日，香港证监会行政总裁欧达礼（Ashley Alder）强调，香港将于年内建立场外衍生工具结算所（下称“场外结算所”），并对非结算场外衍生工具交易施加较高的资本要求及保证金要求。

On September 5,,Chief executive of the Hong Kong securities regulatory commission champions of rite(Ashley Alder)emphasize,Hong Kong will be set up in years otc derivatives clearing house(said"Otc clearing house"),And to the settlement otc derivatives trading imposed higher capital requirements and margin requirements.

　　“把场外交易集合到一个统一的平台交易，可以说是一个环球趋势。”荷兰合作银行股票衍生部董事黄集恩坦言，场外结算所的建立初衷主要还是从监管的角度出发。

"The over-the-counter set to a unified platform trading,Can be said to be a global trend."The Netherlands cooperative bank stock derived department director said HuangJi grace,The establishment of the clearing house outside the main original intention or from the Angle of supervision.

　　据本报记者了解，场外结算所将由港交所组建，其营运将独立于港交所目前旗下的其他结算所。场外结算所将为香港提供场外衍生工具市场的中央交易对手结算所服务，港交所计划于今年第四季度开始进行若干利率掉期及不交收远期外汇合约的结算操作。

According to our newspaper reporter understanding,Otc clearing house will pay by the port was established,The operation will be independent of port into the present its other clearing house.Otc clearing house for Hong Kong provide otc derivatives market central counterparty clearing house service,Port into the plan in the fourth quarter of the year start on a number of interest rate swap and delivery of forward foreign exchange contracts clearing operation.

利率掉期及NDF只是第一步 Interest rate swap and NDF is only the first step

　　港交所发言人告诉本报记者，组建场外结算所的计划2010年已经提出。去年，港交所联同香港金管局制定场外市场基础设施的总体设计。去年6月，港交所已经就筹建场外结算所事宜，向主要供应商发出征求意见书。

Port into the spokesman told our reporter,Outside a clearing house plans have been put forward in 2010.Last year,The Hong Kong exchange in conjunction with the Hong Kong the hkma otc market infrastructure for the overall design.Last June,Hong Kong exchange has just outside the clearing house matters,Major suppliers to send ask for advice.

　　“私人银行提供的结构性产品、银行间或者机构间的部分交易是在场外进行。”黄集恩指出，目前对于场外交易，市场上并没有统一的规模及交易统计数据，因而很难了解确切的规模。

"Private Banks provide structural products/The bank or institution between between part of the deal is on the street."HuangJi well points out that,At present for over-the-counter trading,The market and has no unified scale and trading statistical data,So it is difficult to understand the exact size.

　　在香港，场外交易统指不在港交所或期交所系统做的买卖，买卖双方经中间人议定价钱进行交易，其合约内容由交易双方自行决定，灵活度较高，投资工具的品种也较多。如利率掉期、信贷违约掉期合约和累计期权等交易所没有的产品。

In Hong Kong,Over-the-counter trading system refers to the port is not pay or futures exchange company system to do business,Both parties agreed price by the broker transactions,The content of the contract by both parties decide,Higher flexibility,The variety of investment tools more also.Such as interest rate swap/Credit default swap contracts and accumulators and exchange not products.

　　欧达礼提供的一组数据显示，目前环球场外交易市场年交易金额近700万亿美元，其中70%属欧美地区交易，亚洲仅占约2%。不过，2004年以来，亚洲场外衍生品特别是利率掉期合约交易规模急增3倍。

Europe to provide courtesy of a set of data display,At present the over-the-counter market years trade amounted to nearly 700 trillion us dollars,70% of Europe and America transaction,Asia accounted for only about 2%.but,Since 2004,Asian otc derivatives especially interest rate swap contracts scale shock 3 times.

　　“场外交易合约一般是以美元或者欧元结算。”黄集恩介绍说，现在，市场参与者一般通过结算代理平台，常用到的如Euroclear、Clearstream等。

"Over-the-counter trading contract general in dollars or euros settlement."HuangJi well said,now,Market participants are generally through the settlement agent platform,Commonly used to like Euroclear/Such as Clearstream.

　　利率掉期及不交收远期外汇合约只是第一步。 港交所预期，新结算所日后亦会处理在香港买卖的其他场外衍生工具，例如股票衍生工具等。

Interest rate swap and delivery of forward foreign exchange contracts is only the first step. Port into expected,A new clearing house in the future will also processing in Hong Kong business other otc derivatives,Such as stock derivatives, etc.

　　“是否一定要参与还是个问题。”黄集恩认为，类似私人银行提供的场外交易产品往往比较复杂，每种产品在细节上存在差异，统一结算平台需要能够应付这种差异性。

"Do I have to participate in is still a problem."HuangJi well think,Similar private bank provides the over-the-counter products tend to be complex,Each product in detail differences exist,Settlement platform need to be able to deal with this kind of difference.

　金管局证监会联手 The hkma to CSRC

　　除了场外结算所，金管局还着手设立交易资料储存库配合场外结算所，该储存库将负责收集有关场外衍生工具交易的数据，作为香港场外衍生工具市场交易记录的中央登记处兼电子数据库。

In addition to otc clearing house,The hkma also set out to set up transaction information repository with street clearing house,The repository will be responsible for collecting relevant otc derivatives transaction data,As Hong Kong otc derivatives market transaction records of the central office and electronic database.

　　此外，强制结算及汇报的全面法例修订预期于明年中完成。新设的场外衍生工具制度将由金管局和证监会联合监察和规管，其中，金管局负责认可机构及核准货币经纪的场外衍生工具活动，证监会则负责包括持牌法团在内的所有其他人士的场外衍生工具活动。

In addition,Forced settlement report and comprehensive legislation revised the Ming years is expected to finish.The newly established otc derivatives system will was managed by the hkma and securities regulatory commission jointly supervisory and regulatory,the,The hkma is responsible for the authorized institution and approved currency brokerage over-the-counter derivatives activities,Securities regulatory commission is responsible for including licensed method group, all other people's otc derivatives activities.

　　目前，对于非结算场外衍生工具的资本要求及保证金要求，香港监管机构还没有出台更多细节。咨询文件显示，等国际证监会组织及巴塞尔委员会共同就保证金要求发表最后建议，以及巴塞尔委员会的银行相关资本要求指引有了最后定案后，监管机构将会就提出有关这方面的具体建议再次进行咨询。届时，金管局也会就巴塞尔委员会发出的任何相关指引，另行咨询银行及接受存款业界团体的意见。

At present,In the settlement otc derivatives capital requirements and margin requirements,Hong Kong regulators are not yet available for more details.Consulting documents show,The CSRC and other international organizations and the Basel committee will jointly published margin requirements final proposals,The Basel committee and the relevant bank capital requirements guidelines are the final after,Regulators will put forward the concrete Suggestions for advice again.the,The hkma also will Basel committee issued any related guidelines,Further consultation Banks and deposit-taking industry group opinion.