在金融危机时期，交易对手信用风险（Counterparty Credit Risk，CCR）成为市场波动的放大器，给整个国际金融体系带来了巨大的冲击和影响，当交易对手信用风险与市场风险交织在一起时，错向风险（Wrong Way Risk）就会出现。危机后，交易对手信用风险的度量、监控、缓释和治理成为金融监管的核心问题，与交易对手信用风险关系密切的错向风险也成为市场参与者和监管机构关注的焦点。

During the financial crisis,Counterparty credit risk(Counterparty Credit Risk,The CCR)As market volatility of the amplifier,To the whole of the international financial system has brought the huge impact and influence,When counterparty credit risk and market risk together,Wrong to risk(Wrong Way Risk)There will be.After the crisis,Counterparty credit risk measure/monitoring/Slow release and management become the core issue of financial regulation,And counterparty credit risk is closely related to the wrong risk has become the focus of market participants and regulators.

　　从“无风险”套利谈起 From the"No risk"Carry about

　　交易对手信用风险主要存在于场外衍生品市场和证券融资业务，其中以场外衍生品市场为主要风险来源。无风险套利是金融衍生品市场重要的交易策略，而基于无风险套利形成的无风险定价理论则成为衍生品定价的普遍方法。

Counterparty credit risk mainly exist in the over-the-counter derivatives market and securities financing business,The otc derivatives market as the main source of risk.Risk-free arbitrage is important financial derivatives market trading strategies,Based on risk-free arbitrage and risk-free pricing theory has become a widespread derivatives pricing method.

　　根据无风险套利策略，当价格关系出现偏离时就会出现套利机会，通过在市场上的买卖对冲，就可以锁定利润，避免市场价格变动带来的影响。这种交易策略在金融危机前被广泛采用，很多国际投行甚至通过量化投资，实现策略精准实施，获取了大量利润。然而，无风险套利真的是“无风险”的吗？其实不然。无风险套利规避的仅仅是市场波动带来的风险，即市场风险，而没有规避交易对手的信用风险。在无风险套利交易策略中，策略两端的交易都会面临交易对手信用风险。如果交易对手为国际金融巨头，那么交易对手信用风险可能较低，但并非没有风险。

According to risk-free arbitrage strategy,When the price relations appeared deviation will appear arbitrage opportunities,By buying and selling in the market hedge,You can lock in profits,To avoid the impact of market price change.This kind of trading strategy is widely used before the financial crisis,Many international investment Banks and even through the quantitative investment,Implementation strategy for accurate implementation,Get a lot of profits.however,Really is risk-free arbitrage"No risk"??It's not.Risk-free arbitrage avoid merely brings the risk of market fluctuations,The market risk,Without hedge counterparty credit risk.In the risk-free arbitrage trading strategies,Strategy at the ends of the transaction will face counterparty credit risk.If the counterparty for international financial giants,The counterparty credit risk is low,But it is not without risk.

　　与此类似，银行参与涉及衍生品背对背交易或者自营交易也会出现对冲了市场风险，却带来交易对手信用风险的情形。以国内银行为例，银行与国内某企业签订了外汇远期合同（美元兑换欧元）。银行在美元相对欧元升值时获利，企业在美元贬值时获利。不考虑银行收取的服务费用，这个交易的初始价值为零。银行与外资投资银行签订了一笔金额相同，但是头寸相反的交易，用以对冲市场风险。在本项交易中，银行将在美元相对欧元贬值时获利。未来可能存在两种情形：第一种情形，正如该企业预期的，美元币值贬值。那么银行欠企业钱，而投资银行则将欠银行钱。如果投资银行违约，银行需要平仓，其损失金额就是外汇远期空头的重置成本。第二种情况，与该企业预期的相反，美元币值升值。结果，企业欠银行钱。如果该企业违约，银行平仓后的损失，就等于外汇远期多头的重置成本。由此可见，银行对冲了所有市场风险，却保留了与该企业、投资银行的交易对手风险。

Similar to this,Back to back Banks involving derivatives transactions or proprietary trading hedge the market risk may arise,Bring a counterparty credit risk.In domestic Banks, for example,Bank signed with a domestic enterprise foreign exchange forward contract(Dollars for euros).Bank profit when the dollar has fallen against the euro,Enterprises in the value of the dollar profit.Regardless of the Banks charge service fees,The deal of the initial value of zero.Banks with foreign investment bank signed a amount is the same,But positions instead of trading,Used to hedge market risk.In this deal,The bank will profit when the dollar against the euro depreciation.There may be two kinds of situations in the future:The first case,As the enterprises expect,Value of the dollar depreciation.So bank owe the company money,While investment banking will owe the bank money.If investment Banks to default,Banks need to unwind,The loss amount is short foreign-exchange forward replacement cost.The second case,The opposite of what the business forecast,Value of the dollar to appreciate.As a result,Companies owe the bank money.If the defaults,Banks unwind after loss,Is equal to the replacement cost of foreign exchange forward long.Thus it can be seen,All Banks hedge the market risk,Is retained in the enterprise/Investment bank counterparty risk.

　　因此，无风险套利并非真正的“无风险”，那么基于无风险套利分析框架形成的衍生品无风险定价方法也就不再“合理”。基于无风险方法的一般衍生品定价也只是考虑规避了市场风险的定价，而没有考虑交易对手信用风险。因此衍生品盛行的西方金融市场成为金融危机的重灾区，交易对手信用风险给其带来了极大的破坏性冲击。传统的衍生品无风险定价方法将不再合理，未来必须将信用风险纳入定价，从而做到真正的无风险定价。

so,Risk-free arbitrage is not real"No risk",Then based on risk-free arbitrage analysis framework formed by derivatives risk-free pricing method is no longer"reasonable".General derivatives pricing method based on risk free is only consider the pricing to evade the market risk,Without considering the counterparty credit risk.Derivatives prevalent in western financial markets become a major disaster area of the financial crisis,Counterparty credit risk has brought the huge destructive impact.Traditional derivatives risk-free pricing method will no longer reasonable,The future must be included in the credit risk pricing,To do the real risk-free pricing.

　　风险转让中的交易对手信用风险 Transfer risk of counterparty credit risk

　　出于风险转让（规避）的目的，金融创新大大增加了金融市场中的衍生品种类，促进了衍生品市场的发展。在2008年上半年，全球衍生品市场交易名义本金就高达531万亿美元，虽然在2009年后有所下降，但市场交易名义本金仍然高达450万亿美元。衍生品市场巨大的交易中隐藏着重大的风险，即交易对手信用风险。

Out of risk transfer(To avoid)The purpose of,Financial innovation has greatly increased the derived types in the financial markets,To promote the development of the derivatives market.In the first half of 2008,Global derivatives market transactions in the name of the principal is as high as $531 trillion,Although falling in 2009,But market transactions in the name of the principal still as high as $450 trillion.Derivatives market huge hidden major risk in the deal,The counterparty credit risk.

　　金融衍生品使得金融风险可以进行分离或者合成，这一技术可以实现复制现货买卖而不用现货交割，为风险管理提供了巨大便利。然而，金融衍生品只是将风险合成，即将“合成风险”进行转让，而非消灭风险。当金融机构将“合成风险”进行转让时，如进行背对背平盘交易，或者购买CDS（信用违约掉期）进行保护，事实上因为客户关系、合同的特殊约定并不能完全复制，对冲全部风险是不可能的。因此在风险转让过程中，交易的各方并不完全隔绝的，就像藕断丝还连，这里的“丝”就是交易对手信用风险。

Financial derivatives have made the financial risk can be separated or synthetic,This technology can realize reproduction spot without delivery,Provides great convenience for risk management.however,Financial derivatives risk only the synthesis,Is about to"Synthesis of risk"To transfer,Rather than eliminate the risk.When the financial institutions"Synthesis of risk"During the transfer,Such as flat back to back transactions,Or buying CDS(Credit default swaps)To protect,In fact because the customer relationship/Special contract cannot fully copied,Hedge against all risk is impossible.So in the process of risk transfer,Transaction parties is not isolated,Like the lotus root is even broken wires,here"silk"Is the counterparty credit risk.

　　举个例子来讲，就银行的代客交易业务进行背对背平盘，存在两端两笔交易业务，即在A端与客户进行交易时，会同时在B端进行同样的一笔交易，实现背对背平盘。当市场向A端客户有利方向发展时，在B端交易中就出现了交易对手信用风险；反之当市场向A端客户不利方向发展时，A端存在交易对手信用风险。从背对背平盘交易来看，银行对冲了所有的市场风险，却出现了交易对手信用风险，银行两端的客户虽然没有直接的交易，却因为银行的交易对手信用风险而互相联系在一起。

Give you an example,Valet trading business of the bank back to back flat,Both business deals on both ends,When A client to trade with the customer,Will be the same on B at the same time a deal,Realize the flat back to back.When the market to develop in the direction of a-end customer favor,On the B side deals in the counterparty credit risk;Conversely when the market to develop in the direction of a-end customer adverse,There is A counterparty credit risk A side.From the flat back to back transactions,All Banks hedge the market risk,Have the counterparty credit risk,At the ends of the bank customers although there is no direct trading,But because the bank counterparty credit risk associated with each other.

　　将风险合成并实现转让方便了风险管理，促进了金融衍生品的快速发展，然而事实上“风险转让”只是“将问题转化为新问题”，规避了市场风险，却引发了交易对手信用风险。在金融衍生品市场快速发展、金融衍生品交易迅速增加的同时，交易对手风险也随之迅速积累，成为金融体系、金融市场中新的问题。

Synthesize risk transfer and realize convenient for risk management,Promote the rapid development of financial derivatives,But in fact"Transfer of risk"just"Problem can be converted to new problems",Avoid the market risk,Has triggered counterparty credit risk.In the financial derivatives market quick development/Along with the increase of the financial derivatives trading quickly,The counterparty risk also will accumulate quickly,As the financial system/New problems in the financial markets.

　　交易对手信用风险的特性 Counterparty credit risk characteristics

　　交易对手信用风险不同于传统的借贷风险、市场风险、信用风险，具有其特殊性，并与其他风险有着密切的联系。

Counterparty credit risk is different from the traditional credit risk/Market risk/The credit risk,Has its particularity,And with other risk has a close connection.

　　交易对手信用风险与传统的借贷风险（Lending Risk）不同，主要有两个方面：一是动态的风险敞口。借贷风险主要来自于贷款、信用卡、抵押贷款以及债券等交易，在交易初期就已经有确定的正风险暴露，风险敞口是静态的。对于交易对手信用风险则主要存在于衍生品交易当中，如OTC市场（场外交易市场）和证券融资业务，合约的经济价值为在交易对手违约时合同规定的所有未来现金流的净值，可为正，可为负，具有极高不确定性，因此交易对手违约时风险暴露存在不确定性，其风险敞口是动态变化的，不同于借贷风险的静态敞口。二是风险敞口是双向的。来自于贷款、信用卡、抵押贷款以及债券等交易只有交易一方承担该风险，而对于OTC市场和证券融资业务，正是由于其主要交易衍生品，其交易具有高杠杆性，并且风险是双向的，这是由于其合约价值的不确定性决定的。由于合约价值可为正，可为负，当自身浮盈时，自身存在交易对手风险，交易对手可能违约，而当自身浮亏时，交易对手存在交易对手信用风险，即自身可能会违约，因此风险敞口是双向的，不同于借贷风险的单向风险敞口。

Counterparty credit risk with the traditional lending risk(Lending Risk)different,There are two main aspects:A dynamic risk exposure.Credit risk mainly comes from the loan/The credit card/Mortgage loans and bonds and other transactions,At the beginning of the transaction has certain positive exposure,Exposure is static.For counterparty credit risk mainly exists in derivatives trading,Such as over-the-counter (OTC) market(Over-the-counter (otc) market)And securities financing business,Contract of economic value in a counterparty default under the contract of all future net cash flows,For is,Can be negative,Has a very high uncertainty,So when counterparty default risk exposure uncertainty,The exposure is a dynamic change,Different from static exposure of credit risk.Secondly, risk exposure is a two-way street.From the loan/The credit card/Trading of mortgage loans and bonds only one party to assume the risk,For the OTC markets and securities financing business,It is because of its main trading derivatives,Its trading is highly leveraged,And the risk is bidirectional,This is due to the uncertainty of the contract value.Because of the contract value can be positive,Can be negative,When their own gains,Own existence counterparty risk,Counterparty might default,When its negative,There is a counterparty credit risk counterparties,Which itself might default,Therefore exposure is a two-way street,Different from credit risk exposure in one direction.

　　与市场风险（Market Risk）相比，对冲交易对手信用风险比较困难：通过对整个投资组合的对冲头寸进行动态调整就可以有效规避市场风险，然而规避交易对手信用风险需要在交易对手层面动态调整CDS头寸，但这很难实现，一则成本太高，二则对小公司来说缺乏具流动性的金融工具。实践中交易对手风险对冲主要针对在投资组合层面管理预期损失，并对需要特别关注的交易对手进行风险规避。

With the market risk(Market Risk)Compared to the,It is difficult to hedge counterparty credit risk:Through to the whole portfolio hedge positions dynamic adjustment can effectively avoid market risk,However, avoid counterparty credit risk need to dynamically adjust the CDS counterparty level positions,But it is difficult to achieve,A cost is too high,Second for small companies, the lack of liquidity of the financial instruments.In the practice of counterparty risk hedge management mainly aims at the portfolio level expected losses,And the need to pay special attention to counterparty risk.

　　与传统信用风险（Credit Risk）相比，交易对手信用风险对市场波动更加敏感和传染性，原因在于危机期间，市场波动性上升而造成衍生品风险暴露增加，与此同时交易对手违约概率上升。交易对手信用风险存在于金融机构之间，而金融机构的信用水平在危机时期会变得高度相关。由于金融机构的相互依赖性，交易对手信用风险不仅对单个企业存在威胁，同时对全球金融系统的稳定也存在严重威胁。这不是危言耸听，1998年美联储和美国投资银行联合救助长期资本管理公司（LTCM），及2008年全球金融系统面临深渊，都充分证实了这一点。传统的信用风险主要出现在信贷业务中，对市场波动的敏感性较低，且信用风险在金融机构间的传染性也比交易对手信用风险低很多。

With the traditional credit risk(Credit Risk)Compared to the,Counterparty credit risk is more sensitive to market fluctuations and infectious,The reason is that during the crisis,Caused by rising volatility derivatives exposure increases,At the same time increase counterparty default probability.Counterparty credit risk exists between financial institutions,While the financial institutions credit level will become highly relevant in times of crisis.Due to the interdependence between the financial institutions,Counterparty credit risk threat not only to the individual enterprise,At the same time also to the stability of the global financial system there is a serious threat.This is not alarmist,In 1998 the federal reserve and the U.S. investment bank rescue of long-term capital management(LTCM),And in 2008 the global financial system faces the deep,Are fully confirms this.The traditional credit risk mainly appears in the credit business,Sensitivity to the market volatility is low,Between financial institutions and credit risk of infectious than counterparty credit risk is much lower.

　　交易对手信用风险之所以难以管理，一方面在于其与市场风险、流动性风险、操作风险密切相关。风险敞口是以市场价值计算的，风险损失是当交易对手违约时按市场价格复制该头寸的成本，因此风险敞口与市场风险关系密切，交易对手信用风险与交易对手的流动性也关系密切，比传统的信用风险要复杂得多。另一方面，交易对手信用风险还与交易对手信用质量密切相关，尤其是当风险敞口与交易对手信用质量相关时，交易对手信用风险就更为复杂。交易对手风险依赖于风险暴露和交易对手的信用质量，但如果两者存在某种程度的关联并同时恶化，就会带来错向风险。风险敞口和违约概率同时随着市场波动而同向变化时，由错向风险造成的潜在风险损失就会增加。如对于看跌期权，当股票价格下跌时，期权价值随之增加，期权买方的交易对手违约的概率也会随之提高，错向风险的产生使得交易对手总体风险迅速增加。

Counterparty credit risk is difficult to manage,On the one hand is its and market risk/Liquidity risk/Closely related to operational risk.Exposure is a calculation of market value,When counterparty default risk loss is replicated at market prices the cost of the positions,So closely related to exposure to risk and market risk,Counterparty credit risk and counterparty liquidity also close,Credit risk is more complicated than traditional.On the other hand,Counterparty credit risk is closely related with counterparty credit quality,Especially when the risk exposure is associated with counterparty credit quality,Counterparty credit risk is more complex.Counterparty risk depends on the risk exposure and counterparty credit quality,But if there is some degree of involvement and deteriorating at the same time,There would be a mistake to the risk.Exposure and probability of default and direction changes with market volatility,Is caused by wrong to risk the potential risk of loss will increase.As for the put option,When stock prices fall,The option value will increase,Option of the buyer counterparty default probability will also be increased accordingly,Wrong to produce makes the overall risk of counterparty risk increase rapidly.

　　风险防范及管理措施 Risk prevention and management measures

　　风险转让熨平了市场波动给金融机构带来的负面影响，成为金融机构风险规避和风险摊薄的重要途径。此次金融危机让人们认识到：交易对手信用风险使金融机构关联性增强，不仅对单个企业存在威胁，同时对全球金融系统的稳定也存在严重威胁；金融机构淡薄的风险管理意识将会危及整个金融体系，“大而不倒”或者“大而不允许倒”的幻想被现实击破。交易对手信用风险成为未来风险管理的重点。

Ironed the risk transfer of the negative effects of market volatility to financial institutions,As financial institutions risk aversion and risk diluted the important way.The financial crisis let people realize:Counterparty credit risk correlation enhancement to financial institutions,Not only to the individual enterprise threat,At the same time also to the stability of the global financial system there is a serious threat;Financial institutions are weak consciousness of risk management will endanger the entire financial system,"Too big to fail"or"Large and are not allowed to fall"The reality fantasy style.Counterparty credit risk has become the focus of risk management in the future.

　　转变管理理念，提高风险计量水平。全视图的流程风险管理应当是未来交易对手信用风险管理的基本框架。摩根大通、高盛等国际大型金融机构已经逐步建立全面的风险管理框架，从风险识别、风险度量到押品管理、风险缓释都形成了完善的流程管理。在流程管理中，对风险的度量提出了更高的精度要求。根据巴塞尔新资本协议要求，未来风险度量的方法将有标准法向内部模型法转变，这不仅能够提高风险度量的精度，也能够实现批量计算，便于风险的汇总和净额结算。

Change management concept,Raise the level of risk measurement.Full view of the process of risk management should be a counterparty credit risk management framework in the future.J.p. Morgan chase & co./Goldman sachs and other international large financial institutions has been gradually set up a comprehensive risk management framework,From risk identification/Risk measures to detain goods management/Risk slow-release has formed the complete process management.In the process management,Higher accuracy are put forward for risk measurement.According to the new Basel capital accord requirements,The future risk measurement method will have a standard method to internal model approach,It can not only improve the accuracy of risk measurement,Also can realize batch calculation,Facilitate risk aggregation and netting.

　　使用净额结算，加强押品管理。净额结算是指与交易对手存在多笔交易时，对多笔交易进行汇总后结算。根据ISDA协议（ISDA主协议是由国际掉期和衍生品交易协会International Swap andDerivatives Association，ISDA——发布的标准协议。）使用净额结算，可以降低风险暴露，避免交易对手违约概率飙升时风险敞口的急剧增加，降低了错向风险。押品和保证金是交易对手风险管理中的重要风险缓释手段，根据信用支持协议（CSA协议）（《信用支持协议》是国际互换与衍生品协会总协议的重要组成部分，其对交易双方相互交付抵押品的具体细节做出规定：市价评估时间、方式、抵押品的种类、数量，交付抵押起点金额，抵押利息计算和争议解决等），当押品的市场价格和交易对手信用质量发生变化时，可以对押品的价值进行调整，从而降低风险暴露，降低违约时的损失率。2009年，中国银行(601988,股吧)间市场交易商协会推出了“中国化的ISDA主协议”，即《中国银行间市场金融衍生品交易主协议》（NAFMII），这成为中国金融衍生品市场的押品管理协议。

Use the netting,Strengthen and product management.Netting is when there is a more deal with counterparties,Carries on the summary for more deal after settlement.According to the ISDA agreement(ISDA master agreement is by the International swaps and derivatives Association International Swap andDerivatives Association,The standard protocol for ISDA - release.)Use the netting,Can reduce exposure,Avoid exposure to soaring counterparty default probability has increased dramatically,Reduces the fault to the risk.Detain goods and deposit is an important risk slow-release in counterparty risk management measures,According to the credit support agreement(CSA agreement)([Credit support agreement]Is the international swaps and derivatives association is an important part of the total agreement,To trade both parties mutually stipulates the delivery details of collateral:Market assessment time/way/The kinds of collateral/The number,The amount of delivery mortgage starting point,Mortgage interest calculation and dispute resolution, etc),When joab and counterparty credit quality of the market price of the product changes,Can adjust and the value of the goods,To reduce exposure,Reduce the default loss rate.In 2009,,The bank of China(601988,stocks)Launched between dealers association"The sinicization of ISDA master agreement",That is[China's interbank market of financial derivatives trading master agreement](NAFMII),It become China's financial derivatives market and product management protocol.

　　建立CVA交易台，规避错向风险。新巴塞尔资本协议在资本计提和资本质量方面的新规都对金融机构风险控制提出了更加严格的要求。信用价值调整（Credit Valuation Adjustment，CVA）是指对冲交易对手信用风险的成本，它基于与交易对手投资组合的所有交易而得出。新巴塞尔协议要求将CVA纳入会计处理，并计提资本。单个交易者支付给CVA交易台一笔费用（CVA费用），CVA交易台使用该费用来覆盖对冲交易存续期内相关风险的成本。当交易对手实际违约时，所有产品的全部费用应该被作为部分的缓冲，考虑到与同一交易对手的净额结算效应，CVA交易台向交易者或者工司补偿等同于衍生品盯市价值损失的部分。通过建立CVA交易台，可以实现交易对手信用风险的有效管理，规避错向风险。

Establish CVA desk,Avoid wrong to risk.The new Basel capital accord in the provision of capital and capital quality aspects of the new rules for financial institutions risk control more strict requirements are put forward.Credit value adjustment(Credit Valuation Adjustment,CVA)Refers to a hedge counterparty credit risk cost,It is based on and counterparty in a portfolio of all transactions and concluded.Basel ii requirements will CVA incorporated into the accounting treatment,And the depreciation of capital.Individual traders pay CVA desk a fee(CVA charge),CVA will use the fees to cover the period related to hedging risk cost.When the actual default counterparty,All the full cost of the product should be as part of a buffer,Considering the netting effect with the same counterparty,CVA trading desks to the trader or the company compensation equal to the derivative parts of mark-to-market losses.Through the establishment of CVA trading desks,Can realize effective counterparty credit risk management,Avoid wrong to risk.

　　建立中央清算系统。将中央交易对手机制引入交易对手清算系统，单个机构将其交易对手风险转移到中央交易对手，由中央交易对手集中进行管理。对于单个机构，其交易对手风险都转移给中央交易对手，规避了风险；对于中央交易对手，在多边的净额中可以获得收益，但承担了转移过来的信用风险；对于整个金融体系，交易对手风险集中到中央交易对手，存在风险集中的隐患，如果风险集中度过高，中央交易对手无法继续进行清算，将危机金融体系的稳定运行。中央交易对手被要求严格集中管理其风险，避免出现上述情形。

To set up central clearing system.Introduce the mechanism of central counterparty counterparty clearing system,Individual institutions to the counterparty risk is transferred to the central counterparty,Managed by central counterparties.For a single organization,The counterparty risk is transferred to the central counterparty,Avoid the risk;For the central counterparty,In a multilateral net benefit can be obtained,But the transferring credit risk;For the entire financial system,Counterparty risk is concentrated in the central counterparty,Risk concentration of hidden dangers,If the risk concentration is too high,Central counterparties can not continue to carry out the liquidation,Will the crisis of the financial system and stable operation.Central counterparties are required to strictly manage their risk,To avoid the above situation.

　　国内交易对手风险管理的挑战和展望 Counterparty risk management of domestic challenges and outlook

　　与国际大型金融机构相比，国内金融机构在交易对手风险管理方面还有很多路要走。银监会在2012年《商业银行资本管理办法（试行）》中明确提出计量所有衍生产品和证券融资交易的CCR风险加权资产的标准方法，要求银行等金融机构重视交易对手信用风险，并将其纳入监管体系。然而从实施层面来看，银行开始识别风险到提出相应的方法论再到建立起风险管理系统都需要时间，银监会提出详细的监管标准和方法也需要时间，交易对手信用风险的管理和监管不可能一蹴而就。

Compared with the international large financial institutions,Domestic financial institutions in counterparty risk management there are many way to go.Banking regulatory commission in 2012[Commercial bank capital management approach(On a trial basis)]Explicitly put forward measure all the derivatives and securities financing transactions of The CCR risk-weighted assets standard method,Attaches great importance to the counterparty financial institutions, such as requiring Banks to credit risk,And be included in the regulatory system.However, from the level of implementation,Banks began to identify risks to put forward the corresponding methodology to establish risk management system will take time,Banking regulatory commission puts forward detailed regulatory standards and methods also need time,Counterparty credit risk management and regulation will not happen overnight.

　　在风险管理方面将国外的技术引入国内，可能还面临这具体实施的问题。比如说，国内衍生品市场多采用保证金交易，较少采用抵押协议，而按照ISDA主协议国际衍生品交易多采用抵押品作为风险缓释方法，保证金协议在多大程度上能够替代抵押协议值得商榷。以银行来说，其国内的衍生品交易对手多为国内大型的企业、机构，这些企业、机构同时也是商业银行重要的银行账户客户，是其存款大客户，迫于存款压力，银行在抵押协议上的议价能力和执行能力可能会降低，保证金协议和抵押协议在很多时候都很难得到有效执行，抵押协议的适用性也是国内交易对手信用风险管理的难点之一。

In the risk management aspects of introducing foreign technology in domestic,Could also face this specific implementation issues.For instance,With margin trading derivatives market in China,Less use mortgage agreement,And according to the ISDA master agreement the international derivatives trading method USES the collateral risk slow release,Margin agreement to what extent can replace mortgage is questionable.In a bank,Derivatives counterparties in the country more than for domestic large enterprises/institutions,These companies/Institutions at the same time is also important to commercial bank account customers,Is the deposit big customer,Pressure from deposits,Bank in the mortgage agreement may reduce the bargaining power and executive ability,The margin agreement and mortgage agreement in many cases it is difficult to get effective implementation,The applicability of the mortgage agreement is domestic counterparty credit risk management of one of the difficulties.

　　此外，目前国内对交易对手多采用事前调查和限额管理相结合的方法来控制风险。然而在事前调查中，由于信息不对称或者对第三方机构的依赖，可能无法得到交易对手真实的信用状况；而采用授信额度的管理仍旧是在信用风险的管理框架下，不能有效地控制交易对手信用风险。对于跨行业、跨地域、跨金融产品的交易对手，尤其是跨境交易对手的交易对手风险管理也是是管理的难点。在风险管理上只有突破这些障碍，交易对手风险才能得到有效的管理和控制。

In addition,At present domestic to counterparties with preliminary investigations and quota management of combining the method to control the risk.However, in the prior survey,Due to information asymmetry or dependence on third parties,May not be able to get a counterparty real credit conditions;And by means of credit management is still in credit risk management framework,Can't effectively control counterparty credit risk.For cross-industry/Across the region/Across counterparty financial products,Especially cross-border counterparty counterparty risk management is also is a key problem for management.Only overcome these hurdles in risk management,Counterparty risk can obtain the effective management and control.

　　（作者单位：中国人民大学博士后流动站中国工商银行(601398,股吧)博士后工作站中国工商银行北京分行） 

(The author unit:Post-doctoral mobile stations, renmin university of China industrial and commercial bank of China(601398,stocks)Postdoctoral workstation to industrial and commercial bank of China Beijing branch)