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场外交易市场指的是一个去中心化的金融市场,交易直接在双方之间进行,无需通过中央交易所。场外市场通常用于衍生品、外汇、大宗商品和固定收益工具的交易。

场外交易市场的主要特点

去中心化结构:与交易所交易产品不同,场外交易不在正规交易所挂牌。它们通过交易商网络、经纪商平台或电子交易系统进行。

定制化:场外合约可以在合约规模、到期日和结算条款等方面量身定制,为机构和专业投资者提供了灵活性。

对手方风险:由于没有中央清算所,每个参与者都需承担交易对手可能违约的信用风险。

透明度较低:与交易所交易工具相比,价格和成交量数据的公开可见性较低,市场信息更为分散。

场外交易市场的运作方式

在场外交易市场中,交易通过经纪公司、交易商网络或电子交易系统进行。每笔交易都是双边交易,即双方就价格、规模、结算及其他条款达成一致。

场外交易产品示例

● 货币或大宗商品的远期合约

● 利率互换和交叉货币互换

● 无本金交割远期

● 为特定对冲需求设计的结构化期权

场外交易市场与交易所交易市场的对比

特性 场外交易市场 交易所交易市场
交易方式 去中心化(双边) 中心化(受监管的交易所)
合约类型 可定制合约 标准化合约条款
透明度 有限的公开数据 价格和成交量透明度高
对手方风险 较高 较低(清算所充当中间方)
灵活性 中等

场外交易市场的重要性

场外交易市场对于全球金融和风险管理至关重要。它使机构能够:

● 对冲无法通过上市工具解决的风险敞口

● 在标准化程度较低或新兴市场产品中获得流动性

● 根据独特的公司或投资需求定制衍生品

场外交易市场完善了交易生态,提供了执行复杂投资策略所需的灵活性和市场深度。

东证期货国际(新加坡)简介

东证期货国际(新加坡)私人有限公司是上海东证期货有限公司的直属全资子公司,也是东方证券股份有限公司的间接控股子公司。

作为持有新加坡金融管理局(MAS)颁发的《资本市场服务许可证》的机构,我司提供全方位资本市场服务,涵盖证券、场内衍生品、场外衍生品及杠杆外汇等多类产品。

东证期货新加坡是亚太交易所、新加坡衍生品交易所以及洲际新加坡交易所的交易和清算会员,为客户提供覆盖国际市场的综合交易服务。

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