部分衍生品柜台交易已被集中清算: LCH.Clearnet的掉期清算业务中利率掉期账面值达290万亿美元。但多数OTC衍生品交易并未进行清算。2009年颁布的一项20国集团决议为标准化OTC产品进入清算所制定了一个框架。这一框架可通过世界范围内的零星立法来实施,最重要的立法有美国的多德弗兰克法案和欧洲的欧洲市场基础设施监管条例,该条例于3月29日获欧洲议会投票通过。剩下的双边交易对银行来说都要昂贵得多。
All of which means that the volume of business flowing to clearing-houses, and the fees theycan charge, will rise. For a stock exchange like the LSE, whose trading volume in cashequities is being eroded by much cheaper multilateral platforms, it makes sense to riskoverpayingthe deal values LCH.Clearnet at around 800m to secure abusiness that is almost bound to grow by regulatory fiat.
所有这些都意味着流向清算所的业务量,及其收取的费用会增加。对于像LSE 这样的证券交易所来说,其股票现货交易量将受到更便宜的多边交易平台打压,冒险多掏钱购入一项在监管法令下势必会增长的业务是有意义的。LSE购入 LCH.Clearnet 股权的交易额约达8亿欧元。
Others are also crowding round. NYSE Euronext s merger with Deutsche Borse would haveplugged it into Eurex Clearing, the German exchange s CCP. Now it will work on making NYSELiffe Clearing, which clears the trades on London s Liffe futures exchange, a full CCP. OnMarch 28th it announced plans for its continental derivatives-clearing activity to migratethere by early 2014, subject to regulatory approval .
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