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01
Definitions #
Derivative contracts negotiated directly between two parties, outside regulated exchanges, with customized terms.
Technical Privately negotiated derivatives not cleared through an exchange, subject to bilateral credit risk and typically documented under an ISDA Master Agreement.
Example In the OTC derivatives market, the counterparties agreed to a custom swap with a five-year tenor.
02
Etymology #
OTC stands for Over-The-Counter, meaning off-exchange, from the early practice of trading securities in bank offices rather than on exchange floors.
03
Collocations #
- OTC derivatives trade 场外衍生品交易
- OTC derivatives market 场外衍生品市场
- bilateral OTC contract 双边场外合约
- OTC clearing obligation 场外清算义务
04
Real Business Examples #
- The EMIR clearing obligation applies to certain OTC derivatives traded by European firms.
- The credit value adjustment (CVA) reflects the counterparty risk in OTC derivatives.
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05
Register & Variants #
- Register: formal
- BrE/AmE: 全球通用，美英缩写同为 OTC
06
Synonyms & Antonyms #
- Synonyms: off-exchange derivatives, bilaterally negotiated derivatives
- Antonyms: exchange-traded derivatives
07
Common Errors #
- 把 OTC 误解为不监管 OTC 虽不受交易所约束，但受监管机构 (如 CFTC, ESMA) 规则管辖。
- 忽略 OTC 对手方风险 OTC 合约通常无 CCP 中央清算，存在对手方信用风险。
08
Confusable Terms #
- listed derivatives vs OTC derivatives
- listed derivatives 在交易所交易，标准化；OTC 定制化。
09
Frequently Asked Questions
OTC 衍生品都在哪里交易??
不限物理场所，通过电话或电子交易平台直接与银行或经销商谈判。
OTC 产品可以中央清算吗??
合规要求下，标准化 OTC 合约须转交给 CCP 清算；定制合约保留双边。
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