During the nancial crisis of 2008, a large number of companies 

suered losses from trading derivatives in the OTC market due to 

misleading market information and inadequate risk management. 

As a result, certain OTC markets contracted in the wake of the 

financial crisis, while the centralized trading platforms for futures 

and options maintained a relatively stable growth in trading 

volume.

OTC derivatives are bilateral agreements often traded by 

customers directly with banks. Historically, OTC markets were 

largely unregulated characterized by little transparency and 

subjected participants to substantial counterparty credit risk. More 

recently, countries around the world have been strengthening 

the regulation of OTC derivatives markets. In July 2010, the Dodd–

Frank Wall Street Reform and Consumer Protection Act was signed 

into United States federal law, which is perceived as the most 

comprehensive and stringent nancial reform law yet introduced 

since the Great Depression. Among its many reform measures, 

this Act particularly provides for enhancing the regulation of OTC 

derivatives and promoting the standardization and central clearing 

of OTC trades. Singapore then followed and imposed similar 

requirements. All major exchanges such as ICE and CME Group 

have also started listing contracts that were used to be traded in 

OTC market– such as swap futures and options, and providing 

clearing services for OTC trades. Thus, in the order to support 

enhanced regulation of OTC markets and lower counterparty 

risk, of the concept of centralized OTC markets is now gaining 

prominence.

声明：本资料仅用于投资者教育，不构成任何投资建议。我们力求本资料信息准确可靠，但对这些信息的准确性、完整性或及时性不作保证，亦不对因使用该等信息而引发的损失承担任何责任，投资者不应以该等信息取代其独立判断或仅根据该等信息做出决策。基金有风险，投资须谨慎。