多层次市场中场外CDS工具发展与监管.pdf

券商经营活动中，在信用、市场规则、融资者与投资者等议题上面临特殊困境，核心体现在多层次资本市场建设 的重要环节之一：即信用风险转移和分散功能难以实现，信用债券市场发展迟缓。基于对已有信用风险缓释工具现状的 分析，券商从实务角度出发构建了涉及场外CDS业务市场准入、做市商交易、风险控制、会计、产品线、定价和业务监管 等一系列制度。CDS具有不可替代的功能，并在海外成熟的多层次资本市场中与场内股票、债券交易一并构成基础性市 场。盲目对CDS的抵触对我国多层次资本市场建设并无益处。 信用违约互换；信用风险缓释工具；多层次资本市场；场外市场 Abstract: Securities companies have to deal with many diffi cult issues arise from credit, market rules, fi nancier and investor in their daily operating activities. The credit risk, which is hard to be transferred and distributed, becomes the most feasible obstacle for the construction of the multi-level capital market and the development of the credit debt market. Based on the analyses of the existing credit risk mitigation tools, brokerage fi rms try to build an integrated system including admission, market making, risk management, accounting, product lines, pricing and regulation, in order to prepare the related business. The CDS can not be replaced by any other derivatives. Its market evolved to one of the fundamental functional components in the developed countries and can be compared with the equity/debt market. To absolutely refuse the developing the CDS business is not a wise choice at the context of developing multi-level capital market in China. Keywords: credit default swap (CDS), credit risk mitigation tools (CRM), multi-level capital market, over-the-counter market 潘峰，广发证券股份有限公司博士后。何荣天，金融学博士后，广发证券股份有限公司固定收益部总经理。 余建军，经济学博士，广发证券股份有限公司董事会办公室副总经理。 F830.9 A