摘要：Over-the-counter (OTC) derivatives markets are an important area in the reforms launched by the G-20 leaders in response to the global financial crisis.1 Although the crisis did not originate in these markets, their size and interconnectedness and the opacity of their exposures served to amplify and spread the financial stress. The primary objective of the OTC derivatives reforms is to reduce systemic risk by strengthening these markets so that they can remain open in the face of severe shocks, thus limiting the risk of contagion from the failure of a large financial institution. The reforms also aim to make the network of exposures among participants in these markets more visible to authorities, and to improve transparency and protect against market abuse.
