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商品掉期作为场外衍生品,诞生至今仅三十余年,却已经成为大宗商品市场规避价格风险的的重要工具之一。2008年金融危机后,各国加大对包括商品掉期在内的场外衍生品的监管力度,各大交易所纷纷推出了商品掉期的清算业务,商品掉期产品逐渐向场内发展。本文对2008年后全球大宗交易所如芝加哥商品交易所(CME)、洲际交易所(ICE)、新加坡交易所(SGX)发展商品掉期的案例进行比较研究,并对金融危机后大型交易所商品掉期业务的发展做了梳理。
As an over-the-counter derivative, the commodity swaps have been born only for over thirty years, but have become one of the important tools in the commodity market to avoid the price risk. After the financial crisis in 2008, all countries stepped up supervision over OTC derivatives, including commodity swaps. All major exchanges launched the liquidation business of commodity swaps, and commodity swaps gradually evolved into the field. This article compares the case studies of global large-scale exchanges such as CME, ICE and SGX after 2008, and analyzes the case of commodity exchange after the financial crisis Swaps business has done a sort of development.