為什么要推出OTC方式

　　詢價(jià)交易方式(Over-The-Counter，OTC方式)亦稱柜臺(tái)交易方式或場(chǎng)外交易方式，是指銀行間外匯市場(chǎng)交易主體以雙邊授信為基礎(chǔ)，通過(guò)自主雙邊詢價(jià)、雙邊清算進(jìn)行的即期外匯交易。接下來(lái)小編為大家整理了為什么要推出OTC方式，希望對(duì)你有幫助哦!

　　Why is an automatic price-matching transaction maintained after the introduction of OTC transactions? OTC approach is a basic practice in the international foreign exchange market and accounts for most of the trading volume in spot transactions globally. For example, OTC transactions in the U.S. made up more than 90 percent of the total foreign exchange trading volume in that country. Given the international nature of foreign exchange transactions and market participants' wide-spread physical presence and diversity, OTC has the advantages of lowering cost and diversifying credit risks. Thanks to its flexibility, OTC transactions have developed rapidly and offered increasingly rich products as they adapt to the diversity of market participants and their varying demands. When China reformed its foreign exchange management system in 1994, it was not realistic to adopt the OTC approach, given the weak credit basis and regional segregation of foreign exchange markets at that time. For the managed floating exchange rate regime based on market supply and demand to function smoothly and to replace dual exchange rates with a single exchange rate, the People's Bank of China decided to set up a centralized, automatic price-matching, inter-bank foreign exchange market. In the past 11 years, this market saw substantial growth, its trading volume reaching US9 billion in 2004, 3.2 times of the trading volume in 1995. Along with the increase in trading volume and in market participants, demand for transactions and risk management has diversified day by day, and the introduction of OTC has become an objective necessity, as a way to encourage financial institutions to make full use of the comparative advantages of the OTC and automatic price-matching transactions, and to engage in financial innovation to satisfy the risk management needs of enterprises and households, under the precondition of effective risk control. On July 21, 2005, the reform of the RMB exchange rate regime was implemented smoothly. The goal of RMB exchange rate reform is to establish and improve a managed floating exchange rate regime based on market supply and demand and keep the RMB exchange rate basically stable at an adaptive and equilibrium level. Therefore, an important part in improving RMB exchange rate regime is to deepen and broaden the foreign exchange market in line with established practice in international foreign exchange market development, form a multi-layered foreign exchange market system with a variety of transaction modes that fully reflects changes in market demand and supply. In an effort to implement the reform in a proactive, controllable and gradual way, the People's Bank of China introduced over-the-counter transactions in the inter-bank RMB forward market in August 2005. In the four months since then, the forward market has functioned smoothly. The market has been brisk and trading volume grown larger and larger. In order to further develop the foreign exchange market, improve RMB exchange rate regime and enhance the core competitiveness of financial institutions, the People's Bank of China has decided to introduce OTC transactions as of January 4, 2006. Considering that small and medium sized financial institutions may find it difficult to acquire credit authorization in the early days of OTC transactions, it is necessary to keep automatic price-matching transactions in the inter-bank spot market.

　　為什么要推出OTC方式并保留撮合方式? OTC方式是國(guó)際外匯市場(chǎng)上的基本制度。全球即期外匯市場(chǎng)的絕大部分交易量都集中在OTC市場(chǎng)，以美國(guó)為例，OTC方式的交易量占全部外匯交易量的比例超過(guò)90%。外匯交易的國(guó)際性及外匯交易主體的廣泛性、差異性決定了OTC方式具有成本低、信用風(fēng)險(xiǎn)分散等優(yōu)點(diǎn)。OTC方式憑借其靈活性更好地適應(yīng)了外匯市場(chǎng)主體多元、需求多樣的特點(diǎn)，因而取得了迅猛發(fā)展，OTC方式的產(chǎn)品也日益豐富。 1994年我國(guó)實(shí)施外匯管理體制改革，在信用基礎(chǔ)薄弱、原有外匯調(diào)劑市場(chǎng)區(qū)域分割的條件下，直接引入OTC方式還不現(xiàn)實(shí)，為順利實(shí)行以市場(chǎng)供求為基礎(chǔ)的、有管理的浮動(dòng)匯率制度，實(shí)現(xiàn)人民幣匯率并軌，人民銀行決定建立集中統(tǒng)一的銀行間撮合外匯市場(chǎng)。11年來(lái)，銀行間撮合外匯市場(chǎng)取得了長(zhǎng)足發(fā)展， 2004年銀行間外匯市場(chǎng)成交量已達(dá)2090億美元，是1995年的3.2倍。隨著外匯市場(chǎng)交易量增大、交易主體增多，市場(chǎng)主體的交易和避險(xiǎn)需求也日益多樣化，客觀上要求引入OTC方式，鼓勵(lì)金融機(jī)構(gòu)在有效控制風(fēng)險(xiǎn)的前提下,充分發(fā)揮OTC方式和撮合方式的比較優(yōu)勢(shì)，進(jìn)行金融創(chuàng)新，滿足企業(yè)和居民的避險(xiǎn)需要。 2005年7月21日，完善人民幣匯率形成機(jī)制改革順利實(shí)施。人民幣匯率改革的總體目標(biāo)是，建立健全以市場(chǎng)供求為基礎(chǔ)的、有管理的浮動(dòng)匯率體制，保持人民幣匯率在合理、均衡水平上的基本穩(wěn)定。因此，遵循國(guó)際外匯市場(chǎng)發(fā)展規(guī)律，拓展外匯市場(chǎng)的廣度和深度，形成多種交易方式并存、分層有序的外匯市場(chǎng)體系，充分反映市場(chǎng)供求關(guān)系的變化，是完善人民幣匯率形成機(jī)制的重要環(huán)節(jié)。 貫徹主動(dòng)性、可控性和漸進(jìn)性原則，2005年8月，人民銀行在銀行間人民幣遠(yuǎn)期市場(chǎng)率先推出了場(chǎng)外交易，4個(gè)多月來(lái)銀行間人民幣遠(yuǎn)期市場(chǎng)運(yùn)行平穩(wěn)，交易日趨活躍，交易量不斷增大。為進(jìn)一步發(fā)展外匯市場(chǎng)，完善人民幣匯率形成機(jī)制，提高金融機(jī)構(gòu)核心競(jìng)爭(zhēng)力，人民銀行決定于2006年1月4日引入OTC方式。 考慮到在引入OTC方式的初期，中小金融機(jī)構(gòu)在短期內(nèi)獲取授信存在一定困難，為滿足中小金融機(jī)構(gòu)的外匯交易需要，仍有必要保留銀行間即期撮合方式。