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全球金融危机之后,几乎各国监管者都认为衍生品市场需要改革。2 0 0 9年的G 2 0匹兹堡峰会上,G20领导人就通过将场外衍生品工具向交易所平台转移,进而降低全球衍生品市场系统性风险的提议达成共识。然而,全球场外衍生品改革之路并不平坦。美国和欧盟是全球最大的场外衍生品市场,但由于在金融危机中的遭遇不完全相同,双方在落实改革方案中存在严重分歧,这种分歧表现在改革政策优先项、
After the global financial crisis, almost all regulators believe that the derivatives market needs reform. At the G20 Pittsburgh summit in 2009, the G20 leaders reached a consensus on the proposal to reduce the systemic risk in the global derivatives markets by shifting OTC derivatives instruments to the exchange platform. However, the road to global OTC derivatives reform is not flat. The United States and the European Union are the largest markets for over-the-counter derivatives in the world. However, due to the incomplete experience in the financial crisis, there are serious differences between the two sides in implementing the reform plan. Such disagreements are reflected in the priorities of the reform policies,