在美欧等发达市场中，信用衍生品是一类非常重要的场外衍生产品，是防范和化解信用风险的主要工具。目前美欧已形成包括信用违约互换、总收益互换、信用联结票据等在内的种类繁多的信用衍生产品体系。次贷危机后，美欧信用衍生品市场出现了一些新变化，在监管部门的推动下，信用违约互换指数等标准化程度相对较高、流动性较好的信用衍生品越来越多地通过有组织的交易平台开展交易，通过中央对手方开展清算，通过交易报告库履行交易报告义务。同时，交易确认、交易冲销等交易后处理业务也获得了较快发展。此外，本文回顾了我国银行间市场信用衍生品的试点情况，并结合国外信用违约互换市场发展实践对我国提出了相应的发展建议。
Credit derivatives，typically traded in the over-the-counter（OTC）market，play an important role in credit risk management in the developed markets，such as the US and Europe. There are a wide range of credit derivatives，including credit default swap（CDS），total return swap，credit-linked note（CLN），among others. In the wake of the subprime crisis，new changes have taken place in the credit derivatives markets in the US and Europe. Thanks to the efforts of the regulatory authorities，the credit derivatives featuring high standardization level and better liquidity，such as CDS index，are traded in organized trading platforms，cleared by the central counterparties and trade-reported by trade repositories. Meanwhile，trade confirmation，offsetting and other post-trade processing are developing rapidly. Also，we reviewed the pilot program of credit derivatives in China’s interbank market and put forward some development suggestions after taking into consideration both China’s practices and foreign experiences.
