美国期权市场正迈向连续第六年交易量创新高，但业内部分知名机构愈发担忧，该市场过度依赖少数银行为最大做市商提供交易担保的模式暗藏隐 患。 所有美国上市期权交易均需通过期权清算公司（The Options Clearing Corp.，简称OCC）完成——这家中央对手方在交易繁忙时段日均处理逾7000万 份合约。交易由OCC成员提交至清算所，这些成员负责协助交易清算，并在客户破产时承担担保人责任。 该领域的头部集中度极高。在数十家成员机构中，2025年第二季度前五大机构贡献了OCC违约基金近半数资金。市场参与者指出，美国银行、高盛 集团和荷兰银行是三大主导机构，承接了做市商的大部分持仓——几乎每笔期权交易都需做市商作为对手方。如此庞大的交易量集中于少数机构， 意味着一旦其中一家陷入危机，可能引发大范围损失。 今年期权交易量飙升 美国银行和高盛均拒绝置评，荷兰银行未立即回应置评请求。 仅有少数清算经纪商能够进行期货和期权之间的交叉保证金交易——通过相关工具的反向持仓相互抵消，可降低所需保证金规模。例如，交易员若 持有标普500迷你期货多头，同时持有标普500指数期权空头，其净风险敞口将相应缩减。 "仅有少数成员机构 ...

智通财经APP获悉，美国期权市场交易量有望连续第六年创下历史新高，与此同时，业内一些知名机构 对市场过度依赖少数银行来为最大的做市商交易提供担保感到日益不安。 更紧迫的风险在于，随着OCC 10月日均成交量同比激增52%，这些银行可能难以支撑上市衍生品市场 的爆发式增长。这导致做市商"自行清算"的趋势上升——即做市商直接成为清算所会员，但鉴于做市商 的资本充足率低于银行，这种模式本身也暗藏风险。 美国银行和高盛均拒绝置评，荷兰银行未立即回应置评请求。 目前仅有少数清算经纪商能够进行期货与期权间的跨保证金操作——即通过相关工具中相反的头寸相互 抵消，从而降低所需的保证金总额。例如，若交易者做多标普500 E迷你期货，同时做空标普500指数期 权，其净风险头寸便会降低。 所有在美国上市的期权交易均需通过期权清算公司(OCC)进行结算。这家中央对手方在繁忙时段每日处 理的合约量超过7000万笔。交易由其会员提交至OCC——这些会员不仅协助交易进入清算所，还在客 户破产时充当担保人。 但目前，清算业务呈现明显的头部集中格局。在数十家会员机构中，2025年第二季度排名前五的机构贡 献了OCC违约基金近半数资金。市场参与 ...

Core Viewpoint - The London Metal Exchange (LME) is increasing the interest rate for offshore Renminbi (CNH) used as collateral starting November 1, 2025, to encourage more market participants to utilize CNH as cash collateral [1][2] Group 1: Interest Rate Changes - LME Clear will raise the interest rate for CNH as collateral from CDIR-30 bps (T) to CDIR-0 bps (T-1) [1] - This change aims to enhance the attractiveness of using CNH in the collateral framework [1] Group 2: Importance of Renminbi - The Renminbi is recognized as one of the major world currencies by the International Monetary Fund (IMF) and is the first emerging market currency included in the IMF's Special Drawing Rights (SDR) basket [1] - The significance of the Renminbi in international markets is increasing, particularly with the growing number of Chinese enterprises trading on the LME [1] Group 3: Historical Context and Liquidity Management - Since July 2015, LME Clear members have been able to use CNH as qualified cash collateral to meet margin requirements [1] - In March 2017, LME Clear reduced the notice period for members to deposit or withdraw Renminbi to two working days, enhancing liquidity management efficiency [1] Group 4: Collaboration and Opportunities - LME Clear will continue to collaborate with its members to seize opportunities arising from the internationalization of the Renminbi and to promote interaction between Chinese market participants and those from other regions [2]

Core Viewpoint - The Shanghai Clearing House has launched an online bilateral clearing service for credit derivatives to enhance the quality of the interbank credit derivatives market and improve the convenience of market participants [1][2]. Group 1: Service Launch and Features - The new online service allows market institutions to apply for entry through the Credit Default Swap (CDS) clearing system after signing a bilateral clearing agreement with the Shanghai Clearing House [1]. - This service provides a "one-stop" online processing for the entire lifecycle of credit derivatives, including business entry, clearing and settlement, collateral management, and valuation management [1]. Group 2: Market Coverage and Efficiency - Since its introduction in 2017, the Shanghai Clearing House has achieved full coverage of contract-based credit derivatives, capturing approximately 89% of the market share [2]. - The online clearing service has increased the efficiency of clearing and settlement, reduced disputes, and improved market transparency [2]. Group 3: Future Developments - The Shanghai Clearing House plans to continue collaborating with the People's Bank of China, the Trading Association, and various market institutions to enrich the product spectrum of credit derivatives and enhance clearing service quality [3]. - The focus will be on promoting reasonable pricing in the bond market, supporting financing for real enterprises, and improving risk management efficiency [3].