OTC方式是什么

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　　What is an OTC transaction and how is it different from an automatic price-matching transaction? The OTC approach refers to spot foreign exchange transactions between participants of the inter-bank foreign exchange market through independent bilateral price inquiry and bilateral settlements based on bilateral credit authorization. There are major differences between OTC and automatic price-matching transactions. The first is in credit basis. An OTC transaction is based on credit-worthiness of the two parties, with the parties undertaking credit risks on their own, and the transaction takes place only after bilateral credit authorization is conducted. In an automatic price-matching transaction, the China Foreign Exchange Trading System acts as the counter party to all participants and takes credit risks for all of them. Secondly, price is formed differently. The two parties of an OTC transaction shall negotiate a price while in an automatic price matching transaction, a price is formed through matching by a computer system. The third difference lies in settlement arrangement. The two parties in an OTC transaction shall settle it with their own arrangement while in the latter, the China Foreign Exchange Trading System provides centralized settlement.

　　什么是OTC方式，它與撮合方式有何不同? OTC方式是指銀行間外匯市場交易主體以雙邊授信為基礎，通過自主雙邊詢價、雙邊清算進行的即期外匯交易。 OTC方式與撮合方式的差異主要表現在：一是信用基礎不同，OTC方式以交易雙方的信用為基礎，由交易雙方自行承擔信用風險，需要建立雙邊授信后才可進行交易，而撮合方式中各交易主體均以中國外匯交易中心為交易對手方，交易中心集中承擔了市場交易者的信用風險;二是價格形成機制不同，OTC方式由交易雙方協商確定價格，而撮合方式通過計算機撮合成交形成交易價格;三是清算安排不同，OTC方式由交易雙方自行安排資金清算，而撮合方式由中國外匯交易中心負責集中清算。