| Swap means that both parties exchange a series of cash or payment periodically in the future according to the fixed agreement. Including interest rate swap, currency swap, merchandise swap, stock swap and so on. So far, the swap has made a great progress with a speed of more than 45% annually from the beginning of 80's and the swap market has already entered a mature stage. The data showed that the swap market had occupied up to 60% of the whole financial derivative market. Compare with the international swap market, the swap market in our country is still on its elementary stage and we only have interest rate swap. This has a great relationship with the total development of our economy and the concept of our economic institutions. But with the economic globalization and our country's entry into WTO, the financial market of our country will be more close with the international financial market and we will be sure that the resarch of swap will be a great help.The full text contains 32,000 words and divided into four parts and also used a lot of methods to analyze its concepts. First it discussed the development of the foreign swap market and analyzed the cause of formations. Then it discussed the instance in our country and advised the methods to solve its problems.In textual chapter 1 it systematically discussed the primary concept of swap, the types, the origins and the basic applications. I tried my best to give a comprehensive description and wish to made a solid base for the following analysis.In textual chapter 2 it described the overal development of the foreign swap market and then analyzed the reasons of its striking develop speed. This will be a base of the analysis of the condition in our country.Textual chapter 3 is the analysis of the swap market in our country. The conclusion was that we had already built the swap market but it was in its elementary stage and we should try our best to make it better.This chapter described the current situation of the swap market in our country and analysed the demand and supply of diffrient institutions in our country. And thenconcluded the problems of the swap market in our country.Textual chapter 4, having the previours three chapters to be the foundations, is a conclusion of the whole thesis. In this chapter it discussed the short-term target, the total development step and the resolve path of the development environment problems of the swap market in our country. The short-term target now is to push forward the interest rate swap market of our country to be perfect.The tatal developent step of our country is that first to perfect our interest rate swap market and then to build the currency swap market, at last the unstanderd swap market.The first conclusion of the thesis is that the swap market in our country is still in its elementary stage and we should try our best to make it perfect. And this market has many problems such as much demand than supply, lack of floating rate products and so on.Secondly, the short-term target in the thesis will be the best choice to solve the problems in the interest rate swap market in our country now. The target contains many aspects like to strengthen the liquidity of the bond market in our country, to build the public inter help association and etc. The total development step was the third conclusion of this thesis. It suggested the swap market in our country should first to perfect our interest rate swap market and then to build the currency swap market, at last the unstanderd swap market.Last but not least, the development environment problems were also very important for the growth of our country's swap market. And in this thesis the writter advised to improve it from five aspects. |
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