Research On Information Disclosure System Of OTC Financial Derivatives

In recent years, with the rapid development of global financial markets, OTC Financial Derivatives have gradually become the effective market risk management tools and important source of profits for the market actors. However, the 2007 global financial crisis have OTC financial Derivatives'huge risk exposed. As one-to-one contracts, information opacity is a fatal problem in OTC financial Derivatives trading, which is also the main source of the related transaction exposure. As the prevailing party in OTC Derivatives transactions, traders' enforcement of their information disclosure obligation generally determines the transaction transparency and market of fairness. Therefore, this article will define it's topic on information disclosure system of OTC financial Derivatives trading, with particularly emphasizing on the research of the traders'information disclosure obligation to regulatory authorities and end-users. The main purpose of the paper is to find some solutions to improve the existing system with referring to the developed markets'regulatory experience.This paper consists of the following four parts:The first part describes the OTC Financial Derivatives products and their market development with the basic situation of the related regulatory dilemmas. After that this article raises the micro and macro meaning analysis on the information disclosure system of OTC Financial Derivatives.The second part mainly discusses the traders'disclosure obligation to regulatory authorities, this paper sets forth the relevant requirement of financial disclosure, non-financial information disclosure, disclosure procedures and disclosure activity of the information disclosure system with supplely introducing two supervision models to the disclosure regulation.The third part's main content is to discuss the traders'information disclosure obligation to the end-users, which constitutes a particular part of the whole information disclosure system of OTC Financial Derivatives. This article mainly discusses the theoretical necessity, the content and extent of the traders'such special obligations with representing the authenticity, comprehensive, relevance, timeliness requirement and the principles of fairness and appropriate.Finally, the fourth part provides some improvement suggestions to the information disclosure system of OTC Financial Derivatives our country.